On an earnings call, Xiaomi CFO Lu Weibing forecast cost pressures would increase in 2026 on smartphones, tablets and notebooks.

He added higher costs are part of a longer cycle spurred by increased demand for high bandwidth memory, with the company planning to “mitigate the hike by increasing product prices and optimising product structures”.

Smartphone revenue slipped 3.2 per cent year-on-year to CNY46 billion ($6.5 billion), with shipments mostly flat at 43.3 million units.

Overall smartphone ASP dropped 3.6 per cent to CNY1,063, but the figure increased in the domestic market due a higher contribution from premium devices.

Net profit in the period surged 130 per cent to CNY12.3 billion, with total revenue increasing 22.3 per cent to CNY113.1 billion.

The company’s IoT and lifestyle products business increased 5.6 per cent to CNY27.6 billion; internet service revenue grew 10.8 per cent to CNY9.4 billion.

Its EV business achieved positive quarterly income from operations for the first time, with revenue tripling to CNY29 billion.

R&D spending in the quarter rose 52.1 per cent to CNY9.1 billion, with the full-year outlay forecast to hit CNY30 billion, a 20 per cent increase. Capex in the first three quarters increased 87 per cent to CNY13 billion.

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Wang, who joined the company in 2016, was let go for serious discipline infractions, Xiaomi announced in an internal email, the newspaper wrote.

Local financial platform Futubull reported he was dismissed for allegedly providing pricing strategies for the company’s electric vehicles and supply chain costs to three external agencies in exchange for consulting fees.

While Wang posted on Weibo “I made some mistakes and I accept the due consequences”, other local media reported him saying he did not steal company secrets and did not receive money, calling the accusation “outrageous”.

He was promoted to his latest position at the end of 2024 and also served as product director for the company’s smartphone sub-brand Redmi since 2020.

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Xiaomi president Lu Weibing highlighted in an earnings call its focus on the premium smartphone segment has driven continued gains, recording a fifth consecutive quarter of shipment growth and a 5.8 per cent increase in its global smartphone average selling price to a record high of CNY1,211 ($168).

Its share of high-end smartphone shipments in mainland China increased to 25 per cent from 21 per cent in the same period of 2024, he said.

Lu added its in-house developed processor Xring O1 is installed in its flagship Xiaomi 15S Pro and Xiaomi Tablet 7 Ultra tablet.

Smartphone revenue in Q1 rose 8.9 per cent to CNY50.6 billion, while global shipments were up 3 per cent to 41.8 million units, marking a seventh consecutive quarter of year-on-year growth.

Internet services improved 12.8 per cent to CNY9.1 billion, while IoT revenue rose 58.7 per cent to CNY32.3 billion. EV sales reached CNY18.1 billion.

Adjusted net profit grew per 64.5 per cent year-on-year to CNY10.7 billion; total revenue jumped 47.4 per cent to CNY111.3 billion.

R&D expenses in Q1 increased 30.1 per cent to CNY6.7 billion.

Last week, Xiaomi co-founder Lei Jun announced it is targeting CNY200 billion in total R&D investment over the next five years, with CNY50 billion earmarked for its chip unit over the next decade.

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Bloomberg reported Lei had made the revelation on Chinese social media platform Weibo, stating that “chips are a peak we need to climb and a hard battle we cannot escape if we want to become a hard tech company”.

The heightened push towards mobile chips comes as Lei confirmed it will unveil its first home-made processor, Xring O1, on 22 May, following speculation.

It first decided to embark on the Xring mobile chip project in 2021, and has since spent more than CNY13.5 billion on development, along with a planned CNY6 billion spend on research and development in 2025, said Lei. He also said the company now employs 2,500 people in its semiconductor team.

Reuters reported last week the new Xring 01 chip has been manufactured by TSMC using its 3-nanometre node, and has been developed by Xiaomi’s internal chip design unit and uses Arm’s architecture.

Interestingly, Bloomberg pointed out Xiaomi could even have the edge over Huawei in the mobile chip space, as the latter vendor is unable to secure semiconductors more advanced than 7-nanometres due to restrictions placed on its production partner SMIC.

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Despite Huawei’s shipments increasing 10 per cent to 12.9 million units and share rising by 1 percentage point to 18 per cent, it fell to second place.

