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08.04.2024 00:00
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MoonFox Analysis | Xiaomi Cars were Finally Released, and How About the Group's Confidence?
Filiale des chinesischen Elektronikherstellers Xiaomi
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PR Newswire
CHENGDU, China, April 8, 2024
About us: Aurora Mobile (NASDAQ: JG) established in 2011, is a leading customer engagement and marketing technology service provider in China. Its business includes notification services, marketing growth, development tools, and data products. As its sub-brand, MoonFox Data is a leading expert in data insights and analysis services across all scenarios, aiming to help companies gain market insights and empower precise decision-making.
CHENGDU, China , April 8, 2024 /PRNewswire/ -- On March 28, Xiaomi cars were officially launched on the market and announced with its selling price, which quickly ignited hot discussions. Within just half an hour of its listing, more than 50,000 sets were pre-ordered, indicating a worth-expecting market performance of Xiaomi cars. As a crucial action of Xiaomi Group to move into the high-end market, Xiaomi cars have initiatively invested substantial costs. In the continuously competitive automotive market environment in the future, what is the confidence of Xiaomi Group to continuously support the development of Xiaomi cars? MoonFox believes that the confidence of Xiaomi Group comes from three aspects: Firstly, the main business of Xiaomi Group has achieved stability, with obvious effect in quality improvement and efficiency enhancement in the group; Secondly, Xiaomi's high-end strategies have made gradual breakthroughs, gathering groups of high-potential users and responding to the questioning voice from the market; Thirdly, the life experience provided by intelligent ecology has become a necessary demand for many users, highlighting the unique advantages of Xiaomi cars. In the future, Xiaomi Group is being driven by a longtermism for development, and Xiaomi can pay attention to the high-end marketing publicity focusing on the foundation of young and high-potential user groups, to promote Xiaomi to continuously advance along the high-end way.
I. Confidence I: In 2023, the core business of the Group recovered as a whole, and its operational efficiency reached a record high.
| Main Financial Indicators of Xiaomi Group in 2019-2023 | |||||
| | 2019 | 2020 | 2021 | 2022 | 2023 |
| Total operating revenue (RMB million) | 205,838.68 | 245,865.63 | 328,309.15 | 280,044.02 | 270,970.10 |
| YoY | 17.7 % | 19.4 % | 33.5 % | -14.7 % | -3.2 % |
| Gross profit (RMB million) | 28,554.03 | 36,751.86 | 58,260.94 | 47,577.20 | 57,476.20 |
| YoY | 28.7 % | 28.7 % | 58.5 % | -18.3 % | 20.8 % |
| Operating profit (RMB million) | 11,760.22 | 24,034.73 | 26,028.66 | 2,816.50 | 20,008.70 |
| Profit before income tax (RMB million) | 21,633.43 | 21,633.43 | 24,417.03 | 3,934.96 | 22,011.00 |
| Annual profit (RMB million) | 10,102.95 | 20,312.71 | 19,283.24 | 2,502.57 | 17,474.20 |
| Measured based on the non-international financial | | | | | |
| Adjusted net profit (RMB million) | 11,532.30 | 13,006.36 | 22,039.47 | 8,518.01 | 19,272.80 |
| YoY | 34.8 % | 12.8 % | 69.5 % | -61.4 % | 126.3 % |
| Data source: Financial report of Xiaomi Group, sorted by Urora MoonFox Research Institute | |||||
Founded in 2010, Xiaomi rapidly rose to prominence in the market with its advantages of "affection to the people" and "cost performance". After sustainable development, Xiaomi Group had entered a mature stage by 2019, developing into a well-known brand in China, with its market performance continuously improved. From 2019 to 2021, Xiaomi Group experienced substantial overall growth, and achieved record high in revenues and net profits in 2021. However, subject to the macro-environment changes, the intensified competition in the mobile phone market and the continuous influence of COVID-19, its overall performance declined in 2022 accordingly, showing that combined with the cost performance and brand image, Xiaomi is difficult to achieve significant development in this traditional main business of mobile phones. Therefore, it is an inevitable option for development for Xiaomi Group to move towards high-end products, explore new automobile businesses, reduce costs and increase efficiency.
In 2023, Xiaomi adjusted its business, proposed the "scale and profit" strategy in management and significantly optimized the operation efficiency to improve the profitability. According to the 2023 financial report of Xiaomi, in 2023, Xiaomi Group achieved comprehensive revenue of RMB 271 billion, a gross profit of RMB 57.476 billion, and an adjusted net profit of RMB 19.3 billion with a year-on-year growth of 126.3%. Through the analysis of various main indicators, the reduction in sales costs made a significant contribution to the increase in operating profit. Compared to 2022, the sales costs decreased by RMB 18.973 billion year on year, with the sales cost of the smartphone business segment decreased by 11.3% year on year, driving Xiaomi Group's gross profit to reach RMB 57.5 billion in 2023. The overall gross profit margin reached 21.2%, reaching a record high. Xiaomi Group's strategy of improving quality and increasing efficiency has achieved its initial results.
Xiaomi cars are the second growth curve that Xiaomi Group expected to achieve, and Xiaomi Group has invested more than RMB 10 billion into its R&D. The stable income from the Group's main business serves is an important support for Xiaomi to enter the intensely competitive automobile industry.
| Sales Cost of Xiaomi Group in 2020-2023 (Unit: RMB million) | |
| Year | Sales cost |
| 2020 | 209,113.80 |
| 2021 | 270,048.20 |
| 2022 | 232,466.80 |
| 2023 | 213,493.90 |
| Data source: Annual financial reports of Xiaomi Group, sorted by Urora MoonFox Research Institute | |
| Comparison of Sales Costs of Various Segments of Xiaomi Group in 2022-2023 (Unit: RMB million) | |||
| | 2022 | 2023 | 2023 YoY |
| Smartphone | 152,248.4 | 134,480.7 | -11.67 % |
| IoT and living consumption products | 68,296.4 | 67,029.1 | -1.85 % |
| Internet services | 7,974.4 | 7,773.5 | -2.52 % Werbung Mehr Nachrichten zur Aurora Mobile Ltd ADR Aktie kostenlos abonnieren
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