小米卢伟冰：自研芯片仅用在旗舰，未来要自研5G基带

Core Viewpoint - The recent discussions surrounding Xiaomi's self-developed chip "玄戒O1" highlight the challenges and long development cycles in the chip industry, emphasizing the need for support and encouragement for the Chinese chip sector [1] Group 1: Chip Development - Xiaomi's president, Lu Weibing, stated that flagship chip development is difficult and time-consuming, with plans to use chips only in flagship products for now [1] - The "玄戒O1" chip is primarily for technical validation, with a conservative planned shipment volume in the tens of thousands, making it unlikely to impact the current supply landscape significantly [2] - Alongside "玄戒O1," Xiaomi introduced a 4G baseband chip "玄戒T1," which is fully designed in-house, and plans to develop a 5G baseband chip to integrate with 4G for mobile applications [4] Group 2: Financial Performance - In Q1, Xiaomi reported a revenue of 111.3 billion yuan, a 47% year-on-year increase, and an adjusted net profit exceeding 10 billion yuan, up 64% [5] - The core business revenue from Xiaomi's mobile and AIoT segments reached 92.7 billion yuan, with mobile revenue at 50.6 billion yuan (up 8.9%) and IoT revenue at 32.3 billion yuan (up 58.7%) [5] - Xiaomi's R&D investment in Q1 was 6.7 billion yuan, a 30.1% increase, with an expected total R&D expenditure of 30 billion yuan for the year [6] Group 3: Market Position and Strategy - Xiaomi's smartphone sales have regained the top position in the Chinese market after ten years, aided by government subsidies and new retail strategies [4] - The company is expanding its retail presence, adding over 1,000 Xiaomi stores in mainland China, reaching approximately 16,000, and increasing its automotive sales outlets to 235 [5] - The stock market reacted positively to Xiaomi's performance, with a 2.52% increase in share price, valuing the company at around 1.4 trillion HKD [6]