Xiaomi regained first place after nearly a decade, IDC stated, with its shipments growing 39.9 per cent to 13.3 million units. Its market share increased by nearly 5 percentage points to 18.6 per cent.

Oppo and Vivo recorded 3.3 per cent and 2 per cent growth, respectively, and their shares were stable at 15.7 per cent and 14.4 per cent.

Apple’s sales fell 9 per cent to 9.8 million, as its premium pricing prevented it from capitalising on the subsidies, said Will Wong, senior research manager at IDC Asia Pacific. Its share dropped to 13.7 per cent from 15.6 per cent.

Overall market shipments in Q1 increased 3.3 per cent year-on-year to 71.6 million units, aided by government subsidies introduced in January, driving a sixth consecutive quarter of growth.

Rising US-China trade tension and tariff hikes, however, are expected to raise new challenges, such as higher costs and tighter consumer budgets, the research outfit noted.

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The analyst company’s preliminary numbers for the quarter showed a 3 per cent year-on-year increase, crediting subsidies in China and growth in emerging markets for driving demand. These factors offset a general decline across developed markets.

On releasing its update for Q4 2024, Counterpoint Research predicted a year-on-year increase of 4 per cent in volume sales for 2025. However it has now revised this expectation to a slight decline.

Discussing Q1, Counterpoint Research senior research analyst Ankit Malhotra said: “Sales in January were particularly strong, with a subsidy-led demand boost in China. The momentum continued with major launches like Samsung’s S25 and iPhone 16e, but it turned quickly as economic uncertainties and trade war risks started mounting, especially towards the end of the quarter”.

In terms of brand performance Apple was the highest seller for the first time for an opening quarter to a year, aided by its launch in the period and double-digit growth in Japan, India and some markets in MEA and southeast Asia.

Overtaking Samsung at the top of the Q1 list, Apple had a market share of 19 per cent on a 4 per cent increase in units. The former leader was second on 18 per cent (with volume down 5 per cent year-on-year).

Xiaomi was the third largest vendor with a 14 per cent share followed by Vivo and Oppo, which had an 8 per cent share each.   

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Company documents seen by Bloomberg show plans to sell 750 million shares, though the news organisation highlighted Xiaomi is looking to price these below the level at the latest close of trading in Hong Kong.

Bloomberg predicted a price range of between HKD52.80 ($6.79) and HKD54.60 per share. The news agency noted Xiaomi’s share value grew steadily from a low point in August 2024 due to success in China’s EV sector.

Xiaomi exhibited its SU7 Ultra during the recent MWC25 Barcelona having unveiled the original model at the same event in 2024.

EV sales were credited with motoring Xiaomi to a bumper 2024, with smartphones also continuing to play a key role in financial gains.

Bloomberg stated Xiaomi’s success in the EV market is due to applying its smartphone nous to the segment.

The news outlet noted the company increased EV targets for 2025, part of a broader hefty investment over a ten-year period which began in 2021.

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Total revenue increased 35 per cent year-on-year to CNY365.9 billion ($50.6 billion).

On an earnings call Lu said Xiaomi “stepped onto the fast track of growth with our mobile phone, automobile, IoT and other businesses advancing in parallel”, adding the performance of its smartphone unit significantly outperformed the market as a whole.

Net profit for Q4 2024 rose 90.4 per cent to CNY9 billion and revenue 48.8 per cent to CNY109 billion.

Smartphone sales increased 16 per cent to CNY51.3 billion, with global shipments rising 5.3 per cent to 42.7 million units. ASP rose 5.2 per cent to CNY1,138.

Lu noted Xiaomi remained in the top three of global smartphone shipments rankings for 18 consecutive quarters.

CFO Alain Lam noted its annual gross profit margin for smartphones remained relatively healthy at 12.6 per cent despite rising component prices.

IoT and lifestyle revenue grew 51.7 per cent to CNY30.9 billion.

The number of connected IoT devices (excluding smartphones, tablets and laptops) on its AIoT platform increased 22.3 per cent to 904.6 million.

Revenue from its smart EV initiative reached CNY16.3 billion.

It targets sales of 350,00 vehicles in 2025, up from 136,854 in 2024.

The adjusted net loss of the unit and other new businesses for the full year was CNY6.2 billion.

R&D spending in 2025 is forecast to rise to about CNY30 billion from CNY24.1 billion, with AI accounting for about a quarter.

