In Q1 2020, Xiaomi's revenue was 49.7 billion yuan, up 13.6% year-on-year; adjusted net profit was 2.3 billion yuan, up 10.6%.
Meanwhile, Xiaomi's Hong Kong-traded stock has also surged 20% after entering May.
In terms of data, Xiaomi's overseas market and Internet business has made a lot of contributions: Xiaomi's overseas revenue of 24.8 billion yuan in Q1 2020, an increase of 47.8% year-on-year, the first time in Xiaomi's history that overseas revenue contribution reached half; Xiaomi's Internet service revenue of 5.9 billion yuan, an increase of 38.6% year-on-year, accounting for the overall revenue ratio continues to rise.
In the first quarter of 2020, Xiaomi's revenue from foreign markets reached 24.8 billion yuan, accounting for 50% of total revenue, which is the first time Xiaomi has achieved a 50% share of revenue from foreign markets.
Among them, Xiaomi's mobile phone revenue from overseas markets rose more significantly.
In the first quarter, Xiaomi's smartphone business had revenue of 30.3 billion yuan, up 12.3% year-on-year. Xiaomi, for its part, revealed that Xiaomi shipped 29.2 million phones in the first quarter, up 4.7 percent year-on-year.
Looking at this data, Xiaomi's smartphone business is doing well. However, it should be noted that a large part of Xiaomi's growth has come from the contribution of overseas markets.
According to data released by IDC, the Chinese smartphone market shipped about 66 million units in the first quarter of 2020. Xiaomi shipped 7 million, down 33.8% year-over-year. But IDC Global data shows that Xiaomi's market share exceeded 10% for the first time in the first quarter of 2020, up 6.1% year-on-year.
A comparison of IDC's China and global market conditions shows that Xiaomi's smartphone growth has largely come from growth in overseas markets.
Xiaomi's shipments in the European market in the first quarter rose 58.3 percent year-on-year and its market share surpassed 10 percent to 14.3 percent.
Western European market smartphone shipments increased 79.3% year-on-year, including the first time in the Spanish market share, the market share in terms of shipments reached 28%. In Italy, Germany, France are all in the top four.
Xiaomi has held the number one shipment position in the Indian market for eleven consecutive quarters with a market share of 31.2%.
Outside Western Europe and India, Xiaomi saw a 236.1 percent surge in Latin America, while smartphone shipments in the Middle East and Africa grew 55.2 percent and 284.9 percent, respectively, the company's president Wang Xiang said at the earnings communication.
As a result, Xiaomi's overseas market revenue reached RMB 24.8 billion in the first quarter of 2020, an increase of 47.8% year-on-year, with overseas market revenue accounting for 50.0% of total revenue. This is the first time in Xiaomi's history that the offshore revenue contribution has reached half of the share.
"Xiaomi is still at a high growth stage in many overseas countries and has very big room for upgrading, so overseas market revenues will expand in the future." Wang Xiang said.
Wang Xiang revealed that Xiaomi still has to do a good job in the Chinese market, promote dual brand strategy and seize the opportunity of 5G.
In early 2019 Xiaomi launched a dual-brand strategy of Xiaomi and Redmi, Redmi operates independently and took over the advantages of Xiaomi's extreme price/performance ratio, preservation, while the Xiaomi brand shrugged off the baggage and entered the high-end market. Earlier this year, Xiaomi launched its first 5G flagship, the Xiaomi 10 series, and used it to enter the high-end market.
From the market performance, Xiaomi 10 series scored well. more than 4,000 yuan machine, the shipments exceeded 1 million units in two months.
As a result, the global average selling price (ASP) of Xiaomi smartphones was boosted in the first quarter of 2020, rising 7.2% year-on-year to 1038 yuan.
But the Chinese market is fiercely competitive, Huawei overseas market is affected, will focus all of its energy on the domestic, for other domestic mobile phone brands will be a huge impact.
Therefore, from the first quarter of 2020 data, except for Huawei, all other domestic mobile phones showed a significant decrease.
