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1、Xiaomi CorporationXiaomi Corporation2023 Fourth Quarter and 2023 Fourth Quarter and Annual ResultsAnnual ResultsDisclaimerDisclaimerBy attending the meeting where this presentation is made,or by reading the presentation materials,you agree to be bound by the following limitations:The information in

2、this presentation has been prepared by representatives of Xiaomi Corporation(the“Company”,and together with its subsidiaries,the Group)for use inpresentations by the Group and does not constitute a recommendation regarding the securities of the Group.No part of this presentation should form the basi

3、s of,or be relied onin connection with,any contract or commitment or investment decision whatsoever.No representation or warranty,express or implied,is made as to,and no reliance should be placed on,the fairness,accuracy,completeness or correctness of the information,oropinions contained herein.Neit

4、her the Company nor any of the Companys subsidiaries,affiliates,advisors or representatives shall have any responsibility or liability whatsoever(for negligence or otherwise)for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this

5、presentation.Theinformation set out herein may be subject to updating,completion,revision,verification and amendment and such information may change materially.This presentation is based on the economic,regulatory,market and other conditions in effect on the date hereof.It should be understood that

6、subsequent developments mayaffect the information contained in this presentation,which neither the Company nor its subsidiaries,affiliates,advisors or representatives are under an obligation to update,reviseor affirm.The information communicated in this presentation may contain certain statements th

7、at are or may be forward looking.These statements typically contain words such as will,may,expects,forecasts,plans and anticipates and words of similar import.By their nature forward looking statements involve risk and uncertainty because they relate toevents and depend on circumstances that will oc

8、cur in the future.There may be additional material risks that are currently not considered to be material or of which the Companyand its advisors or representatives are unaware.Against the background of these uncertainties,readers should not rely on these forward-looking statements.Neither theCompan

9、y nor its subsidiaries,affiliates,advisors or representatives assume any responsibility to update forward-looking statements or to adapt them to future events ordevelopments.This presentation and the information contained herein does not constitute or form part of any offer for sale or subscription

10、of or solicitation or invitation of any offer to buy orsubscribe for any securities of the Company or any of its subsidiaries or affiliates in any jurisdiction.The securities of the Company have not been and will not be registered underthe U.S.Securities Act of 1933,as amended(the Securities Act),an

11、d may not be offered,sold or delivered within the United States or to U.S.persons absent from registrationunder or an applicable exemption from the registration requirements of the United States securities laws.In addition,certain information related to other companies and market in general presente

12、d in this presentation has been obtained from publicly available information.Theaccuracy and appropriateness of that information has not been verified by the Company and cannot be guaranteed.No invitation is made by this presentation or the information contained herein to enter into,or offer to ente

13、r into,any agreement to purchase,acquire,dispose of,subscribe for orunderwrite any securities or structured products,and no offer is made of any shares in or debentures of a company for purchase or subscription except as permitted underrelevant laws.22023 Financial Highlights3RevenueRMB 271.0 billio

14、n-3.2%YoY1Defined 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 no

15、n-IFRS adjustments2Expenses related to smart EV and other new initiatives exclude share-based compensation expenses related to smart EV and other new initiatives of RMB0.8 billionSmartphonesRMB 157.5 billion AIoTRMB 80.1 billion Internet ServicesRMB 30.1billion Gross Profit Margin21.2%+4.2ppt YoYSma

16、rtphones 14.6%AIoT16.3%Internet Services74.2%Adjusted Net Profit1RMB 19.3 billion+126.3%YoYRMB 6.7 billionIncluding Expenses Related to Smart EV and Other New Initiatives22023 Business Highlights4Smartphones#3Global Market Share Ranking112.8%Global Market Share151 marketsRanked Top 3165 marketsRanke

17、d Top 51AIoT739.7 millionAIoT Connected Devices2+25.5%YoY14.5 millionUsers with 5 or More ConnectedDevices2+25.3%YoYInternet Services641.2 millionGlobal MAU3+59.1 million(10.2%)YoY155.6 millionMainland China MAU3+11.9 million(8.3%)YoY1According to Canalys,by shipments in 20232As of December 31,2023,

18、excluding smartphones,tablets and laptops3In December 2023,including smartphones and tablets Business Highlights6Corporate Strategy UpgradeHuman x Car x HomeOctober 2023February 2024 Corporate Strategy Upgraded to Human x Car x Home Unveiled Our New Operating System Xiaomi HyperOSHuman x Car x Home