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The flagship Xiaomi 15 line-up was released in China during October 2024, with the global launch a day ahead of the official start of MWC25.

In Europe, the standard handset is priced at around €1,000 while the 15 Ultra begins at almost €1,500. 

The Xiaomi 15 and Xiaomi 15 Ultra are both powered by the Qualcomm Snapdragon 8 Elite Mobile Platform, which includes its Orion CPUs said to improve performance by 45 per cent and power efficiency by over 40 per cent compared to predecessors.

Xiaomi’s HyperAI feature set, which is part of its Android-15 based HyperOS 2, also makes its debut outside China across the 15 lineup and Pad 7 tablet series.

TJ Walton, senior product market manager at Xiaomi, put HyperAI through its paces during the launch event, which included showing how it can improve productivity through text, speech, search and image.

HyperAI features also include AI sound recognition for transcribing and identifying speaker-specific audio in calls, recordings, or meeting apps, and AI subtitles for providing real-time translations.

Google’s Erik Kay, VP of engineering Android, highlighted the Gemini model features on the devices, including conducting a conversation with Gemini Live by pressing a button.

The Xiaomi 15 series come with a three-month trial of the Google One AI Premium plan, including Gemini Advanced and two terabytes of storage for photos and documents.

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Xiaomi aims to join Apple and Google in designing its own semiconductors for smartphones, and succeed where domestic rival Oppo failed, which closed down its chip design subsidiary Zeku in May 2023.

The biggest challenge for Xiaomi will be in finding a suitable contract manufacturer, as Taiwan Semiconductor Manufacturing Company faces rising pressure from US authorities to halt shipments of advanced chip to customers from mainland China.

Meanwhile, domestic leader Semiconductor Manufacturing International Corp is restricted from importing the most advanced chipmaking equipment, with Netherlands-based ASML unable to renew export licenses covering maintenance and spare parts for deep ultraviolet lithography equipment to clients in China.

Xiaomi has been pushing to develop its own semiconductors since 2019, when it acquired a 6 per cent stake in chip designer Shanghai-based VeriSilicon.

Its Q3 R&D expenses rose 20 per cent year-on-year to CNY6 billion ($826.8 million).

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The company stated the new Xiaomi 15 line-up is the first of its handsets to be powered by Qualcomm’s Snapdragon 8 Elite, a chipset which packs a “PC-level, dual core architecture”.

Xiaomi 15 series sports a quad-curve middle frame design with a glass material and the special edition of the handset includes a “rear glass panel” revealing a textured ripple effect.

It has a 6.36-inch display.

Through a strategic partnership with Leica, the smartphone deploys a trio of ultra high-speed lenses and camera technologies that allow for “superior image capabilities”. Xiaomi complements the use of sensors and lenses with AI-powered imaging.

Xiaomi 15 packs a 5400mAH battery, while the Pro variant boasts a 6100mAH battery.

The standard version of the series is available in white, black, green and purple, with prices starting from CNY4,499 ($630).

Pricing for the Pro variant starts at CNY4,699, while custom and limited editions are priced at CNY4,999 and CNY5,999 respectively.

Also in the roster is the Xiaomi Pad 7 series, which comes in a pro and standard version. Both the tablet and the Xiaomi 15 smartphone run on Xiaomi HyperOS 2. The tablet is available from CNY1,999.

Fastest sedan
The vendor also unveiled its latest EV flagship, the Xiaomi SU7 Ultra, pitching it as “the fastest four-door mass-produced car”.

Compared with the three previous generations, the EV offers upgrades in “smart driving, smart cockpit, safety and luxury experience”.

It claimed the title of fastest four-door saloon in a challenge to lap the Nurburgring Nordschleife, Xiaomi stated.

Xiaomi is taking orders for the SU7 Ultra, with an official rollout set for March 2025.

It is priced at CNY814,900.

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The company promoted the Redmi 14C as featuring an “ultra-slim” design with a sleek glass finish and camera set-up comprising a 50MP main camera and 13MP front unit.

It has a 6.88-inch display, which the vendor noted was the largest in the Redmi series. Xiaomi added the bigger screen was designed to improve viewing experience, claiming it provides clear and vibrant visuals for gaming, streaming and reading.

The screen also comes with dimming technology “for long reading sessions”, video calls and various other viewing modes.

