Xiaomi Moves Up on Boston Consulting’s 50 Most Innovative Companies List
Boston Consulting Group (BCG) has ranked Xiaomi 29th on its “50 Most Innovative Companies of 2023” list, two places higher than last year.
The designation is recognition that Xiaomi makes innovation a priority, commits investment and talent to it, and works to transform investment into results. In this year’s first quarter, Xiaomi’s research and development (R&D) expenses increased by 17.7% compared to the year before, reaching RMB4.1 billion. As of March 31, 2023, the number of R&D personnel reached approximately 16,500, which was more than 50% of Xiaomi’s employees. Xiaomi’s R&D efforts have yielded the company more than 32,000 patents worldwide as of March 31, 2023. Total R&D investment for 2023 is expected to exceed RMB20 billion.
The company has embraced technological transformation, including Artificial Intelligence (AI). It officially established an AI Lab Foundation Model team in April and has more than 1,200 AI-related employees. The company will continue to expand AI-related user scenarios, maximize advances in technology, and explore opportunities with potential partners.
BCG’s Most Innovative Companies ranking is based on a survey of more than 1000 global innovation executives who were polled in December 2022 and January 2023. The survey assesses a company’s performance in four categories: global mindshare, industry peer view, industry disruption, and value creation.
BCG has published its annual innovation report since 2003. Other companies on the 2023 list include Amazon, Alphabet, Microsoft, Siemens, Pfizer, SpaceX, Nike, IBM, etc.
Xiaomi identifies 2023 as the crucial year for accelerating Xiaomi’s growth. The company will remain resolute in advancing its new business strategy with a focus on high-quality development anchored on its relentless pursuit of technological advancement and its mission to let everyone in the world enjoy a better life through innovative technology.
About Xiaomi Corporation
Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an IoT platform at its core. Embracing our vision of “Make friends with users and be the coolest company in the users’ hearts”, Xiaomi continuously pursues innovations, high-quality user experience and operational efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology. Xiaomi is one of the world’s leading smartphone companies. According to Canalys, the company’s market share in terms of smartphone shipments ranked No. 3 globally in the first quarter of 2023. The company has also established the world’s leading consumer AIoT (AI+IoT) platform, with 618 million smart devices connected to its platform as of March 31, 2023, excluding smartphones, tablets and laptops. Xiaomi products are present in more than 100 countries and regions around the world. In August 2022, the company made the Fortune Global 500 list for the fourth time, ranking #266, up 72 places compared to 2021. Xiaomi is a constituent of the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index and Hang Seng China 50 Index.
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