Xiaomi has just announced its financial results for the last year. The numbers reveal a strong year for the company, which marked a notable growth of 17.5 percent year on year over 2019, reaching 146.4 million shipments in total.

The Chinese tech giant shared its financial performance on Twitter earlier this week. In the images shared by the smartphone manufacturer, the company revealed that it managed to also sell over 10 million premium or high end handsets in 2020. Furthermore, the brand added that its MIUI now has more than 400 million monthly active users. Notably, about half of the company’s entire revenue is now from the overseas market.

Xiaomi’s premium smartphones are those devices that are sold over 3,000 Yuan (roughly 460 US Dollars) in its home country, China, or above 300 Euros (roughly 350 US Dollars) in the overseas market. So, this figure does not strictly refer to its flagship series of smartphones. Interestingly, the rise of its handset shipments in 2020 helped the company climb the list to become the third largest smartphone manufacturer in the world, while Huawei saw a sharp decline during the same time.

Additionally, Xiaomi was also able to bring in most of the demand for handsets and managed to increase its domestic shipments by a whopping 51.9 percent year on year. The company had an overall revenue of about 245 billion Yuan (roughly 37.4 billion US Dollars), out of which, 152 billion Yuan (roughly 23.2 billion US Dollars) was from smartphones alone with the remaining arriving from its other electronics portfolio.

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Xiaomi, the Chinese electronics company, has officially launched its Mi Credit app on 3rd December 2019. The app is currently available on Google’s Play Store app and provides a credit lending service with a spending limit of 1,00,000 INR (or roughly 9,800 CNY).

The Mi Credit app marks the expansion of the tech giant’s financial services portfolio within the Indian subcontinent. It is an online marketplace for lenders and has support from five non-banking financial companies (NBFC) and FinTech firms that includes Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney, and CreditVidya. Additionally, Xiaomi has also partnered with Experian to provide a credit score report free of cost on the Mi Credit app.

Currently, the Mi Credit App is available in 10 states and supports up to 1500 pin codes. Xiaomi plans on the rolling out of the service to all pin codes by the end of this financial year, March 2020. For those interested, the app is available in Google Play Store, Xiaomi App Store and GetApps platforms for Android smartphones. Furthermore, the app will now arrive preloaded on the company’s MIUI OS powered smartphones.

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Xiaomi’s Mi Credit app is the company’s first financial service app since the Mi Pay which debuted in March 2019. According to the company, the app-based financial platform enable the firm and its lending partners to provide users with a complete digital experience with no paper involved in the process. This also extends to the process of uploading user documents (for KYC) for linking to the bank account.

The Chinese company sees a huge opportunity in consumer lending services in India. According to Hong Feng (Senior Vice President/co-founder of Xiaomi), the financial lending services sector could grow up to 1 trillion USD by 2023 and its Mi Pay and Mi Credit App can revolutionize the Indian FinTech industry. Lastly, to add a sense of security, Xiaomi’s India Managing Director, Manu Kumar Jain, stated that all user data on Mi Credit app was stored securely in an encrypted format in India. This was achieved by Amazon’s Web Services cloud infrastructure.

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(Via)

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Xiaomi reported its financials for the second quarter of 2019 earlier today. The smartphone maker, listed last year, posted slower growth in the last quarter, with Huawei grabbing a significant chunk of market share in China in the past few months.

Xiaomi posted 15% revenue growth in Q2 2019 which is slower than what was estimated by analysts. The company’s revenue rose to 51.95 billion yuan ($7.36 billion) from 45.24 billion yuan during the same period last year. In comparison, Xiaomi’s revenue grew by a solid 27% in the first quarter of the year.

The company is facing tough times with the Chinese smartphone market being in a slump and Huawei growing pretty significantly in the domestic market. Ever since the ban was enforced by the US government on Huawei, Chinese customers have come in support of the telecommunications giant. IDC reports that Huawei and its Honor brand increased its market share in China in Q2 2019 to 37% from 27.4% last year. This increase came at the expense of other manufacturers like Xiaomi who saw a fall in its shipments.

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Xiaomi’s net income fell by a staggering 87% to 1.96 billion yuan. However, the company still managed to post a decent 3.64 billion yuan adjusted profit. The total shipments in the last quarter were 32 million.

Xiaomi’s CFO also revealed that the company has been making strategic investments to build a “Chinese supply chain” most likely in response to the US’ stance against Chinese companies. In this regard, the company has already invested in companies such as Verisilicon and Bestechnic who design chips for smartphones and audio devices respectively.

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(Via)

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Xiaomi is slowly inching closer towards an IPO this year and the necessary steps have already been set into motion. The company’s CDR (Chinese Depository Receipts) application revealed some important figures about the company’s financials earlier today. Let’s take a look at the key figures from this application.

Xiaomi is expected to be valued anywhere from $75 billion to $80 billion in its IPO in Hong Kong later this year. It will be the first Chinese enterprise to raise CDRs, which is usually reserved for companies in the high-tech industry. The application revealed that Xiaomi has shipped over 28 million smartphones in Q1 2018. During the same quarter, the company posted a net loss of 7.03 billion Yuan (~$1 billion).

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In 2015, 2016, and 2017, Xiaomi’s revenues were 66.8 billion Yuan, 68.4 billion Yuan, and 114.6 billion Yuan respectively. Last year’s growth in revenue has been significant and some of the credit goes to the company’s shift in strategy after a less than impressive 2016. However, despite the growth in revenue, the company still posted a net loss of 43.9 billion Yuan (~$6.85 billion) in 2017.

The CDRs are expected to be issued on July 16.

(Via)

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