Xiaomi's 2024 Q2 Financial Report and the Success of MIXFlip Small Folding Phone

TapTechNews August 23rd news, on August 21st, Xiaomi released its financial report for the second quarter of 2024: The total revenue reached 88.9 billion yuan, with a year-on-year growth of 32.0%; the net profit was 5.1 billion yuan, while it was 3.7 billion yuan in the same period of the previous year. The adjusted net profit was 6.2 billion yuan, with a year-on-year growth of 20.1%.

After the release of the financial report, Lu Weibing, partner, president and president of the International Business Department of Xiaomi Group, talked about the sales situation of Xiaomi MIXFlip small folding phone:

We have just released two folding phones: large folding and small folding. The price range of the large folding is around 10,000 yuan ($1428.57), breaking the threshold of 10,000 yuan. The small folding is about 6,000 yuan to 7,500 yuan. The small folding has completely sold out after its listing. Up to now, the delivery cycle after placing an order is still relatively long, and 32% of the users of the small folding phone come from iPhone users who change their phones, and 55% are female users, which is related to our continuous technological investment in the mobile phone business and the continuous deepening of user insight in recent years, and also has a very good supporting role for our high-end strategy.

TapTechNews noticed that Lu Weibing also said that the shipment ratio of Xiaomi's high-end mobile phone products has increased:

I think the progress of the company's high-end in the second quarter is still very good. Mainly look at the following indicators. First, the internal proportion of our high-end products, especially in the Chinese mainland market, our shipment proportion reaches 22.1%, an increase of two percentage points year-on-year.

Second, we also pay special attention to the market share. As you can see, in the price range of 3,000 yuan to 4,000 yuan, we have increased by 5.3 percentage points year-on-year, and in the price range of 4,000 yuan to 5,000 yuan, it has increased by 3.5 percentage points year-on-year, and in the price range of 5,000 yuan to 6,000 yuan, it has increased by 2.3 percentage points year-on-year. Our market share in each price range is constantly expanding. We have also achieved very rapid growth in overseas markets this year, which is approximately close to doubling.

Xiaomi's first small folding screen phone MIXFlip was released on July 19th, with a starting price of 5,999 yuan. It is worth noting that the Xiaomi MIXFlip portable shooting kit released at the same time has seen a soaring popularity and has been sold out several times. The product is priced at 499 yuan and can be connected with Xiaomi MIXFlip to achieve a similar effect to an instant camera.