XIAOMI 2024 Financial Statements.pdf

Stock Codes: 1810 (HKD counter) and 81810 (RMB counter)
2024 INTERIM REPORT
2024 INTERIM REPORT

This interim report (in both English and Chinese versions)
has been posted on the Company’s website at www.mi.com
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CONTENTS
CORPORATE INFORMATION 4
KEY HIGHLIGHTS 6
CHAIRMAN’S STATEMENT 8
MANAGEMENT DISCUSSION AND ANALYSIS 17
OTHER INFORMATION 33
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION 53
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS 54
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 55
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET 56
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 58
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 60
NOTES TO THE INTERIM FINANCIAL INFORMATION 62
DEFINITIONS 118
We relentlessly
build amazing products
with honest prices
to let everyone in the world
enjoy a better life through
innovative technology
4 XIAOMI CORPORATION
CORPORATE
INFORMATION
Board of Directors Nomination Committee

Executive Directors Wong Shun Tak (䍍凞⽹) (Chairman)
(appointed with effect from January 8, 2024)
Lei Jun (暹序) (Chairman of the Board)
Lin Bin (㝙㕎)
Lin Bin (㝙㕎) (Vice Chairman of the Board)
Tong Wai Cheung Timothy (ⓒ䪢)
Liu De (≋⽹)
(resigned with effect from January 8, 2024)
Cai Jinqing (哣憓朔)
Non-Executive Director
Liu Qin (≋剻)
Independent Non-Executive Directors

Corporate Governance Committee
Chen Dongsheng (昵㜳⌉) (Chairman)
Chen Dongsheng (昵㜳⌉)
Wong Shun Tak (䍍凞⽹)
Wong Shun Tak (䍍凞⽹)
Audit Committee Joint Secretaries

So Ka Man (嗉○㔑)
Wong Shun Tak (䍍凞⽹) (Chairman)
Liu Hao (≋䀟)
Liu Qin (≋剻)
Chen Dongsheng (昵㜳⌉)
Authorized Representatives
Remuneration Committee Lin Bin (㝙㕎)
So Ka Man (嗉○㔑)
Chen Dongsheng (昵㜳⌉)(Chairman)
Lei Jun (暹序)
Wong Shun Tak (䍍凞⽹) Auditor
PricewaterhouseCoopers
Certified Public Accountants and Registered Public
Interest Entity Auditor
22/F, Prince’s Building, Central, Hong Kong
2024 INTERIM REPORT 5
Registered Office Hong Kong Share Registrar

Maples Corporate Services Limited Computershare Hong Kong Investor Services Limited
PO Box 309 Shops 1712–1716, 17th Floor
Ugland House Hopewell Centre
Grand Cayman, KY1-1104 183 Queen’s Road East
Cayman Islands Wan Chai
Hong Kong
Head Office and Principal Place of

Business in Mainland China Principal Share Registrar and
Xiaomi Campus
Transfer Office
Anningzhuang Road Maples Fund Services (Cayman) Limited
Haidian District PO Box 1093, Boundary Hall
Beijing Cricket Square
The People’s Republic of China Grand Cayman, KY1-1102
Cayman Islands
Principal Place of Business in

Hong Kong Principal Banker
5/F, Manulife Place Shouti Technology Finance Sub-Branch, Beijing Branch,
348 Kwun Tong Road China Merchants Bank
Kowloon, Hong Kong
Stock Codes
Hong Kong Legal Advisor 1810 (HKD counter) and 81810 (RMB counter)
Skadden, Arps, Slate, Meagher & Flom
42/F, Edinburgh Tower
Company Website
The Landmark
15 Queen’s Road Central www.mi.com
Hong Kong
Compliance Advisor
Guotai Junan Capital Limited
27/F, Low Block
Grand Millennium Plaza
181 Queen’s Road Central
Hong Kong
KEY HIGHLIGHTS
Unaudited
Six months ended
June 30, June 30, Year-over-year
2024 2023 change
(RMB in millions, unless specified)
Revenue 164,394.7 126,832.0 29.6%
Gross profit 35,223.9 25,752.6 36.8%
Operating profit 9,571.8 9,940.7 -3.7%
Profit before income tax 11,901.8 10,426.4 14.2%
Profit for the period 9,242.9 7,881.7 17.3%
Non-IFRS Measure: Adjusted Net Profit1 12,666.4 8,373.5 51.3%
1
See the section entitled “Non-IFRS Measure: Adjusted Net Profit” for more information about the non-IFRS measure.
Six months ended June 30, 2024
Smartphone × AIoT Smart EV and

Total revenue segment(1) revenue other new initiatives Gross profit margin
segment(1) revenue
164.4 158.0 6.4 21.4%

RMB billion RMB billion RMB billion
Smartphone Connected IoT

Global MAU(3) Smart EV deliveries
shipments devices(2)
82.8 822.2 675.8 27,367

million units million units million vehicles
Notes:
(1) Since the second quarter of 2024, we have updated our business into two main business segments, including smartphone × AIoT segment, and
smart EV and other new initiatives segment. The smartphone × AIoT segment encompasses smartphones, IoT and lifestyle products, internet
services and other related business. The smart EV and other new initiatives segment encompasses smart EV and other related business.
(2) As of June 30, 2024, excluding smartphones, tablets and laptops.
(3) In June 2024, global monthly active users including smartphones and tablets.
CHAIRMAN’S
STATEMENT
Dear Shareholders,
I am pleased to present our interim report for the six months ended June 30, 2024 to the shareholders.
OVERALL PERFORMANCE SMARTPHONE X AIOT
SMART EV AND CORPORATE SOCIAL

OTHER NEW INITIATIVES RESPONSIBILITY
1. Overall Performance
In the first half of 2024, by continuing to execute our operating strategy of “steadfastly forging ahead” and
enhancing our capabilities, we achieved strong growth in both revenue and profitability. In the first half of 2024,
our total revenue amounted to RMB164.4 billion, with an increase of 29.6% year-over-year. Segment-wise2,
in the first half of 2024, revenue of our smartphone × AIoT segment reached RMB158.0 billion; revenue of our
smart Electric Vehicle (“EV”) and other new initiatives segment reached RMB6.4 billion. In the first half of 2024,
our adjusted net profit increased by 51.3% year-over-year to RMB12.7 billion, which included RMB4.0 billion in
adjusted net loss related to our smart EV and other new initiatives3.
2
Since the second quarter of 2024, we have updated our business into two main business segments, including smartphone × AIoT segment, and smart EV
and other new initiatives segment. The smartphone × AIoT segment encompasses smartphones, IoT and lifestyle products, internet services and other
related business. The smart EV and other new initiatives segment encompasses smart EV and other related business.
3
Excluding share-based compensation expenses (SBC) related to smart EV and other new initiatives of RMB0.4 billion for the first half of 2024.
We continued to advance our corporate strategy of “Human × Car × Home”. In the first half of 2024, our global
smartphone shipments reached 82.8 million units, up 30.8% year-over-year. According to Canalys, in the first
half of 2024, our global smartphone shipments ranked among top three, with a market share of 14.2%. We
have ranked among top three smartphone brands globally in terms of smartphone shipment for the sixteenth
consecutive quarter. Meanwhile, we continued to expand our user ecosystem. In June 2024, our global monthly
active users (“MAU”)4 reached another record high at 675.8 million, increasing 11.5% year-over-year. As of
June 30, 2024, the number of connected IoT devices on our AIoT platform (excluding smartphones, tablets and
laptops) increased to 822.2 million, up 25.6% year-over-year. On March 28, 2024, we officially launched our first
smart EV product, the Xiaomi SU7 Series, enhancing our product ecosystem. In the first half of 2024, the deliveries
of the Xiaomi SU7 Series reached 27,367 vehicles.
We continued to advance our smartphone premiumization strategy, consistently enhancing product capabilities.
In July 2024, we unveiled the new-generation Xiaomi MIX Fold 4, featuring flagship performance with a lighter
and thinner experience. Additionally, we launched the Xiaomi MIX Flip, our first compact foldable device, providing
both stylish design and advanced technological features with flagship performance. With continued evolvement
of our premiumization strategy, the improvement of our premium product capabilities, and the accumulation of
user perception, we continued to solidify and extend our current position in the competitive landscape of premium
smartphone in mainland China. According to third party data, in the first half of 2024, our premium smartphone5
shipments accounted for 21.9% of our total smartphone shipments in mainland China, representing an increase of
1.7 percentage points year-over-year. According to third-party data, in the first half of 2024, in the RMB3,000–6,000
segment, our market share reached 16.2%, up by 3.1 percentage points year-over-year.
Acceleration and ecosystem upgrade is our new retail strategy for 2024. In the first half of 2024, the number of
our offline retail stores in mainland China continued to grow. As of June 30, 2024, the number of our offline retail
stores in mainland China exceeded 12,000. In the first half of 2024, according to third-party data, our market
share of smartphone shipments through offline channels in mainland China was 9.6%, up by 1.7 percentage points
year-over-year. In the meantime, during the 2024 618 e-Commerce Shopping Festival, our omnichannel cumulative
gross merchandise value (“GMV”) amounted to over RMB26.3 billion6, setting a new record for our e-commerce
shopping festivals.
We continued to expand our global footprint while focusing on growth opportunities in the global market. In the
first half of 2024, our revenue from overseas markets reached RMB75.9 billion, accounting for 46.2% of our total
revenue. According to Canalys, in the first half of 2024, our smartphone shipments ranked among the top three
4
Including smartphones and tablets.
5
Premium smartphones in mainland China are models with retail prices at or above RMB3,000.
6
Our omnichannel includes Mi Store, Mi Home, Xiaomi Youpin, major authorized e-commerce platforms and authorized retailers; data source: Xiaomi’s
data center, JD.com’s business intelligence “Shangzhi” and “Jingsu” product ranking, and Tmall’s business intelligence “Shengyi Canmou”, from May 20,
2024 20:00:00 to June 18, 2024 23:59:59, including precaptured data of individual categories, from May 1, 2024 00:00:00 to June 18, 2024 23:59:59.
CHAIRMAN’S STATEMENT
across 58 countries and regions globally and ranked among the top five across 67 countries and regions globally.
With the strength of our global brand recognition and enhanced operational capabilities, we achieved steady growth
in our overseas AIoT business. According to Canalys, in the first half of 2024, our tablet shipments ranked among
the top five globally, our TWS earbud shipments ranked among the top three globally, and our wearable bands7
shipments ranked among the top two globally.
In the first half of 2024, we launched and started to deliver the Xiaomi SU7 series. We fulfilled our commitment to
our users, which is “launch upon release, deliver upon launch, and ramp up production upon delivery”, successfully
delivering 27,367 vehicles during the first half of 2024. To meet user demand, our Xiaomi EV factory has ramped
up continuously, with double-shift operations started in June 2024 and optimization and maintenance of the
production line in July 2024. We expect to achieve the goal of delivering 100,000 vehicles of Xiaomi SU7 Series by
November 2024, ahead of schedule, and we will strive to reach a new target of delivering 120,000 vehicles of Xiaomi
SU7 Series for the entire year of 2024. At the same time, We continued to expand the new retail network for our
smart EV, further enhancing our brand perception. As of June 30, 2024, our sales and service network comprised
87 sales centers across 30 cities in mainland China.
We are steadily approaching our new goal for 2020–2030, which is to invest sustainably in foundational core
technologies and to become a global leader in the evolving realm of cutting-edge technologies. In the first half
of 2024, our research and development (R&D) expenses were RMB10.7 billion, up 22.9% year-over-year. As of
June 30, 2024, we had 18,290 research and development personnel, accounting for 48.7% of our employees. In
addition, we continued to extend our intellectual property capabilities. As of June 30, 2024, we had obtained more
than 40,000 patents worldwide. In July 2024, we officially launched the next-generation Xiaomi Smart Factory with
an annual capacity of 10 million flagship smartphones. The factory is located in Changping District, Beijing, with
a total investment of RMB2.4 billion. We achieved 100% automation of the key processes through our extensive
self-developed manufacturing equipment. We also completed the construction of an industry-leading, full chain
industrial big data infrastructure, accomplishing 100% digitalization of industrial production. The Xiaomi Smart
Factory marks a monumental step forward in our global tech leadership journey powered by cutting-edge
technologies.
We continued to embrace AI8 in all aspects of our business to enhance product capabilities and improve user
experience. In July 2024, we launched our Large Language Audio Model, which will be integrated into the Xiaomi
SU7 Series for the first time, providing Outside Vehicle Wake-Up Defense9 function. Additionally, we enhanced the
multimodal recognition and understanding capabilities of our AI assistant (“⯑ポ⏎⬺”), bringing users a host of
7
Wearable bands include basic bands, basic watches, and smart watches.
8
Artificial Intelligence.
9
This function activates when the vehicle is in parking mode with windows and doors closed. This function was officially launched on all models of the
Xiaomi SU7 Series on September 1, 2024, and it requires an OTA update to version 1.2.8.
features including AI document analytics and AI video generation10. Moreover, we will roll out an upgrade of our
large language model AI assistant (“⯑ポ⏎⬺”) across various products, including smartphones, tablets, smart TVs
and speakers11, delivering a smarter experience for our users.
We efficiently executed our operating strategy of “steadfastly forging ahead.” In the first half of 2024, our gross
profit margin reached 21.4% at the Group level. Segment-wise, in the first half of 2024, the gross profit margin of
our smartphone × AIoT segment reached 21.7%. The gross profit margin of our smart EV and other new initiatives
segment reached 15.4%. Owing to our relentless efforts in cost saving and efficiency enhancements, in the first half
of 2024, the Group’s overall operating expense ratio reached 15.1%, a decrease of 0.3 percentage points year-over-
year, the operating expense ratio of our smartphone × AIoT segment reached 12.2%, a decrease of 0.9 percentage
points year-over-year. In the first half of 2024, our adjusted net profit reached RMB12.7 billion, an increase of
51.3% year-over-year. Sufficient cash reserves serve as a crucial foundation for the sustained development of both
our core and new businesses. As of June 30, 2024, our cash resources12 reached RMB141.0 billion. We have also
been actively repurchasing our shares in the open market. On June 6, 2024, we have obtained the approval from
the Board for a repurchase program at a maximum amount of HKD10 billion. Since the beginning of this year13, we
have repurchased about 248 million shares in the amount of about HKD3.68 billion.
2. Smartphone × AIoT
In the first half of 2024, our smartphone × AIoT segment revenue reached RMB158.0 billion, an increase of 24.6%
year-over-year. The gross profit margin of our smartphone × AIoT segment was 21.7%.
Smartphones
In the first half of 2024, our smartphone revenue reached RMB93.0 billion, an increase of 29.9% year-over-year.
The gross profit margin of our smartphone business was 13.5%. Our global smartphone shipments reaching 82.8
million units, up 30.8% year-over-year. According to Canalys, in the first half of 2024, global smartphone shipments
increased by 10.9% year-over-year. We maintained our No. 3 global smartphone shipment ranking with a 14.2%
market share, representing an increase of 2.1 percentage points year-over-year. In the first half of 2024, our
smartphone shipments market share in mainland China reached 14.1%, up 1.1 percentage points year-over-year.
10
This feature is available on the Xiaomi MIX Fold 4, Xiaomi MIX Flip and Redmi K70 Ultra.
11
The upgrades are available for smartphones, tablets and smart TVs at the end of July 2024, accessible by Xiaomi 5 and later models, Redmi 5 and later
models, Xiaomi Pad 5 and later models, and smart TV devices with over 1GB of memory. The upgrades will be available for speakers without screens by
the end of August 2024 and with screens by the end of October 2024. For a detailed upgrade list, please refer to our AI assistant (“⯑ポ⏎⬺”) section on
the Xiaomi Community.

12
Including (i) cash and cash equivalents, (ii) restricted cash, (iii) short-term bank deposits, (iv) short-term investments measured at fair value through
profit or loss, (v) short-term investments measured at amortized cost, (vi) long-term bank deposits, and (vii) treasury investments included in long-term
investments measured at fair value through profit or loss.

13
From January 1, 2024 to July 19, 2024.
We achieved significant growth in smartphone market share across the Latin America, Southeast Asia, Middle East
and Africa. In the Middle East, our smartphone shipments ranking maintain No. 2, with market share significantly
increased by 5.6 percentage points year-over-year to 21.1%. In Africa, Southeast Asia and Latin America, our
smartphone shipments ranked No. 3, with our market share increasing by 3.8, 3.7 and 2.0 percentage points year-
over-year, reaching 11.2%, 16.9% and 16.9%, respectively.
We continued to execute our dual-brand strategy. Under the Xiaomi brand, in July 2024, we unveiled the Xiaomi MIX
Fold 4 and our first compact foldable device, the Xiaomi MIX Flip. The Xiaomi MIX Fold 4 features our proprietary hinge
2.0, achieving 34% reduction in hinge volume and a 16% reduction in hinge weight. Meanwhile, Xiaomi MIX Fold 4
adopts “all-carbon architecture”14, which significantly enhances overall strength and durability and considerably
reduces weight. The Xiaomi MIX Fold 4 debuts an innovative stacking process. It is equipped with a Leica optical
quad-camera system covering all focal lengths, the 5,100mAh Xiaomi Surge three-dimensional shaped battery and
the Snapdragon 8 Gen 3 Mobile Platform, providing flagship performance with a lighter and thinner experience.
Equipped with a 4.01-inch outer display, the Xiaomi MIX Flip, our first compact foldable smartphone, seamlessly
supports over 200 of the most popular applications. The Xiaomi MIX Flip, powered by the Snapdragon 8 Gen 3 Mobile
Platform, features a 4,780mAh Xiaomi Surge battery and a dual camera system with Leica optical lenses, blending
stylish design with advanced technological features and delivering flagship performance.
Under the Redmi brand, in July 2024, we unveiled the Redmi K70 Ultra Series, powered by MediaTek Dimensity
9300+ chipset, a collaborative innovation from the Redmi × MediaTek Joint Laboratory, alongside the Rage Gaming
D1 chip that works as a display processor. The dual-chip performance is reinforced by our Rage Engine 3.0,
substantially upgrading the overall performance. In addition, the Redmi K70 Ultra incorporates our next-generation
3D “ice-sealed cooling system”, ensuring enhanced performance stability across all features. The Redmi K70
Ultra also debuts our innovative Xiaomi Ceramic Glass for the first time, featuring an upgraded IP68 rating
for water resistance up to 2 meters. It also features the Sony IMX906 main camera paired with Xiaomi AISP
imaging algorithms, delivering a comprehensive breakthrough in user experience. Moreover, we partnered with
Lamborghini SQUADRA CORSE again and unveiled the Redmi K70 Ultra Champion Edition. It enhanced the design
from racing aesthetic while delivering exceptional performance with an impressive 24GB of RAM and 1TB of
storage. In the first 3 hours of Redmi K70 Ultra’s initial sales, it reached a record high initial sales volume across all
price ranges on major e-commerce platforms in 202415.
IoT and lifestyle products

In the first half of 2024, revenue from our IoT and lifestyle products reached a record high of RMB47.1 billion, an
increase of 20.6% year-over-year, and gross profit margin reached 19.8%, up 3.0 percentage points year-over-year.
14
The hinge floating plate, display backing plate and middle plate battery compartment are all precision-molded from T800H carbon fiber material.
15
According to data provided by Xiaomi’s data center and third-party industry reports. All platforms include JD.com, Tmall, Douyin and Pinduoduo. Sales
volume is based on sales data recorded as of 00:30 on July 20, 2024.

As of June 30, 2024, the number of connected IoT devices (excluding smartphones, tablets and laptops) on our AIoT
platform reached 822.2 million, up 25.6% year-over-year; the number of users with five or more devices connected
to our AIoT platform (excluding smartphones, tablets and laptops) reached 16.1 million, an increase of 24.2%
year-over-year. In June 2024, the MAU of our Mi Home App grew to 96.9 million, an increase of 16.8% year-over-
year. The MAU of our AI Assistant16 (“⯑ポ⏎⬺”) grew to 131.7 million, an increase of 12.4% year-over-year.
We consistently invested in innovation and R&D capabilities, continuously focusing on key technologies to deliver
high-quality and health-oriented smart home appliances products. In the first half of 2024, our smart large home
appliance revenue increased by 40.5% year-over-year. During the first half of 2024, our air conditioner shipments
exceeded 4.0 million units, up over 45% year-over-year; our refrigerator shipments exceeded 1.1 million units, an
increase of over 35% year-over-year; and our washing machine shipments exceeded 0.7 million units, up over 35%
year-over-year. Additionally, we continued to enhance our service capabilities for smart large home appliances.
Our Mijia Air Conditioner Service serves as a crucial part for enhancing our user experience by improving the
efficiency of our delivery and installation services and expanding the coverage of our integrated delivery and
installation services to more districts and counties.
We continually enhanced our tablet product mix to better serve diverse set of user needs. Our tablets continued
to achieve rapid growth. According to Canalys, in the first half of 2024, our global tablet shipments ranked No. 5
globally. Our tablet shipments ranked No. 3 in mainland China.
We maintained our leading edge in wearables, further enriching user experiences across diverse scenarios. In
July 2024, we launched the Xiaomi Watch S4 Sport, featuring a 1.43” AMOLED screen embedded in an integrated
titanium body and empowered by Suunto’s sophisticated algorithms. With eSIM support for independent
communications, our Xiaomi Watch S4 Sport boosts overall performance in sports scenarios while offering users
a smarter and more convenient experience. In July 2024, we also unveiled the Xiaomi Smart Band 9, equipped
with a multicolored metal body and stylish wristbands, along with the Xiaomi Buds 5, designed for seamless wear
experience, HiFi sound quality and a flagship experience. According to Canalys, in the first half of 2024, our wearable
bands shipments ranked No. 2 globally and No. 2 in mainland China, and our TWS earbud shipments ranked No. 3
globally and No. 1 in mainland China.
Internet services
In the first half of 2024, our internet services revenue reached RMB16.3 billion, hitting a record high with an
increase of 12.7% year-over-year. The gross profit margin of our internet services reached 76.3%, an increase of
3.1 percentage points year-over-year.
16
Including smart EV.
Our internet user base continued to expand. Our MAU globally and in mainland China both hit record highs. In
June 2024, our global MAU reached 675.8 million, an increase of 11.5% year-over-year, while our MAU in mainland
China reached 164.4 million, up 10.1% year-over-year. In June 2024, the global MAU of our smart TV17 reached 68.8
million, an increase of 10.0% year-over-year.
In the first half of 2024, our advertising revenue reached RMB11.5 billion, an increase of 20.6% year-over-year. In
the first half of 2024, our gaming revenue reached RMB2.3 billion.
By actively solidifying partnerships with our strategic customers and broadening our collaborative ecosystem, our
overseas internet services sustained a robust growth trajectory. In the first half of 2024, revenue from our overseas
internet services increased by 35.8% year-over-year to RMB5.2 billion, accounting for 31.7% of our total internet
services revenue, up 5.4 percentage points year-over-year.
3. Smart EV and Other New Initiatives

