On April 9th, during Xiaomi’s 2023 Mi Fan Festival, Lei Jun announced that Xiaomi’s most important strategic focus over the past three years has been on the high-end smartphone strategy of Xiaomi. He also mentioned that Xiaomi has recently launched three new products with satisfaction rates of 99% and 98%, respectively, indicating that Xiaomi has the capability to produce satisfactory high-end flagship products.
Previously, Xiaomi’s 2022 financial report showed that its smartphone business revenue for the year was CNY 167.2 billion, a YoY decrease of 19.9%. However, Xiaomi’s global smartphone shipments totaled 150.5 million units, and the average selling price of smartphones for the year reached CNY 1,111, an all-time high. In Q4 2022, Xiaomi’s smartphone business revenue was CNY 36.7 billion, with global smartphone shipments totaling 32.7 million units.
The financial report also revealed that Xiaomi’s ASP for smartphones reached a new high of CNY 1,111, and its ASP in mainland China increased by over 14% YoY. Moreover, the proportion of high-end smartphones (priced above CNY 3,000) in Xiaomi’s total smartphone shipments increased by 6.8 percentage points YoY. Third-party data shows that in Q4 2022, Xiaomi’s smartphones ranked first in sales volume in the CNY 3,000-4,000 price range and second in the CNY 4,000-5,000 price range in the mainland China market.
According to Gizcoupon, Xiaomi proposed a Xiaomi’s high-end smartphone strategy in 2020. Since the release of the Xiaomi 12 series in 2022, Xiaomi has officially made high-end products a key part of its group strategy and has set its sights on competing with Apple. The progress of Xiaomi’s high-end product strategy, market performance, and comparison with Apple have become hot topics in the industry.
