Financial Performance - Xiaomi's revenue in 2019 reached RMB 205.8 billion, a year-on-year increase of 17.7%, with adjusted net profit of RMB 11.5 billion, up 34.8%[6] - Revenue in 2019 reached RMB 205.838 billion, a year-on-year increase of 17.7%[19] - Adjusted net profit under non-IFRS measures was RMB 11.532 billion, up 34.8% year-on-year[19] - Total revenue in 2019 reached RMB 205.8 billion, a year-on-year increase of 17.7%, with adjusted net profit of RMB 11.5 billion, up 34.8%[23] - Q4 2019 revenue was RMB 56.5 billion, up 27.1% year-on-year, with adjusted net profit of RMB 2.3 billion, up 26.5%[23] - Xiaomi's total revenue increased by 17.7% year-over-year to RMB 205.8 billion in 2019, up from RMB 174.9 billion in 2018[42] - Xiaomi's adjusted net profit for 2019 was RMB 11.5 billion, up from RMB 8.6 billion in 2018[41] - The company's gross profit rose to RMB 28.6 billion in 2019, compared to RMB 22.2 billion in 2018[41] - Gross profit increased by 28.7% from RMB 22.2 billion in 2018 to RMB 28.6 billion in 2019, with overall gross margin rising from 12.7% to 13.9%[54] - Net profit for the year was RMB 10.1 billion in 2019, compared to RMB 13.5 billion in 2018[65] - Q4 2019 revenue increased by 27.1% year-over-year to RMB 56.5 billion[67] - Revenue increased by 5.2% quarter-over-quarter to RMB 56.5 billion in Q4 2019[89] - Gross profit decreased by 4.8% to RMB 7.8 billion in Q4 2019, with overall gross margin declining from 15.3% to 13.9%[98] - Net profit for Q3 2019 and Q4 2019 was RMB 2.5 billion and RMB 2.4 billion, respectively[108] - Annual net profit for 2019 was RMB 10.103 billion with a net profit margin of 4.9%, while the non-IFRS adjusted net profit was RMB 11.532 billion with a net profit margin of 5.6%[111] - Annual net profit for 2018 was RMB 13.478 billion with a net profit margin of 7.7%, while the non-IFRS adjusted net profit was RMB 8.555 billion with a net profit margin of 4.9%[111] R&D and Innovation - Xiaomi's R&D investment in 2019 was RMB 7.5 billion, a year-on-year increase of 29.7%, with plans to invest RMB 10 billion in 2020[8] - Xiaomi plans to invest at least RMB 50 billion in the "5G+AI+IoT" strategy over the next five years to establish a leading position in the smart life sector[9] - Xiaomi's R&D expenses increased to RMB 7.5 billion in 2019, up from RMB 5.8 billion in 2018[41] - R&D expenses increased by 29.7% from RMB 5.8 billion in 2018 to RMB 7.5 billion in 2019, driven by higher R&D personnel costs and expanded R&D projects[57] - R&D expenses grew by 26.9% from RMB 1.8 billion in Q4 2018 to RMB 2.3 billion in Q4 2019, driven by increased investment in R&D projects and personnel[81] - R&D expenses increased by 10.8% to RMB 2.3 billion in Q4 2019, mainly due to higher employee compensation[101] - Xiaomi plans to invest RMB 50 billion in 5G+AIoT R&D over the next five years[37] Global Market Expansion - Xiaomi's overseas market revenue accounted for nearly half of total revenue in Q4 2019, marking its transformation into a global company[7] - International revenue grew by 30.4% year-on-year[22] - Overseas market revenue in 2019 was RMB 91.2 billion, accounting for 44.3% of total revenue, with a 30.4% year-on-year increase[24] - Overseas market revenue in 2019 was RMB 91.2 billion, a 30.4% YoY increase, with Q4 revenue at RMB 26.4 billion, up 40.7% YoY, accounting for 46.8% of total revenue[30] - Xiaomi's smartphone market share in India was 28.7% in Q4 2019, maintaining the top position for ten consecutive quarters[30] Product Performance - Xiaomi's smart TV achieved the first place in the Chinese market in 2019, with single-brand shipments exceeding 10 million