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Xiaomi achieves record high revenue and profit in Q1 2021

Xiaomi announced its unaudited consolidated revenue and profit results for Q1 2021. This is from the first three months of the year ending in March.
File photo: Xiaomi Mi 11

Xiaomi Q1 2021 profit and revenue up to 163.8 percent YoY

In Q1 2021, Xiaomi's total revenue and adjusted net profit exceeded that of the market expectation. The total revenue for the period amounted to CNY 76.9 billion which is equivalent to 54.7 percent YoY while the adjusted bet profIt is at CNT 6.1 billion which is a 163.8 percent YoY. The gross profit is at CNY 14.2 billion which is up to 87.4 percent YoY.
Xiaomi achieves record high revenue and profit in Q1 2021
Xiaomi Q1 2021 revenue records historic numbers

In terms of smartphone sales, Xiaomi got CNY 51.5 billion which is 69.8 percent YoY. The global smartphone shipments reached 49.4 million units while the gross profit margin for the smartphone business was 12.9 percent. According to Canalys, Xiaomi maintained 3rd position in terms of smartphone shipments globally during the quarter with a market share of 14.1 percent.

Xiaomi's smartphone business in China also maintained its rapid growth trajectory. According to Canalys, in the first quarter of 2021, Xiaomi rose to the 4th position winning a market share of 14.6 percent. Xiaomi further strengthened its market position across online channels. According to third-party data, Xiaomi’s online smartphone market share in mainland China jumped to 38.0 percent in the Q1 of 2021 from 18.5 percent in the first quarter of 2020. Meanwhile, it also expanded its offline retail presence in China. As of April 30, 2021, the number of Xiaomi retail stores surpassed 5,500 which is an increase of over 2,300 stores from December 31, 2020.

In terms of Smartphone x AIoT, Xiaomi continued to grow with revenue increasing 40.5 percent YoY amounting to CNY 18.2 billion. Xiaomi also enjoyed a 29.0 percent increase in the TV market share as well as a 160 percent YoY growth in retail sales.

In the first quarter of 2021, Xiaomi’s revenue from overseas markets increased 50.6% year-over-year to RMB37.4 billion. According to Canalys, Xiaomi’s market share in the first quarter ranked among the top five smartphone companies in terms of shipments in 62 countries and regions globally and No.1 in 12 countries and regions.

Xiaomi further improved its competitive positioning in other key markets. According to Canalys, in Q1 2021, Xiaomi was ranked among the top two for the first time in Europe following an 85.1 percent YoY increase in smartphone shipments allowing us to retain a market share of 22.7 percent. 

Notably, Xiaomi was ranked No. 1 in Eastern Europe for the 2nd consecutive quarter as smartphone shipments increased 81.8 percent YoY to reach a 32.5 percent market share. Xiaomi was also ranked No. 1 for the first time in Russia with a market share of 32.1 percent. 

The group retained its top 3 rankings in Western Europe as market share rising to 16.6 percent following an 89.3 percent YoY increase in smartphone shipments. Xiaomi was also ranked No. 1 in Spain for the 5th consecutive quarter after achieving a 35.1 percent market share. Additionally, Xiaomi’s market position rose to No. 2 in Italy and it retained the No. 3 spots in Germany and France and entering the top 5 in the U.K. for the first time, all with a growth rate in shipments exceeding 90 percent year-over-year. Moreover, Xiaomi was ranked No. 1 for the 14th consecutive quarter in India in terms of smartphone shipments where it has a market share of 28.3 percent.

The Group continued its strong growth momentum in new markets. According to Canalys, its position in Latin America rose to No. 3 as smartphone shipments increased 161.7 percent year-over-year to reach an 11.5 percent market share. Additionally, Xiaomi ranked No. 3 in the Middle East as smartphone shipments increased 87.8 percent year-over-year. Meanwhile, Xiaomi attained the 4th spot in Africa as smartphone shipments increased 191.0 percent year-over-year. 

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