Xiaomi's Q2 Earnings Report Shines, Lu Weibing: High-End Strategy Continues to Advance, Aiming for "Global Smartphone Sales Champion"

Xiaomi's Q2 Earnings Report Shines, Lu Weibing: High-End Strategy Continues to Advance, Aiming for "Global Smartphone Sales Champion"Xiaomi yesterday announced its Q2 financial report, with total revenue reaching 88.9 billion yuan, a 32

Xiaomi's Q2 Earnings Report Shines, Lu Weibing: High-End Strategy Continues to Advance, Aiming for "Global Smartphone Sales Champion"

Xiaomi yesterday announced its Q2 financial report, with total revenue reaching 88.9 billion yuan, a 32.0% year-on-year increase; net profit reached 5.1 billion yuan, compared to 3.7 billion yuan in the same period last year. Adjusted net profit reached 6.2 billion yuan, a 20.1% year-on-year increase. This financial report showcases Xiaomi's steady growth trajectory, and the company's President, Lu Weibing, provided detailed insights into Xiaomi's future direction and strategic planning during a media interview.

Lu Weibing acknowledged that the smartphone market is a mature one with intense competition. However, Xiaomi has not resorted to any "special tactics," instead focusing on implementing its existing strategy, including accelerating the development of the Pengpai OS 2.0 version and continuously optimizing supply chain management. He stressed that Xiaomi has been pursuing a high-end strategy for the past few years, achieving success in the Chinese market. This year, the company will further expand into overseas markets.

"I believe Xiaomi's market share will gradually increase in the future, and we remain highly confident in the long term," said Lu Weibing. "We have also publicly committed to achieving the long-term goal of 'global smartphone sales champion,' and this commitment will not change."

Regarding the upcoming iPhone 16, Lu Weibing believes that Xiaomi's trend of capturing an increasing number of iPhone users will not change due to the launch of any particular product. He is confident in Xiaomi's product competitiveness. He pointed out that after the launch of the Xiaomi MIX Flip folding phone, approximately 42% of its users were former iPhone users, demonstrating the significant improvement in user experience and market competitiveness of Xiaomi products.

"After these years, I believe that Xiaomi products are benchmark-level, and the experience has improved to the point where we are not just capturing iPhone users, but in fact, we are taking users from all brands," Lu Weibing emphasized. "We are competing for users from Huawei, Honor, OPPO, VIVO, and iPhone."

Lu Weibing also revealed that Xiaomi gained 15 million net new users in the Chinese market this year, demonstrating its strong competitiveness among users of various brands.

When asked about the postponement of Huawei's flagship Mate 70 phone launch, Lu Weibing stated that he was not aware of the specifics and could not comment. However, he believes that the current competitive landscape and trends will not fundamentally change.

Regarding the potential increase in memory costs in the third quarter, Lu Weibing said that while memory costs may nearly double compared to the same period last year, it is expected that the cost increase has already peaked.

Overall, Xiaomi's Q2 financial report reflects steady growth, and Lu Weibing is confident about future development. He affirmed that Xiaomi will continue to pursue its high-end strategy, ultimately aiming to become the "global smartphone sales champion."