At the very least, Huami will continue to produce Xiaomi goods for the next three years. According to a report from PR Newswire, they will continue to be the most preferred partner for building Xiaomi wearables during this time period.
This is a crucial agreement for both of the people involved. Since forming a relationship with Xiaomi in 2014, Huami has successfully sold millions of Mi Bands, propelling the company to the position of being one of the leading makers of wearables in the world. The continuation of this is ensured thanks to the renewal of the agreement, which runs through 2023. This also includes looking into and making chips and programs for wearable tech that use artificial intelligence.
To refresh your memory, the most recent version of the Mi Band debuted this summer. The primary difference between the fifth generation and the previous ones is the increased size of the screen.
Huami is a company that is privately held and has offices in both Beijing and Mountain View, California. The year 2013 marks the beginning of its existence as an organization. Since then, it has grown a lot and is now traded on the New York Stock Exchange (NYSE).
The company’s financial records for the second quarter of 2020 show that it generated revenue of $161 million, which is an increase over the $151 million it generated during the same three months of the previous year. During this time span, around 8.9 million pieces were supplied, which is an increase from the 8.3 million units shipped in 2019. Huami shipped 42.3 million smartwatches during the course of the previous year.
The vast majority of these are going to be included in the Amazfit watch range. They are, arguably, what all business is most recognized for. The watches include a distinctive operating system in addition to their trendy appearance, which pairs well with their adequate capabilities for measuring fitness. There are quite a number to choose from, with the Amazfit GTS 2 and GTR 2 being the most recent additions to the lineup.
The announcement that the Multi-Year Strategic Cooperation Agreement will be extended comes about two months after the announcement that Huami will be getting a new Chief Financial Officer. Leon Cheng Deng has been serving as Huami’s new Chief Financial Officer as of October 1st. He succeeded David Cui, who stepped down from his role for personal reasons.