In the first quarter of 2021, Xiaomi’s total revenue and adjusted net profit far-exceeded market expectation. Total revenue for the period totaled RMB76.9 billion, representing an increase of 54.7% year-over-year while adjusted net profit for the period came in at RMB6.1 billion, an increase of 163.8% year-over-year.
In the first quarter of 2021, revenues from Xiaomi’s smartphone sales grew by 69.8% to RMB51.5 billion year-over-year. Global smartphone shipments in the period reached 49.4 million units and the gross profit margin for the smartphone business was 12.9%.
Xiaomi’s online smartphone market share in mainland China jumped to 38.0% in the first quarter of 2021 from 18.5% in the first quarter of 2020. Meanwhile, it also expanded its offline retail presence in mainland China. As of April 30, 2021, the number of the retail stores surpassed 5,500, an increase of over 2,300 stores from December 31, 2020.
IoT and lifestyle products segment witnessed strong performance with revenue increasing 40.5% year-over-year to RMB18.2 billion.
As of March 31, 2021, the number of connected IoT devices (excluding smartphones and laptops) on its AIoT platform reached 351.1 million units.
The number of users with five or more devices connected to its AIoT platform (excluding smartphones and laptops) reached 6.8 million, representing a year-over-year increase of 48.9%. In March 2021, AI Assistant had 93.0 million MAU, and the MAU of Mi Home App reached 49.2 million, representing a year-over-year increase of 22.8%.
In March 2021, the MAU of Xiaomi’s mobile OS MIUI increased by 28.6% year-over-year to 425.3 million while the MAU of MIUI in mainland China rose to 118.6 million, representing a year-over-year increase of 6.4% and a net gain of 7.7 million users from December 2020.
MAU of smart TVs and Mi Box increased over 34.0% year-over-year in the quarter. Meanwhile, supported by the continuous growth of paid subscribers of TV internet services, the number of TV paid subscribers increased 8.2% year-over-year to 4.7 million as of March 31, 2021.
As of March 31, 2021, Xiaomi has also established cooperation with over 150 carrier channels (including carrier subsidiaries) worldwide.