Xiaomi publishes Q1 report, net profits more than double as market share grows
Xiaomi released its financial report on the three-month period ending March 31, 2021, which shows growth across the board. The company’s total turnover was CNY 76.9 billion, an increase of 54.7% compared to the same period last year, while the adjusted net profit increased to CNY 6.1 billion, an increase of 163.8% compared to last year (note: this is a non-IFRS number).
Smartphones remain the backbone of the company, the 49.4 million units accounted for 51.5 billion. CNY of revenue (an increase of 69.8% year on year). 4 million of these phones cost CNY 3,000 / € 300 or more. The gross profit margin on smartphones was 12.9%.
MIUI now boasts 425 million monthly active users (MAU) globally, up from 331 million a year ago (an increase of almost a third). According to Canalys data, it is the number 3 smartphone brand worldwide. Xiaomi is also big in China with 118.6 million MAU for MIUI and a 14.6% share of the smartphone market that earned it the number 4 spot.
Xiaomi’s overseas revenue increased 50.6% to CNY 37.4 billion. It is the # 1 smartphone brand in 12 countries and it is Top 5 in 62 countries. More specifically, it is No. 1 in Russia (with a market share of 32.1%), No. 1 in Spain (35.1% share), No. 2 in Italy, No. 3 in Germany and France. Overall, Xiaomi is No. 1 in Eastern Europe and No. 3 in Western Europe.
It leads the important Indian market with a market share of 28.3%. It also continues to grow in Latin America at an impressive pace (+ 161.7%) and is now the number 3 brand with a market share of 11.5%. It is also No. 3 in the Middle East and No. 4 in Africa (+ 191.0%).
Xiaomi Q1 2021 financial report
Xiaomi has ventured into other fields in what it calls its “Smartphone × AIoT” strategy. It is the best smart TV brand on the Chinese mainland for the ninth consecutive quarter and is Top 5 globally with 2.6 million smart TVs shipped. There is a growing demand for large TVs in China, and Xiaomi was well prepared to meet that – it was the number 1 brand in the 70+ inch segment with a share of 29.0% (retail sales shot up by 160% year) .
Related to that are Xiaomi’s smart gadgets and internet services. There are 351.1 million smart devices connected to Xiaomi’s AIoT platform (not counting smartphones or laptops). Its AI assistant had 93.0 million MAU, the Mi Home app reached 49.2 million MAU. Its Internet TV services have 4.7 million paid subscribers (+ 8.2% year). Advertising revenue increased to CNY 3.9 billion. (+ 46.3% year to year).
The company does not rest on its laurels and increases its investment in R&D. It spent CNY 3.0 billion. In Q1, up from CNY 1.9 billion. From last year’s report. The company will continue to invest more in research and development in the future as well as hire talented engineers.
You can read Xiaomi’s full report for more details. There you will not find an update on how the company’s smart laptops and notebooks performed in the first quarter.