Redmi 14C uses a MediaTek Helio G81-Ultra octa-core processor and has a 5160mAH battery, which it noted supported 22 hours of video playback.

It is available in black, purple, green and blue in various memory options with a price tag starting at $119.

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The operator stated 1024 QAM is capable of delivering data rates of 1.8Gb/s, which would offer a theoretical increase in capacity of 25 per cent in model circumstances.

Vodafone tested the technology’s potential to transmit video and data from the RAN to a 5G device. The trials in Germany and Spain employed the 3.5GHz band and used the Xiaomi 14 Ultra smartphone running a Qualcomm Snapdragon X75 5G Modem RF system.

In Germany, Vodafone booked a 20 per cent improvement in throughput on its commercial 5G network over a distance of up to 600m. At one of its Spanish research centres, the operator came close to the 1.8Gb/s data rate in the downlink.

Vodafone predicted 1024 QAM would become more widely available in 2025 and hinted it could be employed in small cells by explaining it “is suited to supporting multiple customers close to a mobile site in busy areas such as a shopping centre or high street”.

The trio recorded improved uplink data rates in trials conducted earlier this year, though Vodafone continued to emphasise only customers with the very latest smartphones would be able to reap the benefits in either case.

Vodafone CNO Alberto Ripepi said the tests mean subscribers will “benefit from a head start” once compatible handsets become available. The operator will also be in a position to “offer our technical expertise to partners and other providers through our new commercial model”.

Qualcomm Europe VP for technology Dino Flore said the trio are pushing the boundaries of what can be done with 5G, with Guoquan Zhang, GM of Xiaomi’s Software department pointing to the company’s role as an innovator.

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The Redmi 13 is the first handset in the series to feature a “super-clear” 108-megapixel main camera, Xiaomi claimed, promoting the handset’s 3X In-sensor Zoom technology which allows for detailed imaging.

Its camera system also enables “vibrant” and high-resolution photography at night time, and comes with a range of new camera filters.

The smartphone packs an “upgraded” 13-megapixel front camera with a “soft-light ring” to deliver natural and balanced lighting.

Moving on to its form factor, Redmi 13 is 8.3-millimetre thin with a glass back cover. It has a 6.79-inch display with an AdaptiveSync technology which automatically adjusts its refresh rate to up to 90Hz, based on usage scenarios.

The device is resistant to wet weather conditions and “accidental spills”, with an IP53 rating. It runs on MediaTek’s Helio G91-Ultra mobile platform and operates on Xiaomi HyperOS, the latter of which provides more home screen options and widgets.

Redmi 13 is powered by a 5030mAh battery, and is available in Gold, Pink, Black and Blue starting from $179.

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In a series of social media posts released around the launch event in China, the executive claimed its vehicle was a dream car able to do things like recreate the thrill of driving a sports car using sound simulation.

Xiaomi had been heavily promoting forthcoming availability of the vehicle, including at MWC Barcelona 2024 last month where it had a model on its stand alongside its mobile phones other consumer electronic products.

It is being marketed on customisable experiences and uses Xiaomi’s self-developed smart chassis, connected technology and driving modes.

“The essence of EVs lies in three key elements: car, electric, and intelligent,” Jun added, noting it was applying its 14-years of experience in smartphones, operating systems, AI and robotics in technology for its vehicle.

“Autonomous driving, smart cabin and smart ecosystem serve as the core pillars of our approach in the EV industry,” he said. “We envision a future where our ‘human x car x home’ ecosystem seamlessly connects all your smart devices, creating a truly ubiquitous smart living experience”.

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Net profit in Q4 surged 50.3 per cent year-on-year to CNY4.7 billion ($652.8 million), aided by a CNY1.3 billion investment gain and a jump in finance income of CNY600 million.

Total revenue increased 10.9 per cent to CNY73.2 billion. Smartphone sales grew 20.6 per cent to CNY44.2 billion, with shipments rising 23.9 per cent to 40.5 million units and the ASP dipping 2.6 per cent to CNY1,092.

The decline in ASP was attributed to strong growth in emerging markets such as Latin America and Africa, which have lower ASPs, partially offset by an increase in ASP in mainland China due to the launch of premium models in Q4.

