The designation in part recognizes Xiaomi’s commitment to pursuing technological innovation and to strengthening its research and development capabilities. In the second quarter of 2022, its research and development expenses reached RMB3.8 billion, an increase of 22.8 percent year-over-year. At the Xiaomi product launch event in August, Lei Jun, Founder, Chairman and CEO of Xiaomi Group, said that Xiaomi’s R&D investment has grown at a compound annual growth rate of 39.7 percent since 2017 and is expected to reach RMB17 billion in 2022 and RMB100 billion in the next five years.
