File photo/NBD

Xiaomi Group, a Chinese consumer electronics and smart manufacturing company, released its 2023 financial results on the evening of March 19, 2024.

In 2023, Xiaomi Group achieved a total revenue of 270.97 billion yuan, a year-on-year decrease of 3.2%; operating profit of 20.009 billion yuan, a year-on-year increase of 610.4%; and net profit of 17.474 billion yuan, a year-on-year increase of 598.2%. In 2023, the adjusted net profit was 19.273 billion yuan, a year-on-year increase of 126.3%.

It is worth noting that on the same day, Lei Jun, the founder of Xiaomi Group, announced on his personal Weibo that the Xiaomi Automobile Super Factory was officially unveiled. Lei Jun also revealed that the Xiaomi Group Board of Directors also held a meeting there. They also visited the factory and had a test-drove the Xiaomi SU7.

Speaking of the car manufacturing business that has attracted widespread attention, Lu Weibing said starting from March 25th, we will be able to see the display car of Xiaomi SU7 in 59 stores in 29 cities across the country. You can experience and test drive it after the press conference on the evening of March 28th." Lu Weibing said.

According to Lu Weibing, at the initial stage, Xiaomi's first car is positioned as a C-class high-performance technology ecological sedan. As for the sales target, SU7 aims to become one of China’s top three best-selling luxury electric vehicle models. 

In terms of car R&D expenditure, according to the data provided by Xiaomi Group, the group's total R&D expenditure in 2023 was 19.1 billion yuan, a year-on-year increase of 19.2%. With the official launch of Xiaomi's first car, the Xiaomi SU7 series, the annual expenses of Xiaomi's smart car and other innovative businesses increased to 6.7 billion yuan (excluding 800 million yuan of stock-based compensation expenses related to smart electric vehicles and other innovative businesses). Among them, the fourth quarter was 2.4 billion yuan (excluding 200 million yuan of stock-based compensation expenses related to smart electric vehicles and other innovative businesses).