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The company said it plans to close about 30 percent of its 846 stores as part of its restructuring. Sales have been hit hard by state-imposed stay-at-home orders intended to curb the spread of the coronavirus.

The company said it has sold 3.9 billion bags (25g per bag) of its Yumeijing children's skin care cream in the past 41 years, helping it cement its position in the children's skin care market. Its success also made it a potential merger and acquisition target for overseas brands like Johnson & Johnson. No such deal, however, materialized, said company officials.

The company will build three vehicle manufacturing platforms and offer more than 20 models in the future, aiming to grasp 10 percent of market share in the domestic full electric vehicle market by 2020.

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The company will join hands with content providers such as internet giant Tencent's online video service platform v.qq.com, video-streaming site iQiyi.com, online news aggregator Toutiao and the country's largest online travel agency Ctrip.

The company's global smartphone sales have risen sharply this year. According to market research company Gartner, Xiaomi sold 28.5 million handsets in the first quarter of this year, compared to 12.7 million during the same period in 2017. This amounted to the highest level of sales growth among the top five smartphone manufacturers during the period.

The company said it does not intend to search for an alternative site for its second headquarters, but it will continue its headquarters plan in Arlington, a suburb of the capital Richmond, and push forward with the construction of a new operation center in Nashville in the state of Tennessee.

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The company offers on-demand transportation services for about 550 million users, with daily rides reaching about 30 million.

The company predicted it will ship 230 million to 250 million smartphones in 2019.

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The company helped to build the first liquefied natural gas station in China in 2004, and now provides 36 percent of Guangdong province's natural gas, with business in all energy sectors expanding, she said.

The company said it has launched a car-hailing service in Russia earlier this week, marking the first European market in its global road map as it looks to outpace rivals such as Uber Technologies Co. The services will initially be available in southwestern Kazan, the capital and largest city of the Russian Republic of Tatarstan, home to the country's largest IT park.