JPMorgan: Xiaomi AI and robotics commercialization still distant, maintain "Neutral" rating

Golden Finance reported that on April 28, JPMorgan issued a research report stating that at Xiaomi’s 2026 Investor Day, Xiaomi reaffirmed that its total R&D expenditure from 2026 to 2030 will reach 200 billion yuan, nearly double the amount of the past five years, and that in the next three years, AI-related R&D spending will be no less than 600 billion yuan. The bank believes that although AI model and robotics businesses have long-term potential, the significant commercialization of related new businesses will still take a considerable amount of time, and will not become a stock-price catalyst in the near term. The bank maintains a “Neutral” rating on Xiaomi, with a target price of 35 Hong Kong dollars. (Dongxin News Agency)

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