In March 2024, we officially launched our first smart EV, the Xiaomi SU7 Series, which garnered considerable
market attention. In the first half of 2024, smart EV and other new initiatives segment revenue was RMB6.4 billion,
which consisted of RMB6.2 billion from smart EV and RMB0.2 billion from other related business. In the first half of
2024, the gross profit margin of our smart EV and other new initiatives reached 15.4%.
In the first half of 2024, the deliveries of the Xiaomi SU7 Series reached 27,367 vehicles. Our Xiaomi EV factory has
been continuously ramping up, with double-shift operations started in June 2024 and optimization and maintenance
of the production line in July 2024. We expect to achieve the goal of delivering 100,000 vehicles of the Xiaomi SU7
Series by November 2024, ahead of schedule, and we will strive to reach a new target of delivering 120,000 vehicles
of the Xiaomi SU7 Series for the entire year of 2024.
As of June 30, 2024, our sales and service network comprised 87 smart EV sales centers across 30 cities in
mainland China.
In July 2024, we unveiled the Xiaomi SU7 Ultra prototype. The Xiaomi SU7 Ultra prototype features an all-carbon
design18, meticulously crafted with track-focused exterior kits. It is powered by dual Xiaomi HyperEngine V8s and
a Xiaomi HyperEngine V6s, creating a trimotor all-wheel drive system that generates a robust 1,548 horsepower.
Equipped with high efficiency battery packs engineered for racing, the Xiaomi SU7 Ultra prototype features the global
debut of the second-generation Kirin Battery, ensuring consistent high power output. Additionally, it boasts a
racing-grade braking system that achieves a 100-0 km/h braking distance of 25 meters. In October 2024, we aim to
test the Xiaomi SU7 Ultra prototype at the Nürburgring Nordschleife circuit.
17
Including Xiaomi Box and Xiaomi TV Stick.
18
All exterior panels 100% made of carbon fiber and 24 components across the vehicle have been upgraded with carbon fiber.
We have been consistently enhancing the smart ecosystem for the Xiaomi SU7 Series through OTA upgrades. We
continued to advance the intelligent experience of our users through our R&D advancements in areas such as
autonomous driving, smart cabins and other related fields. As for autonomous driving, we started to roll out City
Navigation on Autopilot Pioneer Version19 (City NOA) in mainland China on August 30th, 2024, while consistently
improving the comfort level and efficiency of our City NOA through ongoing OTA updates. For the smart cabin,
the Xiaomi SU7 Series is equipped with Xiaomi Hyper OS, enabling seamless cross-device connectivity between the
in-car system and smartphones, as well as connectivity with Xiaomi smart home devices. Additionally, the Xiaomi
SU7 Series features our AI assistant (“⯑ポ⏎⬺”), enhancing user experience through interactive voice commands
in five different zones. Furthermore, the central console of the Xiaomi SU7 Series support multi-device extension,
enabling a diverse smart ecosystem.
4. Corporate social responsibility (CSR)

We actively fulfill our corporate social responsibility and are deeply committed to driving low-carbon development.
In April 2024, we unveiled the Xiaomi Corporation 2023 Environmental, Social and Governance (ESG) Report which
we have released for the sixth consecutive year. The report covers our diverse ESG-related endeavors, including
the exploration and accessibility of technology, data security and privacy protection, sustainable supply chain,
climate mitigation and adaptation, corporate governance, and business ethics, among others. Our greenhouse
gas (GHG) reduction goals include: 1) By no later than 2030, to reduce GHG emissions from our main operating
segments to 30% of the base year level. 2) By 2035, to use 100% renewable electricity in our own operations. 3)
By 2040, to achieve carbon neutrality in our own operations of our existing businesses along with 100% renewable
energy utilization by 204020. In April 2024, we also released Xiaomi Corporation’s TCFD Report 2023, which
systematically sets forth Xiaomi’s climate-related financial risks and opportunities. In May 2024, we appointed two
female vice presidents, Ms. Xu Fei and Ms. Zhang Jianhui, further advancing the diversity of our management team.
Our ESG endeavors have continued to receive recognition from global authorities. In the Carbon Disclosure Project
(CDP) Score Report — Climate Change 2023, Xiaomi’s rating was upgraded to “B” in February 2024. On June 18,
2024, Xiaomi Corporation was honored with the Best ESG award by Institutional Investor, a renowned international
financial magazine, for the third consecutive year. In recognition of our outstanding ESG performance, we were
included in S&P Global’s Sustainability Yearbook (China Edition) 2024 on July 16, 2024. In August 2024, Xiaomi
Corporation was listed on the Fortune Global 500 list for the sixth consecutive year.
19
This function is available to specific users currently.
20
Our main operating segments and existing businesses refer to the smartphone x AIoT segment. The base year was 2021.
We actively implement extensive low-carbon initiatives during the manufacturing process of the Xiaomi SU7 Series,
including photovoltaic power generation and water resource management, etc. Leveraging our robust in-house
technological capabilities, such as proprietary eco-friendly materials, we have made substantial progress in carbon
reduction. On July 9, 2024, at the Automotive Industry Low Carbon Action Plan Development Forum 2024 hosted
by the China Automotive Technology and Research Center, the Xiaomi SU7 was awarded “the Best C-Class Electric
Sedan of 2024 China Low Carbon Car Top Runner”.
Lei Jun
Chairman
Hong Kong
August 21, 2024
MANAGEMENT
DISCUSSION AND ANALYSIS
First Half of 2024 Compared to First Half of 2023

The following table sets forth the comparative figures for the first half of 2024 and 2023:
Unaudited
Six months ended
June 30, 2024 June 30, 2023
(RMB in millions)
Revenue 164,394.7 126,832.0

Cost of sales (129,170.8) (101,079.4)
Gross profit 35,223.9 25,752.6
Research and development expenses (10,657.1) (8,668.2)
Selling and marketing expenses (11,380.1) (8,580.6)
Administrative expenses (2,705.5) (2,278.4)
Fair value changes on financial instruments measured at fair value
through profit or loss (2,076.0) 3,177.5
Share of net profits/(losses) of investments accounted for using the
equity method 241.8 (59.0)
Other income 444.7 349.6
Other gains, net 480.1 247.2
Operating profit 9,571.8 9,940.7
Finance income, net 2,330.0 485.7
Profit before income tax 11,901.8 10,426.4
Income tax expenses (2,658.9) (2,544.7)
Profit for the period 9,242.9 7,881.7
Non-IFRS Measure: Adjusted Net Profit 12,666.4 8,373.5

MANAGEMENT DISCUSSION AND ANALYSIS
Revenue
Since we officially launched our first smart EV on March 28, 2024, our segment reporting has been updated to
(1) smartphone × AIoT segment and (2) smart EV and other new initiatives segment to reflect our “Human × Car × Home”
strategy from the beginning of the second quarter of 2024.
Our smartphone × AIoT segment comprised our business of smartphones, IoT and lifestyle products, internet services
and other related business. Our smart EV and other new initiatives segment comprised our business of smart EV and
other related business.
Our Chief Operating Decision Maker (“CODM”) started to review information under this new reporting structure and the
segment reporting has been updated to conform to this change as well as the way we manage and monitor segment
performance. Comparative figures were reclassified to conform to this presentation.
Revenue increased by 29.6% to RMB164.4 billion in the first half of 2024 from RMB126.8 billion in the first half of 2023.
The following table sets forth our revenue by segment in the first half of 2024 and the first half of 2023:
Unaudited
six months ended
June 30, 2024 June 30, 2023
% of total % of total
Amount revenue Amount revenue
Smartphone × AIoT 157,999.8 96.1% 126,832.0 100.0%

Smart EV and other new initiatives 6,394.9 3.9% — —
Total revenue 164,394.7 100.0% 126,832.0 100.0%

Smartphone × AIoT
Revenue from our smartphone × AIoT segment increased by 24.6% from RMB126.8 billion in the first half of 2023 to
RMB158.0 billion in the first half of 2024. The following table sets forth our revenue by line of our smartphone × AIoT
segment in the first half of 2024 and the first half of 2023:
Unaudited
six months ended
June 30, 2024 June 30, 2023
Smartphone × AIoT
Smartphones 92,996.2 56.6% 71,580.2 56.4%
IoT and lifestyle products 47,133.8 28.7% 39,087.6 30.8%
Internet services 16,314.0 9.9% 14,472.2 11.4%
Other related business 1,555.8 0.9% 1,692.0 1.4%
Total revenue of smartphone × AIoT segment 157,999.8 96.1% 126,832.0 100.0%
(i) Smartphones
Revenue from our smartphones increased by 29.9% from RMB71.6 billion in the first half of 2023 to RMB93.0 billion
in the first half of 2024, primarily due to the increase in our smartphone shipments. Our smartphone shipments
increased by 30.8% from 63.3 million units in the first half of 2023 to 82.8 million units in the first half of 2024,
outperforming the 10.8% year-over-year increase in global smartphone shipments in the first half of 2024,
according to Canalys. The average selling price (“ASP”) of our smartphones increased year-over-year in mainland
China and the overseas markets respectively, however, due to the higher revenue contribution in the overseas
market with lower ASP, our overall smartphone ASP decreased slightly by 0.7% from RMB1,131.1 per unit in the
first half of 2023 to RMB1,123.7 per unit in the first half of 2024.
(ii) IoT and lifestyle products
Revenue from our IoT and lifestyle products increased by 20.6% from RMB39.1 billion in the first half of 2023 to
RMB47.1 billion in the first half of 2024, primarily attributable to the increase in revenue of smart large home
appliances in mainland china, tablets and wearables in the global market.
Revenue from our smart large home appliances increased by 40.5% year-over-year, primarily attributable to the
increased shipments of our air conditioners, refrigerators and washing machines in mainland China.
Revenue from our tablets increased by 69.0% year-over-year, primarily due to the increase in our global tablet
shipments. According to Canalys, in the first half of 2024, our global tablet shipments ranked No. 5 globally. Our
tablet shipments ranked No. 3 in mainland China.
Revenue from our wearables increased by 37.4% year-over-year, primarily due to the increased shipments of our
smart watch and TWS earbuds.
Revenue from our smart TVs and laptops increased by 0.1% year-over-year.
(iii) Internet services

Revenue from our internet services increased by 12.7% from RMB14.5 billion in the first half of 2023 to
RMB16.3 billion in the first half of 2024, primarily due to the increase in revenue from our advertising business,
partially offset by the decreased revenue from gaming business.
(iv) Other related business

Revenue from our other related business decreased by 8.0% from RMB1.7 billion in the first half of 2023 to
RMB1.6 billion in the first half of 2024, primarily due to the decrease in revenue from the sales of materials,
partially offset by the increase in revenue from installation services provided for air conditioners.
Smart EV and Other New Initiatives

Revenue from our smart EV and other new initiatives segment was RMB6.4 billion in the first half of 2024.
Revenue from our smart EV was RMB6.2 billion in the first half of 2024. In the first half of 2024, we have delivered
27,367 Xiaomi SU7 Series vehicles. The ASP of our smart EV was RMB228,815 per unit.
Revenue from our other related business was RMB0.2 billion in the first half of 2024.
Cost of Sales
Our cost of sales increased by 27.8% from RMB101.1 billion in the first half of 2023 to RMB129.2 billion in the
first half of 2024. The following table sets forth our cost of sales by segment in the first half of 2024 and the first
half of 2023:
Unaudited
Six months ended
June 30, 2024 June 30, 2023
Smartphone × AIoT 123,759.0 75.3% 101,079.4 79.7%

Smart EV and other new initiatives 5,411.8 3.3% — —
Total cost of sales 129,170.8 78.6% 101,079.4 79.7%
Smartphone × AIoT
Cost of sales related to our smartphone × AIoT segment increased by 22.4% from RMB101.1 billion in the first half
of 2023 to RMB123.8 billion in the first half of 2024. The following table sets forth our cost of sales by line of our
smartphone × AIoT segment in the first half of 2024 and the first half of 2023:
Unaudited
Six months ended
June 30, 2024 June 30, 2023
Smartphone × AIoT
Smartphones 80,467.5 48.9% 62,772.2 49.5%
Other related business 1,622.8 1.0% 1,901.7 1.5%
Total cost of sales of smartphone × AIoT segment 123,759.0 75.3% 101,079.4 79.7%
(i) Smartphones
Cost of sales related to our smartphones increased by 28.2% from RMB62.8 billion in the first half of 2023 to
RMB80.5 billion in the first half of 2024, primarily due to the increased revenue of our smartphones.
(ii) IoT and lifestyle products

Cost of sales related to our IoT and lifestyle products increased by 16.2% from RMB32.5 billion in the first half
of 2023 to RMB37.8 billion in the first half of 2024, primarily due to the increased sales of our IoT and lifestyle
products.
(iii) Internet services

Cost of sales related to our internet services remained stable at RMB3.9 billion in the first half of 2024 compared
to the first half of 2023.
(iv) Other related business

Cost of sales related to our other related business decreased by 14.7% from RMB1.9 billion in the first half of
2023 to RMB1.6 billion in the first half of 2024, primarily due to the decrease in cost from the sales of materials,
partially offset by the increase in cost from installation services provided for air conditioners.
Cost of sales related to our smart EV and other new initiatives segment was RMB5.4 billion in the first half of 2024.
Gross Profit and Margin

As a result of the foregoing, our gross profit increased by 36.8% from RMB25.8 billion in the first half of 2023 to
RMB35.2 billion in the first half of 2024. Our gross profit margin increased from 20.3% in the first half of 2023 to 21.4%
in the first half of 2024.
The following table sets forth our gross profit and margin by segment in the first half of 2024 and the first half of 2023:
Unaudited
Six months ended
June 30, 2024 June 30, 2023
Gross Gross Gross Gross
profit margin% profit margin%
Smartphone × AIoT 34,240.8 21.7% 25,752.6 20.3%

Smart EV and other new initiatives 983.1 15.4% — —
Total gross profit and gross margin 35,223.9 21.4% 25,752.6 20.3%
Smartphone × AIoT
The gross profit margin from our smartphone × AIoT segment increased from 20.3% in the first half of 2023 to 21.7%
in the first half of 2024. The following table sets forth our gross profit and margin by line of our smartphone × AIoT
segment in the first half of 2024 and the first half of 2023:
Unaudited
Six months ended
June 30, 2024 June 30, 2023
Gross Gross Gross Gross
profit margin% profit margin%
Smartphone × AIoT
Smartphones 12,528.7 13.5% 8,808.0 12.3%
Other related business (67.0) (4.3%) (209.7) (12.4%)
Total gross profit and margin of

smartphone × AIoT segment 34,240.8 21.7% 25,752.6 20.3%
The gross profit margin from our smartphones increased from 12.3% in the first half of 2023 to 13.5% in the first half
of 2024, mainly due to the improved product mix.
The gross profit margin from our IoT and lifestyle products increased from 16.8% in the first half of 2023 to 19.8% in
the first half of 2024, mainly due to the improvement in gross profit margin of our wearables and smart large home
appliances.
The gross profit margin from our internet services increased from 73.2% in the first half of 2023 to 76.3% in the
first half of 2024, mainly due to higher revenue contribution and the increased gross profit margin of our advertising
business.
The gross profit margin from our smart EV and other new initiatives segment was 15.4% in the first half of 2024.
Operating Expenses
Our operating expenses comprised our research and development expenses, selling and marketing expenses and
administrative expenses. Our operating expenses related to our smart EV and other new initiatives segment was
RMB5.5 billion in the first half of 2024.
Research and Development Expenses

Our research and development expenses increased by 22.9% from RMB8.7 billion in the first half of 2023 to RMB10.7
billion in the first half of 2024, primarily due to the increase in R&D expenses related to our smart EV and other new
initiatives.
Selling and Marketing Expenses

Our selling and marketing expenses increased by 32.6% from RMB8.6 billion in the first half of 2023 to RMB11.4 billion
in the first half of 2024, primarily due to the increase of promotion and advertising expenses, overseas logistics
expenses and compensation for selling and marketing personnel.
Promotion and advertising expenses increased by 38.8% year-over-year from RMB2.7 billion to RMB3.8 billion,
primarily due to the increase in marketing expenses related to our smart EV and other new initiatives, more
promotional events of our products and increased expenses of brand marketing in the overseas markets.
Administrative Expenses
Our administrative expenses increased by 18.7% from RMB2.3 billion in the first half of 2023 to RMB2.7 billion in the
first half of 2024, primarily due to the increase in credit loss allowance of receivables and administrative expenses
related to our smart EV and other new initiatives.
Fair Value Changes on Financial Instruments Measured at Fair Value Through

Profit or Loss
Our fair value changes on financial instruments measured at fair value through profit or loss changed from a gain of
RMB3.2 billion in the first half of 2023 to a loss of RMB2.1 billion in the first half of 2024, primarily due to the fair value
losses of both unlisted preferred shares investments and listed equity investments in the first half of 2024.
Share of Net Profits/(Losses) of Investments Accounted for Using the

Equity Method
Our share of net profits/(losses) of investments accounted for using the equity method changed from net losses of
RMB59.0 million in the first half of 2023 to net profits of RMB241.8 million in the first half of 2024.
Other Income
Our other income increased by 27.2% from RMB0.3 billion in the first half of 2023 to RMB0.4 billion in the first half of
2024, primarily due to the increase of government grants.
Other Gain, Net

Our other net gains increased by 94.2% from RMB0.2 billion in the first half of 2023 to RMB0.5 billion in the first half
of 2024, primarily due to the increase of deemed disposal gains of investments accounted for using the equity method.
Finance Income , Net

Our net finance income increased by 379.8% from RMB0.5 billion in the first half of 2023 to RMB2.3 billion in the first
half of 2024, primarily due to the change of value of financial liabilities payable to fund investors.
Income Tax Expenses

Our income tax expenses increased by 4.5% from RMB2.5 billion in the first half of 2023 to RMB2.7 billion in the first
half of 2024, primarily due to the increase of profit before income tax in the first half of 2024.
Profit for the Period

As a result of the foregoing, we had a profit of RMB9.2 billion in the first half of 2024, compared with a profit of
RMB7.9 billion in the first half of 2023.
Adjusted Net Profit

Our adjusted net profit increased by 51.3% from RMB8.4 billion for the first half of 2023 to RMB12.7 billion for the first
half of 2024.
Non-IFRS Measure: Adjusted Net Profit

To supplement our consolidated results which are prepared and presented in accordance with all applicable IFRS
Accounting Standards issued by the International Accounting Standards Board (“IFRS Accounting Standards”), we
utilize non-IFRS adjusted net profit (“Adjusted Net Profit”) as an additional financial measure. We define Adjusted
Net Profit as profit for the period, as adjusted by adding back (i) share-based compensation, (ii) net fair value changes
on investments, (iii) amortization of intangible assets resulting from acquisitions, (iv) changes of value of financial
liabilities to fund investors, and (v) income tax effects of non-IFRS adjustments.
Adjusted Net Profit is not required by, or presented in accordance with, IFRS Accounting Standards. We believe
that the presentation of non-IFRS measures when shown in conjunction with the corresponding IFRS Accounting
Standards measures provides useful information to investors and management regarding financial and business
trends in relation to our financial condition and results of operations, by eliminating any potential impact of items that
our management does not consider to be indicative of our operating performance such as certain non-cash items
and the impact of certain investment transactions. We also believe that the non-IFRS measures are appropriate for
evaluating the Group’s operating performance. However, the use of this particular non-IFRS measure has limitations
as an analytical tool, and you should not consider it in isolation from, or as a substitute for analysis of, our results
of operations or financial conditions as reported under IFRS Accounting Standards. In addition, this non-IFRS
financial measure may be defined differently from similar terms used by other companies and therefore may not be
comparable to similar measures used by other companies.
The following tables set forth reconciliations of the Group’s non-IFRS measures for the first half of 2024 and 2023 to
the nearest measures prepared in accordance with IFRS Accounting Standards.
Unaudited
Six Months Ended June 30, 2024
Adjustments
Changes of
Amortization value of
of intangible financial
Net fair value assets liabilities
As Share-based changes on resulting from to fund Income tax
reported compensation(1) investments(2) acquisitions(3) investors(4) effects(5) Non-IFRS
(RMB in thousand, unless specified)
Profit for the period 9,242,881 1,859,270 2,853,149 72,004 (1,045,001) (315,948) 12,666,355
Net margin 5.6% 7.7%
Unaudited
Six Months Ended June 30, 2023
Adjustments
Changes of
Amortization value of
of intangible financial
Net fair value assets liabilities
As Share-based changes on resulting from to fund Income tax
reported compensation(1) investments(2) acquisitions(3) investors(4) effects(5) Non-IFRS
(RMB in thousand, unless specified)
Profit for the period 7,881,662 1,571,506 (2,082,733) 72,004 537,720 393,378 8,373,537
Net margin 6.2% 6.6%
Notes:
(1) Represents the expenses related to share-based payments granted to employees of the Group.
(2) Primarily includes fair value changes on equity investments and preferred shares investments deducting the accumulative fair value changes for
investments (including the financial assets measured at fair value through profit or loss (“FAFVPL”) and the investments using the equity method
transferred from FAFVPL) disposed in the current period, net gains/(losses) on deemed disposals of investee companies, the impairment provision
for investments, re-measurement impact on loss of significant influence in an associate and re-measurement of investments transferring from
FAFVPL to investments using the equity method.
(3) Represents amortization of intangible assets resulting from acquisitions.
(4) Represent the change of value of the financial liabilities payable to the fund investors, as a result of the change of fair value of the fund.
(5) Income tax effects of non-IFRS adjustments.