19、andXiaomi HyperOSLaunched Overseas7Vendor2023 Shipments(Million Units)2023 Market ShareYoY ShipmentsChangeApple229.120.1%-1.3%Samsung225.519.7%-12.6%Xiaomi146.112.8%-4.3%OPPO100.78.8%-11.2%Transsion92.68.1%26.6%Others347.930.5%-4.4%Total1,141.9100.0%-4.3%Source:Canalys,by shipmentsGlobal Smartphone

20、Shipments Ranked No.3 for 14 Consecutive Quarters30.533.241.540.7 11.3%12.9%14.1%12.8%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%-10.0 20.0 30.0 40.0 50.0 60.0Q1 2023Q2 2023Q3 2023Q4 20232023 by Quarter Global Smartphone Shipments and Market Share-1.3pptYoYChange-0.9ppt+0.5ppt+1.6pptGlobal Smartphone Shipme

21、nts(Million Units)Market Share(%)Leading Position in All Major Markets Globally82023 Smartphone Shipments Ranking and Market ShareSource:Canalys,by shipmentsYoY Market Share ChangeNo.3No.314.1%14.1%SoutheastAsiaNo.3No.316.916.9%IndiaNo.3No.38.98.9%AfricaNo.3No.320.720.7%EuropeNo.2No.217.1%17.1%Middl

22、e EastNo.3No.316.0%16.0%Latin AmericaNo.5No.513.1%13.1%Mainland ChinaNo.3No.312.8%12.8%Global+1.2%+1.3%+0.1%+2.4%9Mainland China Smartphone Units Sold Ranked No.1 in December 2023Source:By units sold in mainland China,according to third-party dataXiaomiPeer APeer HPeer vPeer O16.5%Market Share15.9%1

23、5.9%15.5%15.3%XiaomiSmartphone Premiumization Strategy Reaping Rewards10Continuous Superior Ratings from Our Users1Xiaomi 13 SeriesXiaomi MIX Fold 2Xiaomi 12S UltraXiaomi 13 UltraXiaomi MIX Fold 3Xiaomi 14 Series99%+99%+98%+99%+99%+99%+1Positive review rate on JD.com in one month after product launc

24、h.For Xiaomi 14 Ultra,the positive review rate on JD.com was collected by the end of March 18,2024.Based on ratings from Xiaomi JD self-operated flagship store2By units sold in mainland China,according to third-party data.Premium smartphones in mainland China are smartphones with retail prices at or

25、 above RMB3,000RMB4,000-6,000 Smartphone Market Share2in Mainland China7.6%2022202316.9%Mainland China Smartphone ASP(RMB)Premium Smartphone as%of Total Smartphone Units Sold in Mainland China217.7%20.3%20222023+2.6ppt2022202319%+Xiaomi 14 Ultra99%+Smartphone Market Share2Reached 28.2%in Q4 202311Of

26、fline Market Share Steadily Increased in Mainland China4.9%5.2%6.7%6.7%8.4%200222023Smartphone Offline Market Share3Average Single-store GMV by Quarter2Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 202320222023Average Single-store GMV by Year11Average single-store GMV by year is calculated as the to

27、tal GMV generated from offline retail stores in the year divided by the average of the number of offline retail stores at the beginning and the end of the year,then divided by the number of months during that period2Average single-store GMV by quarter is calculated as the total GMV generated from of

28、fline retail stores in the quarter divided by the average of the number of offline retail stores at the beginning and the end of the quarter,then divided by the number of months during that period3By units sold in mainland China,according to third-party dataSmart Large Home AppliancesShipments of ai

29、r conditioners,refrigerators and washing machines all registered record highsSmart large home appliances revenue grew around 40%YoYTabletsTablets ranked No.3 in mainland China1Key AIoT Categories Delivered Solid Performance in 2023 12WearablesWearable bands ranked No.2 globally1Wearable bands ranked

30、 No.2 in mainland China11According to Canalys,by shipments in 2023.Wearable bands include basic bands,basic watches,and smart watches2According to Canalys,by shipmentsTablets ranked Top 5 globally2in Q3 2023 for the first time13Our First EV:Xiaomi SU7 SeriesFull-size High-performance Eco-technology

