$小米集团ADR(XIACY)$ $小米集团-W(01810)$ While everyone was watching Tesla and BYD, Xiaomi quietly turned a profit on 109,000 car deliveries in Q3—with a 25.5% gross margin. But the real shift isn’t just in cars. Its internet business hit a record 76.9% margin. Smartphone premiumization held despite memory cost spikes. And its new Miloco AI home system signals a deeper play: not just selling gadgets, but orchestrating an entire “Human-Car-Home” ecosystem. At 22x forward P/E—well below its historical average—the market still seems stuck in the “budget hardware” mindset. Maybe it’s time to see Xiaomi as what it’s becoming: a vertically integrated tech stack with wheels. (One Chart to Under
Xiaomi releases self-developed large model MiMo-V2-Flash, Luo Fuli makes his debut, and Lei Jun announces the release of Xiaomi 17 Ultra mobile phone
Xiaomi officially released and launched the developed large-scale model MiMo-V2-Flash on December 17, 2025, with parameters of 309B. Its performance is comparable to the benchmark closed-source model. The inference cost is only 2.5% of it. It supports deep thinking and online search functions, and the API is limited. Free to try for a time. Luo Fuli made his first public appearance at Xiaomi's "People, Cars, Full Ecology" partner conference as the person in charge of Xiaomi's MiMo large model. Lei Jun announced that the Xiaomi Mi 17 Ultra mobile phone will be officially released next week, marking the upcoming debut of Xiaomi's new generation flagship product.