Xiaomi to Focus on High-end Market and Global Expansion

On March 19, according to several domestic media reports, Lu Weibing, the President of Xiaomi, stated at the performance meeting that Xiaomi will firmly push forward the high-end segment in the smartphone business.

Especially in the Chinese market, Xiaomi has broken through the price ranges of 4000 to 5000 yuan and 5000 to 6000 yuan. By 2024, Xiaomi aims to go beyond the price range of 6000 to 10,000 yuan in the smartphone market and establish a presence in this price segment.

Lu Weibing also mentioned that he believes Xiaomi’s smartphones, particularly in Europe, will take another big step towards the high-end market.

According to the official 2023 financial report, Xiaomi Group’s total revenue was 271 billion yuan, with an adjusted net profit of 19.3 billion yuan, a year-on-year growth of 126.3%.

In terms of the smartphone business, Xiaomi’s market share in the 4,000-6,000 yuan price range segment in China in 2023 reached 16.9%, an increase of 9.2 percentage points year-on-year. In Q4, the sales volume of smartphones in this price range ranked first, with a market share increasing to 28.2%.

Lu Weibing emphasized that Xiaomi has achieved growth in the market share of smartphones in the Middle East, Latin America, and Africa. The expansion of high-end products overseas is accelerating, with the global simultaneous launch of Xiaomi 14 Ultra.