This afternoon, Xiaomi Group released its third quarter 2020 financial report. In the Q3 of 2020, Xiaomi Group’s total revenue reached RMB 72.2 billion ($10.95 billion), a year-on-year increase of 34.5%; adjusted net profit reached RMB 4.1 billion ($0.62 billion), a year-on-year increase of 18.9%.
Xiaomi Group’s smartphone revenue in the third quarter reached RMB 47.6 billion ($7.22 billion), a year-on-year increase of 47.5%.
Xiaomi’s overseas market revenue hit a record high in a single quarter, up 52.1% year-on-year, reaching RMB 39.8 billion ($6.04 billion). The revenue of Xiaomi’s AIoT and consumer products segment reached RMB 18.1 billion ($2.75 billion), a year-on-year increase of 16.1%.
Xiaomi Shipped As Many As 46.6 Million Smartphones
Well, as Xiaomi confirmed in its financial report, in the third quarter of 2020, Xiaomi’s smartphone business has grown significantly, with revenue and shipments hitting record highs. In the quarter, smartphone shipments were 46.6 million units, a year-on-year increase of 45.3%. According to Canalys’ statistics, in the third quarter of 2020, Xiaomi’s global smartphone shipments ranked third in the world, with a market share of 13.5%.
That time, Lei Jun talked about Xiaomi’s evolution, saying that it has already entered the Fortune 500 list. In fact, Xiaomi has made a series of impressive achievements in an extremely fierce competitive environment. ‘I am sincerely proud of this. In the future, we will continue to adhere to the ‘three iron laws’ that Xiaomi never changes, namely: technology-oriented, cost-effectiveness-oriented, and making the coolest products.’
In the third quarter of 2020, the ASP (average selling price) of Xiaomi smartphones was RMB 1,022.3 ($155.07) per unit. As a reminder, it was RMB 1,006.5 ($152.67) per unit in the third quarter of 2019. Xiaomi stated that the increase in ASP was mainly due to the increase in sales of mid-to-high-end smartphones in the third quarter of 2020. The ASP in Mainland China increased by 14.7% year-on-year. And the ASP in the overseas market dropped slightly by 1.5% due to the pace of our product launches. Among them, the entry-level models of the Redmi 9 series were very popular.