Xiaomi

Company Overview

Sector : Technology

Industry : Consumer Electronics

Headquarter : Beijing, China

Description : Xiaomi Corporation, an investment holding company, engages in the development and sales of smartphones in Mainland China and internationally. It operates through Smartphones, IoT and Lifestyle Products, Internet Services, and Others segments. The company also offers internet of things (IoT) and lifestyle products comprising smart large home appliances, smart TVs, tablets, wearables and other IoT and lifestyle products; hardware repairment services for products; installation services for certain IoT products; and sale of materials. In addition, it provides internet services, such as advertising, online game, and fintech services; intermediary services to the borrowers and third-party funding parties; and development, manufacture, and sales of smart electric vehicles. Further, the company in the wholesale and retail of smartphones and ecosystem partners' products; investment activities; sales of smart hardware and e-book; software and hardware development; procurement and sales of smartphones, ecosystem partners' products and spare parts, and raw materials; operation of retail stores; and commercial factoring and e-commerce business. Additionally, it provides intra-group capital supervision, collection, remittance, credit guarantee, and interest rate risk management; customer; software related; promotion; electronic payment technology; and technical services. Xiaomi Corporation was incorporated in 2010 and is headquartered in Beijing, the People's Republic of China.

S&P Credit Rating
BBB

CEO
Jun Lei

No. of Employees
56,531

Website
www.mi.com

Xiaomi  |  Key Metrics 1810 · HKEX  ·  CNY Millions  
Fiscal Year End Dec 20162017201820192020 20212022202320242025
Income Statement
Revenue 68,430114,620174,920205,840245,870 328,310280,040270,970365,910
Revenue Growth % 2.43%67.50%52.60%17.68%19.45% 33.53%(14.70%)(3.24%)35.04%
Gross Profit 7,25015,15022,19028,55036,750 58,26047,58057,48076,560
Gross Margin % 10.59%13.22%12.69%13.87%14.95% 17.75%16.99%21.21%20.92%
Operating Income 1,5305,680(3,320)7,8909,770 20,0306,12014,61023,190
Operating Margin % 2.24%4.96%(1.90%)3.83%3.97% 6.10%2.19%5.39%6.34%
EBIT 1,260(41,910)13,69011,76024,030 26,0302,82020,01024,500
EBIT Margin % 1.83%(36.56%)7.83%5.71%9.78% 7.93%1.01%7.38%6.70%
EBITDA 1,500(41,550)14,44013,14025,740 29,0906,52024,84030,820
EBITDA Margin % 2.19%(36.25%)8.25%6.38%10.47% 8.86%2.33%9.17%8.42%
Net Income 550(43,830)13,55010,04020,360 19,3402,47017,48023,660
Net Margin % 0.72%(38.29%)7.71%4.91%8.26% 5.87%0.89%6.45%6.44%
Diluted EPS (CNY) 0.02(1.96)0.040.410.83 0.760.100.690.93
Dividend Per Share (CNY)
Balance Sheet
Total Assets 50,77089,870145,230183,630253,680 292,890273,510324,250403,160
Total Liabilities 142,820217,08073,980101,970129,670 155,460129,580159,990213,950
Total Equity (92,060)(127,210)71,25081,660124,010 137,430143,920164,260189,210
Cash & Equivalents 9,23011,56030,23025,92054,750 23,51027,61033,63033,660
Working Capital 4,57014,01044,07045,36068,360 70,12070,79083,47050,320
Book Value Per Share (CNY) 3.023.394.91 3.103.384.125.12
Total Debt / Equity 0.150.230.15 0.220.180.180.19
Cash Flow
Operating Cash Flow 4,531(996)(1,415)23,81021,879 9,785(4,390)41,30139,296
Cash from Investing (3,735)(2,678)(7,508)(31,570)(17,679) (45,008)15,549(35,169)(35,386)
