On May 12, Huami Technology released its financial report for the first quarter of 2020. Revenue in the first quarter reached 1.0885 billion yuan, an increase of 36.1% from the first quarter of 2019.
In the first quarter, Huami Technology’s total shipments of smart devices reached 7.6 million units, a year-on-year increase of 35.7% from 5.6 million units in the first quarter of last year.
Huang Wang, the founder, chairman and chief executive of Huami Technology, said that the reason for the strong growth in the first quarter was largely due to improved brand recognition, new product launches and successful marketing.
Huang Wang said that Huami continues to maintain a solid partnership with Xiaomi and will launch Xiaomi Mi Band 5 later this year.
The financial report also shows that the research and development expenses of Huami Technology have maintained a substantial growth compared with the same period last year. Huami Technology said that in order to fulfill the mission of “technology connects to health”, the company is continuing to expand its research and development capabilities and increase investment in medical and health-related functions, algorithms, cloud services, chip research and new product development. A series of new products were launched in several quarters.
Huami’s management expects the company’s second quarter net revenue to be between 1 billion and 1.05 billion yuan, compared with 1.04 billion yuan in the same period last year.