XIAOMI(HK:01810) 阿尔法工场研究院·2026-01-09 00:04Core Viewpoint - Xiaomi's transformation from "scale expansion" to "quality competition" in the tech industry is exemplified by its achievements in 2025, including the mass production of its first 3nm flagship chip and significant sales milestones in its smartphone and automotive sectors [1][4]. Group 1: Business Performance - Xiaomi's 2025 performance is attributed to a shift in its profit logic, moving from volume-based earnings to technology breakthroughs and ecosystem synergy, making it more stable [4]. - The automotive sector has emerged as a surprising highlight, with the SU7 and YU7 exceeding annual delivery targets and achieving quarterly profitability, indicating a successful transition past initial challenges [4][17]. - The Xiaomi 17 series achieved over one million sales in just five days, reflecting not only sales success but also a significant improvement in product quality and innovation [4][5]. Group 2: Technological Advancements - The launch of the self-developed 3nm flagship SoC, the Xuanjie O1 chip, fills a gap in domestic advanced processes and signifies Xiaomi's commitment to building a technological moat [7][11]. - Xiaomi's investment in R&D has exceeded 100 billion yuan over the past five years, with plans to increase this to 200 billion yuan in the next five years, establishing a strong technological foundation [11]. - The integration of the 澎湃 OS 3.0 across devices enhances connectivity and user experience, creating a comprehensive ecosystem that is difficult for competitors to replicate [11][13]. Group 3: Market Perception and Challenges - Despite strong performance, Xiaomi faces ongoing controversies stemming from misaligned expectations, particularly when compared to established giants like Apple and Tesla [8]. - The company has adopted a strategy of reducing inefficient marketing expenditures to focus on core technological development, which is seen as a rare and valuable approach in a market driven by traffic [15]. - Global capital markets and industry leaders have recognized Xiaomi's fundamental advantages, with institutions like Goldman Sachs and Morgan Stanley acknowledging its potential in the automotive and high-end markets [17][19]. Group 4: Future Outlook - Xiaomi's strategic shift towards hard technology and innovation aligns with national goals for technological self-reliance, positioning it as a model for China's manufacturing transformation [19]. - The company is committed to continuous improvement in chip technology and automotive competitiveness, with a long-term vision that emphasizes steady progress rather than immediate results [20].