Cash from Financing (72)6,21526,5743,12126,216 4,499(7,855)(505)(3,999)
Capital Expenditure 1,8261,2183,7853,4053,026 7,1695,8006,2697,297
Free Cash Flow 8324,8627,95310,63414,033 17,68110,04516,95427,286
Change in Cash 7242,54217,652(4,639)30,415 (30,724)3,3045,626(90)
Period ending Dec 20162017201820192020 20212022202320242025
Revenue %
Year Over Year 2.43%67.50%52.60%17.68%19.45% 33.53%(14.70%)(3.24%)35.04%
3-Year Average 37.82%44.35%28.97% 23.35%10.81%3.29%3.68%
5-Year Average 29.77% 36.84%19.56%9.15%12.19%
10-Year Average
Operating Income %
Year Over Year 270.04%23.92% 105.00%(69.44%)138.61%58.72%
3-Year Average 72.55%19.82% (8.09%)14.34%5.00%
5-Year Average 67.16%1.51%24.07%
10-Year Average
Net Income %
Year Over Year (25.89%)102.66% (4.99%)(87.21%)606.34%35.38%
3-Year Average 162.82% 12.58%(37.32%)(4.96%)6.95%
5-Year Average 103.57%5.21%18.69%
10-Year Average
EPS %
Year Over Year 831.82%101.22% (7.88%)(86.84%)590.00%34.78%
3-Year Average 155.01% 158.50%(37.52%)(5.78%)6.96%
5-Year Average 98.40%73.41%17.80%
10-Year Average
Fiscal Year End Dec 2016201720182019 20202021202220232024 2025
Returns
Return on Assets % 1.23%(62.33%)11.53%6.11% 9.31%7.08%0.87%5.85%6.50%
Return on Equity % 13.16% 19.86%14.82%1.76%11.36%13.41%
Return on Invested Capital % 10.66% 18.68%13.30%1.04%8.73%9.85%
Working Capital Efficiency
Days Sales Outstanding 9.4912.0411.5511.12 12.7015.6519.4114.8511.43
Days Inventory 50.7745.3654.7663.89 64.8163.5780.7381.0967.45
Payables Period 94.8694.6495.94108.93 114.9699.24100.2898.47101.16
Cash Conversion Cycle (34.60)(37.24)(29.64)(33.91) (37.46)(20.02)(0.14)(2.53)(22.28)
Asset Turnover
Receivables Turnover 38.4530.3331.6132.81 28.7423.3318.8124.5831.93
Inventory Turnover 7.198.056.675.71 5.635.744.524.505.41
Fixed Assets Turnover 120.2188.8851.4531.58 32.4637.8318.8715.0017.76
Asset Turnover 1.521.631.491.25 1.121.200.990.911.01
Fiscal Year End Dec 2016201720182019 20202021202220232024 2025
Liquidity
Current Ratio 1.181.301.711.49 1.631.611.791.721.29
Quick Ratio 0.750.811.071.04 1.141.051.101.300.81
Leverage & Solvency
Interest Coverage 14.6337.2024.02 7.439.594.4815.1522.11
Financial Leverage 2.042.26 2.052.131.901.982.14
Debt / Equity 0.110.07 0.090.160.160.140.11
Per Share
Book Value Per Share (CNY) 3.243.71 4.446.646.357.007.51
Cash Value Per Share (CNY) 2.99 4.774.343.184.894.42
Capital Expenditure
Capex as % of Sales 2.67%1.06%2.16%1.65% 1.23%2.18%2.07%2.31%1.99%
Fiscal Year End Dec 2016201720182019 20202021202220232024 2025
Cash Flow Growth
Operating CF Growth % YoY (8.11%)(55.27%)(4.85%)
Free Cash Flow Growth % YoY (7.61%)(86.12%)(8.66%)
Cash Flow Margins & Quality
Free Cash Flow / Sales % 3.95%(1.93%)(2.97%)9.91% 7.67%0.80%(3.64%)12.93%8.74%
Free Cash Flow / Net Income 4.890.05(0.38)2.03 0.930.14(4.12)2.001.35
Free Cash Flow Per Share (CNY) (0.04)0.18 0.720.41(0.19)1.280.79
Fiscal Year End Dec 20162017201820192020 20212022202320242025
Price Multiples
Price / Sales 1.501.213.13 1.290.711.462.64
Price / Earnings 21.9051.92 15.66130.9622.3043.09
Price / Forward Earnings 14.4530.14 11.8718.2524.0524.25
Price / Cash Flow 500.2030.3139.74 34.7966.1010.2235.55
Price / Book 3.812.937.43 2.901.752.274.39
PEG Ratio 0.34 0.201.336.823.99
Earnings & Enterprise Value
Earnings Yield % (6.35%)4.57%1.93% 6.39%0.76%4.48%2.32%
Enterprise Value (CNY Bil) 251.87215.00778.11 404.51228.50310.93785.86
EV / EBIT 15.3940.96 10.8849.4015.3034.01
EV / EBITDA 15.3940.96 10.8849.4015.3034.01