Core Viewpoint - Xiaomi Group aims to become a top player in the air conditioning market in China by 2030, with a target to rank among the top three in the retail market this year [1] Group 1: Business Strategy - Xiaomi has completed the full product line layout for its air conditioning business and achieved full-stack self-research in technology [1] - The company plans to enhance its industrial capabilities, with a smart manufacturing factory for air conditioners expected to be operational within the year [1] Group 2: Market Positioning - Xiaomi is not concerned about price wars in the home appliance sector, emphasizing that its products, hardware, and smart features are significantly stronger, along with higher channel efficiency [1]

自小米公布首款旗舰SoC玄戒O1以来争议不断，尤其是在玄戒O1正式发布之后，市场对"小米自研"发出质疑，更有传闻称是由Arm公司为小米定制的。 针对外界的一系列争议，小米公司官方也站出来进行了回应。 5月26日深夜，小米公司发文称，"网传玄戒O1是向Arm定制的芯片"完全是谣言，玄戒O1不是向Arm定制的，研发过程中，也没有采用Arm CSS服务。 Arm是一家芯片架构设计公司，本身并不制造或销售芯片，而是将其技术知识产权（IP）授权给半导体芯片制造公司，这些IP包括指令集架构、微处理 器、图形核心、NPU（神经网络处理器）核心、互连架构等，Arm合作的芯片公司包括英特尔、IBM、苹果、三星、博通等全球巨头。 上述关于玄戒O1的争议来源于Arm此前在官网发布的一篇文章，标题为《XRING O1 Custom Silicon from Xiaomi is Powered by the Arm Compute Platform》，意为 "小米的XRING O1定制芯片由Arm计算平台提供支持" 。目前该文章已经删除，但其中的表述引发了一些争议，有网友认为，玄戒O1是 Arm基于其CSS for Client（面向 ...

5月26日晚，小米在《小米15周年产品答网友问》中辟谣新推出的芯片玄戒O1"非自研是向半导体公司Arm定制的 芯片"。 小米表示"这完全是谣言，玄戒O1不是向Arm定制的。"随后雷军也在微博恳请大家转发辟谣，并表示玄 戒O1最高主频为3.9ghz，这足以说明芯片团队具备相当强的研发设计实力。 南都记者了解获悉，近期传闻源自于Arm一篇标题为"小米的XRING O1定制芯片由Arm计算平台提供支持 （XRING O1 Custom Silicon from Xiaomi is Powered by the Arm Compute Platform》）" 。文中还称，这"标志着小 米与Arm合作15年，小米的第一个定制芯片为下一代设备带来了先进的AI和性能提升"。 南都记者查阅网站发现，目前该文章已被删除。同时Arm新发布了题为"Arm赋能的小米全新芯片问世，标志着双 方 15 年合作的重要里程碑（Xiaomi's New Self-Developed Silicon Powered by Arm Marks a 15-year Alliance Milestone）"。文章中提到，"从2011年第一代小米手机起 ...

Core Insights - Xiaomi held its 15th anniversary strategic product launch event on May 22, showcasing new products including the Xiaomi 15S Pro and the first SUV, the Xiaomi YU7, along with the new Xiaomi Xuanjie O1 and T1 chips [1] Group 1: Product Launch and Achievements - Xiaomi has achieved three significant milestones: maintaining a top-three global smartphone market share for 19 consecutive quarters, successfully transitioning its automotive, chip, and smart factory initiatives from concept to reality, and completing its full ecosystem strategy [1] - The company has invested over 100 billion yuan in R&D over the past five years, with an additional 200 billion yuan planned for the next five years [1] - The Xuanjie O1 chip has successfully entered the flagship chip tier, while the Xuanjie T1 chip integrates a self-developed 4G baseband [1][2] Group 2: Chip Specifications - The Xuanjie O1 chip utilizes second-generation 3nm technology, featuring 19 billion transistors and a compact area of 109mm², with a ten-core CPU and 16-core GPU [2] - The CPU configuration includes two ultra-large cores, four performance cores, two efficiency cores, and two super-efficiency cores, with a peak frequency of 3.9GHz and multi-core scores exceeding A18 Pro [2] - The Xuanjie T1 chip supports 4G eSIM independent communication and has been tested with over 7000 use cases across 100+ cities [2] Group 3: SUV Launch and Market Position - The cumulative delivery of the Xiaomi SU7 series has surpassed 258,000 units, with the YU7 series set to launch in July, featuring three versions: standard, Pro, and Max [2][3] - The YU7 standard version boasts an impressive range of 835km, making it the leader in range among mid-to-large pure electric SUVs [3] - The YU7 series includes advanced features such as panoramic display, 700 Tops of assisted driving computing power, laser radar, and continuously variable damping [3] Group 4: Financial Projections - The company is expected to achieve revenues of 506.27 billion yuan, 605.21 billion yuan, and 700.89 billion yuan for the years 2025 to 2027, with corresponding net profits of 35.71 billion yuan, 45.78 billion yuan, and 59.89 billion yuan [3] - The projected price-to-earnings ratios for these years are 36, 28, and 21 times, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company has launched several products to celebrate its 15th anniversary, including the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4, all featuring the self-developed SoC chip, Xuanjie O1 [1][2]. - The Xuanjie O1 chip, built on a second-generation 3nm process, is positioned to compete with Apple's A18 Pro in terms of performance and energy efficiency [2]. - The company plans to invest an additional 200 billion yuan in R&D over the next five years [1]. - The SUV YU7 was also unveiled, with a maximum range of 835 km and equipped with a 96.3 kWh lithium iron phosphate battery, expected to launch in July [2]. Financial Projections - The adjusted net profit forecasts for 2025, 2026, and 2027 are approximately 33.75 billion yuan, 42.60 billion yuan, and 55.06 billion yuan, respectively [3]. - Revenue projections for 2024, 2025, 2026, and 2027 are 365.91 billion yuan, 483.38 billion yuan, 595.47 billion yuan, and 726.59 billion yuan, with year-on-year growth rates of 35.04%, 32.11%, 23.19%, and 22.02% [5][11]. - The adjusted EPS for the same years is expected to be 1.09 yuan, 1.30 yuan, 1.64 yuan, and 2.12 yuan [5][11]. Market Position and Strategy - The company is focusing on high-end product development, aiming to enhance the value of its consumer electronics [2]. - The automotive business is expected to contribute significantly to the company's growth, with a delivery target of 350,000 vehicles for the year [2].

