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JPMorgan: Xiaomi's AI and Robotics Commercialization Remains Distant, Maintains 'Neutral' Rating
On April 28, JPMorgan released a research report stating that Xiaomi reiterated during its 2026 Investor Day that total R&D expenditure from 2026 to 2030 will reach 200 billion yuan (nearly double that of the past five years), with AI-related R&D spending in the next three years expected to be no less than 60 billion yuan. The bank believes that while AI models and robotics have long-term potential, significant commercialization of these new businesses will still take a considerable amount of time and will not serve as a catalyst for the stock price in the short term. The bank maintains a ‘Neutral’ rating on Xiaomi, with a target price of 35 Hong Kong dollars. (Dongxin News Agency)