Xiaomi MIXFlip's Strong Sales Boost Xiaomi's Premium Strategy
Xiaomi MIXFlip's Strong Sales Boost Xiaomi's Premium StrategyIT Home reported on August 23rd that Xiaomi's second-quarter financial report for 2024 showed total revenue of 88.9 billion yuan, a 32
Xiaomi MIXFlip's Strong Sales Boost Xiaomi's Premium Strategy
IT Home reported on August 23rd that Xiaomi's second-quarter financial report for 2024 showed total revenue of 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 was 6.2 billion yuan, a 20.1% increase year-on-year. Following the report release, Xiaomi Group's partner, president, and head of international business, Lu Weibing, discussed the sales performance of Xiaomi's MIXFlip foldable phone, stating that it was "completely sold out" after its launch, with ongoing long delivery periods.
Lu Weibing mentioned that 32% of Xiaomi MIXFlip users were switching from iPhones, and 55% were female users. This trend is directly related to Xiaomi's consistent investment in mobile phone technology and its deepening user insights. These factors provide strong support for Xiaomi's premium strategy.
Beyond the strong sales of its foldable phone, Xiaomi's overall premium phone shipments have also increased significantly. Lu Weibing highlighted that in the second quarter, Xiaomi's premium phones accounted for 22.1% of shipments in mainland China, a two percentage point increase year-on-year. Xiaomi has also achieved year-on-year growth in market share in multiple price ranges, including 3,000-4,000 yuan, 4,000-5,000 yuan, and 5,000-6,000 yuan. Additionally, Xiaomi's overseas market growth has been remarkable, almost doubling.
Xiaomi's first foldable phone, the MIXFlip, was launched on July 19th, with a starting price of 5,999 yuan. Notably, the Xiaomi MIXFlip Instant Photo Set, released alongside the phone, achieved significant popularity and was frequently sold out. Priced at 499 yuan, it connects with the MIXFlip to provide a Polaroid-like experience.
The strong sales of the Xiaomi MIXFlip and the rising share of premium phone shipments demonstrate the effectiveness of Xiaomi's premium strategy. Through continuous investment in technology and user insights, Xiaomi has consistently improved product competitiveness, attracting more users, especially those in the premium segment. As Xiaomi continues to cultivate the premium market, its brand value and profitability are expected to further increase.
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