units[6] - Smartphone revenue in 2019 was RMB 122.1 billion, up 7.3% year-on-year, with Q4 revenue of RMB 30.8 billion, up 22.8%[25] - Smartphone shipments in 2019 reached 124.6 million units, with Q4 shipments of 32.6 million units, up 30.5% year-on-year[25] - IoT and lifestyle products revenue in 2019 was RMB 62.1 billion, up 41.7% year-on-year, with Q4 revenue of RMB 19.5 billion, up 30.5%[27] - Global shipments of Xiaomi TVs in 2019 reached 12.8 million units, up 51.9% year-on-year, with over 10 million units shipped in mainland China[27] - Xiaomi ranked first globally in smart wearable device shipments in 2019, according to Canalys[27] - Smartphone revenue grew by 7.3% to RMB 122.1 billion in 2019, with 124.6 million units sold at an ASP of RMB 979.9 per unit[44] - IoT and lifestyle product revenue surged by 41.7% to RMB 62.1 billion in 2019, driven by strong demand for smart TVs, wearables, and other IoT devices[45] - Smartphone segment revenue increased by 22.8% from RMB 25.1 billion in Q4 2018 to RMB 30.8 billion in Q4 2019, with 32.6 million units sold in Q4 2019 compared to 25.0 million units in Q4 2018[69] - IoT and lifestyle products segment revenue grew by 30.5% from RMB 14.9 billion in Q4 2018 to RMB 19.5 billion in Q4 2019, driven by strong demand for smart TVs, home appliances, and other IoT products[70] - Smartphone revenue decreased by 4.6% to RMB 30.8 billion in Q4 2019, with 32.6 million units sold and an ASP of RMB 945.1 per unit[91] - IoT and lifestyle products revenue increased by 24.9% to RMB 19.5 billion in Q4 2019, driven by strong demand for smart TVs and laptops[92] Internet Services and AIoT - Xiaomi's AIoT business maintains a global leading position, recognized as the "Smart Life Leader"[7] - MIUI global monthly active users reached 309.6 million in 2019, with IoT platform connected devices exceeding 234 million[6] - MIUI monthly active users reached 309.6 million as of December 2019[22] - Connected IoT devices (excluding smartphones and laptops) reached 234.8 million as of December 31, 2019[22] - IoT revenue grew by 41.7% year-on-year[22] - Internet services revenue increased by 24.4% year-on-year[22] - MIUI monthly active users reached 309.6 million in December 2019, a 27.9% increase year-on-year[23] - Connected IoT devices (excluding smartphones and laptops) reached 234.8 million by December 31, 2019, up 55.6% year-on-year[24] - Internet service revenue reached RMB 19.8 billion in 2019, a year-on-year increase of 24.4%, with Q4 revenue at RMB 5.7 billion, up 41.1% YoY[28] - MIUI monthly active users reached 309.6 million in December 2019, a 27.9% YoY increase, with 109.0 million MAUs in mainland China[28] - Advertising revenue in Q4 2019 was RMB 3.0 billion, up 17.8% YoY, driven by optimized mobile internet products and increased user engagement[28] - Internet services revenue increased by 24.4% to RMB 19.8 billion in 2019, with MIUI monthly active users growing by 27.9% to 309.6 million[46] - Internet services segment revenue rose by 41.1% from RMB 4.0 billion in Q4 2018 to RMB 5.7 billion in Q4 2019, supported by growth across all major internet service businesses[72] - Internet services revenue grew by 7.3% to RMB 5.7 billion in Q4 2019, primarily due to growth in advertising and other value-added services[93] - Xiaomi's AI assistant "Xiao Ai" had 60.4 million monthly active users in December 2019, a 55.7% YoY increase[33] Cost and Profit Margins - Xiaomi's hardware comprehensive net profit margin after tax will never exceed 5%, as promised to users[11] - Hardware comprehensive net profit margin remained positive at less than 1.0% in 2019[12] - Smartphone segment sales