Liquidity and Financial Resources

On December 4, 2020, the Company completed of a placing of a total of 1,000,000,000 placing shares at HK$23.70 for
each placing share owned by Smart Mobile Holdings Limited to not less than six placees who and whose ultimate
beneficial owner(s) are independent third parties and allotted and issued 1,000,000,000 subscription shares at
HK$23.70 per subscription share under the general mandate to Smart Mobile Holdings Limited (the “2020 Placing and
Subscription”). For further details, please refer to the Company’s announcements dated December 2, 2020, December
3, 2020 and December 9, 2020.
Other than the funds raised through our Global Offering in July 2018, the 2020 Placing and Subscription and through
the issuance of debt securities as described in “Issuance of Debt Securities” below, we have historically funded our
cash requirements principally from cash generated from our operations and bank borrowings. We had cash and cash
equivalents of RMB39.3 billion as at June 30, 2024.
Gearing Ratio
As at June 30, 2024, our gearing ratio is -42.9%. Our gearing ratio is calculated as net debt divided by total capital
at the end of each financial period. Net debt equals to our total borrowings less our cash and cash equivalents,
restricted cash and short-term bank deposits. Total capital is calculated as total equity plus net debt.
Issuance of Debt Securities

On April 29, 2020, Xiaomi Best Time International Limited, a wholly owned subsidiary of the Company, issued
US$600 million 3.375% senior notes due 2030 unconditionally and irrevocably guaranteed by the Company (the “2030
Notes”). For further details, please refer to the announcements of the Company published on April 20, 2020, and
April 23, 2020.
On December 17, 2020, Xiaomi Best Time International Limited issued zero coupon guaranteed convertible bonds due
2027 guaranteed by the Company in the aggregate principal amount of US$855 million at an initial conversion price of
HK$36.74 per conversion share (subject to adjustments) (the “2027 Bonds”). The 2027 Bonds are listed on the Stock
Exchange. For further details, please refer to the announcements of the Company dated December 2, 2020, December 3,
2020, December 17, 2020, and December 18, 2020.
As of June 30, 2024, no 2027 Bonds had been converted into new Shares.
On July 14, 2021, Xiaomi Best Time International Limited issued US$800 million 2.875% senior bonds due 2031
(the “2031 Bonds”) and US$400 million 4.100% senior green bonds due 2051 (the “Green Bonds”), both of which were
unconditionally and irrevocably guaranteed by the Company. For further details of the 2031 Bonds and Green Bonds,
please refer to the announcements of the Company published on July 6, 2021, July 8, 2021, July 14, 2021, and July 15, 2021.
Consolidated Statement of Cash Flows
Unaudited
Six months ended
June 30, 2024 June 30, 2023
(in millions of RMB)
Net cash generated from operating activities(1) 2,530.6 20,162.0

Net cash generated from/(used in) investing activities 2,709.1 (14,492.2)
(1)
Net cash generated from/(used in) financing activities 455.3 (2,286.7)
Net increase in cash and cash equivalents 5,695.0 3,383.1
Cash and cash equivalents at the beginning of the period 33,631.3 27,607.3
Effects of exchange rate changes on cash and cash equivalents 9.5 468.6
Cash and cash equivalents at the end of the period 39,335.8 31,459.0
Note:
(1) Excluding (1) the change of trade payables related to the finance factoring business; (2) the change of loan and interest receivables and impairment
provision for loan receivables mainly resulting from the fintech business; (3) the change of restricted cash resulting from the fintech business; and
(4) the change of deposits from customers resulting from the Airstar Bank, the net cash generated from operating activities was RMB4.9 billion
in the first half of 2024 and the net cash generated from operating activities was RMB19.5 billion in the first half of 2023, respectively. Excluding
the change of borrowings for the finance factoring business, the net cash used in financing activities was RMB1.3 billion in the first half of 2024
and the net cash used in financing activities was RMB2.3 billion in the first half of 2023, respectively. The information in this footnote is based on
the management accounts of the Group, which have not been audited or reviewed by the Group’s auditor. The accounting policies applied in the
preparation of the management accounts are consistent with those used for other figures in this interim report.
(2) The cash resources which the Group considered in cash management include but are not limited to cash and cash equivalents, restricted cash,
short-term bank deposits, short-term investments measured at fair value through profit or loss, short-term investments measured at amortized
cost, long-term bank deposits and treasury investments included in long-term investments measured at fair value through profit or loss. As at
June 30, 2024, the aggregate amount of cash resources of the Group was RMB141.0 billion.
Net Cash Generated from Operating Activities

Net cash generated from operating activities represents the cash generated from our operations minus the income
tax paid. Cash generated from our operations primarily comprises our profit before income tax adjusted by non-cash
items and changes in working capital.
In the first half of 2024, net cash generated from our operating activities amounted to RMB2.5 billion, representing
cash generated from operations of RMB5.0 billion minus income tax paid of RMB2.5 billion. Cash generated from
operations was primarily attributable to our profit before income tax of RMB11.9 billion, adjusted by an increase in
inventories of RMB10.1 billion, an increase in trade receivables of RMB4.9 billion, an increase in prepayments and
other receivables of RMB3.0 billion, partially offset by an increase in trade payables of RMB4.6 billion, provision for
impairment of inventories of RMB2.9 billion, fair value losses on financial instruments measured at fair value through
profit or loss of RMB2.1 billion and share-based compensation of RMB1.9 billion.
Net Cash Generated from Investing Activities

For the first half of 2024, our net cash generated from investing activities was RMB2.7 billion, which was primarily
attributed to the net decrease of short-term bank deposits of RMB21.1 billion, the interest income received
of RMB1.9 billion, the net decrease of short-term investments measured at fair value through profit or loss
of RMB1.6 billion and the net decrease of long-term investments measured at fair value through profit or loss of
RMB1.0 billion, partially offset by the net increase of long-term bank deposits of RMB20.8 billion and purchase of
property, plant and equipment of RMB2.2 billion.
Net Cash Generated from Financing Activities

For the first half of 2024, our net cash generated from financing activities was RMB0.5 billion, which was primarily
attributed to the net increase of borrowings of RMB4.7 billion and contribution from fund investors of RMB1.1 billion,
partially offset by the payments for shares repurchase of RMB3.0 billion, the payments of deferred consideration for
acquisition of intangible assets of RMB1.5 billion and the payments of lease liabilities of RMB0.7 billion.
Borrowings
As at June 30, 2024, we had total borrowings of RMB30.0 billion.
Capital Expenditures
Unaudited
Six months ended
June 30, 2024 June 30, 2023
(in millions of RMB)
Capital expenditures
Smartphone × AIoT 2,941.2 2,301.9
Smart EV and other new initiatives 825.4 1,420.2
Total 3,766.6 3,722.1
Off-Balance Sheet Commitments and Arrangements

As of June 30, 2024, except for financial guarantee contracts, we had not entered into any significant off-balance sheet
commitments or arrangements.
Future Plans for Material Investments and Capital Assets

As at June 30, 2024, we did not have other plans for material investments and capital assets.
Investment Held
As of June 30, 2024, we had invested in about 430 companies with an aggregate book value of RMB65.4 billion, a
decrease of 3.4% year-over-year. In the first half of 2024, we recorded a net gain on disposal of investments (after
tax) of RMB1.0 billion. The total amount of our investments (including (i) fair value of our stakes in listed investee
companies accounted for using the equity method based on the stock price on June 30, 2024 (ii) book value of our
stakes in unlisted investee companies accounted for using the equity method and (iii) book value of long-term
investments measured at fair value through profit or loss) reached RMB66.2 billion as at June 30, 2024.
The Group did not make or hold any significant investments (including any investment in an investee company with a
value of 5% or more of the Group’s total assets as at June 30, 2024) during the six months ended June 30, 2024.
Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures

In the first half of 2024, we did not conduct any material acquisitions or disposals of subsidiaries, associates and joint
ventures.
Employee and Remuneration Policy

As at June 30, 2024, we had 37,525 full-time employees, 35,406 of whom were based in mainland China, primarily at
our headquarters in Beijing, with the rest primarily based in India. As at June 30, 2024, our research and development
personnel, totaling 18,290 employees, were staffed across our various departments.
Our success depends on our ability to attract, retain and motivate qualified personnel. As part of our human resources
strategy, we offer employees competitive compensation packages. As at June 30, 2024, 12,388 employees held
share-based awards. The total remuneration expenses, including share-based compensation expenses, for the first
half of 2024 were RMB10.5 billion.
Foreign Exchange Risk

The transactions of our Company are denominated and settled in our functional currency, the United States Dollar.
Our Group’s subsidiaries primarily operate in the People’s Republic of China (the “PRC”) and other regions such
as India, and are exposed to foreign exchange risk arising from the exposure to various currencies, primarily with
respect to the United States Dollar. Therefore, foreign exchange risk primarily arises from the recognized assets and
liabilities in our subsidiaries when receiving or expecting to receive foreign currencies from, or paying or expecting to
pay foreign currencies to overseas business partners.
We will continue to monitor changes in currency exchange rates and will take necessary measures to mitigate any
impacts caused by exchange rate fluctuations.
Pledge of Assets
As of June 30, 2024, our total restricted bank deposits amounted to RMB4.8 billion. We also had pledged certain
construction in progress and land use right for borrowings.
Contingent Liabilities
We did not have any material contingent liabilities as at June 30, 2024. Further details of the contingencies are set out
in Note 32 to the interim financial information.
OTHER INFORMATION
Directors’ and Chief Executive’s Interests and Short Positions in Shares and
Underlying Shares and Debentures of the Company or any of its Associated
Corporations
As at June 30, 2024, the interests and short positions of our Directors or chief executives of the Company in the Shares,
underlying Shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the
SFO), as recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO, or as otherwise
notified to the Company and the Stock Exchange pursuant to the Model Code were as follows:
1. Interest in Shares
Approximate
percentage of
Number and shareholding in
Name of Director Nature of Relevant class of the relevant class
or chief executive interest(1) company securities of Shares(2)
Lei Jun(3) Beneficiary, founder ARK Trust 4,086,659,226 90.06%

and settlor of (Hong Kong) Limited Class A Shares
a trust(L) 1,967,520,412 9.60%
Class B Shares
Interest in controlled Smart Mobile Holdings 4,086,659,226 90.06%
corporations(L) Limited Class A Shares
1,816,053,740 8.86%
Class B Shares
Interest in controlled Smart Player Limited 59,221,630 0.29%
corporations(L) Class B Shares
Interest in controlled Team Guide Limited 92,245,042 0.45%
corporations(L) Class B Shares
Lin Bin(4) Beneficial owner(L) 30,347,523 0.15%

Class B Shares
Trustee of a trust(L) Apex Star FT LLC 93,438,272 0.46%
Class B Shares
Interest in controlled Apex Star LLC 450,999,618 9.94%
corporations(L) Class A Shares
1,704,448,197 8.32%
Class B Shares
Interest in controlled Bin Lin and 50,686,600 0.25%
corporations(L) Daisy Liu Family Class B Shares
Foundation
OTHER INFORMATION
Approximate
percentage of
Number and shareholding in
Name of Director Nature of Relevant class of the relevant class
or chief executive interest(1) company securities of Shares(2)
Liu Qin(5) Interest in controlled Morningside China TMT 7 0.00%

corporations(L) Fund I, L.P. Class B Shares
Founder of Trust(L) 184,466,366 0.90%
Class B Shares
Liu De(6) Beneficial owner(L) 10,000,000 0.05%

Class B Shares
Founder of a trust(L) Lofty Power 135,871,935 0.66%
International Class B Shares
Limited
Chen Dongsheng(7) Interest in controlled Taikang Asset 2,443,200 0.01%

corporations(L) Management Class B Shares
(Hong Kong)
Company Limited
Notes:
1 The letter “L” denotes a long position in the shares.
2 The calculation is based on the total number of relevant class of Shares in issue as at June 30, 2024.
3 Smart Mobile Holdings Limited and Smart Player Limited are both wholly-owned by Sunrise Vision Holdings Limited which is in turn
wholly-owned by Parkway Global Holdings Limited. Team Guide Limited is wholly-owned by Techno Frontier Investments Limited. The entire
interests in Parkway Global Holdings Limited and Techno Frontier Investments Limited are held by ARK Trust (Hong Kong) Limited as trustee
for the trusts established by Lei Jun (as settlor) for the benefit of Lei Jun and his family. Accordingly, Lei Jun is deemed to be interested in
1) the 4,086,659,226 Class A Shares and the 1,816,053,740 Class B Shares held by Smart Mobile Holdings Limited; 2) the 59,221,630 Class B
Shares held by Smart Player Limited and 3) the 92,245,042 Class B Shares held by Team Guide Limited under the SFO.
4 Lin Bin directly holds 30,347,523 Class B Shares. Apex Star FT LLC is controlled by Bin Lin Family Trust. Accordingly, Lin Bin, as the trustee
of Bin Lin Family Trust, is deemed to be interested in 93,438,272 Class B Shares held by Apex Star FT LLC under the SFO. Bin Lin and Daisy
Liu Family Foundation is controlled by Lin Bin. Accordingly, Lin Bin is deemed to be interested in 50,686,600 Class B Shares held by Bin Lin
and Daisy Liu Family Foundation under the SFO. Apex Star LLC is controlled by Bin Lin. Accordingly, Lin Bin is deemed to be interested in
1,704,448,197 Class B Shares and 450,999,618 Class A Shares held by Apex Star LLC under the SFO.
5 Liu Qin is entitled to exercise or control the exercise of one-third of the voting power at general meetings of TMT General Partner Ltd. and is
therefore deemed to be interested in 7 Class B Shares in which TMT General Partner Ltd. is interested. TMT General Partner Ltd. controls
Morningside China TMT GP, L.P., which controls Morningside China TMT Fund I, L.P. (the “5Y Capital Funds”). Consequently, TMT General
Partner Ltd. is deemed to be interested in the Shares in which the 5Y Capital Funds have an interest. Liu Qin is deemed to be interested
in 184,466,366 Class B Shares held by an entity controlled by the trustee of a discretionary trust, of which Liu Qin is a founder of the
discretionary trust, under the SFO.
6 Liu De directly holds 10,000,000 Class B Shares. Lofty Power International Limited is controlled by YYL Trust (formerly known as YYL Family
Trust). Accordingly, Liu De, as the settlor and protector of YYL Trust, is deemed to be interested in 135,871,935 Class B Shares held by Lofty
Power International Limited under the SFO.
7 Taikang Asset Management (Hong Kong) Company Limited is wholly-owned by Taikang Asset Management Company Limited. Taikang Asset
Management Company Limited is controlled by Chen Dongsheng. Accordingly, Chen Dongsheng is deemed to be interested in 2,443,200
Class B Shares held by Taikang Asset Management (Hong Kong) Company Limited under the SFO.
2. Interest in associated corporations
Name of Approximate
Director or percentage of
chief executive Nature of interest Associated corporations shareholding(1)
Lei Jun Beneficial owner(L) Xiaomi Finance(2) 42.07%

Interest in controlled corporations(L) Parkway Global Holdings Limited(3) 100%
Interest in controlled corporations(L) Sunrise Vision Holdings Limited(3) 100%
Interest in controlled corporations(L) Smart Mobile Holdings Limited(3) 100%
Notes:
(1) The calculation is based on the total number of shares of the associated corporations in issue as at June 30, 2024.
(2) Xiaomi Finance is a subsidiary of the Company and therefore Xiaomi Finance is an associated corporation of the Company. Lei Jun is entitled
to receive up to 42,070,000 shares in Xiaomi Finance pursuant to options granted to him under the XMF Share Option Scheme I (subject to the
relevant vesting conditions).
(3) Smart Mobile Holdings Limited, the holding company of the Company, is wholly-owned by Sunrise Vision Holdings Limited which is in turn
wholly-owned by Parkway Global Holdings Limited. The entire interest in Parkway Global Holdings Limited is held through a trust which
was established by Lei Jun (as the settlor) for the benefit of Lei Jun and his family. Accordingly, Lei Jun is deemed to be interested in the
4,086,659,226 Class A Shares and 1,816,053,740 Class B Shares held by Smart Mobile Holdings Limited under the SFO. Therefore, Smart
Mobile Holdings Limited, Sunrise Vision Holdings Limited and Parkway Global Holdings Limited are associated corporations of the Company.
OTHER INFORMATION
Save as disclosed above, as at June 30, 2024, so far as is known to any Director or the chief executive of the Company,
none of the Directors nor the chief executives of the Company had any interests or short positions in the Shares,
underlying Shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the
SFO) which (a) were required, pursuant to Section 352 of the SFO, to be entered in the register referred to therein; or
(b) were required, pursuant to the Model Code, to be notified to the Company and the Stock Exchange.
Substantial Shareholders’ Interests and Short Positions in Shares and Underlying

Shares
As at June 30, 2024, so far as the Directors are aware, the following parties (other than our Directors or chief executive
of the Company) had interests or short positions in the Shares or underlying Shares of the Company as recorded in
the register required to be kept by the Company pursuant to Section 336 of the SFO:
Approximate
percentage of
shareholding in
Name of Substantial the relevant
Shareholder Nature of interest Number of Shares class of Shares(1)
Class A Shares
Smart Mobile Holdings Limited(2) Beneficial interest 4,086,659,226 90.06%
Sunrise Vision Holdings Limited(2) Interest in controlled corporations 4,086,659,226 90.06%
Parkway Global Holdings Limited(2) Interest in controlled corporations 4,086,659,226 90.06%
ARK Trust (Hong Kong) Limited(2) Trustee 4,086,659,226 90.06%
Class B Shares
Smart Mobile Holdings Limited(2) Beneficial interest 1,816,053,740 8.86%
Sunrise Vision Holdings Limited(2) Interest in controlled corporations 1,875,275,370 9.15%
Parkway Global Holdings Limited(2) Interest in controlled corporations 1,875,275,370 9.15%
ARK Trust (Hong Kong) Limited(2) Trustee 2,166,415,891 10.58%
Notes:
(1) The calculation is based on the total number of relevant class of Shares in issue as at June 30, 2024.
(2) Smart Mobile Holdings Limited and Smart Player Limited are both wholly-owned by Sunrise Vision Holdings Limited which is in turn wholly-owned
by Parkway Global Holdings Limited. Team Guide Limited is wholly-owned by Techno Frontier Investments Limited. The entire interests in Parkway
Global Holdings Limited and Techno Frontier Investments Limited are held by ARK Trust (Hong Kong) Limited as trustee for the trusts established
by Lei Jun (as settlor) for the benefit of Lei Jun and his family. Accordingly, Lei Jun is deemed to be interested in 1) the 4,086,659,226 Class A
Shares and the 1,816,053,740 Class B Shares held by Smart Mobile Holdings Limited; 2) the 59,221,630 Class B Shares held by Smart Player
Limited and 3) the 92,245,042 Class B Shares held by Team Guide Limited under the SFO. ARK Trust (Hong Kong) Limited is also a trustee for a
number of trusts and therefore is deemed to be interested in the 198,895,479 Class B shares held by the trusts.
Save as disclosed above, as at June 30, 2024, no person, other than the Directors whose interests are set out in the
section headed “Directors’ and Chief Executive’s Interests and Short Positions in Shares and Underlying Shares and
Debentures of the Company or any of its Associated Corporations” above, had any interests or short positions in the
Shares or underlying Shares as recorded in the register required to be kept pursuant to Section 336 of the SFO.
Share Schemes
The Company has four existing share schemes, namely the Pre-IPO ESOP, the 2018 Share Option Scheme, the 2018
Share Award Scheme, and the 2023 Share Scheme.
A total of 187,654,266 new Shares, representing approximately 0.9% of the weighted average number of the Class B
Shares in issue of the Company (excluding any treasury Shares), may be issued in respect of all options and awards
granted during the Reporting Period to eligible participants pursuant to the Pre-IPO ESOP, the 2018 Share Option
Scheme, the 2018 Share Award Scheme and the 2023 Share Scheme.
Xiaomi HK, a principal subsidiary of the Company as defined in Rule 17.14 of the Listing Rules, has adopted 2024
Xiaomi HK Share Scheme.
During the Reporting Period, no share awards were granted to eligible participants under the 2024 Xiaomi HK Share
Scheme. It follows that no new Xiaomi HK Shares may be issued in respect of any options and awards granted during
the Reporting Period to eligible participants pursuant to the 2024 Xiaomi HK Share Scheme.
OTHER INFORMATION
1. Pre-IPO ESOP
The Pre-IPO ESOP was adopted by the Company on May 5, 2011 and superseded on August 24, 2012. The overall
limit on the number of Shares which may be issued pursuant to the Pre-IPO ESOP is 251,307,455 Class B Shares,
which was subsequently adjusted by the Board to 2,512,694,900 Class B Shares (adjusted after taking into account
the share subdivision which took place on June 17, 2018). No further Pre-IPO Awards would be granted under the
Pre-IPO ESOP after listing.
Details of movements of share options and RSUs granted under the Pre-IPO ESOP during the Reporting Period
are as follows:
Number of share options and RSUs

Weighted average
closing price
of the Share
immediately
before the
date of
Outstanding Outstanding
Grantees as of Exercised Cancelled Lapsed as of exercise
by Vesting Exercise Price January 1, during during during June 30, during
category Date of grant period(1) (US$) 2024 the period the period the period 2024 the period
Employee participants:
4/1/2010 to 1–10 years 0–0.344 239,334,344 (16,442,700) — (488,320) 222,403,324 16.37
6/14/2018
Service Providers:
1/1/2012 to 4–5 years 0–0.344 1,120,070 — — — 1,120,070 N/A
4/1/2018
Total: 240,454,414 (16,442,700) — (488,320) 223,523,394
(1): The exercise period of the options granted under the Pre-IPO ESOP shall commence from the date on which the relevant options become
vested and end on the 10th anniversary of the grant date, subject to the terms of the Pre-IPO ESOP and the share option award agreement
signed by the grantee.
Further details of the Pre-IPO ESOP are set out in Note 28 to the interim financial information.
2. 2018 Share Option Scheme
The 2018 Share Option Scheme was adopted by the Company on June 17, 2018. Immediately upon the 2023 Share
Scheme taking effect on June 8, 2023, no further share options shall be granted under the 2018 Share Option
Scheme.
Details of movements of share options granted under the 2018 Share Option Scheme during the Reporting Period
are as follows:
Number of share options

Weighted
Fair value average
of options closing price
at the date of the Shares
of grant during
during the period
the period immediately
and the before the
accounting date of
Outstanding Outstanding
Grantees as of Granted Cancelled Lapsed Exercised as of standard exercise
by Vesting January 1, during the during the during the during the June 30, Exercise Price and policy during
category Date of grant Period Exercise Period 2024 period period period period 2024 (HK$) adopted the period
Employee participants:
7/2/2020 4 years 7/2/2021 to 3,000,000 — — — — 3,000,000 13.60 N/A N/A
7/1/2030
9/4/2020 4–10 years 9/4/2021 to 105,200,000 — — — — 105,200,000 24.50 N/A N/A
9/3/2030
10/9/2020 4 years 10/9/2021 to 6,250,000 — — — — 6,250,000 21.04 N/A N/A
10/8/2030
1/6/2021 4 years 1/6/2022 to 6,250,000 — — — — 6,250,000 33.90 N/A N/A
1/5/2031
Total: 120,700,000 — — — — 120,700,000
Further details of the 2018 Share Option Scheme are set out in Note 28 to the interim financial information.
OTHER INFORMATION
3. 2018 Share Award Scheme
The Company adopted the 2018 Share Award Scheme on June 17, 2018. Immediately upon the 2023 Share Scheme
taking effect on June 8, 2023, no further awards shall be granted under the 2018 Share Award Scheme.
Details of the award shares granted under the 2018 Share Award Scheme (to be satisfied by new Shares) and
their movements during the Reporting Period are as follows:
Number of Award Shares

Fair value
of Award Weighted
Shares at the average
date of grant closing price
Closing price during the of the Share
of Shares period and the immediately
Unvested Unvested
immediately accounting before the
Award Shares Award Shares
Grantees as at Granted Vested Cancelled Lapsed as of before the standard date of
by Vesting January 1, during the during the during the during the June 30, grant during and policy vesting during
category Date of grant Period Purchase price 2024 period period period period 2024 the period adopted the period
Employee Participants:
4/1/2019 4–10 years Nil 5,255,724 — (907,620)(1) — — 4,348,104 N/A N/A 14.94
11/28/2019 4 years Nil 16,232 — (16,232) — — — N/A N/A 14.94
(1)
1/6/2020 4 years Nil 7,195,029 — (7,152,983) — (42,046) — N/A N/A 14.94
(1)
4/1/2020 1–4 years Nil 2,901,454 — (2,815,860) — (85,594) — N/A N/A 14.94
7/2/2020 4–5 years Nil 3,821,270 — (280,733)(1) — (70,450) 3,470,087 N/A N/A 14.94
9/4/2020 4–10 years Nil 8,500,000 — — — (1,000,000) 7,500,000 N/A N/A N/A
10/10/2020 4–5 years Nil 953,508 — (20,292) — (89,968) 843,248 N/A N/A 14.94
(1)
1/6/2021 4 years Nil 4,677,683 — (2,191,595) — (152,323) 2,333,765 N/A N/A 14.94
7/2/2021 1–4 years Nil 23,698,571 — (2,145,647)(1) — (1,072,136) 20,480,788 N/A N/A 15.20
7/5/2021 4–10 years Nil 83,174,396 — (23,951,752)(1) — (3,710,748) 55,511,896 N/A N/A 14.94
11/24/2021 1–10 years Nil 20,789,899 — (92,315) — (1,109,098) 19,588,486 N/A N/A 14.94
(1)
3/23/2022 1–10 years Nil 110,757,068 — (26,667,099) — (2,936,766) 81,153,203 N/A N/A 14.84
5/20/2022 1–5 years Nil 30,575,273 — (9,703,297)(1) — (1,402,701) 19,469,275 N/A N/A 19.14
8/21/2022 4 years Nil 57,244,805 — (1,204,195) — (2,291,485) 53,749,125 N/A N/A 17.32
11/24/2022 4–5 years Nil 28,726,506 — (459,721) — (1,178,202) 27,088,583 N/A N/A 15.55

