---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39475697.md"
description: "$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."
datetime: "2026-03-24T10:09:51.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39475697.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39475697.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39475697.md)
author: "[热血青年](https://longbridge.com/en/profiles/17928542.md)"
---

# $XIAOMI-W(01810.HK) It's not that the annual repor…


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## Comments (19)

- **热血青年 · 2026-03-24T10:47:56.000Z · 👍 5**: Xiaomi's annual report is not about simply looking at numbers to guess price movements, but rather about the company's logical shift from a "single" to a "multi-dimensional" development model. Therefore, whether to be short-term bearish or bullish is no longer important.Three key tak
  - **阿木木** (2026-03-24T11:18:06.000Z): I think the most surprising thing is Xiaomi's large model. It's been free to use recently, and I tried it with lobster and found the results to be really good.
  - **热血青年** (2026-03-24T11:21:07.000Z): Yes, it saved me a hundred million tokens in a day.
- **买小米亏麻了 · 2026-03-24T14:39:03.000Z**: $XIAOMI-W(01810.HK) The poor Q4 financial results were foreseeable for institutional investors. Don't listen to some people mindlessly hyping up the record-breaking annual report; it's all wordplay to fool retail investors.Why do I say that? The operating performance grew rapidly in Q1, Q2, and Q3, 
- **Go Go · 2026-03-24T13:22:08.000Z**: It's going to fall again tomorrow, really going back to 20 bucks.
- **小陈发发 · 2026-03-24T11:34:04.000Z**: If it keeps falling, it's over.
- **拼的牛 · 2026-03-24T11:21:05.000Z**: Do you even know what you're talking about? You buy some data, train a model, and climb a leaderboard, and you think the market is going to price that for you?
  - **拼的牛** (2026-03-24T11:22:27.000Z): When can this bad habit of trying to do everything be changed? Focus on making the phone well first. I've used Xiaomi phones before, and the quality is really poor.
- **LogicQin · 2026-03-24T11:01:53.000Z**: This is the kind of good stock that can make money. The fancier yours looks, the poorer you'll be when you buy it.
- **Gamezhai · 2026-03-24T10:47:23.000Z**: Key fine print "adjusted"
  - **风w长宜放眼量** (2026-03-24T11:54:47.000Z): Haven't you learned any financial knowledge?
  - **看空不做空—蓝迪** (2026-03-24T11:57:47.000Z): A 70% return rate is not without reason. Regardless of the company, there's always an item in the financial report called "Adjusted Net Profit".
- **nawentao · 2026-03-24T10:38:50.000Z**: The key point is that 2026Q1 will be lower than 2025Q4, and the stock price has already reflected that in advance. It all depends on what the earnings guidance says. CEO Lei's previous statements were too conservative, and capital isn't optimistic either.
- **26年回本一定实现 · 2026-03-24T10:20:54.000Z**: Bro, Xiaomi's stock is now at the mercy of institutions who can short it whenever they want. Just wait for the day they have to close their positions.
- **嘿嘿^ · 2026-03-24T10:20:33.000Z · 👍 1**: Just looking at the Q4 report and the expense expectations, we're in for a rough time.
- **稳步前行者 · 2026-03-24T10:18:27.000Z · 👍 1**: Is this positive or negative news?
- **不要格局 · 2026-03-24T10:17:20.000Z · 👍 2**: Whether it's short or not tomorrow is up to the institutions; everything else is just noise.
  - **Go Go** (2026-03-24T13:22:49.000Z): Short sellers are still dumping shares, possibly down to 20.
- **小米，美团还钱 · 2026-03-24T10:11:47.000Z · 👍 1**: The short sellers always find various reasons