cost rose by 6.2% from RMB 106.8 billion in 2018 to RMB 113.3 billion in 2019, driven by increased smartphone sales[50] - IoT and lifestyle products segment sales cost surged by 40.3% from RMB 39.3 billion in 2018 to RMB 55.1 billion in 2019, primarily due to higher sales of smart TVs and other IoT products[51] - Internet services segment sales cost grew by 23.1% from RMB 5.7 billion in 2018 to RMB 7.0 billion in 2019, mainly due to increased sales in advertising and other internet value-added services[52] - Sales and marketing expenses rose by 29.8% from RMB 8.0 billion in 2018 to RMB 10.4 billion in 2019, driven by increased advertising and packaging costs[55] - Administrative expenses decreased by 74.3% from RMB 12.1 billion in 2018 to RMB 3.1 billion in 2019, primarily due to one-time share-based compensation in 2018[56] - Smartphone segment gross margin improved from 6.1% in Q4 2018 to 7.8% in Q4 2019, driven by the popularity of new smartphone models and disciplined operations during the 4G to 5G transition[78] - IoT and lifestyle products segment gross margin decreased from 10.6% in Q4 2018 to 9.4% in Q4 2019 due to increased marketing efforts during online shopping festivals[78] - Internet services segment gross margin increased from 62.9% in Q4 2018 to 63.7% in Q4 2019, supported by higher margins in value-added services[78] - Sales and marketing expenses surged by 59.0% from RMB 2.3 billion in Q4 2018 to RMB 3.7 billion in Q4 2019, primarily due to increased advertising and promotional spending in overseas markets[79] - Sales and marketing expenses surged by 45.9% to RMB 3.7 billion in Q4 2019, driven by increased advertising and promotional activities[99] - Xiaomi's hardware business (including smartphones, IoT, and lifestyle products) achieved a net profit margin of less than 1.0%, fulfilling the company's commitment to keep it below 5.0%[36] Investments and Financial Activities - Xiaomi invested in over 290 companies by the end of 2019, with a total book value of approximately RMB 30 billion[34] - Fair value gains on investments rose significantly to RMB 1.8 billion in Q4 2019, compared to RMB 32.5 million in Q3 2019[102] - Share of losses from equity investments increased by 13.8% to RMB 273.8 million in Q4 2019[103] - Net finance income decreased by 89.5% to RMB 19.2 million in Q4 2019, primarily due to higher interest expenses[106] - Income tax expense decreased from RMB 775.4 million in Q3 2019 to RMB 280.1 million in Q4 2019, primarily due to the utilization of deferred tax assets from overseas business growth in Q3 2019[107] - Adjusted net profit for Q4 2019 included a net decrease of RMB 959.9 million in investment fair value changes, with a pre-tax net gain of RMB 858.5 million from investment disposals and a pre-tax fair value gain of RMB 1.818 billion from investments measured at fair value[109] - Reported net profit for Q4 2019 was RMB 2.436 billion with a net profit margin of 4.3%, while the non-IFRS adjusted net profit was RMB 2.344 billion with a net profit margin of 4.2%[110] - Reported net profit for Q3 2019 was RMB 2.519 billion with a net profit margin of 4.7%, while the non-IFRS adjusted net profit was RMB 3.472 billion with a net profit margin of 6.5%[110] - Reported net profit for Q4 2018 was RMB 3.392 billion with a net profit margin of 7.6%, while the non-IFRS adjusted net profit was RMB 1.853 billion with a net profit margin of 4.2%[111] - Cash and cash equivalents were RMB 25.92 billion as of December 31, 2019, down from RMB 35.54 billion as of September 30, 2019[115] - Net cash generated from operating activities was RMB 9.9 billion in Q4 2019, compared to RMB 2.99 