Huami extends partnership with Xiaomi for another three years
Huami will be making Xiaomi products for at least another three years. As reported by PR Newswire, they will continue to receive the most-preferred-partner status during this period to develop Xiaomi wearables.
This is an important agreement for both parties. Since establishing its partnership with Xiaomi in 2014, Huami has sold millions of Mi Bands making it one of the largest wearables manufacturers globally. The extension of the partnership means this is guaranteed to continue until 2023. This also extends to research and development of AI-chips and algorithms for wearable devices.
To remind, we saw the latest iteration of the Mi Band this summer. The fifth generation comes with a larger display as the main upgrade.
Huami is privately-held and headquartered in Beijing and Mountain View, CA. It was founded in the not-too-distant 2013. Since then it has grown quite a bit and is now listed on the New York Stock Exchange (NYSE).
Its 2nd quarter financial results show revenue of $161 million in 2020, up from $151 million in the same three months last year. Some 8.9 million units were shipped during this period, up from 8.3 million in 2019. For the whole of last year, Huami shipped 42.3 million wearables.
Most of these will be part of the Amazfit watch lineup. They are, perhaps, what the company is best known for. The watches combine fashionable looks with decent fitness tracking abilities and a proprietary operating system. There are quite a few in the range, the most recent being the Amazfit GTS 2 and GTR 2.
Essential reading: Top fitness trackers and health gadgets
The extension of the Multi-Year Strategic Cooperation Agreement, comes some two months after the news of a change in Huami’s Chief Financial Officer. Since October 1st, Leon Cheng Deng was appointed as Huami’s new Chief Financial Officer, replacing David Cui who left for personal reasons.
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