Zhi Tong Cai Jing·2025-12-19 06:55Core Insights - Xiaomi Group held the 2025 "Human-Vehicle-Home Ecosystem" Partner Conference on December 17, focusing on breakthroughs in large model technology, deepening ecosystem collaboration, and expanding an open ecosystem. The company's AI strategy is viewed as a long-term endeavor, with a comprehensive layout involving self-developed chips, the Surge OS, and AI foundational models, which will provide a fertile ground for future AI applications in various scenarios. The company maintains a "Buy" rating [1]. Group 1: Large Model Technology - Xiaomi released the new foundational model Mimo-V2-Flash, which features a lightweight design with "309 billion total parameters + 15 billion active parameters," ranking in the top 2 globally in code and agent capabilities, surpassing models with 2-3 times the parameter count [1]. - The Mimo-V2-Flash model employs a Hybrid SWA architecture with a 5:1 ratio, achieving a 2.0 to 2.6 times inference speedup, with single-machine throughput of 5000-15000 tokens per second and single-request throughput of 115-150 tokens per second [1]. - The model's inference speed is three times that of DeepSeek V3.2, while its inference cost is 1/20 that of Gemini 2.5 Pro, addressing efficiency and cost challenges for large model deployment [1]. Group 2: Hardware Ecosystem - Xiaomi has established the world's largest consumer hardware platform, with 1.8 billion connected devices globally, including 740 million monthly active mobile users, over 1 billion IoT devices, and more than 500,000 cars delivered [2]. - The company's hardware scale and multi-category collaboration are expected to provide extensive application scenarios and data sources for its AI technology [2]. Group 3: Software Ecosystem - The Surge OS 3, set to launch in August 2025, will serve as the core for ecosystem collaboration, enhancing capabilities across various applications, interconnectivity, smart experiences, and security [3]. - The OS will support over 60 applications and 70 scenarios, with 1.28 billion application installations, and has built a vast interconnected ecosystem with 410 million daily active users [3]. - The Vela lightweight system has empowered 160 million smart devices, and the MINT platform integrates 3.9 trillion data points and over 20 mature algorithms to facilitate complex AI deployments [3]. Group 4: Financial Projections - Xiaomi plans to invest over 200 billion yuan in R&D over the next five years, with an estimated 40 billion yuan in 2026. The company maintains its profit forecast for 2025-2027, projecting Non-IFRS net profits of 42.6 billion, 43.8 billion, and 51 billion yuan respectively [4].