31、Sedan0-100 km/hAcceleration 2.78sRechargeRange 800kmTopSpeed 265km/hMaxHorsepower 673psMaxTorque 838N m100-0 km/hBraking Distance 33.3mPricing to be Announced on March 28,2024Covering 59 Stores in 29 Cities NationwideAvailable for Launch and Delivery in ParallelNote:Specifications based on Xiaomi SU

32、7 Max14Five Core Self-developed EV TechnologiesE-MotorXiaomi HyperEngine V6/V6s-In Mass Production-Industry-leading 21,000rpmXiaomi HyperEngine V8-Mass Production Planned 2025-Max Speed 27,200rpmXiaomi 800V Silicon Carbide High Voltage Platform-CTB Integrated Battery Technology-150kWh Peak Power-1,2

33、00km Range(CLTC)-9,100t Locking Force-72-in-1 Unit Die-Cast Rear Underbody-Self-developed Xiaomi Titans MetalPhase 1 Total Investment RMB4.7 Billion-End-to-End Sensing and Decision-Making AI Model-All-in-One Lidar System-Adaptive BEV Technology-Road-Mapping Foundational Model-Super-Res Occupancy Net

34、work TechnologySeamless Cross-device Connection-Up to 5 Displays-Xiaomi HyperOS-Xiaomi CarIoT Open EcosystemBatteryDie-Casting Autonomous DrivingSmart Cabin 15The Goal of Xiaomi EVsAesthetically Pleasing/Enjoyable to Drive/Comfortable/Smart/SafeA Dream Car for the New Automobile EraStrive to Become

35、Top 5 Automobile Manufacturer in 15 to 20 Years16R&D Expenses Grew 19%YoY to RMB19 billionRMB BillionsR&D Expenses3.25.87.59.313.216.019.02220232023 R&D AccomplishmentsXiaomi HyperOSXiaomi Die-castingProprietary Hinge TechnologyProprietary Shield GlassXiaomi Changping Smartphon

36、e FactoryXiaomi HyperEngineEmbrace AI in All Aspects of Our Business17AI Real-timeTranslationAI Input MethodAI PortraitAI Smart PaintingAI AssistantText-to-Image GenerationAI ImageExtender&AI Image SearchEnhance User ExperienceMultiple AI Features for the Beta TestAI Embedded in Our Latest Smartphon

37、esBegan Beta Test of the Multimodal LLM Based on MiLM-6BOur First AI-Powered LLM Computational Photography PlatformUltra SnapUltra RAWUltra ZoomSales ForecastsIntelligent Decision SupportIntelligent Customer ServiceImprove Operational EfficiencyAutomobile ProductionFinancial Highlights59.5 67.4 70.9

38、 73.2 Q1 2023Q2 2023Q3 2023Q4 2023RMB BillionsRevenue19Quarterly Revenue Increased throughout 2023167.2 157.5 79.8 80.1 28.3 30.1 20222023280.0271.0SmartphonesIoT and lifestyle productsInternet servicesOthers-18.9%YoY%-4.0%+0.6%+10.9%Record Gross Profit Margins20%Smartphone11.9%9.0%14.6%202120222023

39、17.7%17.0%21.2%202120222023%Overall%AIoT13.1%14.4%16.3%202.1%71.8%74.2%202120222023%Internet Service21Core Business Operating ExpensesDecreased Over 2.8 billion in 2023RMB BillionsOperating Expenses9.5 8.0 9.7 8.6 9.2 9.1 10.4 10.20.5 1.3 0.8 1.61.0 1.9 1.4 2.7 38.8 35.9 3.7 7.5 20222023O

40、perating expenses(excluding expenses related to smart EV and other new initiatives)in 2023Expenses related to smart EV and other new initiatives,including share-based compensation(SBC)expensesOperating expenses(excluding expenses related to smart EV and other new initiatives)in 2022Q1Q2Q3Q42.9 3.2 2

41、.1 5.1 2.16.0 1.54.90.01.02.03.04.05.06.07.08.5 19.30.0%20.0%40.0%60.0%80.0%100.0%120.0%0.05.010.015.020.025.02022202322Full Year Adjusted Net Profit Increased 126.3%YoYRMB BillionsAdjusted Net Profit11Defined as profit for the period,as adjusted by adding back(i)share-based compensation,(ii)net fai

42、r 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 adjustmentsQ1Q2Q3Q420222023Inventory Returned to Normalized Levels231Including work in progress,spare

