Huami – a popular Chinese wearable and biometric data-driven company published unaudited Financial results of Q1 2019. As like in the previous quarters, Huami generated RMB799.6 million (US$119.1 million) in revenue with an increase of 36.5% from the last quarter of 2018. Wang Huang, Chairman and CEO of Huami cites growing brand recognition as a significant reason behind ascent in sales and overall earnings.
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“Strong revenue growth momentum continued in the first quarter, reflecting the effective leveraging of our rising global brand recognition, strategic relationships and consumer trust,” said Wang Huang, Chairman and CEO “In the first quarter, with enhancements to and the expansion of, our overseas sales channels and strategies, international version product shipments continued climbing.”
Huami shipped 5.6 million units in this quarter, increasing 17.9% from 4.8 million units in the first quarter of 2018. The majority of the shipments include Xiaomi wearable products and self-branded Amazfit products. The company witnessed a gross profit of RMB217.5 million (US$32.4 million) from RMB146.7 million in the first quarter of last year. However, the gross margin remained at 27.2% with an increase of 2.2% from the previous year.
The company is soon launching the new Mi-Band 4 with enhanced features. The new wearable will launch with different models targeting different global market segments. Huami is working on to improve the product portfolio to address the rapidly rising global demand for smartwatches.
The company has also broadened its portfolio of products. “We have also broadened our IoT life scenario capabilities, with Amazfit products now upgraded with full Amazon Alexa integration,” says Wang Huang.
Up Next: Huami’s launching a new Amazfit watch with full network eSIM support on July 11
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