China's Xiaomi on Tuesday reported a near 50% jump in fourth-quarter revenue, beating analyst estimates, and raised its 2025 target for electric vehicle deliveries to 350,000.

Xiaomi ADR rose 7.2% in premarket trading.

The company reported a 48.8% rise in fourth-quarter revenue on Tuesday, which totalled 109 billion yuan ($15.09 billion), beating the 103.94 billion yuan average of 17 analyst estimates compiled by LSEG.

Adjusted net profit rose 69.4% from the same period a year earlier to 8.32 billion yuan, ahead of the 6.399 billion yuan average analyst estimate.

Xiaomi's Hong Kong-listed shares closed up 3.3% on Monday before the earnings release. Xiaomi surged 284% over the past 12 months as its EV project boosted investors' confidence.

Xiaomi began manufacturing EVs last year with the launch of the SU7 sedan after selling smartphones, household appliances as well as smart gadgets for most of its 25-year history.

Xiaomi reported 32.1 billion yuan in revenue for its EV business in 2024, delivering more than 135,000 SU7 sedans. The adjusted net loss related to its EV and other new initiatives reached 6.2 billion yuan.

Xiaomi's fourth-quarter global smartphone shipments rose 5% from a year earlier to 42.7 million handsets, ranking it third globally, with a market share of 13%, data from researcher Canalys showed.

In China, its largest market, shipments surged 29% to 12.2 million handsets over the same period, ranking it fourth, with a market share of 16%, according to the Canalys data.

The world's third-largest smartphone maker, whose product lines extend to home appliances and cars, also said it plans to expand its store network across China this year and open 10,000 new Mi Home stores overseas in the next five years.