China’s Xiaomi Technology Ltd Co made a profit of 347.48 million yuan ($56.15 million) on 26.58 billion yuan ($4.30 billion) in revenue in 2013, Chinese securities filings dated Monday show.
By comparison, Apple Inc reported $25.4 billion in 2013 revenue in Greater China. Xiaomi has often been termed as the ‘Apple of China’.
The filings also revealed chairman and chief executive Lei Jun claims 77.8 per cent ownership of the company, while unnamed shareholders split the remaining shares.
The newly disclosed figures provide a snapshot of a four year-old company that has since become the most popular smartphone vendor in China and the third-largest vendor in the world, thanks to a lineup of handset that are considered high-quality yet relatively inexpensive.
The results help shed light on long-running speculation in the technology industry over Xiaomi’s margins and the financial impact of business model.
The financial results were included in disclosures made to the Shenzhen Stock Exchange after Xiaomi purchased a 1.3 per cent stake in Midea Group Co Ltd, a publicly traded electrical appliance company, for 1.27 billion yuan.
A Xiaomi spokeswoman could not immediately provide comment.
Xiaomi has recently suspended its sales in India following directions of the Delhi High Court, restraining sales of its products. Xiaomi had been selling its phones exclusively through online retailer Flipkart in India, the world’s third largest smartphone market.