Xiaomi’s Revenue Soared 54.7% To $12b

Xiaomi’s revenue soared 54.7% to $12b

Chinese smartphone manufacturer Xiaomi released its financial report on Wednesday. Its total revenue in the first quarter reached 76.9 billion yuan (US$12.03 billion), an increase of 54.7% year-on-year. News portal The Paper reported that net profit also hit a record high, reaching 6.1 billion yuan. A year-on-year increase of 163.8%.

Xiaomi’s smartphone business revenue was US$51.5 billion. An increase of 69.8% year-on-year, and global shipments in the first quarter increased by 69.1% to 49.4 million units.

According to data from Canalys, a global technology market analysis company, shipments account for 14.1% of the global market share, ranking third in the world.

In the first three months, Xiaomi invested about 3 billion yuan in research and development, an increase of 61% year-on-year.

In order to better compete in the high-end smartphone market. Xiaomi launched three flagship products on March 11 this year, namely Pro, 11Ultra and MIX FOLD, all priced at more than RMB 3,000 in mainland China.

First quarter, the company’s market share of high-end smartphones priced between RMB 4,000 and RMB 6,000 in mainland China rose to 16.1% from 5.5% in the same period last year.

On this basis, the gross profit margin generated by the smartphone business has increased from 8.1% to 12.9% annually.

At the same time, Xiaomi is vigorously promoting the construction of offline channels. As of April 30, it had more than 5,500 retail stores in mainland China, an increase of 2,300 from the end of last year.

In an interview with “Paper”, Xiaomi President Wang Xiang said that the company attaches great importance to the construction of offline channels and is expected to expand. Its business scope to rural China in a relatively fast time.

From January to March this year, Xiaomi also achieved profits in overseas markets, with revenue reaching 37.4 billion yuan, a year-on-year increase of 50.6%.

Canalys’ data shows that Xiaomi’s smartphone market share ranks first in 12 countries and regions. It rises to second in Europe for the first time.

Wang Xiang said that after three years of development in Europe. Xiaomi’s brand influence in the local area has continued to increase and sales channels have been further expanded.

Wang said that there is still room for improvement in overseas markets. Xiaomi’s market share in Europe remains at about 22%, but in Western Europe it is around a teenager.

In the semiconductor field, Wang said that Xiaomi will continue to invest in chip research and development. “this is related to the long-term future of our company.”

Wang Yi also expressed confidence in Xiaomi’s decision to enter the field of new energy vehicles. He said: “Since it takes at least two to three years for car research and development. We will conduct very in-depth discussions and research before designing products.”

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