Summary by Moomoo AI
Xiaomi Group-W (the “Company”) announces its annual results for the year ended 31 December 2023. The audited consolidated results show that year-on-year revenue was RMB2709 billion, down 3.2% year-on-year; gross profit was RMB575 billion, up 20.8% year-on-year; operating profit was RMB200 billion, up 610.4% year-on-year; and year-on-year profit was RMB175 billion, up 598.2% year-on-year. Adjusted net profit as measured by non-international financial reporting criteria was RMB193 billion, an increase of 126.3% year-on-year. Year-on-year R&D expenditure reached RMB191 billion, up 19.2% year-on-year. As of the end of the year, cash reserves stood at RMB1363 billion, reaching an all-time high. The Company repurchased and delisted 2647 million Class B shares on the stock exchange in 2023 at a total cost of approximately HK$33.75 million. For the year ended December 31, 2023, the Company was not involved in any major litigation or arbitration.