"Even with the China smartphone market slowing down, we did a stellar job of achieving a 33 percent growth on last year's numbers. We outperformed the market and produced an excellent report card," said Lei Jun, founder and CEO of Xiaomi.

Bin Lin, co-founder and president of Xiaomi, said this is an affirmation of the company's innovative business model which includes selling directly to consumers via e-commerce.

Among the smartphones released by Xiaomi, six models --- Mi 2, Mi 3, Redmi, Redmi Note, Mi 4 and Redmi 2 -- have so far been shipped in quantities in excess of 10 million units each.