Goldman Sachs: Xiaomi's release of new models solidifies its position as a top-tier developer of basic models, maintaining a "buy" rating.

Goldman Sachs released a research report indicating that Xiaomi has launched the MiMo-V2.5 model series, including the MiMo-V2.5, MiMo-V2.5-Pro, and MiMo-V2.5-TTS, just about a month after the release of the MiMo-V2-Pro series in March. Among them, the MiMo-V2.5-Pro, as the new flagship basic model, is currently ranked in the top five globally in the Artificial Analysis intelligent index, and is tied for second place in the Chinese model market with Kimi K2.6. It is close to Gemini 3.1 Pro, Claude Opus 4.6, and GPT-5.4 in various perceptual modalities such as encoding agents, general agents, and reasoning. Goldman Sachs believes that the release of the new models has solidified Xiaomi's position as a top basic model developer. The pace of model updates has accelerated over the past six months, and it is believed that Xiaomi has accelerated the realization of its LLM, while also expanding LLM applications in its ecosystem of people, cars, and homes. The firm maintains a "buy" rating on Xiaomi with a target price of 41 Hong Kong dollars.