In its earnings statement, the vendor highlighted inventory levels returned to normal, with raw material stocks falling nearly 24 per cent from a high in 2021 and finished goods down 5.6 per cent from a peak in 2022.

IoT and lifestyle products sales fell 5.1 per cent to CNY20.3 billion; internet services revenue rose 9.9 per cent to CNY7.9 billion, driven by gains in advertising. The number of connected IoT devices on its AIoT platform increased 25.5 per cent to 739.7 million at end-December.

R&D expenses in the quarter increased 16.2 per cent to CNY5.5 billion, primarily due to an increase in costs related to its smart EV business and other new initiatives.

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The line-up includes the flagship Xiaomi 14 Ultra and standard Xiaomi 14, with the company asserting the former used a professional-level quad-level camera and “seamless exposure adjustments”.

A separate photography kit will be provided alongside the Ultra device.

Outside of the camera system, the flagship has a 6.73-inch AMOLED display while the standard handset has a 6.36-inch screen. The higher end model has a 5,000mAh battery compared to 4,610mAh on the standard version.

Both devices use Qualcomm’s Snapdragon 8 Gen 3 mobile chipset and run on its AI-focused HyperOS, software Xiaomi President William Lu said was “designed to connect smart devices and home products in one complete ecosystem”.

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The Chinese device maker stated the pair would invest significant resources and employ a joint team of more than 200 experts to design ultra-precision optical lenses in a compact form factor; deliver ideal performance in computational photography; set high optical standards for lenses; and research and employ cutting-edge optoelectronic technology.

Xiaomi said the institute aims to “unite an array of integrated interdisciplinary sciences”, including digital imaging and AI technologies.

Leica Camera CEO Matthias Harsch stated the institute will combined top-tier teams from both sides of the field of optics. “Together, we are dedicated to spearheading a new era in mobile imaging optics, pushing the boundaries of mobile imaging and forging an advanced mobile imaging optical system tailored to our contemporary era.” 

Leading optical designer Peter Karbe, an optical designer behind some of Leica’s top series, will provide related expertise and Zeng Xuezong, president of Xiaomi’s phone unit, was appointed director.

Yi Yan, head of Xiaomi’s software technical team, and Wang Xuanran, GM of Xiaomi’s camera department, were appointed deputy directors.

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In an interview, Wang said Xiaomi performed well in recent years in price conscious markets including Spain, where he claims it now operates as the leading smartphone vendor after benefitting from rival Huawei’s decline.

To establish a deeper presence in Europe, Wang (pictured, left) said the company is now targeting the UK and Germany, however it faces an ongoing challenge of building relationships with consumers in the former.

“The UK is a complex market for many tech brands.”

“Much like the US, consumers remain dedicated [to] the brands and will pay more for a premium experience. We are still on a journey in the UK market when it comes to introducing them to our products and our values.”

HyperOS
To push consumers to its ecosystem, Xiaomi is banking heavily on HyperOS, a platform debuted on its 14 Series line.

The OS has been in the works since 2017 and is designed to unite all of Xiaomi’s devices and applications.

Wang explained consumers now want more out of their devices as the pool of products and services they wish to control grows.

HyperOS integrates more than 200 product categories, connects 820 million devices and “covers more than 95 per cent of user scenarios”, the executive claimed.

Citing a forecast from data company Statista the global smart home segment will be worth around $262.6 billion in 2025, Wang said he believes consumers are now looking to their smartphones to become remote command centres.

Smartphone companies must evolve alongside this behaviour to cater to consumer demand to sustain growth, he added.

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It asserted the quintet comprising the Redmi Note 13 series closed the gap between devices at the mid-range and flagship level, pointing to high levels of durability and a solid camera system.

The range comprises the Redmi Note 13, Redmi Note 13 5G, Redmi Note 13 Pro, Redmi Note 13 Pro 5G and Redmi Note 13 Pro+ 5G.

Xiaomi noted the series had been upgraded over its previous generation , including improved display responsiveness across the range, and tougher glass on the Pro and Pro+ versions.

The most expensive model also comes with a higher level of dust and scratch resistance.   

Xiaomi claimed the “upgrades and enhancements across the board” would “let smartphone users around the world revel in flagship features at affordable prices.”

Specs
Its most basic handset, the 4G Redmi Note 13, has a triple camera system with the main unit 108MP, 6.67-inch display and 5000mAh battery. It runs on a Qualcomm Snapdragon 685 chipset and costs around $180.

