Rate Of Return
Total Assets12.17 People-Car-Home Conference, Luo Fuli and the Fire of Bowangpo She Brought
1. Luo Fuli and Xiaomi's Base Model
Recently, the macro environment and stock prices have been quite uninspiring. Fortunately, there are still things to be happy about. Luo Fuli, representing Xiaomi's large model core team, debuted Xiaomi's base model with mimo-v2-flash.
It turns out the Human-Car-Home Conference is already the second edition. I also took a look at the first AI narrative—AI didn’t even have its own dedicated session but was interspersed in discussions about OS and internet services. Through some AI use cases, the effectiveness and usage metrics showed that AI is quite impressive. But honestly, this argument feels a bit hollow. Drawing a few traditional architecture diagrams doesn’t prove much because industry capabilities should be benchmarked against industry parameters and comparable products. Ignoring industry standards and just hyping up use cases feels like avoiding the real issues.
Now, with the release of the mimo-v2-flash base model, the parameters and training methods are clearly explained, and it can be compared with global large models in terms of speed and cost. Based on user experience and some media reviews, it does seem quite good. Xiaomi’s AI large model xiaomimimo is finally on the table—truly, professionals should handle professional tasks.
I’m quite satisfied with Luo Fuli’s debut. Releasing a usable large model with decent external results in such a short time is a pleasant surprise. It reminds me of the fire at Bowang Slope in *Romance of the Three Kingdoms*—not just proof of strength but also a morale booster. Now, we finally have our own "Italian cannon." And the idea that "intelligence is rooted in existence, not symbols" perfectly illuminates Xiaomi’s AI strategy, tailored for its hardware ecosystem.
President Lu shared that Xiaomi’s future core technological support lies in chips, OS, and AI. Now, the puzzle is finally complete.
2. Reflections on Holdings
When stock prices are sluggish, I tend to think more. The noise in public opinion has always been there—I’m used to it. Cyclical fluctuations are inevitable. The focus should be on future growth potential. Xiaomi’s ability to survive and achieve results in a fiercely competitive market lies in its "intelligence level" and "ecosystem scale," much like how the internet has penetrated and transformed traditional industries. Now, the ecosystem is steadily advancing, and intelligence is visibly improving. If valued like Costco, Xiaomi’s IoT and overseas automotive markets still have significant room for growth. If valued as a tech company, the stories of OS, chips, and AI are just beginning.
This isn’t to say Xiaomi is perfect in every way. Compared to some so-called benchmark companies with market caps dozens of times larger, the gap is obvious. But Xiaomi’s growth potential, strategic focus, and execution are solid. Over the past year, whether in cars, chips, or AI, it has achieved notable results. Short-term volatility is unavoidable at this stage, and long-term growth will take time to materialize.
In a year, the stock price hasn’t changed, but everything else has. Xiaomi is gradually transforming from a value-for-money brand to a hardcore tech player. Many great forces in the world are slow and deep. Personally, holding stocks no longer feels like buying chips to bet on trends—I’m no longer a speculator.
$XIAOMI-W(01810.HK)
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