Fair value
of Award Weighted
Unvested Unvested
category Date of grant Period Purchase price 2024 period period period period 2024 the period adopted the period
3/27/2023 1–10 years Nil 174,313,893 — (37,021,727)(1) — (4,802,442) 132,489,724 N/A N/A 15.25
5/25/2023 2–4 years Nil 44,653,485 — (10,713,528) — (1,687,757) 32,252,200 N/A N/A 18.29
Category subtotal: 607,254,796 — (125,344,596) — (21,631,716) 460,278,484
Service Providers:
1/6/2020 4 years Nil 5,516 — (5,516) — — — N/A N/A 14.94
4/1/2020 1–4 years Nil 2,355 — (2,355) — — — N/A N/A 14.94
7/2/2020 4 years Nil 1,041 — (1,041) — — — N/A N/A 14.94
10/10/2020 4 years Nil 20,671 — (1,607) — — 19,064 N/A N/A 14.94
1/6/2021 4 years Nil 19,321 — (9,652) — (915) 8,754 N/A N/A 14.94
7/2/2021 4 years Nil 142,887 — (24,482) — (4,926) 113,479 N/A N/A 14.94
11/24/2021 4 years Nil 50,812 — — — (5,074) 45,738 N/A N/A N/A
3/23/2022 4 years Nil 491,491 — (162,904) — (2,953) 325,634 N/A N/A 14.82
5/20/2022 4 years Nil 352,181 — (111,703) — (3,713) 236,765 N/A N/A 16.62
8/21/2022 4 years Nil 171,661 — (6,243) — (13,636) 151,782 N/A N/A 19.94
11/24/2022 4 years Nil 26,818 — — — — 26,818 N/A N/A N/A
3/27/2023 4 years Nil 602,620 — (149,778) — (5,707) 447,135 N/A N/A 15.22
5/25/2023 4 years Nil 228,255 — (55,892) — (4,679) 167,684 N/A N/A 18.30
Category subtotal: 2,115,629 — (531,173) — (41,603) 1,542,853
Total: 609,370,425 — (125,875,769) — (21,673,319) 461,821,337

OTHER INFORMATION
(1): Among the total number of Awards Shares vested as stated, 12,546,858 award Shares were issued to employee participants who subsequently
become connected persons for the purpose of Listing Rules during the Reporting Period by way of existing shares. At the time of grant, these
employee participants were not connected persons.
Details of the outstanding award shares granted under the 2018 Share Award Scheme (to be satisfied by existing
Shares) are as follows:

Fair value
of Award Weighted
Unvested Unvested of Shares period and the immediately
Award Shares Award Shares immediately accounting before the
Grantees as of Granted Vested Cancelled Lapsed as of before the standard date of
by Vesting Purchase January 1, during the during the during the during the June 30, grant during and policy vesting during
category Date of grant Period price 2024 period period period period 2024 the period adopted the period
Grantees in aggregate:
1/6/2021 4 years Nil 8,938 — (4,468) — — 4,470 N/A N/A 14.94

11/24/2021 4 years Nil 5,746 — — — — 5,746 N/A N/A N/A
3/23/2022 4–10 years Nil 1,507,964 — (2,654) — — 1,505,310 N/A N/A 14.80
5/20/2022 3–4 years Nil 695,859 — (330,000) — — 365,859 N/A N/A 19.94
8/21/2022 4 years Nil 82,826 — (22,657) — — 60,169 N/A N/A 19.94
11/24/2022 4 years Nil 373,260 — — — — 373,260 N/A N/A N/A
3/27/2023 4–5 years Nil 2,150,692 — (462,085) — (588) 1,688,019 N/A N/A 15.30
Total: 4,825,285 — (821,864) — (588) 4,002,833
Further details of the 2018 Share Award Scheme are set out in Note 28 to the interim financial information.
4. 2023 Share Scheme
The 2023 Share Scheme was approved at the annual general meeting by the Shareholders on June 8, 2023.
The purpose of the 2023 Share Scheme is (1) to provide the Company with a flexible means of attracting,
remunerating, incentivising, retaining, rewarding, compensating and/or providing benefits to eligible participants;
(2) to align the interests of eligible participants with those of the Company and Shareholders by providing
such eligible participants with the opportunity to acquire proprietary interests in the Company and become
Shareholders; and (3) to encourage eligible participants to contribute to the long- term growth, performance and
profits of the Company and to enhance the value of the Company and its Shares for the benefit of the Company
and Shareholders as a whole.
The total number of Class B Shares which may be issued pursuant to all awards to be granted under the 2023
Share Scheme and awards to be granted under any other share schemes of the Company is not more than
2,503,959,565 (the “2023 Share Scheme Mandate Limit”). Within the Scheme Mandate Limit, the total number
of Shares which may be issued pursuant to awards to be granted to service provider participants under the 2023
Share Scheme is not more than 125,197,978 (the “2023 Share Scheme Service Provider Sublimit”).
As at January 1, 2024, 2,358,377,326 Shares were available for grant (including 124,851,426 Shares available for
grant to service providers) under the 2023 Share Scheme. During the Reporting Period, 187,654,266 award Shares
were granted to eligible participants (including 565,373 award Shares granted to service providers) pursuant
to the 2023 Share Scheme, respectively and 9,755,477 award Shares were forfeited (including 24,464 award
Shares forfeited from service providers) pursuant to the 2023 Share Scheme. It follows that, as of June 30, 2024,
2,180,478,537 Shares and 124,310,517 Shares were available for grant under the 2023 Share Scheme Mandate
Limit and the 2023 Share Scheme Service Provider Sublimit, respectively.
OTHER INFORMATION

Fair value
of Award Weighted
Unvested Unvested
category Date of grant Period Purchase price 2024 period(2) period period period 2024 the period adopted(1) the period
Employee Participants:
8/30/2023 2–10 years Nil 98,826,919 — (1,239,367) — (3,801,786) 93,785,766 N/A N/A 13.49
11/21/2023 2–10 years Nil 46,408,768 — (1,324,484) — (1,934,535) 43,149,749 N/A N/A 13.05
3/20/2024 1–10 years Nil — 153,178,665 (211,908) — (3,556,567) 149,410,190 14.86 14.50 14.32
5/24/2024 1–10 years Nil — 33,910,228 (49,623) — (438,125) 33,422,480 18.94 18.30 18.15
Category subtotal: 145,235,687 187,088,893 (2,825,382) — (9,731,013) 319,768,185
Service Providers:
8/30/2023 4 years Nil 332,152 — — — (19,203) 312,949 N/A N/A N/A
11/21/2023 4 years Nil 14,400 — — — — 14,400 N/A N/A N/A
3/20/2024 4 years Nil — 376,232 — — (5,261) 370,971 14.86 14.50 N/A
5/24/2024 4 years Nil — 189,141 — — — 189,141 18.94 18.30 N/A
Category subtotal: 346,552 565,373 — — (24,464) 887,461
Total: 145,582,239 187,654,266 (2,825,382) — (9,755,477) 320,655,646
(1): The fair value of the award Shares granted during the Reporting Period were determined based on the market value of the Shares at the
respective grant dates.
(2): A time-based vesting schedule is applicable to the award Shares. The number of award Shares to be vested at every anniversary year shall be
based on the selected participant’s performance rank in the said anniversary year. The performance rank is linked to the performance of the
selected participant (and in some cases of the selected participant’s department) in the anniversary year as assessed by the Group.
Further details of the 2023 Share Scheme are set out in Note 28 to interim financial information.
5. 2024 Xiaomi HK Share Scheme
The 2024 Xiaomi HK Share Scheme was approved at the annual general meeting by the Shareholders on June 6,
2024. The purpose of the 2024 Xiaomi HK Share Scheme is (1) to provide Xiaomi HK with a flexible means of
retaining, incentivising and rewarding eligible participants by compensating and/or providing benefits to them;
(2) to align the interests of eligible participants with those of Xiaomi HK and its shareholders by providing them
with the opportunity to acquire interests in Xiaomi HK and become its shareholders, and thereby; (3) to encourage
eligible participants to contribute to the business development, long-term growth, performance and profits of
Xiaomi HK and to enhance the value of Xiaomi HK and the Company for the benefit of the Company, Xiaomi HK
and the Shareholders as a whole.
The total number of Xiaomi HK Shares that may be issued pursuant to all awards to be granted under the 2024
Xiaomi HK Share Scheme and awards to be granted under any other share schemes of Xiaomi HK is not more than
1,000,000,000 (the “XMHK Scheme Mandate Limit”). Within the XMHK Scheme Mandate Limit, the total number of
Xiaomi HK Shares which may be issued pursuant to awards to be granted to service provider participants under
the 2024 Xiaomi HK Share Scheme is not more than 50,000,000 (the “XMHK Service Provider Sublimit”).
During the Reporting Period, no share awards were granted to eligible participants under the 2024 Xiaomi HK
Share Scheme. It follows that, as of June 30, 2024, 1,000,000,000 Xiaomi HK Shares and 50,000,000 Xiaomi HK
Shares were available for grant under the XMHK Share Scheme Limit and the XMHK Service Provider Sublimit,
respectively.
Weighted Voting Rights

The Company is controlled through weighted voting rights. Each Class A Share has 10 votes per share and each
Class B Share has one vote per share except with respect to resolutions regarding a limited number of Reserved
Matters, where each Share has one vote. The Company’s weighted voting rights structure will enable the WVR
Beneficiaries to exercise voting control over the Company notwithstanding the WVR Beneficiaries do not hold
a majority economic interest in the share capital of the Company. This allows the Company to benefit from the
continuing vision and leadership of the WVR Beneficiaries who will control the Company with a view to its long-term
prospects and strategy.
Shareholders and prospective investors are advised to be aware of the potential risks of investing in companies with
weighted voting rights structures, in particular that interests of the WVR Beneficiaries may not necessarily always
be aligned with those of our Shareholders as a whole, and that the WVR Beneficiaries will be in a position to exert
significant influence over the affairs of the Company and the outcome of shareholders’ resolutions, irrespective of
how other shareholders vote. Prospective investors should make the decision to invest in the Company only after due
and careful consideration.
OTHER INFORMATION
As of June 30, 2024, the WVR Beneficiaries were Lei Jun and Lin Bin. Lei Jun beneficially owns 4,086,659,226 Class A
Shares, representing approximately 62.1% of the voting rights in the Company with respect to shareholder resolutions
relating to matters other than the Reserved Matters. The Class A Shares are held by Smart Mobile Holdings Limited, a
company indirectly wholly-owned by a trust established by Lei Jun (as settlor) for the benefit of Lei Jun and his family.
Lin Bin beneficially owns 450,999,618 Class A Shares, representing 6.9% of the voting rights in the Company with
respect to shareholder resolutions relating to matters other than the Reserved Matters. The Class A Shares are held
by Apex Star LLC, a company controlled by Lin Bin.
Class A Shares may be converted into Class B Shares on a one-to-one ratio. As of June 30, 2024, upon the conversion
of all the issued and outstanding Class A Shares into Class B Shares, the Company will issue 4,537,658,844 Class B
Shares, representing 22.2% of the total number of issued and outstanding Class B Shares (excluding any treasury
Shares) or 18.2% of the issued share capital (excluding any treasury Shares) of the Company.
The weighted voting rights attached to Class A Shares will cease when none of the WVR Beneficiaries have beneficial
ownership of any of the Class A Shares in accordance with Rule 8A.22 of the Listing Rules. This may occur:
(i) upon the occurrence of any of the circumstances set out in Rule 8A.17 of the Listing Rules, in particular where
the WVR Beneficiary is: (1) deceased; (2) no longer a member of the Board; (3) deemed by the Stock Exchange to
be incapacitated for the purpose of performing his duties as a director; or (4) deemed by the Stock Exchange to no
longer meet the requirements of a director set out in the Listing Rules;
(ii) when the Class A Shareholders have transferred to another person the beneficial ownership of, or economic
interest in, all of the Class A Shares or the voting rights attached to them, other than in the circumstances
permitted by Rule 8A.18 of the Listing Rules;
(iii) where a vehicle holding Class A Shares on behalf of a WVR Beneficiary no longer complies with Rule 8A.18(2) of
the Listing Rules; or
(iv) when all of the Class A Shares have been converted to Class B Shares.
Compliance with the Corporate Governance Code

The Company is committed to maintaining and promoting stringent corporate governance standards. The principles
of the Company’s corporate governance are to promote effective internal control measures and to enhance the
transparency and accountability of the Board to all the Shareholders.
Save for code provision C.2.1 of the CG Code, the Company had complied with the applicable code provisions set out in
the CG Code during the Reporting Period.
Pursuant to code provision C.2.1 of the CG Code, companies listed on the Stock Exchange are expected to comply
with, but may choose to deviate from the requirement that the responsibilities between the chairman and the chief
executive officer should be segregated and should not be performed by the same individual. The Company does not
have a separate chairman and chief executive officer and Mr. Lei Jun currently performs these two roles. The Board
believes that vesting the roles of both chairman and chief executive officer in the same person has the benefit of
ensuring consistent leadership within the Group and enabling more effective and efficient overall strategic planning
for the Group. The Board considers that the balance of power and authority for the present arrangement will not be
impaired and this structure will enable the Company to make and implement decisions promptly and effectively. The
Board will continue to review and consider segregating the roles of chairman of the Board and chief executive officer
of the Company at an appropriate time, taking into account the circumstances of the Group as a whole.
Compliance with the Model Code for Securities Transactions by Directors

The Company has adopted the Model Code as the code of conduct regarding the Directors’ dealings in the securities
of the Company. Having made specific enquiry of all the Directors, all the Directors confirmed that they have complied
with the provisions of the Model Code throughout the Reporting Period.
Purchase, Sale or Redemption of the Company’s Listed Securities

During the Reporting Period and up to the Latest Practicable Date, the Company repurchased a total of 249,248,200
Class B Shares (the “Shares Repurchased”) of the Company on the Stock Exchange at an aggregate consideration
of approximately HK$3,708,195,875 to enhance the shareholder value in the long run. Particulars of the Shares
Repurchased are as follows:
Aggregate
No. of Shares Price paid per share Consideration
Month of Repurchase Repurchased Highest Lowest (approximately)
(HK$) (HK$) (HK$)
January 112,100,000 15.54 12.30 1,533,095,902

February 26,000,000 12.78 12.08 324,555,828
March 6,834,400 15.00 14.76 101,929,132
April 18,200,000 15.98 15.42 285,886,401
May 5,600,000 17.74 17.40 98,785,548
June 39,313,800 18.00 16.44 676,465,084
July 39,500,000 17.00 16.08 656,098,520
September 1,700,000 18.50 18.42 31,379,460
Total 249,248,200 3,708,195,875

OTHER INFORMATION
In respect of the Shares Repurchased, the WVR beneficiaries of the Company simultaneously reduced their WVR in
the Company proportionately by way of converting their Class A Shares into Class B Shares on a one-to-one ratio
pursuant to Rule 8A.21 of the Listing Rules, such that the proportion of shares carrying WVR of the Company shall not
be increased, pursuant to the requirements under Rules 8A.13 and 8A.15 of the Listing Rules.
As at the Latest Practicable Date, the number of Class B Shares in issue (excluding treasury Shares) was reduced
by 247,548,200 Shares as a result of (i) the repurchase of 138,100,000 Class B Shares from January 2024 to February
2024, which were subsequently cancelled on March 14, 2024; (ii) the repurchase of 39,034,400 Class B Shares from
March 27, 2024 to June 5, 2024, which were subsequently cancelled on August 15, 2024 and (iii) the repurchase of
70,413,800 Class B Shares from June 11, 2024 to July 19, 2024, which were held as treasury Shares(Note) and were
subsequently cancelled on August 15, 2024. All of the Class B Shares repurchased in September 2024 are in the
process of being cancelled.
A total of 29,373,916 Class A Shares were converted into Class B Shares on a one-to-one ratio on March 14, 2024,
of which Mr. Lei Jun, through Smart Mobile Holdings Limited, converted 26,454,431 Class A Shares and Mr. Lin Bin,
through Apex Star LLC, converted 2,919,485 Class A Shares.
A total of 19,841,058 Class A Shares were converted into Class B Shares on a one-to-one ratio on August 15, 2024,
of which Mr. Lei Jun, through Smart Mobile Holdings Limited, converted 17,869,048 Class A Shares and Mr. Lin Bin,
through Apex Star LLC, converted 1,972,010 Class A Shares.
Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the
Company’s securities listed on the Stock Exchange (including sale of treasury Shares) during the six months ended
June 30, 2024 and up to the Latest Practicable Date.
Note: As at 30 June 2024, the Company held 30,913,800 treasury Shares. As at the Latest Practicable Date, there were no treasury Shares held by the
Company.
Disclosure of Changes in Directors’ Information Pursuant to Listing Rule 13.51B(1)

Mr. Liu De, an executive Director, has resigned as a director of Ninebot Limited (Shanghai Stock Exchange Stock
Code: 689009) and Zepp Health Corporation (NYSE ticker: ZEPP) in April 2024 and September 2024, respectively.
Interim Dividend
The Board has resolved not to declare an interim dividend for the Reporting Period.
Audit Committee
The Company has established the Audit Committee in compliance with Rule 3.21 of the Listing Rules and the
CG Code. The primary duties of the Audit Committee are to review and supervise the financial reporting process and
internal controls system of the Group, review and approve connected transactions and to advise the Board. The Audit
Committee comprises one non-executive Director and two independent non-executive Directors, namely, Liu Qin,
Chen Dongsheng and Wong Shun Tak. Wong Shun Tak is the chairman of the Audit Committee.
The Audit Committee has reviewed the interim report and the unaudited interim results of the Group for the three
and six months ended June 30, 2024. The Audit Committee has also discussed matters with respect to the accounting
policies and practices adopted by the Company and internal control with senior management members and the
external auditor of the Company, PricewaterhouseCoopers.
Other Board Committees

In addition to the Audit Committee, the Company has also established a nomination committee, a remuneration
committee and a corporate governance committee.
Corporate Governance Committee

The Company has established the Corporate Governance Committee in compliance with Rule 8A.30 of the Listing
Rules and the CG Code. The Corporate Governance Committee is responsible for performing the functions set out in
code provision A.2.1 of the CG Code. The primary duties of the Corporate Governance Committee are to ensure that the
Company is operated and managed for the benefit of all Shareholders indiscriminately and to ensure the Company’s
compliance with the Listing Rules and safeguards relating to the weighted voting rights structure of the Company.
The Corporate Governance Committee would review the Company’s corporate governance policies and practices,
training and continuous professional development of Directors and senior management, the Company’s policies and
practices on compliance with legal and regulatory requirements, and the Company’s compliance with the CG Code.
As at the Latest Practicable Date, the members of the Corporate Governance Committee are the independent non-
executive Directors, namely, Chen Dongsheng, Wong Shun Tak and Cai Jinqing. Chen Dongsheng is the chairman of
the Corporate Governance Committee.
OTHER INFORMATION
The following is a summary of work performed by the Corporate Governance Committee during the Reporting Period:
• Reviewed and monitored whether the Company is operated and managed for the benefits of all its Shareholders.
• Reviewed the policies and practices of the Company on corporate governance and on compliance with legal
and regulatory requirements. The policies reviewed include Code for Securities Transactions by Directors and
Relevant Employees, board diversity policy, director nomination policy, shareholders’ communication policy,
procedures for nomination of director by shareholders, disclosure of information policy, connected transactions
policy, whistle-blowing policy, dividend policy, board remuneration policy, board policy on obtaining independent
views and inputs, and other corporate governance policies.
• Reviewed the Company’s compliance with the CG Code and the deviation(s) from code provision C.2.1 of the CG
Code and the Company’s disclosure for compliance with Chapter 8A of the Listing Rules.
• Reviewed and monitored the management of conflicts of interests between the Group/the Shareholders on one
hand and the WVR Beneficiaries on the other.
• Reviewed and monitored all risks related to the weighted voting rights structure, including connected
transactions between the Group/the Shareholders on one hand and the WVR Beneficiaries on the other.
• Reviewed the arrangements for the training and continuous professional development of Directors and senior
management (in particular, Chapter 8A of the Listing Rules and knowledge in relation to risks relating to the
weighted voting rights structure).
• Sought to ensure effective and on-going communication between the Company and its Shareholders, particularly
with regards to the requirements of Rule 8A.35 of the Listing Rules.
• Reviewed the Company’s compliance with the ESG Reporting Guide and disclosure in Environmental, Social and
Governance Report.
• Reviewed work performance and work plan of ESG team and the Company’s ESG Strategy and provide guidance
and supervision to the ESG team.
• Reported on the work of the Corporate Governance Committee covering all areas of its terms of reference.
The Corporate Governance Committee has confirmed that (i) the WVR Beneficiaries have been members of the
Board throughout the Reporting Period; (ii) no matter under Rule 8A.17 of the Listing Rules has occurred during the
Reporting Period; and (iii) the WVR Beneficiaries have complied with Rules 8A.14, 8A.15, 8A.18 and 8A.24 of the Listing
Rules during the Reporting Period.
In particular, the Corporate Governance Committee has confirmed to the Board it is of the view that the Company has
adopted sufficient corporate governance measures to manage the potential conflict of interest between the Group and
the beneficiaries of weighted voting rights in order to ensure that the operations and management of the Company are
in the interests of the Shareholders as a whole indiscriminately. These measures include the Corporate Governance
Committee (a) reviewing and monitoring each transaction contemplated to be entered into by the Group and making a
recommendation to the Board prior to the transaction being entered into, of any potential conflict of interest between the
Group and/or the Shareholders and any beneficiaries of the weighted voting rights, and (b) ensuring that (i) any connected
transactions are disclosed and dealt with in accordance with the requirements of the Listing Rules, (ii) their terms are
fair and reasonable and in the interest of the Company and its Shareholders as a whole, (iii) any directors who have a
conflict of interest abstain from voting on the relevant board resolution, and (iv) the Compliance Advisor is consulted
on any matters related to the transactions involving the beneficiaries of weighted voting rights or a potential conflict of
interest between the Group and these beneficiaries. The Corporate Governance Committee recommended the Board to
continue the implementation of these measures and to periodically review their efficacy towards these objectives.
Having reviewed the remuneration and terms of engagement of the Compliance Advisor, the Corporate Governance
Committee confirmed to the Board that it was not aware of any factors that would require it to consider either the
removal of the current Compliance Advisor or the appointment of a new compliance advisor. As a result, the Corporate
Governance Committee recommended that the Board retain the services of the Compliance Advisor.
Restriction on Foreign Investment Access

On December 11, 2001, the State Council promulgated the Regulations for the Administration of Foreign-Invested
Telecommunications Enterprises (the “FITE Regulations”), which were amended on September 10, 2008, February 6,
2016 and March 26, 2022. According to the FITE Regulations, foreign investors are not allowed to hold more than 50%
of the equity interests in a company providing value-added telecommunications services, except as otherwise
prescribed by the state.
OTHER INFORMATION
Because foreign investment in certain areas of the industry in which we currently and may operate are subject to
restrictions under current PRC laws and regulations outlined above, after consultation with our PRC Legal Advisor,
we determined that it was not viable for the Company to control our Consolidated Affiliated Entities directly through
equity ownership. Instead, we decided that, in line with common practice in industries in the PRC subject to foreign
investment restrictions, the Company would gain effective control over, and have the right to receive all the economic
benefits generated by the businesses currently operated by Consolidated Affiliated Entities through the Contractual
Arrangements between the WFOEs, on the one hand, and the Consolidated Affiliated Entities and the Registered
Shareholders, on the other hand. The Contractual Arrangements allow the financial results of our Consolidated Affiliated
Entities to be consolidated into our results of the Group’s financial information as if they were subsidiaries of the Group.
Further details of the Contractual Arrangements are set out in the Prospectus and the Company’s 2023 annual report
published on April 25, 2024.
Material Litigation
As at June 30, 2024, the Company was not involved in any material litigation or arbitration, nor were the Directors
aware of any material litigation or claims that were pending or threatened against the Company.
Events after the Report Period