The most expensive Redmi Note 13 Pro+ 5G sports a triple camera system with a 200MP main lens, higher-grade 6.67-inch display and 5000mAh battery. It uses a MediaTek Dimensity 7200 Ultra processor and costs $400.

Xiaomi also launched a new iteration of its Redmi Watch 4 smartwatch priced at a little more than $100, Redmi Buds 5 Pro at $78 and the Redmi Buds 5 earbuds for $46.

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Chair and CEO Lei Jun stated while the overall external environment showed few signs of improvement, Xiaomi registered year-on-year growth in quarterly revenue for the first time in six quarters.

Lei said it invested CNY1.7 billion ($239.7 million) in its smart electric vehicle business and other new initiatives during the period.

Xiaomi booked a net profit of CNY4.9 billion compared with a CNY1.5 billion loss in Q3 2022. Total revenue was flat at CNY70.9 billion.

Despite a 4 per cent increase in smartphone shipments to 40.2 million units, revenue declined 2 per cent to CNY41.6 billion due to a 5.8 per cent decline in ASP to CNY997.

Total inventory dropped 30.5 per cent to CNY36.8 billion, to the lowest level in 11 quarters.

Revenue from IoT and lifestyle products increased 8.5 per cent to CNY20.7 billion, and internet services sales 9.7 per cent to RMB7.8 billion, fuelled mainly by gains in advertising.

R&D expenses increased 22 per cent to CNY5 billion, with research staff accounting for more than 53 per cent of the total workforce.

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The flagship portfolio features the Xiaomi 14 and Xiaomi 14 Pro, both powered by Qualcomm’s Snapdragon 8 Gen 3 platform launched earlier this week.  

Qualcomm previously claimed the platform is loaded with a range of AI capabilities and named Xiaomi among the vendors keen to use the chipset. 

In terms of form factor, Xiaomi 14 Pro comes with a ceramic glass design that has a ten times stronger drop resistance compared to its other models. Its curved edge 6.7-inch display supports a 522pi pixel density and Dolby Vision HDR format, with a peak brightness of 3000 nits. 

The vendor stated the display has a 120Hz refresh rate and boasts a certified “triple eye protection” technology. 

Xiaomi also touted the device’s Leica-branded 50MP main and ultrawide cameras, claiming it has an aperture capability similar to a professional camera which “automatically adapts to changes in ambient light” and gives more control in various shooting scenarios. 

It is powered by a pair of chipsets designed to support longer battery life and fast charging modes, with a battery capacity of 4880mAh. Xiaomi 14 Pro is available for pre-order with a price that starts at CNY4,999 ($683).

The original 14 variant shares many of the Pro features apart from its photographic capabilities and form factor, boasting a more compact design with a 6.36-inch display. It also packs a 4610mAh battery.

Xiaomi 14 starts at CNY3,999.

Both variants come with a “LiquidCool” technology, a solution which keeps the devices cool even under intensive operations. 

The 14 series runs on Xiaomi’s new HyperOS ecosystem, designed to connect all devices from the brand including in-home and car technologies, and the company claimed the software is based on “AI foundation models” enabling “interactive experience”. 

Further, the vendor also introduced the Xiaomi Watch S3 and a roster of smart home appliances. 

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The research company noted regional recoveries and fresh product upgrade demand offset poor macroeconomic conditions from earlier in the year, but Canalys analyst Toby Zhu cautioned phone vendors should remain cautious about the rebound.

He noted Canalys’ forecasts suggested decelerating medium-to-long-term smartphone market growth and stated the current short-term order surge, combined with reduced supply capacity, could lead to component shortages that would challenge planning and production going forward.

“Meticulous monitoring of stock turnover and end demand is critical to avoid turbulence from high inventory,” Zhu stated.

Samsung held onto the top spot in Q3 with a 20 per cent market share despite a slight dip year-over-year. Apple was in second-place with a 17 per cent market share followed by Xiaomi with 14 per cent.

Rounding out the top-five, Oppo, including OnePlus, was fourth with a 9 per cent market share, primarily due to its strong presence in the Asia Pacific region, while Transsion was fifth with a 9 per cent share. Outside the top five, Canalys stated Huawei recorded a large comeback in its home market driven by its new Mate series. Canalys analyst Amber Liu stated new Huawei and Apple devices outshone other vendors’ flagship series.

