Q1’18: XiaoMi: Robust Growth Ahead of IPO

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Report Summary:

Xiaomi continued its strong momentum in Q1 2018. Its volume growth soared +125% annually, outperforming all major rivals.

It overtook OPPO and became the world 4th largest smartphone vendor by volume this quarter. Xiaomi’s growth is fueled by its relentless push in offline channels and its success in overseas expansion. The low-end Redmi series devices are well-received in emerging markets, while its first Android One model also shows encouraging results in more developed markets.

In May, Xiaomi filed for an IPO in Hong Kong. The potential IPO will bring more funding to Xiaomi, making it better positioned for future growth. But at the same time, it will bring new IPR, marketing, branding and channel challenges as it commits to overseas growth.

Table of Contents

Executive Summary

Exhibit 1: Xiaomi: Annual Growth Metrics (Shipments, ASP)

Exhibit 2: Xiaomi: Quarterly Financial Metrics (Margin, Revenue,)

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