XIAOMI(HK:01810) Guan Cha Zhe Wang·2025-12-17 15:22Group 1: User and Device Metrics - Xiaomi's global monthly active users reached 742 million, with AIoT platform connected devices surpassing 1.04 billion [1] - The number of hardware partners exceeded 15,000, and the global developer community grew to 1.2 million [1] - Monthly application distribution in the domestic ecosystem surpassed 1.1 billion, with paid game users exceeding 18 million and content subscription users surpassing 13 million [1] Group 2: Automotive Business Development - Xiaomi's cumulative car deliveries exceeded 500,000 units, with over 350,000 units delivered in 2025 [2] - The CarIoT platform has opened over 30 product categories and established deep collaborations with four automotive manufacturers, including BYD and GAC Toyota [2] - Xiaomi continues to enhance its ecosystem by providing core capabilities such as Xiaomi Surge OS and Xiaomi Vela for developers [2] Group 3: AI and Research Investments - Since April, Xiaomi has launched several AI models, including Xiaomi MiMo language and multimodal models, which are open-sourced for global developers [3] - The Xiaomi MiMo-V2-Flash model, designed for high inference efficiency, has been recognized as one of the top two global open-source models [3] - Xiaomi plans to invest 200 billion yuan in R&D over the next five years, with an expected investment of 32-33 billion yuan this year and around 40 billion yuan in 2026 [3]