XIAOMI(HK:01810) 天天基金网·2025-05-16 06:29Core Viewpoint - Xiaomi is set to release its self-developed mobile SoC chip named "Xuanjie O1" in late May, marking a significant step in its chip development strategy after previous attempts faced challenges [1][2]. Group 1: Chip Development History - In 2017, Xiaomi launched its first self-developed SoC chip, the "Panghu S1," which received a lukewarm response due to performance issues [2]. - Following this, Xiaomi shifted its focus to developing smaller chips for imaging and fast charging, including the "Panghu C1" imaging chip in 2021 and the "Panghu P1" power management chip capable of supporting up to 120W wired fast charging [2]. - In 2022, Xiaomi introduced the "Panghu G1" battery management chip, enhancing battery capacity and lifespan, which works in conjunction with the Panghu P1 to improve smartphone battery performance [2]. Group 2: R&D Investment - Xiaomi's 2024 financial report indicates a research and development investment of 24.1 billion yuan, reflecting a year-on-year increase of 25.9% [2]. - The company plans to exceed 30 billion yuan in R&D investment by 2025, with total R&D expenditure projected to surpass 100 billion yuan over five years (2022-2026) [2]. - CEO Lei Jun highlighted that AI algorithms, chips, and terminal applications are key areas of focus for R&D [2]. Group 3: Company Structure and Leadership - Shanghai Xuanjie Technology Co., Ltd., closely associated with Xiaomi and the "Xuanjie" chip, was established in 2021 with a registered capital of 1.92 billion yuan, focusing on integrated circuit chip design and services [3]. - The company is wholly owned by X-Ring Limited, with Xiaomi's Senior Vice President Zeng Xuezhong serving as the legal representative and general manager, bringing extensive experience from his previous role as CEO of Unisoc [3].