XIAOMI(HK:01810) Zheng Quan Shi Bao·2025-05-20 04:50Core Viewpoint - Xiaomi has begun mass production of its self-developed 3nm flagship chip, the "Xuanjie O1," marking a significant milestone in its chip development journey [2][4]. Group 1: Chip Development - The Xuanjie O1 chip utilizes second-generation 3nm process technology, with a cumulative R&D investment exceeding 13.5 billion RMB as of April 2023, and an expected investment of over 6 billion RMB in 2025 [4]. - Xiaomi's chip development journey began in September 2014 with the establishment of the "Pengpai" project, leading to the launch of its first mobile chip, the "Surge S1," in 2017 [5]. - The company has committed to a long-term investment plan of at least 50 billion RMB over ten years for chip development [5]. Group 2: Market Position and Performance - In Q1 2025, China's smartphone market saw a 3.3% year-on-year increase in shipments, reaching 71.6 million units, with Xiaomi leading the market with 13.3 million units shipped, a 39.9% increase year-on-year [6]. - Xiaomi regained the top position in the Chinese smartphone market for the first time in nearly a decade, maintaining a year-on-year growth for seven consecutive quarters [6]. - The success of the Xiaomi 15 series has solidified its position in the high-end market, where it holds the third-largest share in the segment priced above $600 [6]. Group 3: Future Projections - According to forecasts, Xiaomi's total revenue is expected to reach 471.8 billion RMB by 2025, with revenue from electric vehicles and innovative businesses projected at 96.4 billion RMB, and adjusted net profit at 42.9 billion RMB [6].