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Xiaomi ranked 29th in the list of “50 Most Innovative Companies in 2023” according to the recently announced ranking by Boston Consulting Group (BCG), two places higher than last year.
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| This title is a recognition of Xiaomi's continuous efforts. |
This title is a recognition of Xiaomi's continuous efforts in prioritizing innovation through increased investment in human resources, thereby turning these investments into worthy results.
In the first quarter of this year, Xiaomi's research and development (R&D) expenses increased by 17.7% year-on-year to RMB 4.1 billion. As of March 31, 2023, the number of R&D employees reached about 16,500, accounting for more than 50% of Xiaomi's total employees.
Xiaomi's R&D efforts have earned the company more than 32,000 patents worldwide as of March 31, 2023. Total R&D investment for 2023 is expected to exceed RMB 20 billion.
Emphasizing the importance of technological transformation, including AI, Xiaomi officially established the AI Lab Foundation Model team in April with more than 1,200 employees in the AI department. The company will continue to expand user scenarios related to AI, maximize technological advances, and explore new development opportunities with potential partners.
Xiaomi sees 2023 as a key year for accelerating growth. The company continues to firmly push forward its new business strategy, emphasizing high-quality development based on its relentless pursuit of technological advancement and its mission to help people around the world enjoy a better life through advanced technology.
BCG's Most Innovative Companies ranking is based on a survey of more than 1,000 global innovation executives conducted in December 2022 and January 2023.
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