$XIAOMI-W(01810)$ Revenue is 270 billion and R&D expenses are 19 billion. From this perspective, R&D expenses are indeed too small. R&D expenses account for only 7% of operating income. It is a bit like Lenovo. The R&D rates of leading domestic medical devices are 10-15%. , Huawei's R&D expenses account for more than 10% of its operating income, with revenue of 800 billion and annual R&D expenses of 100 billion. It is not groundless for some investors to say that Xiaomi is an assembly plant.There is no R&D capability, so the gross sales profit margin cannot increase.Of course, Xiaomi can get to where it is today. These people should thank Lei Jun.
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