Xiaomi Corp. (1810.HK): Our takeaways from MiMo-V2.6 RL live streaming

Xiaomi MiMo started public live streaming of its MiMo-V2.6 RL (Reinforcement Learning) process, the first time a major AI lab has exposed live post-training telemetry in real time. RL training has led to substantial improvement in long-horizon agentic performance, and MiMo-V2.6 appears to already perform on par with other leading open-source models. Flash appears to provide more favorable RL investment returns than Pro, and efficiency bottlenecks go beyond hardware availability, implying RL bottlenecks have shifted to engineering optimization. Meanwhile Xiaomi continued to advance its AI ecosystem across application, harness and model layers. We see eyes on MiMo-V2.6 series pricing upon official release, and expect MiMo-V3, featuring the new HySparse architecture, to be released in a few months towards early 2027. We are Buy rated on Xiaomi.