43、 parts,and others2Inventory turnover days is calculated as the average of opening and closing inventory balances for the quarter,divided by cost of sales and multiplied by the total number of days in the quarter19.3 17.1 11.5 23.9 28.7 27.1 10.5 8.1 8.0(1.3)(3.5)(2.2)202120222023Raw materials Finish

44、ed goodsOthers1Provision for impairmentRMB BillionsInventory52.450.444.4876962632030405060708090100110120Q1 2023Q2 2023Q3 2023Q4 2023DaysInventory Turnover Days26.7(6.9)42.3 202Strong Operating Cash FlowAdjusted Operating Cash Flow1RMB Billions1Operating cash flow adjustments including(i)

45、the change of loan and interest receivables and impairment provision for loan receivables mainly resulting from the Fin-tech business;(ii)the change of trade payments related to the finance factoring business;(iii)the change of restricted cash resulting from the Fin-tech business;and(iv)the change o

46、f deposits from customers resulting from the Airstar bank2Repurchase amount before year 2021 including transaction fees,whereas repurchase amount in year 2021 and after excluding transaction fees3Excluding transaction fees4As the end of March 18,2024Returned cash to shareholders through repurchasing

47、 1.23 billion shares(over HKD18.0 billion2)since IPO126.6 million shares(HKD1.52 billion3)in 2023138.1 million shares(HKD1.86 billion3)in 20244Record High Cash Position25108.294.3136.3202120222023Our cash resources wereRMB136.3 billion+44.6%YoYCash Resources1RMB Billions1Including but not limited to

48、(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)other investments included in long-term investments measure

49、d at fair value through profit or lossESGFully Integrated ESG Management into Our Business OperationsGold Medal from EcoVadis Enhanced Corporate GovernanceESG ReportsWhite Paper on Climate Action Published on December 5,202327Appointed Female Independent Non-Executive DirectorCAI JinqingRating Score

50、 Improved from 53 in 2022 to 73 in 2024Ranked among Top 3%of Globally in the“Manufacture of Communication Equipment”IndustryGiving Back to Our Society28Poverty and Disaster ReliefCumulative Donations of RMB162 million1 Talent DevelopmentTechnologyInnovationXiaomi Scholarships ProgramCovered 60 Colle

51、ges and Universities1Xiaomi Young Talents ProgramCovered 30 Colleges and Universities11By Beijing Xiaomi Foundation,as of December 20232By Beijing Xiaomi FoundationDonated RMB100 million2 to National Natural Science Foundation of China on March 1,2024Smartphones30Smartphone Shipments Reached 145.6 m

52、illion Units in 2023In 2023,smartphones revenue was RMB157.5 billion.Smartphone shipments reached 145.6 million units,while gross profit margin reached 14.6%,a record highIn Q4 2023,smartphones revenue was RMB44.2 billion.Smartphone shipments reached 40.5 million units,up 23.9%YoYRMB BillionsSmartph

53、ones Revenue167.2 157.5 2022202345.8 35.0 42.3 36.6 42.5 41.6 36.7 44.2 -5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0Q1Q2Q3Q420222023Continued Expansion in Emerging MarketsLatin AmericaSmartphone Shipments20222023+11%Source:Canalys,by shipments20222023+45%AfricaSmartphone Shipments20222023+20%Mi

54、ddle EastSmartphone Shipments31Overall Market Shipments+6%YoYOverall Market Shipments+11%YoYOverall Market Shipments+2%YoY32Xiaomi 14 Ultra:Lens to LegendLaunched in Mainland China and Overseas in February 2024Ultra CameraXiaomi HyperOSBidirectional Satellite CommunicationQuad-camera with LeicaLeica

55、 Summilux Optical Lenses/1.63-/4.0 Stepless Variable ApertureUltra PerformanceSnapdragon 8 Gen 3 Mobile PlatformXiaomi Guardian StructureOur First AI-Powered LLM Computational Photography PlatformUltra SnapUltra RAWUltra ZoomLaunch EventMainland China LaunchOverseas LaunchRedmi K70 Series:Enhanced A

56、I Performance33Note:Specifications based on Redmi K70 ProLaunched in Mainland China in November 2023Snapdragon 8 Gen 3Light Hunter 800 SensorXiaomi HyperOSSecond-generation 2K ScreenWildboost 3.0K70 Pro Champion Lamborghini Limited EditionSales Volume Exceeded 600,000 Units in the First Five Minutes

