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President Lu Weibing: Xiaomi Eyes to Boost Mainland Smartphone Mkt Shrs by 1 ppt Annually
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XIAOMI-W (01810.HK) President Lu Weibing stated during an earnings conference call that the competitive landscape of the mainland China smartphone market is steady at the moment, with major players holding closely matched market shares, Chinese news broke. However, he predicted that differentiation will emerge over the next 3-5 years, with leading brands growing stronger. Xiaomi aims to expand its market share by 1 ppt annually. Under the synergistic "Human x Car x Home" ecosystem strategy, the President noted that the automotive segment has impressively extend Xiaomi’s brand reach. The Xiaomi 15 Ultra, for instance, saw total sales surge 80% YoY as of March 17. He added that the IoT business’s advantages will continue to boom. Xiaomi plans to focus efforts in multiple areas, including increasing the proportion of self-developed leading product categories, achieving breakthroughs in core flagship products, and ensuring absolute competitiveness in home appliances under a self-researched and self-produced model. Lu also revealed plans to leverage smartphone channels to drive IoT product exports and boost profit. At the same time, Xiaomi will actively promote the overseas expansion of Mi Home stores, exporting its business model to capture international consumers. He outlined a goal to establish 10,000 international Mi Home stores over the next five years, stating that once channels are fully established, the potential for overseas growth will be humungous, further enhancing scale effects. AAStocks Financial News |
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