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Chinese smartphone maker Xiaomi (1810) reported a nearly 70 percent surge in adjusted net profit to 22.04 billion yuan (HK$27.12 billion) last year, beating estimates, and said it would spend up to HK$10 billion to buy back its shares.

Total revenue rose by 33.5 percent to 328.3 billion yuan and revenue from overseas markets grew 33.7 percent to 163.6 billion yuan, accounting for 49.8 percent of the total. Revenue from its smartphone business rose 37 percent while smartphone shipments grew 30 percent to 190.3 million units last year, a record high, it said. Its smartphone shipments ranked third globally in 2021, with a market share of 14.1 percent, the company said citing data from Canalys.

For the fourth quarter, the company's adjusted net income jumped 40 percent to 4.47 billion yuan, with sales up 21 percent during the busy holiday season.

However, Xiaomi faces prolonged component shortages and fluctuating producer prices in the second half of 2021. Russia's invasion of Ukraine will hinder its overseas business, although the impact will be "manageable," Citigroup analysts Andre Lin and Arthur Lai said in a note. Xiaomi's smartphone shipments to Russia could fall by 3 million units in 2022, they said.

Meanwhile, Sunny Optical Technology (2382) yesterday posted a 2.4 percent rise in annual net profit to 4.99 billion yuan last year although revenue for the same period fell 1.3 percent due to the decrease in shipment volume of handset lens sets.

Xiaomi beats as profit surges 70pc