57、 of Sales Launch Over 1 Billion Redmi Smartphones Sold Globally Since LaunchAIoTGlobal Leading Consumer AIoT PlatformNumber of Connected Devices135589.4 618.0 654.5 698.9 739.7 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023MillionsMi Home App MAU75.8 78.1 82.9 84.0 85.8 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2

58、023Millions11.6 12.3 13.0 13.7 14.5 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023MillionsUsers with 5 or More Devices Connected to Xiaomis AIoT Platform11Excluding smartphones,tablets and laptops36IoT and Lifestyle Products Revenue Achieved YoY Growth in 2023In 2023,IoT and lifestyle products revenue reac

59、hed RMB80.1 billion,grew 0.4%YoYIn 2023,gross profit margin reached 16.3%,registered arecord highIn Q4 2023,IoT and lifestyle products revenue reached RMB20.3 billionRMB BillionsIoT and Lifestyle Products Revenue79.8 80.1 2022202319.5 16.8 19.8 22.3 19.1 20.7 21.4 20.3 -5.0 10.0 15.0 20.0 25.0202220

60、23Q1Q2Q3Q4Smart TV:Top 5 TV Shipments Globally in 2023 37Global Smart TV ShipmentsReached 10.7 million in 2023Ranked Top 5Globally11According to AVC,by shipments in 2023Smart Large Home Appliances:Another Year of Robust Growth38Air ConditionersRefrigerator shipments exceeded2.0 million units in 2023

61、,up 105%YoY,a record highWashing MachinesWashing machine shipments exceeded 1.3 million units in 2023,up 24%YoY,a record highRefrigeratorsAir conditioner shipments exceeded4.4 million units in 2023,up 49%YoY,a record high39Tablets:Top 3 Shipments in Mainland China in 20231According to Canalys,by shi

62、pmentsXiaomi Pad 6S Pro 12.4Launched in Mainland China and Overseas in February 2024Ranked Top 3 in Mainland China1 in 2023Global Shipments in 2023 up 50%+YoYOverseas Shipments in 2023 up 100%+YoYRanked Top 5 Globally1 in Q3 2023Wearables:Maintained Leading Position401According to Canalys,by shipmen

63、ts.Wearable bands include basic bands,basic watches,and smart watchesTWSMainland China Shipments Ranking1in 2023No.2Wearable BandsGlobal Shipments Ranking1in 2023No.2Mainland China Shipments Ranking1in 2023No.2Internet ServicesGlobal MAU Reached 641 million and Mainland China MAU Reached 156 million

64、 in Q4 202342Global MAU1reached 641.2 million,YoY growth of 59.1 millionMainland China MAU1reached 155.6 million,YoY growth of 11.9 millionGlobal TV MAU2reached 66 millionAll three metrics reached record highs582.1594.8606.0623.1641.212.711.217.118.2Q4 2022Q1 2023Q2 2023 Q3 2023 Q4 2023Millions Glob

65、al MAUMillions Mainland China MAU143.7146.2149.3151.9155.62.63.12.63.8Q4 2022Q1 2023Q2 2023 Q3 2023 Q4 202310.2%YoY%8.3%YoY%1In December 2023,including smartphones and tablets 2In December 2023,including TV,TV box and TV stick users43Internet Services Revenue Achieved Record High in 2023In 2023,inte

66、rnet services revenue reached RMB30.1 billion,a record high.Advertising and gamingrevenue grew 11.2%and 7.0%YoY,respectivelyIn Q4 2023,internet services revenue reached RMB7.9 billion,up 9.9%YoY.Advertising revenue reached a record high,grew 18.4%YoYAdvertising GamingOthersRMB BillionsInternet Servi

67、ces Revenue18.5 20.5 4.1 4.4 5.7 5.2 2022202328.330.17.1 7.0 7.0 7.4 7.1 7.8 7.2 7.9 20222023Q1Q2Q3Q4Overseas Internet Services Revenue Continued to GrowOverseas Internet Services Revenue as%of Total Internet Services Revenue44In 2023,overseas internet services revenue reached RMB8.4 billion,up 24.1%YoY,accounting for 28.0%of total internet services revenueIn Q4 2023,overseas internet services revenue reached RMB2.3 billion,up 23.8%YoY,accounting for 29.4%of total internet services revenue17.8%24.0%28.0%202120222023IRhttps:/