Save as disclosed in this interim report, there were no other significant events that might affect the Group after
June 30, 2024 and up to the Latest Practicable Date.
REPORT ON REVIEW OF INTERIM

FINANCIAL INFORMATION
To the Board of Directors of Xiaomi Corporation

(incorporated in the Cayman Islands with limited liability)
Introduction
We have reviewed the interim financial information set out on pages 54 to 117, which comprises the interim condensed
consolidated balance sheet of Xiaomi Corporation (the “Company”) and its subsidiaries (together, the “Group”) as of
June 30, 2024 and the interim condensed consolidated income statements and the interim condensed consolidated
statements of comprehensive income for the three-month and six-month periods then ended, the interim condensed
consolidated statement of changes in equity and the interim condensed consolidated statement of cash flows for the
six-month period then ended, and selected explanatory notes. The Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance
with the relevant provisions thereof and International Accounting Standard 34 “Interim Financial Reporting”. The directors
of the Company are responsible for the preparation and presentation of this interim financial information in accordance
with International Accounting Standard 34 “Interim Financial Reporting”. Our responsibility is to express a conclusion on
this interim financial information based on our review and to report our conclusion solely to you, as a body, in accordance
with our agreed terms of engagement and for no other purpose. We do not assume responsibility towards or accept
liability to any other person for the contents of this report.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim
Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim financial information
of the Group is not prepared, in all material respects, in accordance with International Accounting Standard 34
“Interim Financial Reporting”.
PricewaterhouseCoopers
Certified Public Accountants
Hong Kong, August 21, 2024

INTERIM CONDENSED CONSOLIDATED

INCOME STATEMENTS
For the three months and six months ended June 30, 2024
(Expressed in Renminbi (“RMB”))
Unaudited Unaudited
Three months ended June 30, Six months ended June 30,
Note 2024 2023 2024 2023
RMB’000 RMB’000 RMB’000 RMB’000
Revenue 7 88,887,828 67,354,908 164,394,650 126,832,042

Cost of sales 7, 10 (70,493,651) (53,193,892) (129,170,756) (101,079,459)
Gross profit 18,394,177 14,161,016 35,223,894 25,752,583
Research and development expenses 10 (5,497,729) (4,554,803) (10,657,116) (8,668,163)

Selling and marketing expenses 10 (5,899,052) (4,476,758) (11,380,099) (8,580,622)
Administrative expenses 10 (1,182,524) (1,143,190) (2,705,531) (2,278,363)
Fair value changes on financial instruments
measured at fair value through profit
or loss 17 (849,410) (275,784) (2,075,902) 3,177,475
Share of net profits/(losses) of investments
accounted for using the equity method 12 86,385 74,046 241,776 (59,035)
Other income 8 287,246 184,776 444,653 349,610
Other gains, net 9 549,628 71,223 480,084 247,250
Operating profit 5,888,721 4,040,526 9,571,759 9,940,735
Finance income 11 876,875 851,273 1,896,310 1,529,423

Finance costs 11 (86,211) 63,882 433,694 (1,043,764)
Profit before income tax 6,679,385 4,955,681 11,901,763 10,426,394
Income tax expenses 13 (1,609,716) (1,290,157) (2,658,882) (2,544,732)
Profit for the period 5,069,669 3,665,524 9,242,881 7,881,662
Attributable to:
— Owners of the Company 5,098,002 3,669,975 9,280,063 7,873,814
— Non-controlling interests (28,333) (4,451) (37,182) 7,848
5,069,669 3,665,524 9,242,881 7,881,662
Earnings per share

(expressed in RMB per share): 14
Basic 0.21 0.15 0.37 0.32
Diluted 0.20 0.15 0.36 0.31
The above interim condensed consolidated income statements should be read in conjunction with the accompanying notes.

STATEMENTS OF COMPREHENSIVE INCOME
For the three months and six months ended June 30, 2024
(Expressed in RMB)
Unaudited Unaudited
Note 2024 2023 2024 2023
RMB’000 RMB’000 RMB’000 RMB’000
Profit for the period 5,069,669 3,665,524 9,242,881 7,881,662
Other comprehensive income:

Items that may be reclassified subsequently
to profit or loss
Share of other comprehensive income/(loss)
of investments accounted for using the
equity method 12 757 (4,330) (12,508) (27,903)
Transfer of share of other comprehensive
loss/(income) to profit or loss upon
disposal and deemed disposal
of investments accounted for
using the equity method 2,876 (471) 2,876 (464)
Net losses from changes in fair value
of financial assets at fair value through
other comprehensive income (11,434) (8,634) (16,362) (15,833)
Currency translation differences 108,937 586,382 142,177 567,037
Item that will not be reclassified subsequently
to profit or loss
Currency translation differences 179,477 2,157,698 253,666 1,590,208
Other comprehensive income for

the period, net of tax 280,613 2,730,645 369,849 2,113,045
Total comprehensive income for the period 5,350,282 6,396,169 9,612,730 9,994,707
Attributable to:
— Owners of the Company 5,383,867 6,390,417 9,655,013 9,980,329
— Non-controlling interests (33,585) 5,752 (42,283) 14,378
5,350,282 6,396,169 9,612,730 9,994,707
The above interim condensed consolidated statements of comprehensive income should be read in conjunction with the
accompanying notes.

BALANCE SHEET
As of June 30, 2024
(Expressed in RMB)
Unaudited Audited
As of June 30, As of December 31,
Note 2024 2023
RMB’000 RMB’000
Assets
Non-current assets
Property, plant and equipment 15 15,779,911 13,720,825
Intangible assets 16 7,719,250 8,628,739
Investments accounted for using the equity method 12 6,666,577 6,922,241
Long-term investments measured at fair value through
profit or loss 17 58,699,067 60,199,798
Deferred income tax assets 27 2,160,968 2,160,750
Long-term bank deposits 32,988,833 18,293,650
Long-term investments measured at amortized cost 17 365,749 364,476
Other non-current assets 24 14,814,712 14,904,260
139,195,067 125,194,739
Current assets
Inventories 21 51,524,154 44,422,837
Trade and notes receivables 19 13,648,816 12,150,928
Loan receivables 18 10,986,878 9,772,589
Prepayments and other receivables 20 24,114,891 20,078,875
Bills receivables measured at fair value through other
comprehensive income 62,812 125,661
Short-term investments measured at fair value through other
comprehensive income 17 1,058,207 582,131
Short-term investments measured at amortized cost 17 1,011,263 502,816
Short-term investments measured at fair value through
profit or loss 17 18,561,997 20,193,662
Short-term bank deposits 37,863,112 52,797,857
Restricted cash 22(b) 4,812,210 4,794,031
Cash and cash equivalents 22(a) 39,335,820 33,631,313
202,980,160 199,052,700
Total assets 342,175,227 324,247,439

INTERIM CONDENSED CONSOLIDATED BALANCE SHEET

As of June 30, 2024
(Expressed in RMB)
Unaudited Audited
Note 2024 2023
RMB’000 RMB’000
Equity and liabilities

Equity attributable to owners of the Company
Share capital 25 407 407
Reserves 25 172,571,340 163,995,082
172,571,747 163,995,489
Non-controlling interests 624,075 266,279
Total equity 173,195,822 164,261,768
Liabilities
Non-current liabilities
Borrowings 26 21,037,527 21,673,969
Deferred income tax liabilities 27 1,130,255 1,494,287
Warranty provision 1,224,720 1,215,546
Other non-current liabilities 29 19,584,484 20,014,273
42,976,986 44,398,075
Current liabilities
Trade payables 30 66,772,473 62,098,500
Other payables and accruals 31 27,373,634 25,614,650
Advance from customers 13,506,871 13,614,756
Borrowings 26 8,943,685 6,183,376
Income tax liabilities 2,500,246 1,838,222
Warranty provision 6,905,510 6,238,092
126,002,419 115,587,596
Total liabilities 168,979,405 159,985,671
Total equity and liabilities 342,175,227 324,247,439
The above interim condensed consolidated balance sheet should be read in conjunction with the accompanying notes.
On behalf of the Board
Lei Jun Lin Bin

Director Director

STATEMENT OF CHANGES IN EQUITY
For the six months ended June 30, 2024
(Expressed in RMB)
Unaudited
Attributable to owners of the Company
Non-
Share Treasury Share Other Retained controlling
capital shares premium reserves earnings Sub-total interests Total equity
Note RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Balance at January 1, 2024 407 (438,291) 60,778,287 15,483,618 88,171,468 163,995,489 266,279 164,261,768
Comprehensive income
Profit for the period — — — — 9,280,063 9,280,063 (37,182) 9,242,881
Other comprehensive income
Items that may be
reclassified subsequently
to profit or loss
Share of other comprehensive
loss of investments
accounted for using the
equity method 12 — — — (12,508) — (12,508) — (12,508)
Transfer of share of other
comprehensive loss to profit
or loss upon deemed disposal of
investments accounted for using
the equity method — — — 2,876 — 2,876 — 2,876
Net losses from changes in
fair value of financial assets
at fair value through other
comprehensive income — — — (16,362) — (16,362) — (16,362)
Currency translation differences — — — 147,278 — 147,278 (5,101) 142,177
Item that will not be reclassified
subsequently to profit or loss
Currency translation differences — — — 253,666 — 253,666 — 253,666
Total comprehensive income — — — 374,950 9,280,063 9,655,013 (42,283) 9,612,730
Transactions with owners in

their capacity as owners
Purchase of own shares 25 — (2,903,979) — — — (2,903,979) — (2,903,979)
Cancellation of shares 25 (3) 2,004,356 (2,004,353) — — — — —
Release of ordinary shares
from Share Scheme Trusts 25 3 186,090 1,709,409 (1,888,979) — 6,523 — 6,523
Share of other reserves of
investments accounted
for using the equity method 12 — — — 16,092 — 16,092 — 16,092
Transfer of share of
other reserves to profit or
loss upon deemed disposal of
investments accounted for
using the equity method — — — (31,581) — (31,581) — (31,581)
Employees share-based
compensation scheme:
— value of employee services 28 — — — 1,799,516 — 1,799,516 — 1,799,516
— exercise of share options 25, 28 — — 188,223 (153,549) — 34,674 — 34,674
Capital injection from
non-controlling interests — — — — — — 400,079 400,079
Appropriation to general reserves — — — (14,411) 14,411 — — —
Total transactions with owners

in their capacity as owners — (713,533) (106,721) (272,912) 14,411 (1,078,755) 400,079 (678,676)
Balance at June 30, 2024 407 (1,151,824) 60,671,566 15,585,656 97,465,942 172,571,747 624,075 173,195,822
INTERIM CONDENSED CONSOLIDATED STATEMENT OF

CHANGES IN EQUITY
(Expressed in RMB)
Unaudited
Attributable to owners of the Company
Non-
Share Treasury Share Other Retained controlling Total
capital shares premium reserves earnings Sub-total interests equity
Note RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Balance at January 1, 2023 406 (190,795) 59,483,288 12,951,008 71,414,551 143,658,458 264,602 143,923,060
Comprehensive income
Profit for the period — — — — 7,873,814 7,873,814 7,848 7,881,662
Other comprehensive income
Items that may be
reclassified subsequently
to profit or loss
Share of other comprehensive
loss of investments
equity method 12 — — — (27,903) — (27,903) — (27,903)
comprehensive income to
profit or loss upon disposal of
using the equity method — — — (464) — (464) — (464)
Net losses from changes in
fair value of financial assets
at fair value through other
comprehensive income — — — (15,833) — (15,833) — (15,833)
Currency translation differences — — — 560,507 — 560,507 6,530 567,037
Item that will not be reclassified
subsequently to profit or loss
Currency translation differences — — — 1,590,208 — 1,590,208 — 1,590,208
Total comprehensive income — — — 2,106,515 7,873,814 9,980,329 14,378 9,994,707
Transactions with owners in
their capacity as owners
Purchase of own shares 25 — (439,006) — — — (439,006) — (439,006)
Cancellation of shares 25 — 154,571 (154,571) — — — — —
Release of ordinary shares
from Share Scheme Trusts 25 — 4,889 858,218 (859,309) — 3,798 — 3,798
Share of other reserves of
using the equity method 12 — — — 5,863 — 5,863 — 5,863
reserves to profit or loss
upon disposal of investments
equity method — — — (1,475) — (1,475) — (1,475)
Employees share-based
compensation scheme:
— value of employee services 28 — — — 1,523,334 — 1,523,334 (639) 1,522,695
— exercise of share options 25, 28 1 — 446,197 (402,548) — 43,650 — 43,650
Share consideration for acquisition
of Zimi International
Incorporation (“Zimi”)
completed in 2021 — — 64,752 (64,752) — — — —
Appropriation to general reserves — — — 5,157 (5,157) — — —
Others — — — (1,500) 1,500 — — —
Total transactions with owners
in their capacity as owners 1 (279,546) 1,214,596 204,770 (3,657) 1,136,164 (639) 1,135,525
Balance at June 30, 2023 407 (470,341) 60,697,884 15,262,293 79,284,708 154,774,951 278,341 155,053,292
The above interim condensed consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.

STATEMENT OF CASH FLOWS
(Expressed in RMB)
Unaudited
Six months ended June 30,
Note 2024 2023
RMB’000 RMB’000
Cash flows from operating activities

Cash generated from operations 5,021,874 21,430,534
Income tax paid (2,491,299) (1,268,523)
Net cash generated from operating activities 2,530,575 20,162,011
Cash flows from investing activities

Capital expenditures (2,267,908) (3,722,137)
Proceeds from disposal of property, plant and equipment 254,311 61,112
Proceeds from disposal of land use rights 769,837 —
Placement of short-term bank deposits (23,883,706) (36,904,029)
Maturity of short-term bank deposits 44,997,554 31,277,967
Placement of long-term bank deposits (20,837,698) (5,164,460)
Proceeds from disposal of long-term bank deposits — 1,875,150
Purchase of short-term investments measured at fair value
through profit or loss (31,811,960) (21,387,314)
Proceeds from maturity of short-term investments measured
at fair value through profit or loss 33,439,970 18,485,551
Purchase of short-term investments measured at fair value
through other comprehensive income (1,144,934) (625,376)
Proceeds from maturity of short-term investments measured
at fair value through other comprehensive income 665,802 505,395
Purchase of long-term investments measured at amortized cost — (9,376)
Purchase of short-term investments measured at amortized cost (1,000,000) (2,500,000)
Proceeds from maturity of investments measured
at amortized cost 500,000 1,500,000
Interest income received 1,850,478 1,519,206
Investment income received 212,974 116,667
Purchase of long-term investments measured at fair value
through profit or loss (1,146,550) (2,626,369)
Proceeds from disposal of long-term investments measured
at fair value through profit or loss 2,102,117 2,695,333
Purchase of investments accounted for using the equity method (115,000) (48,807)
Proceeds from disposal of investments accounted for using
the equity method 30 333,523
Dividends received 123,761 125,767
Net cash generated from/(used in) investing activities 2,709,078 (14,492,197)

INTERIM CONDENSED CONSOLIDATED STATEMENT OF

CASH FLOWS
(Expressed in RMB)
Unaudited
Note 2024 2023
RMB’000 RMB’000
Cash flows from financing activities

Proceeds from borrowings 12,436,649 898,693
Repayment of borrowings (7,759,247) (1,402,063)
Finance expenses paid (348,935) (321,856)
Contribution from fund investors 1,140,450 467,578
Distribution to fund investors (588,720) (1,053,866)
Net proceeds from exercise of share options 38,175 37,590
Payments for shares repurchase (3,032,539) (439,006)
Payments for buyback of employee fund (2,971) (17,048)
Proceeds from financial assets sold under repurchase
agreements 369,844 132,360
Payment of deferred consideration for acquisition of
intangible assets (1,498,683) —
Capital injection from non-controlling interests 400,079 —
Payment of lease liabilities (698,802) (589,078)
Net cash generated from/(used in) financing activities 455,300 (2,286,696)
Net increase in cash and cash equivalents 5,694,953 3,383,118

Cash and cash equivalents at the beginning of the period 22(a) 33,631,313 27,607,261
Effects of exchange rate changes on cash and cash equivalents 9,554 468,573
Cash and cash equivalents at the end of the period 22(a) 39,335,820 31,458,952
The above interim condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.
NOTES TO THE INTERIM

FINANCIAL INFORMATION
(Expressed in RMB unless otherwise indicated)
1 General information
Xiaomi Corporation (formerly known as Top Elite Limited) (the “Company”), was incorporated in the Cayman Islands
on January 5, 2010 as an exempted company with limited liability under the Companies Law, Cap. 22 (Law 3 of 1961,
as consolidated and revised) of the Cayman Islands. The address of the Company’s registered office is at the offices
of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
The Company is an investment holding company. The Company and its subsidiaries, including controlled structured
entities (together, the “Group”) are principally engaged in development and sales of smartphones, internet of things
(“IoT”) and lifestyle products, provision of internet services, smart electric vehicles (“EV”) and other initiatives and
investments holding in the People’s Republic of China (“the PRC”) and other countries or regions.
Lei Jun is the ultimate controlling shareholder of the Company as of the date of approval of this interim financial
information.
The condensed consolidated interim financial information comprises the interim condensed consolidated balance
sheet as of June 30, 2024, the interim condensed consolidated income statements and the interim condensed
consolidated statements of comprehensive income for the three-month and six-month periods then ended, the
interim condensed consolidated statement of changes in equity and the interim condensed consolidated statement
of cash flows for the six-month period then ended, and selected explanatory notes (the “Interim Financial
Information”). The Interim Financial Information is presented in RMB, unless otherwise stated.
The Interim Financial Information was approved by the Board of Directors of the Company on August 21, 2024.
The Interim Financial Information has not been audited but has been reviewed by the external auditor of the
Company.
NOTES TO THE INTERIM FINANCIAL INFORMATION

2 Basis of preparation
The Interim Financial Information has been prepared in accordance with International Accounting Standard
(“IAS”) 34, “Interim Financial Reporting”, issued by the International Accounting Standards Board (“IASB”).
The Interim Financial Information does not include all the notes of the type normally included in annual financial
statements. The Interim Financial Information should be read in conjunction with the annual audited consolidated
financial statements of the Group for the year ended December 31, 2023 which have been prepared in accordance with
all applicable IFRS Accounting Standards (“IFRS Accounting Standards”) issued by the IASB as set out in the 2023 annual
report of the Company dated March 19, 2024 (the “2023 Financial Statements”), and any public announcement made by
the Company during the six months ended June 30, 2024 (the “Interim Report Period”) and up to date of approval of this
unaudited Interim Financial Information.
3 Significant changes in the current reporting period
Since the Group officially launched smart EV on March 28, 2024, the financial position and performance of the
Group was particularly affected by these new initiative products and transactions during the three months and
six months ended June 30, 2024 (Note 7).
4 Material accounting policies
The accounting policies and methods of computations used in the preparation of the Interim Financial
Information are consistent with those used in the preparation of the 2023 Financial Statements, except for the
adoption of amended standards as set out below.

4 Material accounting policies (continued)
Amendments to standards adopted by the Group

The following amendments to standards are mandatory for the first time for the Group’s financial year beginning
on January 1, 2024:
• Classification of Liabilities as Current or Non-current and Non-current liabilities with

covenants — Amendments to IAS 1
• Lease Liability in a Sale and Leaseback — Amendments to IFRS 16
• Supplier Finance Arrangements — Amendments to IAS 7 and IFRS 7
The adoption of these amended standards does not have significant impact on the Group’s results for the
Interim Report Period and the Group’s financial position as of June 30, 2024.
New standards and amendments to standards issued but not yet effective
The following new standards and amendments to standards have not come into effect for the financial year beginning
on 1 January 2024 and have not been early adopted by the Group in preparing the Interim Financial Information. As at
the date of approval of this Interim Financial Information, the Group is still in the process of assessing the effects of
adopting IFRS 18, IFRS 19 and these amendments and improvements to IFRS Accounting Standards. The Group will
continue to assess the effects of these new and amended standards.
• Lack of Exchangeability — Amendments to IAS 21
• Amendments to the Classification and Measurement of Financial Instruments — Amendments to IFRS 9

and IFRS 7
• Annual Improvements to IFRS Accounting Standards — Volume 11 — Annual Improvements to IFRS

Accounting Standards
• Presentation and Disclosure in Financial Statements — IFRS 18
• Subsidiaries without Public Accountability: Disclosures — IFRS 19


5 Significant accounting estimates
The preparation of the Interim Financial Information requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities,
income and expense. Actual results may differ from these estimates.
In preparing the Interim Financial Information, the significant judgments made by management in applying the
Group’s accounting policies and the key sources of estimation uncertainty were substantially the same as those
applied to the 2023 Financial Statements.
6 Financial risk management and financial instruments
6.1 Financial risk factors

The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk,
interest rate risk and price risk), credit risk and liquidity risk.
The Group’s policies on financial risk management were set out in the 2023 Financial Statements and
there have been no significant changes in the financial risk management policies for the three months
and six months ended June 30, 2024.

6 Financial risk management and financial instruments (continued)
6.2 Fair value estimation

The table below analyzes the Group’s financial instruments carried at fair value as of each balance sheet
date, by level of the inputs to valuation techniques used to measure fair value.
The following table presents the Group’s financial assets and liabilities that are measured at fair value at
June 30, 2024.
Level 1 Level 2 Level 3 Total

RMB’000 RMB’000 RMB’000 RMB’000
(Unaudited)
Assets
Long-term investments measured at
fair value through profit or loss
(Note 17) 5,276,410 — 53,422,657 58,699,067
Short-term investments measured at
(Note 17) — — 18,561,997 18,561,997
fair value through other
comprehensive income (Note 17) 1,058,207 — — 1,058,207
Bills receivables measured at fair value
through other comprehensive income — — 62,812 62,812
6,334,617 — 72,047,466 78,382,083
Liabilities
Liabilities to fund investors — — 2,914,023 2,914,023

6.2 Fair value estimation (continued)

The following table presents the Group’s financial assets and liabilities that are measured at fair value at
December 31, 2023.
Level 1 Level 2 Level 3 Total

RMB’000 RMB’000 RMB’000 RMB’000
(Audited)
Assets
Long-term investments measured at
(Note 17) 5,992,430 — 54,207,368 60,199,798
(Note 17) — — 20,193,662 20,193,662
fair value through other
comprehensive income (Note 17) 582,131 — — 582,131
Bills receivables measured at fair value
through other comprehensive income — — 125,661 125,661
6,574,561 — 74,526,691 81,101,252
Liabilities
Liabilities to fund investors — — 2,228,308 2,228,308


(a) Financial instruments in level 1
The fair value of financial instruments traded in active markets is based on quoted market prices at
each of the reporting dates. A market is regarded as active if quoted prices are readily and regularly
available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency,
and those prices represent actual and regularly occurring market transactions on an arm’s length
basis. The quoted market price used for financial assets held by the Group is the current bid price.
These instruments are included in level 1.
(b) Financial instruments in level 2

The fair value of financial instruments that are not traded in an active market (for example, over-
the-counter derivatives) is determined by using valuation techniques. These valuation techniques
maximize the use of observable market data where it is available and rely as little as possible
on entity specific estimates. If all significant inputs required to fair value of an instrument are
observable, the instrument is included in level 2.
(c) Financial instruments in level 3

If one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3.
Specific valuation techniques used to value financial instruments include:
• Quoted market prices or dealer quotes for similar instruments;
• Discounted cash flow model and unobservable inputs mainly including assumptions of
expected future cash flows and discount rate; and
• A combination of observable and unobservable inputs, including risk-free rate, expected

volatility, discount rate for lack of marketability, market multiples, etc.
Level 3 instruments of the Group’s assets mainly include long-term investments measured at fair
value through profit or loss and short-term investments measured at fair value through profit or
loss.