过去几天，围绕着小米最新的"玄戒O1"芯片有了非常多的讨论。除了赞扬小米实现了国产 3nm芯片设计的新突破后，还有一波人围绕着小米这颗芯片是否是自研展开了激烈讨论。 进入到近日，因为Arm CSS的原因，让整个芯片圈（媒体圈）像过年一样热闹。下面，笔者 分享一下对这颗这颗风口浪尖芯片讨论的一些了解。 如果您希望可以时常见面，欢迎标星收藏哦~ 在介绍Arm CSS之前，我们先了解一下Arm的业务模式和提供的产品。 作为全球最大的IP公司，Arm在过去的大部分时间里都是通过把自己的产品"授权"给用户，收取授 权费（license ）和版税（royalty）作为主要盈利模式的。其中，授权费可以简单看作Arm将其设 计授权给你所收取的第一笔费用，至于授权的产品可以分为"Architecture license"（如苹果和高 通就是这样授权，他们可以在Arm的框架下自定义其产品）和"IP license"（就是把公司设计好的 Cortex系列处理器授权给用户）。至于版税，则简单理解为在你授权了Arm的产品并设计量产芯片 后，每卖出一颗芯片，需要支付给Arm的费用。 在过去，这也是Arm主要的营收来源。 虽然，Arm在过 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Views - The company focuses on self-research and cost advantages, achieving an excellent price-performance ratio, with a product range covering price segments from 50,000 to 200,000 CNY. The revenue for Q1 2025 is projected to reach 10 billion CNY, with a gross margin of 14.9%. Future growth is expected from the domestic new car cycle and international expansion through collaboration with Stellantis, opening up global sales opportunities [1][7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 10.02 billion CNY, representing a year-on-year increase of 187.4% and a quarter-on-quarter decrease of 25.6%. The average revenue per vehicle was 114,000 CNY, up by 10,000 CNY year-on-year and 8,000 CNY quarter-on-quarter. The gross margin reached 14.9%, a year-on-year increase of 16.2 percentage points, marking a historical high [7]. Sales and Production - The company sold 88,000 vehicles in Q1 2025, a year-on-year increase of 162.1% but a quarter-on-quarter decrease of 30.6%. The C series accounted for approximately 77.5% of total sales, with a year-on-year increase of 5.7 percentage points [7]. Strategic Initiatives - The company plans to launch 2-3 new products globally each year over the next three years, with the B10 model already launched. In 2025, two additional B series models are planned, priced between 100,000 and 150,000 CNY. The domestic sales network has expanded to 756 stores, with a goal to increase coverage to 90% of cities above the county level by the end of 2025 [7]. International Expansion - The company has established over 500 overseas channels, with more than 450 in Europe and nearly 50 in the Asia-Pacific region. It exported 7,564 vehicles in Q1 2025 and plans to start local assembly of the C10 model in Malaysia by the end of 2025, with European local manufacturing expected by 2026 [7].

