The lack of chips affects the shipment of more than 10 million Xiaomi mobile phones

Xiaomi Group today released the third-quarter financial report as of September 30, 2021. According to the financial report, Xiaomi Group's third-quarter revenue was 78.06 billion yuan, a year-on-year increase of 8.2%, and the market was estimated to be 77.46 billion yuan. Under non-IFRS, adjusted net profit was 5.176 billion yuan, a year-on-year increase of 25.4%. Earnings per share for the third quarter were RMB 0.03, and the market expected RMB 0.22.

In the media conference call of Xiaomi’s 2021 third-quarter results release, talking about the current global "core shortage" problem, Xiaomi President Wang Xiang said that at present, the overall situation will improve next year. However, the first half of the year will still face greater challenges, and the supply in the second half of the year may be better than the first half of the year. "The core reason for our decrease in shipments is due to shortages."

Wang Xiang said frankly that the shortage of chips has affected the shipment of about 10 million to 20 million Xiaomi mobile phones. In addition, 4G products are in a state of extreme shortage in the second half of this year. Wang Xiang said that Xiaomi's impact is still "quite large."

Xiaomi Group stated that its smartphone business revenue in the third quarter reached 47.8 billion yuan, with a gross profit margin of 12.8%, a year-on-year increase of 4.4%; Xiaomi’s global smartphone shipments reached 43.9 million units, ranking third in the world, with market share 13.5%. Xiaomi Group expects that the annual mobile phone shipments in 2021 will be approximately 190 million.

It is reported that on March 30, 2021, Xiaomi officially announced the establishment of a wholly-owned subsidiary responsible for Xiaomi's smart electric vehicle business. At present, the smart electric vehicle business is progressing smoothly, with more than 500 team members. Its smart electric vehicles are expected to be officially mass-produced in the first half of 2024.

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