XIAOMI(HK:01810) 21世纪经济报道·2025-05-20 03:16Core Viewpoint - Xiaomi has achieved a significant milestone by starting mass production of its self-developed 3nm flagship chip, the "Xuanjie O1," positioning itself as the fourth global company to release a self-developed 3nm mobile processor after Apple, Qualcomm, and MediaTek [4][10]. Group 1: Chip Development Journey - The development of the "Xuanjie O1" chip has been a decade-long journey for Xiaomi, with cumulative R&D investment exceeding 13.5 billion RMB as of April 2023 [5][7]. - Xiaomi's chip development began in 2014 with the establishment of Beijing Pinecone Electronics, leading to the release of its first self-developed chip, the Surge S1, in 2017 [6][8]. - After initial setbacks, Xiaomi shifted focus from SoC chips to other types of chips, eventually restarting SoC chip development in 2021 [6][9]. Group 2: Investment and Future Plans - Xiaomi plans to invest over 60 billion RMB in R&D this year, with a total investment exceeding 100 billion RMB from 2022 to 2026, focusing on AI, OS, and chip technologies [7][10]. - The company has invested in 110 semiconductor and electronics-related firms since 2017, covering various fields including optical chips and automotive chips [9]. Group 3: Market Position and Challenges - The successful mass production of the "Xuanjie O1" chip is expected to intensify competition in the mobile industry, challenging not only Qualcomm and MediaTek but also the limits of Moore's Law [11]. - Xiaomi's CEO has emphasized the necessity of substantial sales volume to support the high R&D costs associated with chip development, indicating ongoing challenges in achieving market penetration [10].