Xiaomi News: The revenues and profits of Xiaomi, which announced record results in the first quarter of 2021, reached the highest level in the history of the company.
Xiaomi’s total revenue and adjusted net profit in the first quarter of 2021 exceeded market expectations. Xiaomi’s total revenue increased by 54.7% compared to the same period of the previous year, reaching RMB 76.9 billion. Adjusted net profit, on the other hand, exceeded market expectations and reached RMB 6.1 billion, increasing 163.8% compared to the same period of the previous year.
Highlights in the First Quarter of 2021:
- Total revenue reached RMB 76.9 billion with an annual increase of 54.7%
- Gross profit was RMB 14.2 billion, up 87.4% year on year.
- Non-IFRS adjusted net profit increased by 163.8 percent year on year to RMB 6.1 billion.
Quarterly Performance Evaluation
Xiaomi continued to increase its competitiveness in the premium smartphone market, while maintaining its place in the top three in smartphone sales worldwide.
In the first quarter of 2021, Xiaomi’s smartphone business continued to grow significantly. Revenue from smartphone sales rose 69.8% year on year to RMB 51.5 billion. In this period, worldwide smartphone sales reached 49.4 million units, while the gross profit margin in this business line was 12.9%. The Group ranked 3rd globally in terms of smartphone sales in the first quarter, with a market share of 14.1%, according to Canalys.
Xiaomi also continued its rise in the Chinese smartphone market. According to Canalys, Xiaomi moved up to 4th place with a 14.6% market share in the first quarter of 2021. The group further strengthened its market position in online channels. According to third-party data, the online smartphone market share in China rose from 18.5% in the first quarter of 2020 to 38% in the first quarter of 2021. Xiaomi also strengthened its presence in the offline retail market in China. As of April 30, 2021, the number of retail stores of the company increased by more than 2,300 compared to December 31, 2020, exceeding 5,500 in total.
Xiaomi TV Sales Continued Increasingly
Xiaomi’s Smart TV sales in the first quarter of 2021 reached 2.6 million units. In the first quarter, the Group remained # 1 in TV sales in China for 9 consecutive quarters and ranked among the top five globally, according to All View Cloud (“AVC”). In addition, interest in Xiaomi’s big screen smart TVs continued to increase in the market. According to AVC, retail sales volume of Xiaomi and Redmi TVs in China increased by 160% compared to the same quarter of the previous year and reached 29.0%. The company continued to rank first in the 70-inch TV market by retail volume.
Xiaomi continues its growth momentum in the European market
In the first quarter of 2021, Xiaomi’s revenue from overseas markets reached RMB 37.4 billion with an annual increase of 50.6%. According to Canalys, Xiaomi ranked among the top five in 62 countries and regions worldwide in terms of smartphone sales in terms of market share in the first quarter, and first in 12 countries and regions.
Xiaomi has further improved its competitive position in key markets. According to Canalys, Xiaomi maintained its 22.7% market share in the first quarter of 2021, up 85.1% year-on-year in smartphone sales and was among the top two smartphone manufacturers in Europe for the first time.
In addition, the company ranked 1st for two consecutive quarters in the Central and Eastern Europe region, where it reached a 32.5% market share in smartphone sales, with an annual increase of 81.8%. Xiaomi also ranked #1 for the first time in Russia with a market share of 32.1%.
The company, whose market share increased to 16.6% with an annual increase of 89.3% in smartphone sales, maintained its position in the top 3 in Western Europe. The group continued to be # 1 in Spain for the 5 consecutive quarters with a 35.1% market share. Xiaomi’s position in the market rose to the 2nd place in Italy, while maintaining its 3rd place in Germany and France. In England, it was among the top 5 for the first time. Xiaomi continued to maintain its 1st place for 14 quarters in India, where it has a 28.3% market share in smartphone sales.