Goldman Sachs released a research report highlighting several recent advancements by Xiaomi Group-W (01810) in the robotics field. These include improved operational success rates for humanoid robots in its self-developed factories and the commencement of new logistics tasks. The company has also launched the 38-billion-parameter unified generative model "Xiaomi-Robotics-U0" to address the scarcity of real-world data, alongside the release of the embodied intelligence large model "Xiaomi-Robotics-1."

The investment bank believes Xiaomi has completed the initial integration of its robotics framework across hardware, data, and models. This progress is seen as potentially forming a self-reinforcing closed loop, moving the company towards general-purpose industrial and home automation. Goldman Sachs has maintained its "Buy" rating and HK$40 price target for Xiaomi.

Key Focus Areas and Business Outlook

The report notes that embodied intelligence is one of the three monetization pathways within Xiaomi's AI strategy. Goldman Sachs anticipates the company's robotics efforts will concentrate on more structured business-to-business commercial scenarios over the next three to five years. This could involve large-scale deployment of humanoid robots within Xiaomi's own facilities, such as those for smart electric vehicles, smartphones, and home appliances, as well as within partner factories.

Furthermore, the report points out that Xiaomi's electric vehicle business revenue is growing faster than its peers. The upcoming launch of the SkyNomad model is expected to enhance sales visibility for the 2027 fiscal year, suggesting the electric vehicle segment still holds potential for valuation upside.