小米集团：2025 年第四季度业绩符合预期；AI 将通过生态与具身智能创造价值增量，核心业务利润将抵御手机 电动车利润率波动；维持买入评级

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 We highlight key investor focuses and our thoughts around: 1) AI strategy and investments: With continued AI outcomes YTD, management sees Xiaomi's AI capabilities key to empower ecosystem (e.g. MiClaw as the prototype for the future AIOS which may provide superior security and experience vs. third-party solutions) and enable embodied AI in the physical world (i.e. autonomous driving and humanoid robotics) and does not prioritize third-party monetization at the moment. Xiaomi an ...