An electronic ad for Xiaomi Technology in Shanghai. Photo: AFP

Chinese smartphone maker Xiaomi has released its financial performance for the first time after it went public, The Paper reported.

For the first half of the year, Xiaomi recorded revenue of 79.648 billion yuan (US$11.64 billion), a stunning rise of 75.4% from a year earlier.

Its net profit reached 7.61 billion yuan, compared with a net loss of 19.83 billion yuan in the same period last year. Thus, the adjusted profit was 3.816 billion yuan, a year-on-year increase of 62.2%.

In the context of the continued decline in global smartphone shipments, in the second quarter of 2018, Xiaomi’s mobile phone sales reached 32 million units, increasing 43.9% from a year earlier.

The revenue contributed by Xiaomi’s mobile phone business in the second quarter was 30.501 billion yuan, an increase of 58.7%.

In 2018, Xiaomi’s strategic focus in China is to enter the high-end smartphone market. The average selling price of Xiaomi’s phones in China has increased by more than 25%, due to the outstanding performance of flagship models such as MIX2S and Xiaomi 8.