$XIAOMI-W(01810.HK) It's not that the annual report set a record, and now they're saying Q4 was weak. Anyway, they can always find a reason to be bearish, right?

【Xiaomi Group 2025 Financial Report】Total revenue was 457.3 billion yuan, a year-on-year increase of 25%. Adjusted net profit was 39.2 billion yuan, a year-on-year increase of 43.8%, both hitting record highs.

Revenue from innovative businesses such as smart electric vehicles and AI reached 106.1 billion yuan, a year-on-year increase of 223.8%, with 411,082 new vehicles delivered for the full year.

Full-year R&D investment was 33.1 billion yuan, with a total R&D headcount of 25,457, both reaching record highs. Cumulative investment over the past five years amounted to 105.5 billion yuan.

Xiaomi's MiMo large model has entered the domestic first tier, and the company plans to invest 60 billion yuan in the AI field over the next three years.