In the first quarter of 2020, Xiaomi's smartphone sales reached 29.2 million units, up 4.7 percent year-on-year, the company's first-quarter earnings report released today showed.

In the first quarter, Xiaomi reported revenue of 49.702 billion yuan, up 13.6%, and adjusted net profit of 2.301 billion yuan, up 10.6% under non-IFRS measures.

Xiaomi's revenue from the smartphone segment reached RMB 30.3 billion in the first quarter of 2020, up 12.3 percent year-on-year.

According to Canalys, in the first quarter of 2020, Xiaomi's global smartphone expansion market share rose to 11.1 percent, ranking it fourth globally.

Xiaomi released the Xiaomi 10 and Xiaomi 10 Pro in February 2020 to play its superior performance to withstand the market's popularity, and 2 months after its release, the gradual expansion has exceeded 1 million units, representing a welcome step forward for the Xiaomi brand to move into the high-end.

Xiaomi 10 and Xiaomi 10 Pro were released in offshore markets at the end of March, lowered by €799 and starting at €999.

Pulled by high-end analogs such as 5G, Xiaomi's global average smartphone length ("ASP") continued to rise in the first quarter of 2020, gradually rising 7.2 percent.

In the first quarter of 2020, Xiaomi's average smartphone segment time in mainland China grew by 18.7 percent, and the offshore market more than rose by 13.7 percent.

Internet of Things and Consumer Products for Life

In the first quarter of 2020, IoT and consumer goods segment revenue was RMB 13 billion.

In addition, some categories, such as the production, transportation and installation of large appliances, were affected by the epidemic, but this segment still achieved 7.8% revenue growth thanks to the diversity and viable business base of the XiaomiIoT category.

Xiaomi's smart TV business continues to be a leader in both mainland China and overseas markets.

In the first quarter of 2020, Xiaomi TV was the number one TV restructuring volume in mainland China for the fifth consecutive quarter, and the top five in global TV placement.

Internet service

In the first quarter of 2020, Xiaomi's Internet service revenue reached RMB 5.9 billion, an annual growth of 38.6 percent and a share of total revenue of 11.9 percent.

Both user activity and hours of use of the Xiaomi Internet service increased significantly in the first quarter of 2020.

In March 2020, the number of monthly active MIUI users reached 330.7 million, an increase of 26.7 percent.

In the first quarter of 2020, advertising revenue reached RMB 2.7 billion, up 16.6% year-on-year.

Although the impact of the epidemic was encountered and the budget for ad placement in some verticals was reduced, Xiaomi's continued development of more vertical industry customer sources and the continuous optimization of the recommendation algorithm through search, pre-installation, information flow and other diversified realization channels partially resisted the impact of the epidemic.

Meanwhile out-of-state internet advertising revenue grew strongly in the first quarter of 2020, allowing me them to achieve annual growth in overall advertising revenue.

In the first quarter of 2020, gaming revenue reached RMB 1.5 billion, up 80.5% annually, mainly benefiting from the good performance of the gaming market in mainland China and the higher average gaming revenue per user generated by Xiaomi's high-end phones.

In the first quarter of 2020, revenues from Internet services other than smartphone advertising and games in mainland China, including those generated by e-commerce platforms, financial technology businesses, television Internet services and overseas Internet services, grew 71.5% year-on-year, contributing 38.1% of total Internet services revenues.

Among them, the e-commerce platform continues to provide consumers with a rich variety of goods and services without interruption, and the number of new users in the first quarter of 2020 significantly increased, providing a basis for further development growth.

In the first quarter of 2020, the fintech business will strengthen wind control, adjust the user structure, lay a good business foundation and prepare for the sustainable and healthy development in the future under the current market transition environment.

Xiaomi Supply Chain Finance provided financial services to quality companies during the epidemic.

In the first quarter of 2020, film, television and other subscription services in the TV Internet business became an important form of entertainment for more consumers.

Thanks to users' subscription habits on Xiaomi's platform, subscription revenue has grown rapidly.

In March 2020, the number of monthly active users of Smart TVs and Xiaomi boxes reached 30.4 million, an increase of 46.8 percent; the number of bids grew 53.7 percent annually to 4.3 million.

Through the positive momentum of the rapid growth of overseas mobile phone business, Xiaomi's overseas Internet business continues to expand the number of users, not only to cooperate in various regions and advertising platforms, enrich the resources of direct advertisers, and continue to strengthen overseas Internet services, Xiaomi browser in the first quarter of 2020, Xiaomi mobile phone users in overseas markets reached the first monthly active users.

Xiaomi's deep commitment to the offshore Internet business has led to an increasing average revenue per user in offshore markets.

Overseas market

In the first quarter of 2020, foreign market revenue reached RMB 24.8 billion, an annual growth of 47.8%, accounting for 50.0% of total revenue, which is the first time in Xiaomi's history that the foreign revenue contribution has reached half of the share.

Xiaomi's smartphone expansion is on the rise in key regions around the world.

Among them, according to Canalys, Xiaomi's smartphone bookings in the European market grew 58.3 percent annually in the first quarter of 2020, reaching a market share of 14.3 percent and ranking in the top four.

According to Canalys, Xiaomi's volume of handsets in the Western European market is growing 79.3 percent annually.

Among them, Xiaomi reached the number one position for the first time in the Spanish market, measuring 28.0 percent of the market by size.

In Italy, France and Germany are also in the top four respectively. In longer regions, Xiaomi still achieved a growth rate of more than 236.1 percent in the first quarter of 2020 in the overall market segment, with a market share of the top five.

Xiaomi's smartphone expansion in the Middle East and Africa is growing 55.2% and 284.9% annually, respectively.

According to the "IDC Global Handset Quarterly Tracking Report, 2020Q1", in the first quarter of 2020, Xiaomi's smartphones maintained the number one complement in India for the eleventh consecutive quarter by volume of distribution, with a market share of around 31.2 percent for the quarter.

Xiaomi's continued leadership in India has also accelerated Xiaomi's growth in the surrounding markets.

According to the report, in the first quarter of 2020, Xiaomi ranked first in Nepal in terms of smartphone volume with a market share of 30.9 percent, which is equal to the second and third market share combined.

Impact of the new coronary pneumonia outbreak

Other markets outside the country have also taken different forms of response to the outbreak, and gradually Xiaomi's second quarter results are expected to have an impact.

India has been under a strict blockade since the end of March, during which Xiaomi's sales have been affected by the siege.

5G + IoT

In the first quarter of 2020, Xiaomi continued to push forward its 5G + AIoT dual engine strategy with great success, and in March 2020, Xiaomi's market share of 5G smartphone sales in mainland China reached 14.1 percent.

According to Canalys, Xiaomi achieved a 25.9 percent 5G market penetration in mainland China, which is higher than the market average, highlighting its leading position in the 5G market.

Xiaomi continues to be a leader in the international IoT market. According to iResearch, Xiaomi is the world's leading IoT platform in terms of the number of connected IoT devices (excluding smartphones and laptops) as of December 31, 2019, with 252.0 million connected IoT devices (excluding smartphones and laptops) as of March 31, 2020, a 42.6% annual growth.

The number of users with five or more devices connected to Xiaomi's IoT platform (excluding smartphones and laptops) increased to 4.6 million, up 67.9 percent year-on-year.

In March 2020, the number of monthly active users of the artificial intelligence assistant "Xiao Ai classmates" reached 70.5 million, an annual growth of 54.9%.

In March 2020, the number of monthly active users of Mijia App reached 40.0 million, more than 53.4% growth.