[Xiaomi Group increases nearly 5% Q1 net profit to profit] Financial Associated Press, as of press time, Xiaomi Group-W (01810.HK) rose 4.62%. According to last night's announcement, the company's Q1 revenue fell 18.9% to 59.477 billion yuan compared with the same period last year, with a net profit of 4.204 billion yuan, a substantial turnround from a loss of 530 million yuan in the same period last year. Smartphone business revenue is 35 billion yuan, down 23.6% from the same period last year; R & D expenditure is expected to exceed 20 billion yuan in 2023.