Xiaomi Group released its financial report for the third quarter of 2020 this afternoon. In the third quarter of 2020, Xiaomi Group’s total revenue reached RMB 72.2 billion, an increase of 34.5% year-on-year; net profit reached RMB 4.1 billion, up 18.9% year-on-year.
In the third quarter of 2020, Xiaomi’s smartphone business achieved significant growth, with both revenue and shipments hitting record highs. During the quarter, smartphone revenue reached RMB 47.6 billion, a year-on-year increase of 47.5%; smartphone shipments reached 46.6 million units, a year-on-year increase of 45.3%. According to Canalys statistics, in the third quarter of 2020, Xiaomi ranked third globally in smartphone shipments, with a market share of 13.5%.
In the third quarter of 2020, the average selling price (ASP) of Xiaomi smartphones was 1,022.3 RMB per unit, up from 1,006.5 RMB in the same period in 2019. Xiaomi stated that the increase in ASP was mainly due to higher sales of high-end smartphones in the third quarter of 2020. The ASP in the mainland China market rose 14.7% year-on-year, while the ASP in overseas markets slightly declined by 1.5% due to the product launch schedule. Among them, the entry-level Redmi 9 series was popular.
Xiaomi’s overseas market revenue reached a record high in a single quarter, rising 52.1% year on year to RMB 39.8 billion. Revenue from Xiaomi’s AIoT and smart home products reached RMB 18.1 billion, up 16.1% year-on-year.
