Xiaomi Corporation (“Xiaomi” or the “Group”; Stock Code: 1810), an internet company with smartphones and smart hardware connected by an Internet of Things (“IoT”) platform at its core, today announced its audited consolidated results for the year ended December 31, 2018 (“FY2018”).
The Group recorded a strong revenue of approximately RMB174.9 billion, representing a year-on-year increase of 52.6%, among which international revenue grew 118.1% year-on-year to RMB 70.0 billion, accounting for 40% of its total revenue. Net profit for year 2018 was approximately RMB13.478 billion. Adjusted net profit (Non-IFRS Measure) grew by 59.5% year-on-year to RMB8.6 billion.
FY2018 Financial Highlights
Xiaomi Founder, Chairman and CEO Mr. Lei Jun, said: “In 2018, Xiaomi continued to shine – even in the face of fierce competition from domestic and international peers – thanks to our unique and powerful “triathlon” business model. During 2018, our large home appliances business emerged from a nascent vertical to a robust business unit, and we also entered the white goods market. Besides, 2018 also marked the start of our overseas IoT business expansion. The strategies to which Xiaomi adheres, such as adopting multi-brand strategy in our smartphone business, strengthening the performance of the high-end market, accelerating the development of new retail channels and focusing on AI development and application, all yielded remarkable results during FY2018. In 2019, we officially launched the “smartphone + AIoT” dual-engine strategy. With the upcoming 5G deployment, we believe there will be more opportunities available for AIoT in the future. We expect to invest over RMB10.0 billion in the development in AIoT in the next 5 years to capture this exciting opportunity. A strong growth across all business segments in 2018 reinforces our confidence in the business and we are positive that we are able to reach our full potential in 2019.”
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