According to Canalys, in the fourth quarter, the company ranked third globally, grabbing a market share of 12.1%.
On March 24, Xiaomi, one of China's largest smartphone manufacturers, released its annual report for 2020. The revenue hit CNY 245.87 billion, a year-on-year increase of 19.4%, with an annual adjusted net profit of CNY 13.01 billion, up 12.8%. CNY 122.4 billion, or 49.8% of its revenue, came from overseas.
The revenue for 4Q 2020 was CNY 70.5 billion, a year-on-year increase of 24.8%, with an adjusted net income jumping 36.7% to CNY 3.2 billion.
Revenue from the smartphone business increased by 24.6% to a staggering CNY 152.2 billion, a great leap compared with the growth rate of 7.3% in 2019. This regained momentum enabled the proportion of smartphone business in the total revenue to once again exceed 60%. In addition, the global MIUI monthly live users had met 396 million by December 2020.
Also, because of the launch of high-end smartphones, the smartphone company's ASP (average selling price) rose slightly, to CNY 1039.8, up 6.1% year on year, driving the rise of gross profit of intelligent devices from 7.2% in 2019 to 8.7%, and the gross profit rate of IoT products expanded from 11.2% to 12.8%.
Xiaomi's Internet service revenue touched CNY 23.8 billion in 2020, with a year-on-year growth of 19.7%, lower than the counterpart of the last fiscal year, whereas, in the fourth quarter of 2020, the Internet service revenue was CNY 6.2 billion, an increase of 8.4%.
Xiaomi's game business generated CNY 4.2 billion in revenues in 2020, up 31.4%, while it dropped in the fourth quarter by 1.4% to CNY 900 million. According to the firm, the drop was mainly due to the adjustment of commercial terms between the company and some game manufacturers.
Although the growth rate of IoT, compared with mobile phones, was relatively slow with an increase in revenue of 8.6% to CNY 67.4 billion, the number of IoT connections increased by a large margin. As for the whole year, the number of IoT devices connected to the Xiaomi AIoT platform was 325 million (excluding smartphones and laptops), a year-on-year leap of 38.0%. The number of users with five or more devices connected to the Xiaomi AIoT platform was 6.2 million, up 52.9% year-on-year.