2025-12-18 02:35Summary of Xiaomi Corp Conference Call Company Overview - Company: Xiaomi Corp (Ticker: 1810.HK) - Industry: Greater China Technology Hardware - Market Cap: US$133,994 million - Current Stock Price: HK$40.90 (as of December 16, 2025) - Price Target: HK$62.00, indicating a potential upside of 52% from the current price [8][8][8] Key Product Release - Product: MiMo-V2-Flash, an open-sourced large language model (LLM) - Parameters: 309 billion total parameters and 15 billion active parameters - Architecture: Hybrid attention architecture with a 128-token sliding window and a 5:1 hybrid ratio, competitive with mainstream LLMs like DeepSeek-V3.2 [2][2][2] Performance Metrics - Inference Speed: 150 tokens per second - Cost Efficiency: $0.1 per million input tokens and $0.3 per million output tokens, making it one of the most cost-effective high-performance models available [3][3][3] Strategic Insights - The release of MiMo-V2-Flash demonstrates Xiaomi's commitment to AI research and development (R&D) - Expectations for meaningful progress in both Cloud AI and Edge AI in the future [3][3][3] Financial Projections - Fiscal Year Ending: December 2024, 2025, 2026, 2027 - Revenue Estimates: - 2024: Rmb 365.9 billion - 2025: Rmb 467.7 billion - 2026: Rmb 592.0 billion - 2027: Rmb 677.6 billion - EPS Estimates: - 2024: Rmb 1.07 - 2025: Rmb 1.53 - 2026: Rmb 1.87 - 2027: Rmb 2.35 [8][8][8] Risks and Considerations - Upside Risks: Better-than-expected orders and customer feedback for the second EV model, strong volume contribution from offline expansion in China, and higher market share in overseas markets - Downside Risks: Fierce competition in the EV market, smartphone gross margin pressure due to inventory de-stocking and weak demand, and concerns regarding smart EV investments [14][14][14] Analyst Ratings - Stock Rating: Overweight - Industry View: In-Line - 52-Week Range: HK$61.45 - HK$29.60 [8][8][8] Conclusion Xiaomi Corp is positioned for growth with its innovative AI product, MiMo-V2-Flash, and strong financial projections. However, the company faces significant risks in a competitive landscape, particularly in the EV and smartphone sectors.