(c) Financial instruments in level 3 (continued)
The following table presents the changes in level 3 instruments of long-term investments measured
at fair value through profit or loss for the six months ended June 30, 2024 and 2023.

2024 2023
RMB’000 RMB’000
(Unaudited) (Unaudited)
At the beginning of the period 54,207,368 51,432,588

Additions 1,321,770 2,654,506
Disposals (1,844,049) (1,205,632)
Changes in fair value (1,236,371) 2,590,633
Transfer to long-term investments accounted for
using the equity method — (458,544)
Transfer from long-term investments accounted for
using the equity method 1,185,826 —
Transfer to level 1 financial instruments (306,457) (1,282,823)
Currency translation differences 94,570 738,878
At the end of the period 53,422,657 54,469,606
Net unrealized (losses)/gains for the period (1,548,181) 2,053,364



The following table presents the changes in level 3 instruments of short-term investments
measured at fair value through profit or loss for the six months ended June 30, 2024 and 2023.

2024 2023
RMB’000 RMB’000

Additions 31,811,960 21,805,310
Disposals (33,656,018) (18,600,823)
Changes in fair value 209,318 108,048
Currency translation differences 3,075 (30,343)
Net unrealized gains for the period 147,331 43,807
The Group has a team that manages the valuation of level 3 instruments for financial reporting
purposes. The team manages the valuation exercise of the investments on a case by case basis. At
least once every year, the team would use valuation techniques to determine the fair value of the
Group’s level 3 instruments. External valuation experts will be involved when necessary.
The valuation of the level 3 instruments mainly included long-term investments measured at fair
value through profit or loss in unlisted companies and certain listed companies for which sale
is restricted for a specified period (Note 17), and short-term investments measured at fair value
through profit or loss (Note 17). As these instruments are not traded in an active market, their fair
values have been determined by using various applicable valuation techniques, including market
approach etc.


The following table summarizes the quantitative information about the significant unobservable
inputs used in recurring level 3 fair value measurements.
Relationship of
Significant unobservable
unobservable inputs
Description Fair values inputs Range of inputs to fair values
As of As of As of As of
June 30, December 31, June 30, December 31,
2024 2023 2024 2023
RMB’000 RMB’000
(Unaudited) (Audited)
Long-term
investments
measured
at fair value
through
profit
or loss
— Ordinary 42,130,683 43,743,711 Expected 32%–86% 15%–103% The higher the
shares volatility expected
investments volatility, the
and lower the fair
preferred value
shares Discount 2%–25% 4%–30% The higher the
investments for lack of DLOM, the
marketability lower the fair
(“DLOM”) value
Risk-free rate 0.8%–5.2% 1.9%–7%


Relationship of
Significant unobservable
unobservable inputs
Description Fair values inputs Range of inputs to fair values
As of As of As of As of
June 30, December 31, June 30, December 31,
2024 2023 2024 2023
RMB’000 RMB’000
Short-term 18,561,997 20,193,662 Expected rate 0.50%–7.45% 0.25%–3.25% The higher the
investments of return expected rate
measured of return, the
at fair value higher the fair
through value
profit or loss
There were no material transfers between level 1, 2 and 3 of fair value hierarchy classifications during
the six months ended June 30, 2024, except that certain financial assets were transferred out of level 3
of fair value hierarchy to level 1 classifications due to the conversion to ordinary shares as the result of
the initial public offering or lifting of sale restriction of the investee companies.
The carrying amounts of the Group’s financial assets that are not measured at fair value, mainly
including cash and cash equivalents, restricted cash, short-term bank deposits, long-term bank
deposits, short-term investments measured at amortized cost, long-term investments measured at
amortized cost, trade and notes receivables, loan receivables and other receivables, and the Group’s
financial liabilities that are not measured at fair value, mainly including borrowings, trade payables
and other payables, approximate their fair values due to short maturities or the interest rates are
close to the market interest rates.

7 Segment information
The Group’s business activities, for which discrete financial statements are available, are regularly reviewed and
evaluated by the Chief Operating Decision Maker (“CODM”). The CODM, who is responsible for allocating resources
and assessing performance of the operating segments, has been identified as the Chief Executive Officer of the
Company that makes strategic decisions.
The Group officially launched smart EV on March 28, 2024 and at the same time the Group also launched other
new initiatives to maintain its sustainable development ability. As these newly initiatives have dissimilar products,
production process and customers with the Group’s other existing business, and the CODM reviewed these new
initiatives separately to assess the performance and allocate resources, thus the smart EV and other new initiatives
were regarded as a separate segment in this Interim Financial Information.
In this connection, the Group determined that it has the following reportable segments:
• Smartphone × AIoT
— Smartphones
— IoT and lifestyle products
— Internet services
— Other related business
• Smart EV and other new initiatives
These changes of presentation of segment information align with the manner in which the Group’s CODM uses
financial information to evaluate the performance of, and to allocate resource to, each of the segments. The
prior periods’ segment operating results have been retrospectively recast to conform to the current period
presentation as applicable.
The CODM assesses the performance of the operating segments mainly based on segment revenue and gross
profit of each operating segment. The research and development expenses, selling and marketing expenses,
and administrative expenses are not included in the measure of the segments’ performance which is used by
CODM as a basis for the purpose of resource allocation and assessment of segment performance. Fair value
changes on financial instruments measured at fair value through profit or loss, share of net profits/(losses) of
investments accounted for using the equity method, other income, other gains, net, finance income, finance
costs, and income tax expenses are also not allocated to individual operating segments.

7 Segment information (continued)
The revenues from external customers reported to CODM are measured as segment revenue, which is the
revenue derived from the customers in each segment:
(a) Smartphone × AIoT: Revenues from smartphones are derived from the sale of smartphones. Revenues
from the IoT and lifestyle products primarily comprise revenues from sales of smart large home
appliances, smart TVs, tablets, wearables and other IoT and lifestyle products. Revenues from internet
services are derived from advertising services and internet value-added services (including online game
and fintech business). Other related business revenues in Smartphone × AIoT segment primarily comprise
revenue from the Group’s hardware repair services for products, installation services for certain IoT
products and sale of materials.
(b) Smart EV and other new initiatives: Revenues from smart EV and other new initiatives segment are mainly
derived from the sale of smart EV, revenues from other related business in this segment are immaterial to
the Group.
The cost of sales from each segment comprises:
(a) Smartphone × AIoT: The Group’s cost of sales for smartphones and IoT and lifestyle products primarily
consist of (i) procurement cost of raw materials and components, (ii) assembly cost charged by the Group’s
outsourcing partners, (iii) royalty fees for certain technologies embedded in the products, (iv) costs, in
the forms of production costs and profit-sharing, paid to the Group’s partners for procuring ecosystem
products, (v) warranty expenses, and (vi) provision for impairment of inventories. The Group’s cost of sales
for internet services primarily consist of (i) content fees to game developers, and (ii) bandwidth, server
custody and cloud service related costs. Cost of sales for other related business in Smartphone × AIoT
segment primarily consists of hardware repair costs, installation costs and costs from sale of materials.
(b) Smart EV and other new initiatives: The Group’s cost of sales for smart EV and other new initiatives
segment primarily consist of (i) procurement cost of direct parts and raw materials, (ii) labor costs,
(iii) manufacturing costs (including depreciation of assets associated with the production), (iv) reserves for
estimated warranty expenses, and (v) charges to write-down the carrying value of the inventory when it
exceeds its estimated net realizable value and to provide for on-hand inventory that is either obsolete or in
excess of forecasted demand.
Other information, together with the segment information, provided to the CODM, is measured in a manner
consistent with that applied in the interim condensed consolidated income statements. Other than the inventory
information by segment, there were no separate segment assets and segment liabilities information provided to
the CODM, as CODM does not use this information to allocate resources or to evaluate the performance of the
operating segments.

There were no material inter-segment sales during the three months and six months ended June 30, 2024 and
2023. The revenues from external customers reported to the CODM are measured in a manner consistent with
that applied in the interim condensed consolidated income statements.
The segment results for the three months and six months ended June 30, 2024 and 2023 are as follows:
Three months ended June 30, 2024

Smartphone × AIoT Smart
IoT and Other EV and
lifestyle Internet related other new
Smartphones products services business Subtotal initiatives Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
(Unaudited)
Segment revenues 46,516,412 26,760,314 8,265,611 976,674 82,519,011 6,368,817 88,887,828
Cost of sales (40,866,952) (21,476,717) (1,792,924) (968,026) (65,104,619) (5,389,032) (70,493,651)
Gross profit 5,649,460 5,283,597 6,472,687 8,648 17,414,392 979,785 18,394,177
Three months ended June 30, 2023

(Unaudited)
Segment revenues 36,595,461 22,253,866 7,444,079 1,061,502 67,354,908 — 67,354,908
Cost of sales (31,720,488) (18,343,767) (1,926,198) (1,203,439) (53,193,892) — (53,193,892)
Gross profit/(loss) 4,874,973 3,910,099 5,517,881 (141,937) 14,161,016 — 14,161,016



(Unaudited)
Segment revenues 92,996,160 47,133,803 16,313,994 1,555,844 157,999,801 6,394,849 164,394,650
Cost of sales (80,467,477) (37,802,769) (3,865,942) (1,622,779) (123,758,967) (5,411,789) (129,170,756)
Gross profit/(loss) 12,528,683 9,331,034 12,448,052 (66,935) 34,240,834 983,060 35,223,894

(Unaudited)
Segment revenues 71,580,207 39,087,648 14,472,227 1,691,960 126,832,042 — 126,832,042
Cost of sales (62,772,217) (32,530,885) (3,874,599) (1,901,758) (101,079,459) — (101,079,459)
Gross profit/(loss) 8,807,990 6,556,763 10,597,628 (209,798) 25,752,583 — 25,752,583


For the three months and six months ended June 30, 2024 and 2023, the geographical information on the total
revenues is as follows:
2024 2023 2024 2023
RMB’000 % RMB’000 % RMB’000 % RMB’000 %
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Mainland China 50,812,668 57.2 39,585,960 58.8 88,446,741 53.8 72,077,944 56.8
Rest of the world
(Note (a)) 38,075,160 42.8 27,768,948 41.2 75,947,909 46.2 54,754,098 43.2
88,887,828 67,354,908 164,394,650 126,832,042
Note:
(a) Revenues outside mainland China are mainly from India and Europe.
The major customers which contributed more than 10% of the total revenue of the Group for the three months
and six months ended June 30, 2024 and 2023 are listed as below:
2024 2023 2024 2023
% % % %
Customer A 10.4 14.3 9.8 12.7
All the revenues derived from other single external customer were less than 10% of the Group’s total revenues
during the three months and six months ended June 30, 2024 and 2023.

The following table shows inventory information by reportable segment as of June 30, 2024 and
December 31, 2023.

2024 2023
RMB’000 RMB’000
Smartphone × AIoT 50,358,536 44,354,214

Smart EV and other new initiatives 1,165,618 68,623
51,524,154 44,422,837
8 Other income
2024 2023 2024 2023
RMB’000 RMB’000 RMB’000 RMB’000
Government grants 192,196 75,636 276,327 130,749

Value-added tax and other tax refunds 23,732 19,578 80,172 65,218
Dividend income 71,318 69,540 88,154 102,218
Additional deduction of input value-added tax — 20,022 — 51,425
287,246 184,776 444,653 349,610


9 Other gains, net
2024 2023 2024 2023
RMB’000 RMB’000 RMB’000 RMB’000
Gains on disposal and deemed disposal of

investments accounted for using the
equity method 669,143 66,769 669,143 206,398
Foreign exchanges (losses)/gains, net (13,444) (28,197) (35,261) 13,941
Losses on disposal of land use rights (52,051) — (52,051) —
Others (54,020) 32,651 (101,747) 26,911
549,628 71,223 480,084 247,250
10 Expenses by nature
2024 2023 2024 2023
RMB’000 RMB’000 RMB’000 RMB’000
Cost of inventories sold and royalty fees 64,865,246 47,641,858 118,629,191 90,402,822
Provision for impairment of inventories (Note 21) 1,705,256 881,462 2,946,746 2,695,954
Employee benefit expenses 5,358,712 4,418,111 10,549,089 8,918,568
Depreciation of property, plant and equipment,
right-of-use assets and investment properties 816,293 598,701 1,620,006 1,178,938
Amortization of intangible assets 596,037 426,732 1,186,647 788,205
Promotion and advertising expenses 1,686,913 1,468,832 3,796,722 2,735,705
Content fees to game developers and
video providers 759,835 798,591 1,586,567 1,663,088
Credit loss allowance (16,498) 24,615 252,866 83,572
Consultancy and professional service fees 393,618 383,883 728,261 666,739
Cloud service, bandwidth and server custody fees 426,771 479,301 895,293 1,029,850
Warranty expenses 1,140,326 1,894,883 2,177,493 2,758,314

11 Finance income and costs
2024 2023 2024 2023
RMB’000 RMB’000 RMB’000 RMB’000
Finance income:
Interest income from bank deposits 876,875 851,273 1,896,310 1,529,423
2024 2023 2024 2023
RMB’000 RMB’000 RMB’000 RMB’000
Finance costs:
(Gains)/losses arising from changes in
amortized cost of liabilities to fund
investors (Note 29) (280,153) (322,874) (1,090,265) 537,720
Interest expense from borrowings (Note 26),
lease liabilities (Note 23) and payables
for purchase of intangible assets
(Note 29 and 31) 366,364 258,992 656,571 506,044
86,211 (63,882) (433,694) 1,043,764


12 Investments accounted for using the equity method

2024 2023
RMB’000 RMB’000
Investments in associates accounted for using the equity method

— Listed entities (Note (a)) 1,261,481 1,421,275
— Unlisted entities 5,405,096 5,500,966
6,666,577 6,922,241

2024 2023
RMB’000 RMB’000

Additions 80,000 510,951
Disposals and transfers (545,417) (114,706)
Share of net profits/(losses) 241,776 (59,035)
Share of other comprehensive loss (12,508) (27,903)
Share of changes of other reserves 16,092 5,863
Dividends from associates (35,607) (23,549)
Impairment provision — (7,138)
Note:
(a) As of June 30, 2024, the fair value of the investments in associates which were listed entities was RMB2,110,861,000 (December 31, 2023:
RMB2,284,313,000).
Management has assessed the level of influence that the Group exercises on certain associates and determined
that it has significant influence through the board representation and other relevant facts and circumstances,
even though the respective shareholding of some investments is below 20%. Accordingly, these investments
have been classified as associates.

13 Income tax expenses
The income tax expenses of the Group during the periods presented are analyzed as follows:
2024 2023 2024 2023
RMB’000 RMB’000 RMB’000 RMB’000
Current income tax 1,626,168 1,476,060 3,023,132 2,539,490

Deferred income tax (16,452) (185,903) (364,250) 5,242
Income tax expenses 1,609,716 1,290,157 2,658,882 2,544,732
Income tax expenses are recognized based on management’s best knowledge of the income tax rates that would
be applicable to the full financial year.
Notes:
(a) Enterprise income tax in mainland China (“EIT”)

The income tax provision of the Group in respect of its operations in mainland China was calculated at tax rate of 25% on the assessable
profits for the periods presented, based on the existing legislation, interpretations and practices in respect thereof.
(b) Cayman Islands and British Virgin Islands income tax
The Company is incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Law of the
Cayman Islands and accordingly, is exempted from Cayman Islands income tax. As such, the operating results reported by the Company,
including the share-based payments (Note 28), are not subject to any income tax in Cayman Islands.
The Group entities established under the International Business Companies Acts of British Virgin Islands (“BVI”) are exempted from BVI
income taxes.
(c) Hong Kong income tax
Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5% on the assessable profits for the periods
presented, based on the existing legislation, interpretations and practices in respect thereof.
(d) India income tax
The income tax provision for India entities were calculated at a rate of 25.17% on the assessable profits for the periods presented, based on
the existing legislation, interpretations and practices in respect thereof.


13 Income tax expenses (continued)
Notes (continued):
(e) Preferential EIT rate
Certain subsidiaries in mainland China are entitled to preferential tax rates ranging from 10% to 15%. Main subsidiaries with preferential
EIT rates are as follows:
Beijing Xiaomi Mobile Software Co., Ltd. (“Xiaomi Mobile”) was qualified as a “Key Software Enterprise” in the third quarter of 2018 and
renewed this qualification annually, hence it enjoyed a preferential income tax rate of 10% from 2017 to 2023. The directors of the Company
consider Xiaomi Mobile can still be qualified upon annual renewal and hence continues to enjoy the preferential income tax rate of 10% for
the six months ended June 30, 2024.
Tianxing Digital Technology Co., Ltd. (“Tianxing Digital”) was qualified as a “High and New Technology Enterprise” in November 2018 and
renewed this qualification in December 2021, hence it enjoys a preferential income tax rate of 15% from 2018 to 2023. The directors of the
Company consider Tianxing Digital can still be qualified upon the renewal in 2024 and hence continues to enjoy the preferential income tax
rate of 15% for the six months ended June 30, 2024.
(f) Super Deduction for research and development expense
According to the relevant laws and regulations promulgated by the State Council of the People’s Republic of China that was effective from
2008 onwards, enterprises engaging in research and development activities were entitled to claim 150% of their research and development
expenses so incurred as tax deductible expenses when determining their assessable profits for that year (“Super Deduction”). The State
Taxation Administration of The People’s Republic of China (“STA”) announced in March 2023 that enterprises engaging in research and
development activities would entitle to claim 200% of their research and development expenses as Super Deduction from January 1, 2023.
The Group has made its best estimate for the Super Deduction to be claimed for the Group’s entities in ascertaining their assessable
profits during the period.
(g) Withholding tax in mainland China (“WHT”)
According to the New Corporate Income Tax Law (“New EIT Law”), distribution of profits earned by companies incorporated in mainland
China since January 1, 2008 to foreign investors is subject to withholding tax of 5% or 10%, depending on the country of incorporation of the
foreign investors, upon the distribution of profits to overseas-incorporated immediate holding companies.
The Group does not have any plan in the foreseeable future to require its subsidiaries in mainland China to distribute their retained
earnings and intends to retain them to operate and expand its business in mainland China. Accordingly, no deferred income tax liability
related to WHT on undistributed earnings of these subsidiaries was accrued as of the end of each reporting period.
(h) Organization for Economic Co-operation and Development (“OECD”) Pillar Two model rules
The Group is within the scope of the OECD Pillar Two model rules and Pillar Two legislation was enacted from January 1, 2024 in several of
tax jurisdictions in which the Group entities are incorporated or operated.


13 Income tax expenses (continued)
Notes (continued):
(h) Organization for Economic Co-operation and Development (“OECD”) Pillar Two model rules (continued)
Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between its Global Anti-Base Erosion (GloBE)
effective tax rate in each jurisdiction and the 15% minimum rate. The Group has assessed that the estimated annual effective tax rate
for the year ending December 31, 2024 is not lower than 15% in all jurisdictions with Pillar Two legislation enacted in which the Group
operates. Thus, it is anticipated that the effective of Pillar Two legislation will not have material impact to the Group for the six months
ended June 30, 2024.
The Group applies the IAS 12 exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar
Two income taxes.
14 Earnings per share
(a) Basic
Basic earnings per share for the three months and six months ended June 30, 2024 and 2023 are
calculated by dividing the profit attributable to the Company’s owners by the weighted average number of
ordinary shares in issue during the periods and excluding treasury shares.
2024 2023 2024 2023
Net profit attributable to the owners of

the Company (RMB’000) 5,098,002 3,669,975 9,280,063 7,873,814
Weighted average number of ordinary
shares in issue (thousand shares) 24,833,808 24,878,433 24,816,068 24,850,270
Basic earnings per share

(expressed in RMB per share) 0.21 0.15 0.37 0.32
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive potential ordinary shares. As the inclusion of potential
ordinary shares from the convertible bonds would be anti-dilutive, it is not included in the calculation of
diluted earnings per share for the three months and six months ended June 30, 2024 and 2023.

14 Earnings per share (continued)
(b) Diluted (continued)

For the three months and six months ended June 30, 2024 and 2023, the share options and restricted
shares units (“RSUs”) granted by the Group’s subsidiary and associates had either anti-dilutive effect or
insignificant dilutive effect to the Group’s diluted earnings per share.
2024 2023 2024 2023
Net profit attributable to the owners of

the Company (RMB’000) 5,098,002 3,669,975 9,280,063 7,873,814

shares in issue (thousand shares) 24,833,808 24,878,433 24,816,068 24,850,270
Adjustments for RSUs and share options
granted to employees (thousand
shares) 614,884 345,060 608,632 342,409
Adjustments for share consideration for
acquisition of Zimi (thousand shares) 1,953 569 1,581 464

shares for calculation of diluted
earnings per share (thousand shares) 25,450,645 25,224,062 25,426,281 25,193,143
Diluted earnings per share

(expressed in RMB per share) 0.20 0.15 0.36 0.31

15 Property, plant and equipment
Factory Electronic equipment Office Buildings Leasehold Construction

and production Transport Other equipment improvements in progress
equipment equipment electronic
equipment Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
(Unaudited)
Opening net book amount 3,274,440 38,937 1,075,874 16,184 4,572,973 515,446 4,226,971 13,720,825
Additions 619,813 96,325 407,732 1,786 2,110 508,232 1,367,013 3,003,011
Transfer from construction
in progress 1,598,980 — 9,281 — 1,114,284 — (2,722,545) —
Disposals (40,980) (5,175) (3,335) (29) (2,602) (57,417) (139,106) (248,644)
Depreciation charge (113,661) (22,002) (233,551) (2,059) (63,417) (259,035) — (693,725)
Currency translation
differences — — (437) (148) — (971) — (1,556)
Closing net book amount 5,338,592 108,085 1,255,564 15,734 5,623,348 706,255 2,732,333 15,779,911
At June 30, 2024

Cost 5,550,562 154,501 3,076,456 44,346 6,124,105 2,543,359 2,732,333 20,225,662
Accumulated depreciation (211,970) (46,416) (1,820,892) (28,612) (500,757) (1,837,104) — (4,445,751)
Net book amount 5,338,592 108,085 1,255,564 15,734 5,623,348 706,255 2,732,333 15,779,911
(Unaudited)
Opening net book amount 123,831 53,341 958,934 10,485 4,474,495 639,823 2,877,312 9,138,221
Additions 68,174 312 393,043 430 — 281,396 2,757,132 3,500,487
in progress to factory
and intangible assets 1,804,258 — — — — — (1,821,350) (17,092)
Transfer from investment
properties to buildings — — — — 37,658 — — 37,658
Disposals (13,561) — (22,710) (23) — (31,733) — (68,027)
Depreciation charge (41,788) (11,899) (194,875) (1,575) (56,378) (270,383) — (576,898)
Currency translation differences — — 1,522 354 68 3,404 — 5,348
Closing net book amount 1,940,914 41,754 1,135,914 9,671 4,455,843 622,507 3,813,094 12,019,697
At June 30, 2023

Cost 1,992,551 65,171 2,525,994 34,937 4,803,485 2,173,996 3,813,094 15,409,228
Accumulated depreciation (51,637) (23,417) (1,390,080) (25,266) (347,642) (1,551,489) — (3,389,531)
Net book amount 1,940,914 41,754 1,135,914 9,671 4,455,843 622,507 3,813,094 12,019,697
Construction in progress as of June 30, 2024 and 2023 mainly comprises new office buildings and factories being
constructed in mainland China.

