At today’s annual meeting of Chinese business leaders, Wang Xiang, President of Xiaomi Group, delivered a keynote speech. Wang Xiang first introduced the recent development of Xiaomi. In 2019, total revenue exceeded 200 billion yuan ($31billion) for the first time. In the third quarter of this year, Xiaomi’s smartphone business returned to the top three in the world after a lapse of six years.
He mentioned that in the third quarter of this year, Xiaomi ranked third in the European market and also became the first in many markets. For example, it is the first in the Spanish market, surpassing Apple and Samsung, reaching a market share of more than 30%.
He said: “One flower alone is not spring, a hundred flowers bloom in spring. We hope to promote the development of the entire ecological chain through investment, and also promote the development of China’s smart manufacturing.” In addition to the investment, Xiaomi has also established its own smart factory in Yizhuang, with an annual production capacity of 1 million smartphones. Everyone may have questions, is Xiaomi going to enter the manufacturing industry? In fact, it is not. The logic of investing in intelligent manufacturing is to promote the development of China’s intelligent manufacturing. In addition, Wang Xiang said that Xiaomi hopes that the improvement and development of intelligent manufacturing will improve the efficiency of its own manufacturing.
Xiaomi And AIoT
Xiaomi’s future strategy is the “smartphone + AIoT” concept. In addition to smartphones, Xiaomi has more than 2,000 SKUs of AIoT products. At present, the number of smart device connections on the Xiaomi IoT platform has reached 289 million. And 5.6 million consumers have more than 5 Xiaomi devices. The monthly active users of smart speakers exceed 78 million. The monthly active users of Mijia App exceed 43 million. In fact, in addition to Xiaomi’s own business, Xiaomi also has two internal funds for investment.
The first is the strategic investment fund, which has invested in nearly 300 companies. Most of Xiaomi’s AIoT products lay an ecological foundation through investment, such as the newly listed company No. 9 Robot Company. The second is industrial investment. Xiaomi and Wuhan Yangtze River Industry Group have established a 12 billion fund. It mainly invests in the upstream technology and core components of Xiaomi-related manufacturing. Currently, it has invested in nearly 80 companies.