XIAOMI(HK:01810) 证券时报·2025-05-20 04:44Group 1 - The core viewpoint of the article highlights Xiaomi's significant investment in chip development, with the launch of the self-developed Xuanjie O1 chip in the upcoming Xiaomi 15S Pro smartphone and Xiaomi Pad 7 Ultra [2] - Xiaomi has invested over 13.5 billion RMB in chip research and development as of April 2023, with plans to exceed 6 billion RMB in 2025 and a dedicated team of over 2,500 people [2] - The development of high-end chips is complex and requires substantial time, resources, and talent, as noted by industry experts [2] Group 2 - Tianfeng Securities predicts that the release of Xiaomi's self-developed chips will accelerate changes in the competitive landscape of high-end domestic smartphones, with an expected increase in market share for manufacturers with self-research capabilities [3] - According to IDC, in Q1 2025, China's smartphone market is projected to grow by 3.3% year-on-year, with Xiaomi leading the market with 13.3 million units shipped, a 39.9% increase, achieving an 18.6% market share [3] - Xiaomi has regained the top position in the Chinese smartphone market for the first time in nearly a decade, benefiting significantly from the "national subsidy" policy [3] Group 3 - IDC's research manager emphasizes the importance of focusing on product development and technological innovation to create differentiated and attractive products, which is crucial for Xiaomi's self-developed SoC chips [4] - The synergy between Xiaomi's mobile phones, operating systems, and chips is expected to drive growth in other sectors, including the automotive business, with a projected total revenue of 471.8 billion RMB by 2025 [4] - Revenue from electric vehicles and innovative businesses is anticipated to reach 96.4 billion RMB, with a net profit of 42.9 billion RMB [4]