Huami Reports Record 2019 Shipments of 42.3 Million Units, Up Over 50% Year-over-Year

Mar 13, 2020 19:39 CST Updated 19:39

On March 13, Huami Technology (NYSE: HMI) released its financial results for the fourth quarter and full year of 2019. In the fourth quarter of 2019, the company’s revenue reached RMB 2.1114 billion (USD 303.3 million), representing a year-on-year increase of 72.4%. Adjusted net profit amounted to RMB 213.8 million (USD 30.7 million), while shipment volume recorded a growth rate of 59.8%.

Throughout 2019, Huami Technology delivered impressive overall financial performance, with both revenue and profit maintaining rapid growth. Total annual revenue reached RMB 5.8123 billion (USD 834.9 million), representing a 59.4% year-over-year increase from 2018. Adjusted net profit for the year amounted to RMB 630.3 million (USD 90.5 million), up 32.8% compared to 2018.

In terms of shipment volume, Huami Technology continues to maintain its leading position in the global smart wearable device market. In the fourth quarter and for the full year 2019, year-on-year growth exceeded 50%.

Of this, the total shipment volume in the fourth quarter reached 14.7 million units, continuing to set a new record for single-quarter shipments; compared with the 9.2 million units shipped in the fourth quarter of 2018, this represents a year-on-year increase of 59.8%. The total shipment volume for the full year of 2019 reached 42.3 million units, representing a 53.8% increase compared with the 27.5 million units shipped throughout 2018.

Huang Wang, Founder, Chairman and CEO of Huami Technology, stated that 2019 was a remarkable year for Huami. The company entered a phase of accelerated growth, enhanced brand recognition, and achieved strong financial and operational performance, thereby consolidating Huami’s leadership position in the global smart wearable device industry.

In the fourth quarter, Huami’s robust growth was primarily driven by successful new product launches, efficient sales and marketing efforts, and coordinated strategies through direct-to-consumer and third-party channels, which further facilitated its successful expansion in international markets.

Huang Wang also stated that Huami has collaborated closely with Timex on product development, and their first jointly launched product has already entered the North American market. Meanwhile, the partnership with Xiaomi continues, with the Mi Band 5 expected to be released later this year.

Furthermore, despite the significant impact of the COVID-19 pandemic on the global economy, the company’s management remains confident in its outlook for the first quarter of 2020: net revenue is projected to range between RMB 980 million and RMB 1.01 billion, representing an increase of approximately 22.6% to 26.3% compared with RMB 799.6 million in the first quarter of 2019.