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In a joint statement, Xiaomi’s GM of corporate business development and IP strategy Ran Xu noted the agreement shows mutual respect and acknowledgment of their IP.

Huawei’s head of intellectual property department Alan Fan stated the deal showed industry recognition for its “contributions to communications standards”, adding it “will help us enhance our investment in researching future mobile communications technologies”.

The companies noted they started actively negotiating a licensing deal after Huawei filed an infringement suit in China covering four patents.

They stated they used a variety of mediation mechanisms to assist in reaching an agreement.

Huawei forged a long-term licensing deal with Ericsson last month and previously agreed arrangements with Oppo, its largest Chinese licensee by the number of patents held and total devices sold.

The Chinese equipment vendor claims to have spent CNY845 billion ($116 billion) on R&D over the past decade and to have topped the rankings for submissions to the European Patent Office in 2022, with 4,505 applications.

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Smartphone revenue fell 13.4 per cent to CNY36.6 billion ($5 billion), with shipments down 15.8 per cent to 32.9 million units.

The company stated the revenue decline was partially offset by a 2.8 per cent rise in smartphone ASP to CNY1,112, driven by a 24 per cent rise in mainland China.

Gross profit at the smartphone business rose 33 per cent to CNY4.9 billion, aided by lower component costs and a rise in the proportion of premium shipments in China from 16.9 per cent to 20.1 per cent.

Its gross profit margin increased 4.7 percentage points to 13.3 per cent.

Xiaomi stated it “continued to execute its key corporate strategy and has steadily advanced” a premium smartphone strategy.

The company noted total inventory dropped 33.5 per cent to CNY38.5 billion, its lowest level in the past ten quarters.

IoT and lifestyle product revenue rose 12.3 per cent to CNY22.3 billion and gross profit 38.2 per cent to CNY3.9 billion.

Advertising revenue increased 13 per cent to CNY5.1 billion, making up the majority of its internet services business.

Net profit was CNY3.7 billion, up from CNY1.4 billion in Q2 2022.

Revenue fell 4 per cent to CNY67.4 billion.

R&D expenses rose 21 per cent to CNY4.6 billion.

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Initially available only in China, the manufacturer pitched Mix Fold 3’s form factor as more durable than its predecessor, claiming it is capable of up to 500,000 folds while sporting a lightweight design.

Mix Fold 3 comes with a 6.56-inch outer display and an 8.02-inch inner screen, offering what Xiaomi touted as an optimised power efficiency control which allows for a 54 per cent increase in battery life.

It added the handset is also powered by a battery management chipset supporting 67W wired turbocharging and 50W wireless turbocharging, which Xiaomi claimed is a rare battery set-up in lightweight foldables.

Mix Fold 3 boasts a quartet of cameras developed by its partner Leica. The device offers a series of new photographic features including the ability to capture and view the image simultaneously.

Mix Fold 3 is powered by Qualcomm’s latest flagship Snapdragon 8 Gen 2 chipset, and will be available in China from 16 August at a price point starting at CNY8,999 ($1,235).

Xiaomi also unpacked a roster of new devices: its second-generation mobile robot CyberDog; the Xiaomi Pad 6 Max tablet and a lower-range smartphone for its Redmi brand, the K60 Ultra.

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The company’s president of India Muralikrishnan B told Bloomberg it will launch fewer smartphones, focus on customer experience and target sales through retail stores, in line with approaches it took in the past to grow its business in the country.

Xiaomi India’s CMO Anuj Sharma confirmed the plan in a series of online posts previously referred to as tweets, explaining the vendor is “correcting some of the mistakes we’ve made” and had already made the portfolio leaner ahead of a “pending revolution on 5G”.

Strategy Analytics figures placed Xiaomi as India’s market leader in terms of shipments in Q1 2022, around the time it was hit with a probe by the country’s Enforcement Directorate (ED) which alleged it’s local business illegally remitted INR55.5 billion ($716.4 million) to a trio of overseas entities.

Last week, The Economic Times (ET) also reported the country is also pursuing the company for several billion rupees in missed customs duty and goods and services tax payments.

Xiaomi’s regulatory woes, increasing competition and a growing product line which Muralikrishnan stated confused customers, resulted in it slipping to fourth place in Q1 shipment figures compiled by IDC, behind Samsung, Oppo and Vivo.