Group 1 - Lei Jun revealed the use of the "Xuanjie chip trio," which includes the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4 eSIM 15th Anniversary Edition, showcasing Xiaomi's breakthroughs in chip technology [2][14] - The prices for the trio are as follows: Xiaomi Pad 7 Ultra starts at 5699 yuan, Xiaomi 15S Pro starts at 5499 yuan, making the total minimum cost for the trio 11302.15 yuan [5][6][14] - The Xiaomi 15S Pro features the self-developed Xuanjie O1 flagship processor, built on TSMC's second-generation 3nm process, integrating 19 billion transistors, and its performance is comparable to Qualcomm Snapdragon 8 Gen 2 and Apple A18 Pro [8] Group 2 - The Xiaomi Pad 7 Ultra also utilizes the Xuanjie O1 chip and boasts a 14-inch 3.2K OLED display, a 12000mAh battery, and supports 120W fast charging, making it one of the most powerful tablets from Xiaomi [10] - The Xiaomi Watch S4 eSIM 15th Anniversary Edition is the first smartwatch to feature a self-developed communication chip, the Xuanjie T1, which enhances network efficiency and offers a 35% improvement in battery life compared to its predecessor [12] - Xiaomi plans to invest 50 billion yuan in the chip sector over the next ten years to build a complete self-developed chip ecosystem, indicating a long-term commitment to chip independence [14]

作 者丨雷晨 编 辑丨包芳鸣 在智能手机行业竞争日益激烈的今天，芯片自研能力已成为科技企业核心竞争力的关键。 5月2 2日，小米1 5周年战略新品发布会在北京召开。小米集团创始人、董事长兼CEO雷军宣 布，小米自主研发设计的首款3 nm旗舰处理器"玄戒O1 "正式发布。 这标志着，小米成为中国大陆首家、全球第四家能够自主研发设计3 nm手机芯片的企业，填补 了大陆地区在3 nm先进制程芯片研发设计领域的空白。 雷军表示， 小米的芯片要对标苹果 ，过去四年小米芯片研发投入超1 3 5亿元。 未来五年，小 米决定在核心技术的研发上再投入2 0 0 0亿元。 高端芯片领域实现破局，亦有望推动其"人车家全生态"战略的深度整合。发布会上，小米同 步发布了三款小米玄戒芯片的新品。 "在硬核科技探索的路上，小米是后来者，也是追赶者，但我们相信，这个世界终究不会强者 恒强，后来者总有机会。"雷军表示。 小米芯片破局，自研3 n m芯片叫板苹果 2 0 2 1 年 ， 小 米 在 决 定 造 车 的 同 时 ， 重 启 " 大 芯 片 " 业 务 ， 重 新 开 始 研 发 手 机 SoC ， 内 部 代 号 为"玄戒"。在组 ...

Core Insights - Xiaomi has successfully developed its first self-researched 3nm chip, named "玄戒O1," becoming the fourth smartphone manufacturer globally to achieve this capability after Apple, Samsung, and Huawei [1][2][3] - The development of the chip is part of Xiaomi's long-term strategy to enter the high-end flagship market and establish itself as a hardcore technology company [2][3] - The company has invested over 135 billion yuan in chip development so far, with plans to invest an additional 200 billion yuan in the next five years [21][22] Development Timeline - Xiaomi's chip development journey began in 2014 with the establishment of the Pinecone company, followed by the launch of the 澎湃S1 chip in 2017 [2] - After facing setbacks, Xiaomi paused its chip development but resumed in 2021 with a focus on high-end SoC chips [2][7] - The "新业务部" (New Business Department) was established to integrate chip development within the company, ensuring better collaboration and communication [7][8] Team Building and Challenges - Initially, the team was small, with only a few hundred members, but it grew to nearly 2,500 by 2023, primarily through internal transfers and external recruitment [9][10] - The company faced challenges in attracting talent due to its previous failures in chip development, but the cooling of the chip startup market in 2022 allowed Xiaomi to recruit experienced professionals [8][9] Technical Achievements - The "玄戒O1" chip features a 10-core architecture and has undergone extensive design and optimization processes, achieving a high clock speed of 3.9GHz [12][14] - The chip's performance has been validated through testing, showing competitive results against other leading chips in the market [15][17] - Xiaomi aims to increase its proprietary IP usage over time, similar to the paths taken by other successful chip manufacturers [12][14] Market Position and Future Outlook - The launch of the "玄戒O1" chip is seen as a critical step for Xiaomi to validate its technology in the market, with the first device featuring the chip, the 小米15S Pro, set to be tested by consumers [17][22] - The company acknowledges the pressure of ensuring sufficient sales volume to cover the high development costs associated with the chip [19][21] - Xiaomi's leadership remains committed to the chip development strategy, emphasizing a long-term vision despite the challenges faced in the industry [21][22]