XIAOMI(HK:01810) Sou Hu Cai Jing·2025-12-27 09:05Core Viewpoint - Xiaomi has established itself as a leading global technology company through significant advancements in core technologies, including the development of its own chips, electric vehicles, and smart manufacturing capabilities, positioning itself beyond just a cost-effective brand [1][12]. Group 1: Chip Development - The development of the玄戒 chip, which took four years and an investment of 13.5 billion, features a 3nm architecture with 19 billion transistors, achieving energy efficiency comparable to Apple's A18 Pro [3]. - Xiaomi has become one of only four global smartphone manufacturers to possess self-developed flagship chips, marking a significant milestone in its journey to reduce reliance on external supply chains [3][9]. Group 2: Automotive Sector - Xiaomi's entry into the automotive market has been rapid, with over 200,000 units of the SU7 model delivered within two years, establishing itself as a major player in the new energy vehicle sector [5]. - The integration of 澎湃 OS allows seamless interaction between smartphones, cars, and home appliances, providing a user experience that surpasses Apple's CarPlay, thus creating a comprehensive ecosystem [5][12]. Group 3: Smart Manufacturing - Xiaomi's smart manufacturing capabilities are exemplified by its Wuhan factory, which produces an air conditioner every 6.5 seconds, with over 40% of its energy sourced from solar power [7]. - The establishment of three major smart production bases enables Xiaomi to control quality across high-end home appliances, flagship smartphones, and smart vehicles, reinforcing its position as a leader in intelligent manufacturing [7]. Group 4: Market Position and Future Outlook - Xiaomi's market share in the high-end smartphone segment has increased from 5.6% to 16.8%, with the 17 Ultra Leica version gaining significant traction in the ultra-high-end market [7]. - The company aims to deliver 350,000 vehicles annually, marking a second growth curve, while its ecosystem strategy connects various devices, enhancing the user experience across all scenarios [7][14]. - Xiaomi's ambition extends from high-end to ultra-high-end products, and from domestic to global markets, indicating a strong commitment to innovation and market expansion [14].