Muralikrishnan told Bloomberg Xiaomi India is now looking towards a gradual recovery while deepening ties with local partners.

Sharma noted a new 5G device is scheduled to launch in August priced at between $200 and $250.

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Redmi 12 runs a MediaTek Helio G88 processor and features a 6.79-inch FHD+ DotDisplay screen with 90Hz Adaptive Sync.

The device is 8.17mm thick and features a premium glass back. It offers a triple-lens camera system comprising a 50MP main lens, 8MP ultra-wide and a 2MP macro.

Xiaomi stated the 5000mAh battery offers up to 26 hours of online reading or 16 hours of watching videos. The phone features a Type-C quick-charging port and a 3.5mm headphone jack.

The smartphone includes a 1TB storage expansion slot and a side-mounted fingerprint sensor. It can also control devices at home using infrared.

Redmi 12 comes in midnight black, sky blue and polar silver with 4GB of memory and 128GB storage; 8GB/128GB; or 8GB/256GB.

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Optiemus Electronics is the first in India to make the vendor’s audio products, Xiaomi India president Muralikrishnan B told the news agency, adding the move is further proof of its commitment to manufacturing in the nation.

Nitesh Gupta, director of Optiemus Electronics, added the partnership highlights growth in the number of local companies capable of catering to domestic and international demand.

Taiwan-based Wistron, a major Apple supplier, is a strategic partner of Optiemus Electronics.

A Hon Hai Precision (Foxconn) subsidiary in March was tipped to start work on a $200 million factory in India, after winning an order from Apple to produce AirPods.

Over the past year, Apple stepped up production in India, with more than $7 billion worth of iPhones assembled in the country during Apple’s last fiscal year, a threefold year-on-year increase, Bloomberg reported.

In late 2020, the Indian government awarded INR450 billion ($5.5 billion) in incentives to domestic and international electronics companies to boost smartphone production over the next five years.

IDC data showed Xiaomi dropped from being the leading smartphone vendor in India in Q1 2022 to fourth place in the opening quarter of 2023, with shipments falling 35 per cent to 5 million units.

A year ago, the vendor was hit by allegations by authorities of money laundering and breaches of foreign exchange laws.

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Los ingresos por smartphones han caído en un 23,6% interanual y se han quedado en 35.000 millones de yuanes (unos 4.614 millones de euros), mientras que las ventas han descendido en un 21,1%, hasta situarse en 30,4 millones de unidades.

El precio medio de venta ha descendido en un 3,1% hasta los 1.152 yuanes (unos 152 euros), debido a los esfuerzos por liquidar inventarios en los mercados extranjeros, lo que se ha visto parcialmente compensado por una subida del 18% en los modelos de gama alta en el mercado chino.

El margen de beneficio bruto proveniente de los smartphones ha crecido en 3,1 puntos porcentuales, hasta el 11,2%, y el inventario total ha caído en un 24,1%, hasta los 42.600 millones de yuanes (unos 5.616 millones de euros), la cifra más baja de los últimos nueve trimestres.

Los beneficios netos han sido de 4.200 millones de yuanes (unos 554 millones de euros), frente a pérdidas de 530,7 millones de yuanes (unos 70 millones de euros) durante el primer trimestre de 2022, gracias a una ganancia no recurrente, derivada de inversiones y recortes de costes.

La firma ha registrado un cargo de 1.100 millones de yuanes (unos 145 millones de euros), relacionado con su negocio de vehículos eléctricos inteligentes.

Los ingresos han caído en un 18,9% y se han quedado en 59.500 millones de yuanes (unos 7.844 millones de euros).

Por otra parte, los ingresos por productos de Internet de las Cosas y tendencias han caído en un 13,6%, hasta 19.500 millones de yuanes (unos 2.571 millones de euros).

Los ingresos por servicios de Internet han caído en un 1,2%, hasta situarse en 7.000 millones de yuanes (unos 923 millones de euros), debido sobre todo a descensos en sus negocios de tecnología financiera y publicidad.

Los gastos en I+D han aumentado en un 17,7%, hasta los 4.100 millones de yuanes (unos 540 millones de euros), y se prevé que el total del año alcance los 20.000 millones de yuanes (unos 2.637 millones de euros).

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