This afternoon, Xiaomi Group released its financial report for the third quarter of 2020. In Q3 of 2020, Xiaomi Group’s total revenue reached RMB 72.2 billion, a year-on-year increase of 34.5%. Net profit reached RMB 4.1 billion, a year-on-year increase of 18.9%.
In the third quarter of 2020, Xiaomi’s smartphone business has grown significantly, with both revenue and shipments reaching a record high. In the quarter, the revenue of smartphones reached RMB 47.6 billion, a year-on-year increase of 47.5%; the 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%.
In the third quarter of 2020, the ASP (average selling price) of Xiaomi smartphones was RMB 1,022.3 per unit, compared to RMB 1,006.5 per unit in the third quarter of 2019. Xiaomi said that the increase in ASP was mainly due to the increase in sales of high-end smartphones in the third quarter of 2020. ASPs in Mainland China increased by 14.7% year-on-year, while ASPs in overseas markets dropped slightly by 1.5% due to the pace of product releases. Among them, the entry-level models of the Redmi 9 series were popular.
Xiaomi’s overseas market revenue hit a record high in a single quarter, with a year-on-year increase of 52.1%, reaching RMB 39.8 billion. The revenue of Xiaomi’s AIoT and consumer products segment reached RMB 18.1 billion, a year-on-year increase of 16.1%.