Xiaomi 2023 financial report released: net profit surges, high-end strategy achieves remarkable results

News on March 20, Xiaomi released its 2023 fiscal year performance report yesterday, revealing the company’s operating performance in the past year. The report shows that Xiaomi’s total revenue last year reached 271 billion yuan. Although it dropped slightly by 3.2% year-on-year, its adjusted net profit showed strong growth, surged 126.3% year-on-year to 19.3 billion yuan. The profit level was even higher than when Xiaomi went public. The second highest record since.

In the report, Xiaomi particularly emphasized the remarkable results it has achieved in its high-end strategy. In terms of price, in 2023, the average selling price of Xiaomi's smartphones in mainland China achieved a year-on-year increase of more than 19%, setting a record high. In the mainland Chinese market, Xiaomi's high-end smartphone shipments account for more than 20% of overall smartphone shipments, and in the fourth quarter of 2023, this proportion will further increase to approximately 28%. .

According to data provided by a third party, Xiaomi’s market share of smartphones in the 4,000-6,000 yuan price range in mainland China reached 16.9% in 2023, an increase from the same period last year 9.2 percentage points. In the fierce market competition, Xiaomi mobile phones successfully topped the sales champion in the 4,000-6,000 yuan price range in mainland China in the fourth quarter of 2023, with a market share as high as 28.2%. This result reflects Xiaomi's strong performance in a highly competitive market and shows consumers' recognition and love for Xiaomi products. Xiaomi's mobile phone products in this price range have been widely recognized, adding strong impetus to its competitiveness in the market. With continuous innovation and improvement of product performance, Xiaomi's position in the Chinese smartphone market is expected to be further consolidated and expanded.

In a conference call after the release of the financial report, Xiaomi Group President Lu Weibing said that the company will unswervingly continue to promote the high-end strategy of its mobile phone business in 2024. Especially in the Chinese market, Xiaomi mobile phones have successfully broken through the price ranges of 4,000 yuan to 5,000 yuan and 5,000 yuan to 6,000 yuan. Looking forward to 2024, Xiaomi mobile phones will strive to achieve large-scale breakthroughs in the price range of 6,000 yuan to 10,000 yuan. Lu Weibing’s statement undoubtedly draws a clear roadmap for Xiaomi’s future high-end development.

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