16 Intangible assets
Trademarks,
patents and
Goodwill License domain name Others Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
(Unaudited)
Opening net book amount 1,696,639 5,315,821 983,087 633,192 8,628,739
Additions — 185,957 933 92,916 279,806
Disposals — — — (3,718) (3,718)
Amortization charge — (937,665) (115,446) (133,536) (1,186,647)
Currency translation differences — — 479 591 1,070
Closing net book amount 1,696,639 4,564,113 869,053 589,445 7,719,250
At June 30, 2024

Cost 1,696,639 11,345,426 2,249,556 1,353,930 16,645,551
Accumulated amortization — (6,781,313) (1,380,503) (764,485) (8,926,301)
Net book amount 1,696,639 4,564,113 869,053 589,445 7,719,250
(Unaudited)
Opening net book amount 1,696,639 1,300,256 1,215,246 417,535 4,629,676
Additions — 2,016,191 3,883 138,624 2,158,698
in progress — — — 17,092 17,092
Disposals — — (318) (1,589) (1,907)
Amortization charge — (584,326) (119,722) (84,157) (788,205)
Currency translation differences — 2 3,541 3,159 6,702
Closing net book amount 1,696,639 2,732,123 1,102,630 490,664 6,022,056
At June 30, 2023

Cost 1,696,639 6,609,143 2,252,301 998,719 11,556,802
Accumulated amortization — (3,877,020) (1,149,671) (508,055) (5,534,746)
Net book amount 1,696,639 2,732,123 1,102,630 490,664 6,022,056


17 Investments

2024 2023
RMB’000 RMB’000
Current assets
— Amortized cost (Note (a)) 1,011,263 502,816
— Fair value through other comprehensive income (Note (b)) 1,058,207 582,131
— Fair value through profit or loss (Note (c)) 18,561,997 20,193,662
20,631,467 21,278,609
Non-current assets
Long-term investments measured at amortized cost (Note (b)) 365,749 364,476
Long-term investments measured at fair value through profit or loss
— Ordinary shares investments (Note (d)) 14,046,780 15,291,625
— Preferred shares investments (Note (e)) 33,360,313 34,444,516
— Treasury investments (Note (f)) 7,658,342 6,846,562
— Other investments (Note (g)) 3,633,632 3,617,095
59,064,816 60,564,274
Notes:
(a) Short-term investments measured at amortized cost are shareholders’ deposits deposited by the Group in an associate Chongqing Xiaomi
Consumer Finance Co., Ltd., with an interest rate of 3.27% per annum. The investments are held for collection of contractual cash flow
and the contractual cash flows of these investments qualify for solely payments of principal and interest, hence they are measured at
amortized costs. None of these investments are past due.
(b) Short-term investments measured at fair value through other comprehensive income and long-term investments measured at amortized
cost are mainly debt securities, denominated in HK$, US$ and RMB, where the contractual cash flows are solely principal and interest.
Debt securities that are only held for collection of contractual cash flows are measured at amortized cost, and that are held for both
collection of contractual cash flows and for selling are measured at fair value through other comprehensive income. The securities are
mainly issued by corporates and banks and the fair value of such debt securities was determined based on quoted price on bond market.
None of these investments are past due.
(c) The short-term investments measured at fair value through profit or loss are wealth management products, denominated in RMB, US$
and EUR, with expected rates of return ranging from 0.50% to 7.45% per annum for the six months ended June 30, 2024. None of these
investments are past due.

17 Investments (continued)
Notes (continued):
(d) The fair values of the listed securities are determined based on the closing prices quoted in active markets (level 1: quoted price
(unadjusted) in active markets). For certain listed securities which are restricted for sale in a specified period, their fair values are
determined based on quoted market prices and unobservable inputs (i.e. discount rate for lack of marketability) and hence classified as
level 3 of the fair value hierarchy.
The fair values of unlisted securities are measured using a valuation technique with unobservable inputs and hence classified as level 3 of
the fair value hierarchy. The major assumptions used in the valuation for investment in private companies refer to Note 6.2.
(e) During the six months ended June 30, 2024, the Group made aggregate preferred shares investments of RMB569,091,000 (2023:
RMB1,139,948,000). These investees are principally engaged in sales of goods, provision of internet services and integrated circuit industry.
The preferred shares investments in these investees are convertible redeemable preferred shares or ordinary shares with preferential
rights. The Group has the right to require and demand the investees to redeem all of the shares held by the Group at guaranteed
predetermined fixed amount upon redemption events which are out of control of issuers. Hence, these investments are accounted for as
debt instruments and are measured at financial assets at fair value through profit or loss. For the major assumptions used in the valuation
for investment in private companies, please refer to Note 6.2.
(f) Treasury investments mainly represent investments in the debt instruments issued by certain reputable banks or non-bank financial
institutions or entities purchased in the secondary market. As these investments were classified as debt investments and returns are not
solely payments of principal and interest, they are measured at fair value through profit or loss.
(g) Other investments primarily consist of investments in private equity investment funds. As fund investments were classified as debt
investments and returns are not solely payments of principal and interest, they are measured at fair value through profit or loss.

17 Investments (continued)
Notes (continued):
(h) Amounts recognized in profit or loss for investments measured at fair value through profit or loss
2024 2023 2024 2023
RMB’000 RMB’000 RMB’000 RMB’000
Long-term investments measured at fair value
through profit or loss
— Ordinary shares investments (69,550) (1,461,311) (1,661,104) 1,736,876
— Preferred shares investments (874,830) 1,145,843 (676,743) 1,248,411
— Treasury and other investments 7,701 (12,350) 97,891 84,140
Short-term investments measured at fair value
through profit or loss 86,934 52,034 209,318 108,048
(849,745) (275,784) (2,030,638) 3,177,475
18 Loan receivables

2024 2023
RMB’000 RMB’000
Unsecured loan 11,093,613 10,645,144

Less: credit loss allowance (106,735) (872,555)
10,986,878 9,772,589
Loan receivables are loans derived from subsidiaries of the Group which engage in the factoring finance
business. Such amounts are recorded at the principal amount less expected credit loss. Loan receivables are
denominated in RMB and US$.

19 Trade and notes receivables
Details of trade and notes receivables are as follows:

2024 2023
RMB’000 RMB’000
Trade receivables 12,244,907 10,253,922

Notes receivables 1,972,357 2,213,964
13,648,816 12,150,928
The Group generally allows a credit period within 180 days to its customers. Aging analysis of trade and notes
receivables based on invoice date is as follows:

2024 2023
RMB’000 RMB’000
Up to 3 months 10,595,425 9,108,133

3 to 6 months 1,665,050 1,666,418
6 months to 1 year 767,656 522,612
1 to 2 years 1,008,183 1,016,563
Over 2 years 180,950 154,160
14,217,264 12,467,886
Majority of the Group’s trade and notes receivables were denominated in RMB and US$.
Trade and notes receivables balances as of June 30, 2024 and December 31, 2023 mainly represented amounts
due from certain channel distributors and customers in mainland China, India and Europe who usually settle the
amounts due by them within 180 days.

19 Trade and notes receivables (continued)
The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which
permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit
losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The
Group’s expected loss rates are mainly determined based on the corresponding historical credit loss rates which
are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability
of the customers to settle the receivables. The Group has considered the expected changes in macroeconomic
factors, such as Consumer Price Index (“CPI”), Gross Domestic Product (“GDP”) and Business Climate Index
(“BCI”), and accordingly adjusts the historical loss rates based on expected changes in all factors identified.
20 Prepayments and other receivables

2024 2023
RMB’000 RMB’000
Receivables from subcontractors for outsourcing of raw materials 9,571,346 7,591,022

Recoverable value-added tax and other taxes 6,495,980 7,248,105
Prepayments to suppliers 3,018,315 1,786,057
Deposits to suppliers 703,528 735,031
Receivables from market development fund 231,203 190,617
Prepaid fees for patent expenses and other prepaid expenses 1,634,076 1,148,975
Receivables from employees related to Employee Fund (Note 28) 89,850 90,350
Receivables related to share options and RSUs granted to employees 228,722 261,239
Operating and finance lease receivables 540,509 417,435
Receivables for disposal of land use rights 775,000 —
Others 1,033,432 817,659
24,321,961 20,286,490
24,114,891 20,078,875

21 Inventories

2024 2023
RMB’000 RMB’000
Raw materials 13,827,290 11,455,435

Finished goods 31,415,120 27,132,256
Work in progress 4,404,448 3,564,974
Spare parts 3,737,525 3,494,076
Others 698,375 952,492
54,082,758 46,599,233
Less: provision for impairment (Note (a)) (2,558,604) (2,176,396)
51,524,154 44,422,837
Note:
(a) For the six months ended June 30, 2024, provision for impairment of RMB2,946,746,000 (RMB2,695,954,000 for the six months ended
June 30, 2023) was recorded in “cost of sales” in the interim condensed consolidated income statements.

22 Cash and bank balances
(a) Cash and cash equivalents

2024 2023
RMB’000 RMB’000
Cash at bank and in hand 31,111,453 26,909,303

Short-term bank deposits with initial terms within three months 8,224,367 6,722,010
39,335,820 33,631,313
The weighted average effective interest rate for the short-term bank deposits with initial terms within
three months was 5.18% per annum for the six months ended June 30, 2024.
(b) Restricted cash

As of June 30, 2024, among the restricted cash, India Rupees (“INR”) 46,165,134,000 (equivalent to
RMB4,023,291,000) was restricted by India authorities due to the in-progress investigation described
in Note 32.

23 Leases
(i) The interim condensed consolidated balance sheet includes the following amounts relating to leases:

2024 2023
RMB’000 RMB’000
Right-of-use assets (Note (a))

Land use rights 6,534,647 8,142,639
Properties 1,691,876 1,766,195
Servers and other equipment 2,272,281 67,767
Other assets 2,338 2,293
10,501,142 9,978,894
Lease liabilities (Note (b))

Current (1,802,622) (712,011)
Non-current (2,564,811) (1,256,155)
(4,367,433) (1,968,166)
Notes:
(a) Right-of-use assets are included in the line item ‘Other non-current assets’ in the interim condensed consolidated balance sheet.
The addition of right-of-use assets for the six months ended June 30, 2024 was RMB3,270,404,000 (six months ended June 30, 2023:
RMB215,993,000) .
(b) Current lease liabilities and non-current lease liabilities are included in the line item ‘Other payables and accruals’ and
‘Other non-current liabilities’ in the interim condensed consolidated balance sheet, respectively.

23 Leases (continued)
(ii) The interim condensed consolidated income statements include the following amounts relating to leases:
2024 2023 2024 2023
RMB’000 RMB’000 RMB’000 RMB’000
Depreciation charge of right-of-use assets

(Note (a)) 441,605 278,134 897,949 567,933
Interest expense (included in
finance costs) 39,564 20,552 75,507 40,277
Expense relating to short-term leases not
included in lease liabilities (included in
cost of sales and research and
development expenses) — 105,383 — 205,430
Expense relating to variable lease
payments not included in lease
liabilities (included in selling and
marketing expenses) 73,970 54,772 135,516 105,716
555,139 458,841 1,108,972 919,356
The total cash outflow in financing activities for leases during the six months ended June 30, 2024 was
RMB698,802,000, including principal elements of lease payments of RMB623,295,000 and related interest
paid of RMB75,507,000, respectively.
Note:
(a) The depreciation charge of land use rights, servers and other equipment, properties and other assets for the three months ended
June 30, 2024 were RMB19,371,000 (three months ended June 30, 2023: RMB58,987,000), RMB241,109,000 (three months ended
June 30, 2023: RMB107,517,000), RMB181,125,000 (three months ended June 30, 2023: RMB111,630,000) and nil (three months
ended June 30, 2023: nil), respectively.
The depreciation charge of land use rights, servers and other equipment, properties and other assets for the six months
ended June 30, 2024 were RMB41,057,000 (six months ended June 30, 2023: RMB104,173,000), RMB494,540,000 (six months ended
June 30, 2023: RMB213,097,000), RMB362,352,000 (six months ended June 30, 2023: RMB250,481,000) and nil (six months ended
June 30, 2023: RMB182,000), respectively.


24 Other non-current assets

2024 2023
RMB’000 RMB’000
Right-of-use assets (Note 23) 10,501,142 9,978,894

Investment properties 2,259,840 2,287,548
Long-term deposits to suppliers 1,006,361 1,000,402
Prepayments for property, plant and equipment 970,280 1,064,273
Others 77,089 573,143
14,814,712 14,904,260
25 Share capital and treasury shares

(a) Share capital
Authorized:
As of January 1, 2024 and June 30, 2024, the total authorized number of ordinary shares is 270,000,000,000
shares with par value of US$0.0000025 per share.
Issued:
The number of issued Class A ordinary shares was 4,537,658,844 while the number of Class B ordinary
shares was 20,485,988,184 as of June 30, 2024. Each Class A ordinary share will entitle the holder to
exercise 10 votes, and each Class B ordinary share will entitle the holder to exercise one vote, on any
resolution tabled at the Company’s general meetings, except for resolution with respect to a limited
number of reserved matters, in relation to which each ordinary share is entitled to one vote.

25 Share capital and treasury shares (continued)
(a) Share capital (continued)

Issued (continued):
Equivalent
Nominal nominal
Number of value of value of
ordinary ordinary ordinary Share
shares shares shares premium
’000 US$’000 RMB’000 RMB’000
As of January 1, 2024 25,073,427 62 407 60,778,287
Exercise of share options 16,442 — — 188,223

Shares repurchased and cancelled (161,500) — (3) (2,004,353)
Issuance of ordinary shares to Share
Scheme Trusts (i) 95,278 — — —
Release of ordinary shares from Share
Scheme Trusts (i) — — 3 1,709,409
As of June 30, 2024 (unaudited) 25,023,647 62 407 60,671,566
As of January 1, 2023 24,951,334 62 406 59,483,288
Exercise of share options 37,908 — 1 446,197

Shares repurchased and cancelled (16,000) — — (154,571)
Issuance of ordinary shares to Share
Scheme Trusts (i) 64,093 — — —
Release of ordinary shares from Share
Scheme Trusts (i) — — — 858,218
Share issued for acquisition of Zimi
completed in 2021 5,305 — — 64,752
As of June 30, 2023 (unaudited) 25,042,640 62 407 60,697,884
Note:
(i) The Company issued ordinary shares with respect to the share options and RSUs under the employees share-based compensation
scheme to be exercised by certain grantees of the Company to trusts, which were established to hold the shares for and on behalf
of the grantees (collectively, “Share Scheme Trusts”).

25 Share capital and treasury shares (continued)
(b) Treasury shares

Number of shares Amounts
’000 RMB’000
As of January 1, 2024 32,828 438,291
Shares repurchased 219,175 2,903,979

Shares cancelled (161,500) (2,004,356)
Release of ordinary shares from Share Scheme Trusts (13,369) (186,090)
As of June 30, 2024 (unaudited) 77,134 1,151,824
As of January 1, 2023 20,289 190,795
Shares repurchased 44,538 439,006

Shares cancelled (16,000) (154,571)
Release of ordinary shares from Share Scheme Trusts (428) (4,889)
As of June 30, 2023 (unaudited) 48,399 470,341
During the six months ended June 30, 2024, the Company repurchased its own ordinary shares on The
Stock Exchange of Hong Kong Limited as follows:
Highest Lowest
Number of price paid price paid Aggregate
Month/year shares per share per share price paid
’000 HK$ HK$ HK$’000
January 2024 112,100 15.54 12.30 1,533,096

February 2024 26,000 12.78 12.08 324,556
March 2024 14,941 15.00 14.76 222,663
April 2024 18,200 15.98 15.42 285,886
May 2024 5,600 17.74 17.40 98,786
June 2024 42,334 18.00 16.44 728,525
219,175 3,193,512

26 Borrowings

2024 2023
RMB’000 RMB’000
Included in non-current liabilities

Secured borrowings (Note (a)) 989,075 —
Unsecured borrowings (Note (b)) 14,855,482 16,631,078
Convertible bonds (Note (c)) 5,192,970 5,042,891
21,037,527 21,673,969
Included in current liabilities

Secured borrowings (Note (a)) 19,345 —
Unsecured borrowings (Note (b)) 8,924,340 6,183,376
8,943,685 6,183,376
Notes:
(a) As of June 30, 2024, RMB1,008,420,000 (December 31, 2023: Nil) of borrowings were secured by buildings and land use rights amounting
to approximately RMB2,630,286,000 (December 31, 2023: Nil). The interest rate of these borrowings was 3.50% (December 31, 2023: Nil)
per annum.
(b) As of June 30, 2024, the interest rate of the unsecured borrowings was 2.22% to 5.84% per annum.
As of December 31, 2023, other than the interest rate of 49.00% for unsecured borrowings in Turkish Lira (“TRY”) 200,000,000 which was
equivalent to RMB48,102,000 (the “TRY borrowing”), and the interest rate of 14.25% for unsecured borrowings in Russian Rouble (“RUB”)
500,000,000 which was equivalent to RMB40,135,000 (the “RUB borrowing”), the interest rate of the remaining unsecured borrowings was
2.40% to 6.19% per annum. Both the TRY borrowing and the RUB borrowing were fully paid in the first half of 2024.

26 Borrowings (continued)
Notes (continued):
(c) On December 17, 2020, the Group completed the issuance of 7-Year US$855,000,000 zero coupon guaranteed convertible bonds due on
December 17, 2027 (the “Bonds”) to third party professional investors (the “bondholders”). The bondholders have the right, at any time on
or after January 27, 2021 up to the 10 days prior to the maturity date, to convert part or all of the outstanding principal amount of the Bonds
into ordinary shares of the Group at a conversion price of HK$36.74 per share, subject to adjustments. The outstanding principal amount
of the Bonds is repayable by the Group upon the maturity of the Bonds on December 17, 2027, if not previously redeemed, converted or
purchased and cancelled.
The liability component of the Bonds recognized in the balance sheet are calculated as follows:
RMB’000
Liability component as of January 1, 2024 5,042,891
Interest accrued 59,530
Effect of foreign currency translation 90,549
Liability component as of June 30, 2024 5,192,970
RMB’000
Liability component as of January 1, 2023 4,734,741
Interest accrued 110,475
Effect of foreign currency translation 181,987
Liability component as of June 30, 2023 5,027,203
The equity component of the Bonds of RMB1,764,799,000 was included in “Reserves” of the Group as of June 30, 2024 and December 31, 2023.

27 Deferred income tax
The amount of offsetting deferred income tax assets and liabilities is RMB1,058,500,000 as of June 30, 2024
(December 31, 2023: RMB497,823,000).
The gross movement on the deferred income tax assets is as follows:

2024 2023
RMB’000 RMB’000

Credited to the interim condensed consolidated income statements 560,895 232,264
The gross movement on the deferred income tax liabilities is as follows:

2024 2023
RMB’000 RMB’000
At the beginning of the period (1,992,110) (1,681,667)

Debited to the interim condensed consolidated income statements (196,645) (237,506)
At the end of the period (2,188,755) (1,919,173)


28 Share-based payments
On May 5, 2011, the Board of Directors of the Company approved the establishment of the “Xiaomi Corporation
2011 Employee Stock Option Plan” (“2011 Plan”) with the purpose of attracting, motivating, retaining and rewarding
certain employees and directors. The 2011 Plan was valid and effective for 10 years from the approval of the Board
of Directors. The maximum number of shares that may be issued under 2011 Plan shall be 35,905,172 Class B
ordinary shares (which were adjusted to 1,436,206,880 shares after the 1 to 4 share split on March 14, 2014 and
further 1 to 10 Share Subdivision on June 17, 2018). The 2011 Plan permits the awards of options and RSUs.
Subsequently in August 2012, the 2011 Plan was superseded in its entirety as the “2012 Employee Stock Incentive
Plan” (“Pre-IPO ESOP”). The purpose of Pre-IPO ESOP is same as the 2011 Plan. The Pre-IPO ESOP was valid
and effective for 10 years from the approval of the Board of Directors. Through Pre-IPO ESOP, the Company
may grant equity-based incentive up to 45,905,172 Class B ordinary shares initially (which were adjusted to
1,836,206,880 shares after the 1 to 4 share split on March 14, 2014 and further 1 to 10 Share Subdivision on
June 17, 2018). The aggregate number of reserved Class B ordinary shares approved was 2,512,694,900. The
Pre-IPO ESOP permits the awards of options and RSUs.
On June 17, 2018, the Board of Directors of the Company adopted the establishment of the 2018 Share Option
Scheme. The purpose of 2018 Share Option Scheme is to provide selected participants with the opportunity to
acquire proprietary interests in the Company and to encourage selected participants to work towards enhancing
the value of the Company and its shares for the benefit of the Company and its shareholders as a whole. The total
number of Class B ordinary shares available for grant under 2018 Share Option Scheme was 1,568,094,311 shares.
On June 17, 2018, the Board of Directors of the Company adopted the establishment of the 2018 Share Award
Scheme. The purpose of the 2018 Share Award Scheme are (1) to align the interests of eligible persons with
those of the Group through ownership of Class B ordinary shares, dividends and other distributions paid on
shares and/or the increase in value of the Class B ordinary shares, and (2) to encourage and retain eligible
persons to make contributions to the long-term growth and profits of the Group. The aggregate number of
Class B ordinary shares underlying all grants made pursuant to the 2018 Share Award Scheme will not exceed
1,118,806,541 shares without shareholders’ approval.

28 Share-based payments (continued)
On June 8, 2023, the Board of Directors of the Company adopted the establishment of the 2023 Share Scheme.
The purpose of the 2023 Share Scheme are (1) to align the interests of eligible persons with those of the Group
through ownership of Class B ordinary shares, dividends and other distributions paid on shares and/or the
increase in value of the Class B ordinary shares, and (2) to encourage and retain eligible persons to make
contributions to the long-term growth and profits of the Group. The aggregate number of Class B ordinary
shares underlying all grants made pursuant to the 2023 Share Scheme will not exceed 2,503,959,565 shares
without shareholder’s approval.
On June 6, 2024, the Board of Directors of the Company adopted the establishment of the 2024 Xiaomi HK Share
Scheme. The purpose of the 2024 Xiaomi HK Share Scheme are (1) to align the interests of eligible persons with
those of Xiaomi H.K. Limited (“Xiaomi HK”, a wholly owned subsidiary of the Company) through ownership of the
ordinary shares in the share capital of Xiaomi HK (“Xiaomi HK Shares”), dividends and other distributions paid
on shares and/or the increase in value of Xiaomi HK Shares, and (2) to encourage and retain eligible persons
to make contributions to the long-term growth and profits of Xiaomi HK. The aggregate number of Xiaomi HK
Shares underlying all grants made pursuant to the 2024 Xiaomi HK Share Scheme will not exceed 1,000,000,000
shares without shareholder’s approval.

Pre-IPO ESOP
Share options granted to employees
Movements in the number of share options granted to employees and their related weighted average exercise
prices are as below:
Average exercise
Number of share price per share
options option
(US$)
Outstanding as of January 1, 2024 270,705,124 0.02

Forfeited during the period (5,363,472) 0.12
Transferred to Share Scheme Trusts (8,992,348) 0.10
Exercised during the period (16,442,700) 0.30
Outstanding as of June 30, 2024 (unaudited) 239,906,604 0.22

Exercisable as of June 30, 2024 (unaudited) 210,050,925 0.26

Transferred to Share Scheme Trusts (4,735,000) 0.12
Exercised during the period (37,908,270) 0.17

The weighted average remaining contract life for outstanding share options was 1.94 years and 2.51 years as of
June 30, 2024 and December 31, 2023, respectively.

