17 December 2025 | 9:00PM HKT Equity Research Xiaomi Corp. (1810.HK): Becomes a major LLM force with MiMo-V2-Flash release; Rich in agentic scenarios for AI applications; Xiaomi released its new open-sourced MiMo-V2-Flash model on Dec 16, as Xiaomi's foundational language model built for reasoning, coding, and agentic scenarios and engineered for maximum efficiency, as part of its MiMo language model family (also see MiMo-Embodied release in Nov). MiMo-V2-Flash, as a Mixture-of-Experts (MoE) language model ...

1) From the perspective of AI smartphone agents: Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts ...