$XIAOMI-W(01810.HK) Xiaomi has announced progress related to its robot dexterous hand. Laymen watch for the spectacle, while experts look for opportunities. Here's a simple analysis for reference:

- 1. If you were to buy a commercial or household robot, would you want one that can dance all day or one that can help you with tasks all day? What is the market potential?

- 2. Xiaomi did not showcase its robot's limb capabilities. But everyone saw from the Spring Festival Gala that Unitree's robots have impressive limb capabilities. However, don't forget that Xiaomi has invested in Unitree, and they have a good relationship. If they collaborate in the future, with one focusing on limbs and the other focusing on the hand + AI brain, how do you think the completeness and competitiveness would compare to other robots on the market?

- 3. Xiaomi now holds capabilities in chips, AI, OS, plus robot technology. Its technology layout in the AI Agent era is complete and is in the first tier. When facing technical challenges, the responsible parties internally can coordinate solutions and resources. The depth of cooperation and cost are significantly lower than collaborating with external companies, giving it an advantage in innovation opportunities and cost.

- 4. Finally, if commercialization succeeds, don't forget that Xiaomi's core strength is the supply chain and manufacturing capabilities accumulated during the smartphone era. Yesterday it made phones, today it makes cars, and in the future, who knows what it will make. Large-scale, high-precision manufacturing is itself a scarce capability.

- 5. Regarding Dongda Technology, it's not just about being bullish on Xiaomi alone. It's more that one is content with its corner, and the other is ambitious but incapable. Xiaomi can create things they cannot and go places they cannot reach.