2018 Share Option Scheme

Share options granted to employees
Movements in the number of share options granted to employees and their related weighted average exercise
prices are as below:
Average exercise
Number of share price per share
options option
(HK$)

Granted during the period — —
Forfeited during the period — —
Exercised during the period — —


Granted during the period — —
Forfeited during the period — —
Exercised during the period — —

The weighted average remaining contract life for outstanding share options was 6.16 years and 6.69 years as of
June 30, 2024 and December 31, 2023, respectively.
Fair value of share options

The Group has used the Binomial option-pricing model to determine the fair value of the share option as of the
grant date.

2018 Share Award Scheme

RSUs granted to employees
Movements in the number of RSUs granted to the Company’s employees under 2018 Share Award Scheme and
the respective weighted average grant date fair value are as below:
Weighted average
grant date
Number of RSUs fair value per RSU
(HK$)

Transferred to Share Scheme Trust (126,697,633) 15.49

Granted during the period 238,816,959 11.69
The weighted average remaining contract life for outstanding RSUs was 7.93 years and 8.38 years as of June 30, 2024
and December 31, 2023, respectively.

2023 Share Scheme

RSUs granted to employees
Movements in the number of RSUs granted to the Company’s employees under 2023 Share Scheme and the
respective weighted average grant date fair value are as below:
Weighted average
grant date
Number of RSUs fair value per RSU
(HK$)

Granted during the period 187,654,266 15.19
The weighted average remaining contract life for outstanding RSUs was 9.48 and 9.64 years as of June 30, 2024 and
December 31, 2023, respectively.
The total expenses recognized in the interim condensed consolidated income statements in connection with share
options and RSUs granted to the Group’s employees under all share-based payment schemes are RMB1,799,516,000
and RMB1,522,695,000 for the six months ended June 30, 2024 and 2023, respectively.
Employee fund
On August 31, 2014, the Board of Directors of the Company approved the establishment of Employee Fund with the
purpose of which is to invest in companies within the business ecosystem of the Group. The Company invited certain
employees to participate, with the condition that they would only receive the original investment sum with interest
should they decide to resign from the Group within 5 years from the establishment date (the “Lockup Period”).
Upon the end of the Lockup Period, the holders would become the equity holders of the Employee Fund. According
to the arrangement of Employee Fund, the equity holders of the Employee Fund can demand the Company to buy
back the shares at fair value or continue to hold the shares when they resign after the Lockup Period. The Group
measures the liability related to cash-settled share-based payments at fair value as of June 30, 2024.
The total expenses recognized in the interim condensed consolidated income statements for the Employee Fund
granted to the Group’s employees are RMB63,089,000 and RMB67,554,000 for the six months ended June 30,
2024 and 2023, respectively.

Share based awards granted to Lei Jun

On June 17, 2018, Lei Jun was granted 42,070,000 share options in Xiaomi Finance Inc. (“Xiaomi Finance”)
pursuant to the first share option scheme adopted by Xiaomi Finance. Such share options were vested
immediately and Lei Jun can exercise these share options with exercise price of RMB3.8325 for each share
option for the following 20 years commencing on June 17, 2018. No share option was exercised for the
six months ended June 30, 2024 and 2023, respectively.
29 Other non-current liabilities

2024 2023
RMB’000 RMB’000
Liabilities to fund investors (Note (a)) 12,991,867 13,803,045

Lease liabilities (Note 23) 2,564,811 1,256,155
Payables for purchase of intangible assets 1,818,823 2,768,401
Deferred government grants 2,132,950 2,115,561
Others 76,033 71,111
19,584,484 20,014,273
Note:
(a) It represents the funds raised by the third party investors under Hubei Xiaomi Yangtze River Industry Investment Fund Partners (Limited
Partnership) (㸘⋙⯑䰵改㰡䓤㤯➼憓⏊⣧ể㤯灭㛋昒⏊⣧灮 (the “Hubei Fund”) and Beijing Xiaomi Zhizao Equity Investment Fund Partners
(Limited Partnership) (⋙Ṯ⯑䰵㘼忢偣㫌㉗岉➼憓⏊⣧ể㤯灭㛋昒⏊⣧灮 (the “Beijing Fund”). The Group controls the Hubei Fund and the
Beijing Fund as the Group is exposed to and has rights to variable returns from its involvement with the Hubei Fund and the Beijing Fund,
and has the ability to affect those returns through its power over the Hubei Fund and the Beijing Fund.
For the amount raised from limited partners of the Hubei Fund, the Group has contractual obligation to settle the liability with the limited
partners and therefore is classified as a financial liability measured at amortized cost in the consolidated financial statements. The
carrying amount of this financial liability approximates to its fair value.
For the amount raised from limited partners of the Beijing Fund, the Group has contractual obligation to settle the liability with the
limited partners and the management designates it as a financial liability measured at fair value through profit or loss in the consolidated
financial statements.

30 Trade payables
Trade payables primarily include payables for inventories. As of June 30, 2024 and December 31, 2023, the
carrying amounts of trade payables were primarily denominated in RMB, US$ and INR.
Trade payables and their aging analysis based on invoice date are as follows:

2024 2023
RMB’000 RMB’000
Up to 3 months 53,295,778 52,493,579

3 to 6 months 9,135,655 4,809,809
6 months to 1 year 2,278,547 3,039,535
1 to 2 years 1,146,819 1,001,272
Over 2 years 915,674 754,305
66,772,473 62,098,500

31 Other payables and accruals

2024 2023
RMB’000 RMB’000
Amounts collected for third parties 826,695 858,632

Payroll and welfare payables 2,324,335 3,120,400
Deposits payable 5,054,747 4,761,399
Employee fund (Note 28) 923,594 864,840
Accrual expenses 3,726,424 2,742,593
Payables for construction cost 2,012,640 2,220,127
Other taxes payables 1,569,830 1,648,291
Lease liabilities (Note 23) 1,802,622 712,011
Deposits from customers 1,607,061 1,519,475
Deferred government grants 2,799,711 2,771,695
Payables for purchase of intangible assets 1,953,241 2,390,221
Liabilities to fund investors (Note 29) 317,907 —
Others 2,454,827 2,004,966
27,373,634 25,614,650

32 Contingencies
The Group, in the ordinary course of its business, is involved in various claims, lawsuits, and legal proceedings
that arise from time to time. Since December 2021, Xiaomi Technology India Private Limited (“Xiaomi India”)
has been involved in various investigations and notifications initiated by relevant Indian authorities including the
Income Tax Department, the Directorate of Revenue Intelligence and the Directorate of Enforcement in relation
to compliance of relevant income tax regulations, custom duties regulations as well as foreign exchange
regulations, respectively.
In this connection, Xiaomi India received orders alleging that it has inappropriately deducted certain costs
and expenses, including purchase costs of mobile phones and royalty fees paid to overseas third parties as
well as companies within the Group. As a result, certain of its bank accounts has been attached and thereby
INR46,165,134,000 (equivalent to RMB4,023,291,000) has been considered as restrictive as of June 30, 2024
(December 31, 2023: INR45,321,947,000 (equivalent to RMB3,874,120,000)). The cases are currently in the
hearing stages and not yet concluded.
Management assessed the aforesaid matters related to Xiaomi India, after taking into considerations of opinions
from professional advisors, it is concluded that Xiaomi India has valid grounds to respond to the relevant Indian
authorities. The Group, hence, has not made any material provision as of June 30, 2024 pertaining to these matters.
Conclusions of legal proceedings, investigations and allegations could take a long period of time, and the Group
could receive judgments or enter into settlements that may adversely affect its operating results or cash flows.
Quantifying the related financial effects is not practical at this stage.

33 Commitments
(a) Capital commitments

Capital expenditure contracted for at the end of the period/year but not yet incurred is as follows:

2024 2023
RMB’000 RMB’000
Property, plant and equipment 1,063,664 1,068,216

Intangible assets 5,969 5,932
Investments 1,180,746 857,726
2,250,379 1,931,874
(b) Operating lease commitments

The Group leases offices, warehouses, retail stores and servers under non-cancellable operating
lease agreements. The Group has recognized right-of-use assets and lease liabilities for these leases,
except for certain short-term leases, variable lease payments and leases contracted but before the
commencement date as shown in the table below, see Note 23 for further information. The Group’s future
aggregate minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
RMB’000 RMB’000
Not later than 1 year 23,811 278,368

Later than 1 year and not later than 5 years 459,819 550,153
Later than 5 years 809,309 825,079
1,292,939 1,653,600

34 Related party transactions
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party
or exercise significant influence over the other party in making financial and operational decisions. Parties are
also considered to be related if they are subject to common control. Members of key management and their
close family members of the Group are also considered as related parties.
The following significant transactions were carried out between the Group and its related parties during the
periods presented. In the opinion of the directors of the Company, the related party transactions were carried out
in the normal course of business and at terms negotiated between the Group and the respective related parties.
(a) Significant transactions with related parties

2024 2023
RMB’000 RMB’000
(i) Sales of goods and services to

Associates of the Group 330,383 200,339
Associates of Lei Jun 7,405 36,422
337,788 236,761
(ii) Purchases of goods and services from

Associates of the Group 19,291,976 13,900,417
Associates of Lei Jun 916 1,449
19,292,892 13,901,866

34 Related party transactions (continued)
(b) Period/year end balances with related parties

2024 2023
RMB’000 RMB’000
(i) Trade receivables from related parties

162,615 136,353
(ii) Trade payables to related parties

Associates of the Group 8,380,363 9,698,412
8,384,916 9,700,984
(iii) Prepayments and other receivables from related parties

345,436 289,014
(iv) Other payables and accruals to related parties

208,194 160,940

(b) Period/year end balances with related parties (continued)

2024 2023
RMB’000 RMB’000
(v) Advance from customers

110,839 75,841
All the balances with related parties above were unsecured, non-interest bearing and repayable within
one year.
(c) Loans to related parties

2024 2023
RMB’000 RMB’000
Loans to associates:
At the beginning of the period 50,424 1,936
Loans repaid — (2,761)
Interest charged 1,968 —
Allowance for impairment reversed — 757
Currency translation differences — 68
At the end of the period 52,392 —
The above loans to related parties were included in “Prepayments and other receivables” in the interim
condensed consolidated balance sheet.

(d) Key management compensation

2024 2023
RMB’000 RMB’000
Salaries 9,678 10,985

Discretionary bonuses 21,400 —
Share-based compensation 225,697 140,931
Employer’s contribution to pension schedule 844 892
257,619 152,808
35 Events after the reporting period
The Company has repurchased 39,500,000 Class B ordinary shares of the Company in July 2024 at a total
consideration of approximately HK$656,099,000.
DEFINITIONS
“affiliate” with respect to any specified person, any other person, directly or indirectly,
controlling or controlled by or under direct or indirect common control with such
specified person
“Articles” or “Articles or the articles of association of the Company adopted on June 17, 2018 with effect
Association” from Listing as amended from time to time
“Beijing Digital Technology” Beijing Xiaomi Digital Technology Co. Ltd.* (⋙Ṯ⯑䰵㔺䡾䦓㉂㛋昒℮⎺), a limited
liability company established under the laws of mainland China on December 21,
2010 and our indirect wholly-owned subsidiary
“Beijing Duokan” Beijing Duokan Technology Co., Ltd.* (⋙Ṯ⣜䛍䦓㉂㛋昒℮⎺), a limited liability
company established under the laws of mainland China on February 10, 2010 and
our Consolidated Affiliated Entity
“Beijing Electronic Software” Beijing Xiaomi Electronic Software Co., Ltd.* (⋙Ṯ⯑䰵暽⬒庡Ẹ㉂堕㛋昒℮⎺), a
limited liability company established under the laws of mainland China on July 1,
2014 and our Consolidated Affiliated Entity
“Beijing Wali Culture” Beijing Wali Culture Communication Co., Ltd.* (⋙Ṯ䒨≝㕉⋘⁵㑯㛋昒℮⎺), a
limited liability company established under the laws of mainland China on May 8,
2014 and our Consolidated Affiliated Entity
“Beijing Wali Internet” Beijing Wali Internet Technologies Co., Ltd.* (⋙Ṯ䒨≝䵴䴣䦓㉂㛋昒℮⎺), a
limited liability company established under the laws of mainland China on
June 1, 2009 and our Consolidated Affiliated Entity
“Beijing Wenmi” Beijing Wenmi Culture Co., Ltd* (⋙Ṯ㕉䰵㕉⋘㛋昒℮⎺), a limited liability
company established under the laws of mainland China on December 28, 2016
and our wholly-owned subsidiary
“Board” our board of Directors
“CG Code” the Corporate Governance Code set out in Appendix C1 of the Listing Rules
“Class A Shares” class A ordinary shares of the share capital of the Company with a par value of
US$0.0000025 each, conferring weighted voting rights in the Company such that
a holder of a Class A Share is entitled to ten votes per share on any resolution
tabled at the Company’s general meetings, save for resolutions with respect to
any Reserved Matters, in which case they shall be entitled to one vote per share
“Class B Shares” class B ordinary shares of the share capital of the Company with a par value
of US$0.0000025 each, conferring a holder of a Class B Share one vote per
share on any resolution tabled at the Company’s general meetings (save for
any treasury Shares, the holders of which shall abstain from voting at the
Company’s general meeting)
“Companies Ordinance” the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), as amended,
supplemented or otherwise modified from time to time
“Company”, “our Company”, Xiaomi Corporation ⯑䰵暈⚤ (formerly known as Top Elite Limited), a company
or “the Company” with limited liability incorporated under the laws of the Cayman Islands on
January 5, 2010
“Compliance Advisor” Guotai Junan Capital Limited, being the compliance advisor of the Company
“connected person(s)” has the meaning ascribed to it under the Listing Rules
“connected transaction(s)” has the meaning ascribed to it under the Listing Rules
“Consolidated Affiliated the entities we control through the Contractual Arrangements, namely the
Entities”, each a “Consolidated Onshore Holdcos and their respective subsidiaries
Affiliated Entity”
DEFINITIONS
“Contractual Arrangements” the set of agreements entered into by each of the WFOEs and the Onshore Holdcos
for the purpose of operations of the Restricted Business of the Group in the PRC
“Controlling Shareholder(s)” has the meaning ascribed to it under the Listing Rules and unless the context
otherwise requires, refers to Lei Jun and the directly and indirectly held
companies through which Lei Jun has an interested in the Company, namely,
Smart Mobile Holdings Limited and Smart Player Limited
“Director(s)” the director(s) of the Company
“Group”, “our Group”, the Company, its subsidiaries and the PRC Operating Entities (the financial
or “the Group” results of which have been consolidated and accounted for as a subsidiary of the
Company by virtue of the Contractual Arrangements) from time to time
“Hong Kong” or “HK” the Hong Kong Special Administrative Region of the People’s Republic of China
“Hong Kong dollars” Hong Kong dollars, the lawful currency of Hong Kong
or “HK dollars” or “HK$”
“Latest Practicable Date” September 6, 2024, being the latest practicable date prior to the bulk printing
and publication of this interim report
“Listing” the listing of the Class B Shares on the Main Board of the Stock Exchange
“Listing Rules” the Rules governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited, as amended, supplemented or otherwise modified from time to time
“Main Board” the stock exchange (excluding the option market) operated by the Stock
Exchange which is independent from and operates in parallel with the Growth
Enterprise Market of the Stock Exchange
“Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers as set
out in Appendix C3 of the Listing Rules
“Onshore Holdcos” each a (i) Beijing Wali Culture, (ii) Rigo Design, (iii) Xiaomi Inc., (iv) Beijing Duokan,
“Onshore Holdco” (v) Beijing Wali Internet, (vi) Xiaomi Pictures, (vii) Beijing Electronic Software and
(viii) Youpin Information Technology
“PRC” the People’s Republic of China
“PRC Legal Advisor” JunHe LLP
“Pre-IPO ESOP” the pre-IPO employee stock incentive scheme adopted by the Company dated
May 5, 2011 and superseded on August 24, 2012, as amended from time to time
“Prospectus” the prospectus of the Company dated June 25, 2018
“Registered Shareholders” the registered shareholders of the Onshore Holdcos
“Reporting Period” the six months ended June 30, 2024
“Reserved Matters” those matters resolutions with respect to which each Share is entitled to one vote
at general meetings of the Company pursuant to the Articles of Association, being
(i) any amendment to the Memorandum or Articles, including the variation of the
rights attached to any class of shares, (ii) the appointment, election or removal
of any independent non-executive Director, (iii) the appointment or removal of the
Company’s auditors, and (iv) the voluntary liquidation or winding-up of the Company
“Rigo Design” Rigo Design (Beijing) Co., Ltd.* (佐⌕庡Ẹ姯姊灭⋙Ṯ灮㛋昒℮⎺), a limited

liability company established under the laws of mainland China on April 24, 2012
and our Consolidated Affiliated Entity
“RMB” or “Renminbi” Renminbi, the lawful currency of mainland China
“SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as
amended, supplemented or otherwise modified from time to time
DEFINITIONS
“Share(s)” the Class A Shares and/or Class B Shares in the share capital of the Company,
as the context so requires
“Shareholder(s)” holder(s) of the Share(s)
“Stock Exchange” The Stock Exchange of Hong Kong Limited
“subsidiary(ies)” has the meaning ascribed to it under section 15 of the Companies Ordinance
“substantial shareholder” has the meaning ascribed to it under the Listing Rules
“Tianjin Commercial Factoring” Xiaomi Commercial Factoring (Tianjin) Co., Ltd* (⯑䰵┈㤯ᾟ䏈灭⣫㳧灮㛋昒屮ẽ
℮⎺), a limited liability company established under the laws of mainland China
on March 21, 2018 and our indirect wholly-owned subsidiary
“treasury Shares” has the meaning ascribed to it under the Listing Rules which came into effect on
June 11, 2024, which, in the Company’s case, refers to the Class B Shares
“United States” or “US” the United States of America, its territories, its possessions and all areas subject
to its jurisdiction
“US$” United States dollars, the lawful currency of the United States
“weighted voting rights” has the meaning ascribed to it under the Listing Rules
or “WVR”
“WFOEs”, each a “WFOE” Beijing Baien, Xiaomi Mobile Software, Beijing Wenmi, Beijing Digital Technology,
Tianjin Commercial Factoring, Beijing Wali, Xiaomi Communications and Xiaomi
Youpin Technology
“WVR Beneficiary” has the meaning ascribed to it under the Listing Rules
“Xiaomi Communications” Xiaomi Communications Co., Ltd* (⯑䰵応姌㉂堕㛋昒℮⎺), a limited liability

company established under the laws of mainland China on August 25, 2010 and
our indirect wholly-owned subsidiary
“Xiaomi Finance” Xiaomi Finance Inc., an exempted company with limited liability incorporated
under the laws of the Cayman Islands on February 15, 2018 and our direct
wholly-owned subsidiary
“Xiaomi HK” Xiaomi H.K. Limited, a limited liability company incorporated under the laws of
Hong Kong on April 7, 2010 and a subsidiary of the Company
“Xiaomi HK Shares” ordinary share(s) in the share capital of Xiaomi HK
“Xiaomi Inc.” Xiaomi Inc.* (⯑䰵䦓㉂㛋昒屮ẽ℮⎺), a limited liability company established under
the laws of mainland china on March 3, 2010 and our Consolidated Affiliated Entity
“Xiaomi Pictures” Xiaomi Pictures Co., Ltd.* (⯑䰵⼳㤯㛋昒屮ẽ℮⎺), a limited liability company
established under the laws of mainland China on June 7, 2016 and our
Consolidated Affiliated Entity
“Xiaomi Youpin Technology” Xiaomi Youpin Technology Co. Ltd.* (⯑䰵㛋⒃䦓㉂㛋昒℮⎺), a limited liability
company established under the laws of mainland China on May 8, 2018 and our
indirect wholly-owned subsidiary
“XMF Share Option Scheme I” the first share option scheme adopted by Xiaomi Finance on June 17, 2018, as
amended from time to time
“%” per cent
“2018 Share Award Scheme” the share award scheme adopted by the Company on June 17, 2018
DEFINITIONS
“2018 Share Option Scheme” the share option scheme adopted by the Company on June 17, 2018 as amended
from time to time
“2023 Share Scheme” the share scheme adopted by the Company on June 8, 2023 as amended from
time to time
“2024 Xiaomi HK Share Scheme” the share scheme adopted by Xiaomi HK on June 6, 2024, being the date on which
the scheme is approved by the Shareholders in a general meeting
* For identification purposes only.

Stock Codes: 1810 (HKD counter) and 81810 (RMB counter)
2024 INTERIM REPORT
2024 INTERIM REPORT

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2024 INTERIM REPORT

2024 INTERIM REPORT

Shareholders who have chosen or are deemed to have consented

Shareholders may at any time choose to change their choice of

Board of Directors Nomination Committee

Independent Non-Executive Directors

Audit Committee Joint Secretaries

Registered Office Hong Kong Share Registrar

Head Office and Principal Place of

Principal Place of Business in

Revenue 164,394.7 126,832.0 29.6%

Gross profit 35,223.9 25,752.6 36.8%

Operating profit 9,571.8 9,940.7 -3.7%

Profit before income tax 11,901.8 10,426.4 14.2%

Profit for the period 9,242.9 7,881.7 17.3%

Non-IFRS Measure: Adjusted Net Profit1 12,666.4 8,373.5 51.3%

Six months ended June 30, 2024

Smartphone × AIoT Smart EV and

164.4 158.0 6.4 21.4%

Smartphone Connected IoT

82.8 822.2 675.8 27,367

OVERALL PERFORMANCE SMARTPHONE X AIOT

SMART EV AND CORPORATE SOCIAL

the Xiaomi Community.

investments measured at fair value through profit or loss.

IoT and lifestyle products

volume is based on sales data recorded as of 00:30 on July 20, 2024.

3. Smart EV and Other New Initiatives

4. Corporate social responsibility (CSR)

First Half of 2024 Compared to First Half of 2023

Revenue 164,394.7 126,832.0

Non-IFRS Measure: Adjusted Net Profit 12,666.4 8,373.5

MANAGEMENT DISCUSSION AND ANALYSIS

Smartphone × AIoT 157,999.8 96.1% 126,832.0 100.0%

Total revenue 164,394.7 100.0% 126,832.0 100.0%

Total revenue of smartphone × AIoT segment 157,999.8 96.1% 126,832.0 100.0%

(ii) IoT and lifestyle products

MANAGEMENT DISCUSSION AND ANALYSIS

(iii) Internet services

(iv) Other related business

Smart EV and Other New Initiatives

Smartphone × AIoT 123,759.0 75.3% 101,079.4 79.7%

Total cost of sales 129,170.8 78.6% 101,079.4 79.7%

MANAGEMENT DISCUSSION AND ANALYSIS

(ii) IoT and lifestyle products

(iii) Internet services

(iv) Other related business

Smart EV and Other New Initiatives

Gross Profit and Margin

Smartphone × AIoT 34,240.8 21.7% 25,752.6 20.3%

Total gross profit and margin of

MANAGEMENT DISCUSSION AND ANALYSIS

Smart EV and Other New Initiatives

Research and Development Expenses

Selling and Marketing Expenses

Fair Value Changes on Financial Instruments Measured at Fair Value Through

Share of Net Profits/(Losses) of Investments Accounted for Using the

Other Gain, Net

Finance Income , Net