By WU Yangyu

Chinese phone maker Xiaomi Corporation reported falling revenue and profits in 2022 and duly blamed Covid-19.

According to its financial report, Xiaomi saw its revenue down 14.7 percent to 280 billion yuan (US$41 billion) and net profit down by 61.4 percent to 8.5 billion yuan.

The increase in ASP (Average Sales Price) was one of the few highlights of the report, a result of its high-end strategy.

In 2022, Xiaomi shipped 150 million phones worldwide, at an average price of 1,111 yuan.?

In Q4 2022, sales of Xiaomi phones topped the ranking in the 3000-4,000 yuan price range and were second in the 4,000-5,000 yuan range.

IoT and consumer products revenue was 79.8 billion yuan, a year-on-year decrease of 6.1 percent. Xiaomi blamed a decline in sales of smart TVs in the Chinese mainland and IoT products overseas. Revenue in Q4 was 21.4 billion yuan, much better than previous quarters.

Internet business was flat in 2022 at 28.3 billion yuan, up 0.4 percent.

Xiaomi said in its financial report that investment in innovative businesses such as EVs was 3.1 billion yuan. Xiaomi Auto’s goal is to start mass production in the first half of 2024.