Huami Technology today released the fourth quarter and full-year financial report for 2019. In the fourth quarter of 2019, the company’s operating income reached 2.114 billion yuan (US $303.3 million), a year-on-year increase of 72.4%; adjusted net profit was 213.8 million yuan (US $30.7 million), and shipments also recorded 59.8% growth rate.
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For the full year of 2019, Huami Technology’s total annual revenue reached 5.823 billion yuan ($834.9 million), an increase of 59.4% over the full year of 2018; adjusted annual net profit was 630.3 million yuan (US $90.5 million), an increase of 32.8% over the full year of 2018.
In terms of shipments, the total shipments in the fourth quarter were 14.7 million units, a year-on-year increase of 59.8% compared to the shipments of 9.2 million units in the fourth quarter of 2018. Total shipments for the full year of 2019 reached 42.3 million units, an increase of 53.8% compared to 27.5 million units for the full year of 2018.
How Did Huami Perform In 2019?
Huang Wang, founder, chairman and CEO of Huami Technology, said that 2019 is a great year for Huami. The company has entered an accelerated running track, enhanced brand awareness, and achieved strong financial results. And operating performance, thereby consolidating Huami’s leadership in the global smart wearable device industry. In the fourth quarter, Huami’s growth was mainly due to the successful launch of new products, sales and marketing, as well as the cooperation in direct marketing and third-party channels to complete its expansion in the international market.
He also said that Huami and Timex have cooperated closely in product development. The first product jointly launched by the two parties has been put into the North American market. At the same time, the partnership with Xiaomi is continuing, and it is expected that the Mi Band 5 will be launched later this year.
Huami’s management is still full of confidence in the forecast for the first quarter of 2020. Net income is expected to be between 980 million yuan and 1.01 billion yuan, an increase of approximately 22.6% to 26.3% from the 799.6 million yuan in the first quarter of 2019.