billion in Q3 2019[115] - Net cash used in investing activities was RMB 19.8 billion in Q4 2019, primarily due to net changes in short-term bank deposits of RMB 17.2 billion[117] - Net cash generated from financing activities was RMB 544.27 million in Q4 2019, mainly due to net changes in borrowings of RMB 2.1 billion[118] - Total borrowings were RMB 17.6 billion as of December 31, 2019, up from RMB 15.5 billion as of September 30, 2019[119] - Capital expenditures totaled RMB 2.28 billion in Q4 2019, including RMB 1.21 billion for long-term investments[120] - Total cash resources amounted to RMB 66 billion as of December 31, 2019, including cash and cash equivalents, restricted cash, and short-term investments[114] - The company pledged restricted deposits of RMB 1.54 billion as collateral as of December 31, 2019[125] Share Repurchases and Equity - The company repurchased a total of 338,272,800 Class B shares in 2019, with a total cost of approximately HKD 3,114,211,782[132][133] - The company's available distributable reserves as of December 31, 2019, amounted to RMB 39,223.6 million[131] - The company's total repurchased shares were subsequently canceled, reducing the number of issued Class B shares by 338,272,800[134] - The company's share repurchases were conducted at prices ranging from HKD 8.73 to HKD 10.20 per share[133] - The company's share repurchases were executed in multiple tranches throughout 2019, with the largest repurchase occurring in June, totaling 97,927,800 shares[133] - The company's share repurchases were followed by the conversion of Class A shares to Class B shares, with significant conversions by key executives[134] - The company's share repurchase strategy reflects confidence in its business outlook and aims to create value for shareholders[132] - The company's share repurchases and subsequent conversions were conducted in compliance with the Hong Kong Stock Exchange listing rules[134] - The company's share repurchase program was part of its broader strategy to manage its capital structure and enhance shareholder value[132][133] Leadership and Governance - Lei Jun, aged 50, is the founder, chairman, and CEO of the company, responsible for strategy, corporate culture, and key products, and oversees the senior management team[175] - Lei Jun, founder and chairman, holds multiple leadership roles including Chairman of Kingsoft Software since July 2011 and Chairman of Cheetah Mobile Inc. from July 2011 to March 2018[176] - Lin Bin, co-founder and vice chairman, oversees the company's smartphone business and previously held engineering leadership roles at Google and Microsoft[176] - Zhou Shouzi, senior vice president and president of the international division, previously served as CFO from August 2015 to April 2020 and has extensive experience in global finance and investment[177] - Liu Qin, non-executive director, co-founded Morningside Venture Capital and has been a key early investor in the company[178] - Chen Dongcheng, independent non-executive director, brings extensive corporate governance experience from his role as Chairman and CEO of Taikang Insurance Group[178]

ml 小米集团 (於開曼群島註冊成立以不同投票權控制的有限公司) 2018年度報告 股份代號：1810 本 年 度 報 告（英 文 及 中 文 版）已 於 本 公 司 網 站www.mi.com及聯交所網站 www.hkexnews.hk登載。凡選擇閱覽在上述網站登載之公司通訊（包括但不 限於年報、財務報告摘要（如適用）、中期報告、中期報告摘要（如適用）、 會議通告、上市文件、通函及代表委任表格）以代替其任何或全部印刷本 之股東，均可要求索取年度報告之印刷本。 已選擇或被視為已同意以電子方式收取公司通訊或在收取或瀏覽本公司網 站登載之年度報告時遇到困難的股東，可於提出要求後免費獲發年度報告 印刷本。 股 東 可 隨 時 向 香 港 證 券 登 記 處（郵 寄 地 址 為 香 港 灣 仔 皇 后 大 道 東 183 號合和中心 17M樓）發 出 合 理 書 面 通 知， 或 透 過 電 郵 地 址 xiaomi.ecom@computershare.com.hk發出通知，要求更改所選擇收取本公 司日後所有公司通訊的方式（收取印刷本或透過本公司網站以電子方式收 取）及語言版本（僅收取英文版 ；或僅收取中文版 ；或 ...