Xiaomi is a Chinese tech company known for its wide range of consumer electronics and smart devices. With a focus on offering innovative and affordable products, Xiaomi has gained popularity for its smartphones, smart home devices, wearables, and other tech gadgets. The company’s products are characterized by their competitive pricing and quality, making technology accessible to a broader audience. Xiaomi’s commitment to providing value-for-money options has contributed to its success in various markets around the world.
Xiaomi’s 2023 Q3 Financial Report
Earlier today, the company released its Q3 2023 financial report. According to the report, their total revenue has surged to 70.9 billion yuan ($9.92 billion), and they’ve posted an adjusted net profit of 6 billion yuan ($840 million), marking a substantial year-on-year growth of 182.9%. Notably, Xiaomi has achieved a historic high gross margin of 22.7% and amassed an unprecedented cash reserve of 127.6 billion yuan ($17.8 billion).
A significant part of Xiaomi’s success can be attributed to their continuous investment in innovation, especially in research and development (R&D), which has seen a 22% year-on-year increase, totaling 5 billion yuan ($700 million). This investment drives Xiaomi’s “People, Car, Home” ecosystem strategy, with the centerpiece being the Xiaomi HyperOS. This new operating system, developed over seven years by a team of over 5,000 engineers, is designed to seamlessly connect billions of devices, underscoring Xiaomi’s commitment to building a comprehensive ecosystem.
Xiaomi’s smartphone division, particularly the Xiaomi 14 series, has also experienced remarkable growth, boasting a record gross margin of 16.6% and selling over a million units at launch. Additionally, Xiaomi has excelled in the IoT and consumer products segment, achieving historic highs in revenue at 20.7 billion yuan ($2.8 billion) and a gross margin of 17.8%. Their AIoT platform is now connected to a staggering 699 million IoT devices, and the monthly active users of the Mi Home app have increased by 16% to reach 84 million.
In the global smartphone market, Xiaomi has maintained a top-three position for 13 consecutive quarters. Their internet business has thrived as well, with internet services revenue hitting 78.125 billion yuan ($10.9) and a remarkable gross margin of 74.4%.
Beyond technology and innovation, Xiaomi is also committed to environmentally friendly practices, aiming for carbon neutrality by 2040 and utilizing 100% renewable energy sources. On the social front, Xiaomi has earned recognition as one of Forbes’ global best employers for three consecutive years and continues to make significant contributions to public welfare and education through initiatives like the Xiaomi Public Welfare Foundation and the Xiaomi Scholarship program.
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