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MiMo-V2.6-Pro-RL

Xiaomi · v2.6 · pro rl · od 22.09.2026 · 2× · naposledy 17. 10. 2026

Momentum

MiMo-V2.6-Pro-RL is the flagship checkpoint of Xiaomi's MiMo-V2.6 series, a natively omnimodal sparse Mixture-of-Experts model with 1.02 trillion total and 42 billion active parameters. It accepts text, image, video and audio input and outputs text. The weights are available as open weights on Hugging Face and ModelScope, as well as via API.

Vývoj momenta

20.07.18.10.

Vlastnosti

Context Window (Tokens)	1,048,576 (1M)
License	MIT
Multimodality	Input: text, image, video, audio; output: text
Platform	Open weights on Hugging Face & ModelScope; API, AI Studio, OpenRouter
Price per 1M Tokens	Input (cache miss) $0.435; input (cache hit) $0.0036; output $0.87
Release Date	September 22, 2026 (RL release)

Další produkty v této kategorii: Frontier jazykové modely

Zdroje (2)

Company Analysis: Xiaomi

As of 13/10/2026

HOLDSynthszr Vote

HOLD is most consistent with the last-90-days data: Xiaomi is demonstrating strong structural profitability in Internet services (76.8% gross margin in Q2 2026), but consolidated profitability is currently constrained by hardware margin compression (8.5% smartphone gross margin) and a scaling EV/AI segment with declining margin (19.2% in Q2 2026). (ir.mi.com) With the stock at HK$25.04 on Oct 13, 2026 and valuation screens indicating a non-distressed trailing P/E range, the risk/reward looks balanced until there is clearer evidence of margin stabilization and improved EV/AI unit economics. (investing.com)

Summary

Xiaomi Group (1810.HK) operates a multi-layer consumer tech model: (1) smartphones as the primary user-acquisition and distribution layer; (2) a broad AIoT hardware portfolio (TVs, wearables, home appliances, smart devices) that expands device-per-user and retail footprint; and (3) high-margin Internet services (ads, value-added services, gaming) monetized across its installed base and apps. In 2026, Xiaomi has also scaled a fourth pillar—Smart EV, AI and other new initiatives—anchored by the SU7 program, which is increasingly material to revenue but currently dilutive to consolidated margins. Market position is strongest in “value-to-premium” Android smartphones and in ecosystem breadth (cross-device integration, Xiaomi Home app MAU, and a large connected-device base). The key competitive advantage is the combination of (a) global smartphone distribution, (b) ecosystem attach that supports repeat purchases, and (c) structurally high Internet services gross margin that can stabilize earnings when hardware cycles soften. Recent disclosures show Internet services gross margin at 76.8% in Q2 2026 (up YoY), reinforcing that profitability anchor even as hardware margins compress. (ir.mi.com) In the most recent reported quarter (Q2 2026), Xiaomi posted revenue of RMB108.9bn and adjusted net profit of RMB6.2bn, while group gross margin was 19.8% (down YoY). Smartphone revenue was RMB42.1bn with smartphone gross margin at 8.5%, with management attributing pressure largely to higher key component costs (notably memory). (financialfilings.com) Internet services revenue was ~RMB9.0bn with advertising ~RMB7.2bn (per company slide coverage), and the segment’s margin improved YoY. (investing.com) The EV/AI segment expanded to RMB24.9bn revenue in Q2 2026, but segment gross margin declined to 19.2%, reflecting mix and cost headwinds. (investing.com) From a valuation perspective, trailing P/E screens vary by provider, but recent market data points to a mid-to-high teens to high-20s trailing P/E range; investors should treat this as “not a distressed hardware multiple,” meaning execution on margin recovery and EV/AI unit economics matters for rerating. (eulerpool.com) With the stock priced in HKD, the latest available close (Oct 13, 2026) was HK$25.04; in EUR terms, investors should translate using their broker’s HKD/EUR spot rate at trade time. (investing.com) Outlook (short/medium term): near-term results are likely to be driven by (1) component-cost normalization vs. continued smartphone competition, (2) Internet services monetization resilience (ads mix), and (3) EV delivery growth versus margin dilution. Delivery milestones (e.g., SU7 cumulative deliveries surpassing 500,000) support revenue scale, but profitability trajectory remains the key swing factor. (cnevpost.com)

Key Takeaways

Q2 2026 showed a clear margin squeeze at the group level (19.8% gross margin) despite stable-to-improving Internet services profitability (76.8% gross margin). (ir.mi.com)
Smartphone profitability is currently the main consolidated margin pressure point (8.5% smartphone gross margin in Q2 2026), with management citing higher key component costs. (financialfilings.com)
Internet services remains the earnings stabilizer: high gross margin and advertising contribution help offset hardware cyclicality. (ir.mi.com)
EV/AI is scaling in revenue (RMB24.9bn in Q2 2026) but is margin-dilutive versus Xiaomi’s Internet services economics; segment gross margin fell to 19.2% in Q2 2026. (investing.com)
The latest observable market price (Oct 13, 2026 close) was HK$25.04; any EUR-based decision should explicitly convert using current FX and consider that valuation screens show a non-depressed trailing P/E range. (investing.com)

Action Ideas

BUY

Data-driven setup for investors who believe Xiaomi can re-expand consolidated margins as component costs normalize and Internet services continues to compound: Q2 2026 already demonstrates that Internet services gross margin is improving YoY (76.8%), while the main drag is smartphone gross margin (8.5%) tied to component inflation. If hardware margins mean-revert while EV/AI revenue scales without further margin deterioration, earnings quality can improve without requiring aggressive top-line acceleration. Position sizing should reflect that EV/AI remains less profitable than the Internet segment today.

Horizon: 18 mo.

HOLD

Appropriate for investors requiring confirmation that margin compression has bottomed: Q2 2026 delivered RMB108.9bn revenue and RMB6.2bn adjusted net profit, but group gross margin fell to 19.8% and smartphone gross margin to 8.5%. A hold stance is supported by the still-strong Internet services margin (76.8%) and EV/AI revenue growth, but waits for evidence of (a) smartphone margin stabilization and (b) EV/AI margin trajectory improving or at least not worsening.

Horizon: 9 mo.

SELL

Risk-reduction option for investors who prioritize near-term profitability stability: the latest quarter shows margin compression (19.8% group gross margin) and low smartphone gross margin (8.5%), while EV/AI—despite revenue scale—has a lower and declining segment margin (19.2%). If an investor’s mandate cannot tolerate multi-quarter margin volatility, reducing exposure until margins stabilize can be justified, especially given valuation screens that do not imply a distressed multiple.

Horizon: 3 mo.

Contrarian Insights

• Consensus often frames Xiaomi primarily as a smartphone-cycle proxy; however, Q2 2026 data show the profit engine is Internet services (76.8% gross margin) and the key question is mix/monetization resilience rather than unit shipments alone. (ir.mi.com)
• EV scale is frequently treated as an unambiguous positive; the contrarian read from the latest disclosures is that EV/AI revenue growth can be earnings-dilutive in the medium term because segment gross margin declined to 19.2% in Q2 2026, so delivery growth without improving unit economics may not translate into higher consolidated margins. (ir.mi.com)