文 | 新浪科技 张俊 昨晚，小米公布了2025年第一季度财报，这也是小米汽车风波后的首份"答卷"。 从财报的各项数据来看，营业收入、经调整净利润、毛利率等多项指标均取得单季度历史新高。雷军对 此连发两条微博庆祝，宣传小米的业绩。 针对外界关注的小米汽车，小米集团总裁卢伟冰在业绩会中回答了外界关切： 第一，完全不担心SU7的销量会受到影响，不需要降价促销，"SU7发布这么久，没有一款是SU7的对 手，一个能打的都没有"。 第二，即将发布的YU7，价格现在还没定。 净利首次突破百亿大关 分业务剖析，第一季度，小米智能手机收入达到506亿元，同比增长8.9%；2025年第一季度小米全球智 能手机出货量为4180万台，同比增长3.0%。 根据第三方调研机构数据，2025年第一季度，小米智能手机位居全球第三，同时时隔十年在中国区再次 登顶，份额同比提升4.7个百分点、达到18.8%。对此，雷军此前曾在微博上表示无比感慨，称公司将继 续努力，不辜负大家对小米的期待；小米集团总裁卢伟冰则指出，重返巅峰，相信这只是开始。 在高端化方面，第一季度小米全球智能手机ASP（平均售价）达到1210.6元，创历史新高，同比增长 5. ...

Core Viewpoint - Xiaomi Group reported strong financial results for Q1 2025, with significant year-on-year growth in revenue and adjusted net profit, indicating robust performance across its major business segments [1][2]. Financial Performance - Total revenue reached 111.29 billion RMB, a 47.4% increase year-on-year - Adjusted net profit was 10.68 billion RMB, up 64.5% year-on-year - Overall gross margin improved to 22.8%, an increase of 0.5% year-on-year [1] Business Segments - Revenue from the mobile and AIoT segments was 92.71 billion RMB, a 22.8% increase, accounting for 83.3% of total revenue - Smart electric vehicles and AI innovation business generated 18.6 billion RMB, with smart vehicle revenue at 18.1 billion RMB [1] - Mobile business revenue was 50.61 billion RMB, an 8.9% increase, with average selling price (ASP) rising 5.8% to 1211 RMB [1] Market Dynamics - The global smartphone market showed varied performance, with a projected growth of approximately 1.2% and some regions, like Western Europe, experiencing negative growth - The Chinese market is expected to grow by about 3% due to government subsidies [2] - Xiaomi plans to focus on improving product structure rather than solely on sales volume, particularly in Western Europe and emerging markets [2] High-End Strategy - Xiaomi's high-end product market share remains low, particularly for products priced above 6000 RMB - Future strategies will aim to expand high-end offerings from China to international markets across all product categories [2] IoT and Home Appliances - Revenue from IoT and consumer products reached 32.34 billion RMB, a 58.7% increase, with a gross margin of 25.2% - Major appliances revenue grew by 113.8%, with air conditioning products seeing over 65% growth and shipments exceeding 1.1 million units [2] Competitive Landscape - Increased competition in the AIoT sector, with some appliance manufacturers launching products targeting Xiaomi - Xiaomi's home appliance products are still facing supply shortages, and the company acknowledges the need for further development in this area [3] R&D Investment - R&D expenditure for the quarter was 6.7 billion RMB, a 30.1% increase, with the number of R&D personnel reaching a record high of 21,731, making up 47.7% of total employees - The company is in the early stages of developing its own high-end chips, with a long-term view of achieving a sustainable financial model [4]

Core Insights - Xiaomi Group released its Q1 2025 financial report, highlighting its strategic focus on developing flagship chips before considering other types [1] Group 1: Chip Development Strategy - Xiaomi is prioritizing the development of flagship chips, specifically starting with the modem chips, achieving 4G capabilities and aiming to tackle 5G next [1] - The company plans to maintain a long-term coexistence of its self-developed chips with those from partners like MediaTek and Qualcomm, ensuring effective communication with these partners [1] - The self-developed chips will have a limited integration rate in products, focusing solely on flagship models [1]

Core Insights - Xiaomi Group reported a total revenue of 1112.93 billion yuan for Q1 2025, representing a year-on-year growth of 47.4% [1] - The revenue from smartphone and AIoT businesses reached 927.13 billion yuan, while innovative businesses including smart electric vehicles generated 186 billion yuan, with electric vehicle revenue alone growing by 100.8% [1] - Adjusted net profit increased by 64.5% to 106.76 billion yuan, with a gross margin improvement of 0.5 percentage points to 22.8% [1] Business Segment Performance - The smartphone segment achieved a global shipment of 41.8 million units, marking seven consecutive quarters of year-on-year growth, and regained the top position in shipment volume in the Chinese market with a market share increase of 4.7 percentage points to 18.8% [1] - High-end models performed exceptionally well, with a market share of 24.4% in the 4000-5000 yuan price range, and the Xiaomi 15 Ultra saw a sales increase of over 90% compared to its predecessor [1] - IoT and lifestyle product revenue surged by 58.7% to 323.39 billion yuan, with smart home appliances experiencing explosive growth of 113.8%, achieving record high shipments for air conditioners, refrigerators, and washing machines [1] Internet Services and R&D Investment - Internet services revenue grew by 12.8% to 90.76 billion yuan, with advertising business being a major growth driver at 19.7% [1] - R&D expenditure for the quarter was 67.12 billion yuan, up 30.1%, with the proportion of R&D personnel increasing to 47.7% [2] - Significant breakthroughs were made in self-developed chips, including the 3nm process-based Xuanjie O1 processor and the first 4G baseband chip Xuanjie T1 for smartwatches [2] Electric Vehicle Business - The electric vehicle segment delivered 75,869 units of the SU7 series, with cumulative deliveries exceeding 258,000 units, and the gross margin for innovative businesses was 23.2%, up 5.4 percentage points year-on-year [2] - The newly launched YU7 luxury SUV further diversified the product lineup, with a sales network covering 235 stores across 65 cities in mainland China [2] Financial Position - The company ended the period with cash reserves of 216.8 billion yuan and a net operating cash flow of 4.509 billion yuan [2] - Inventory turnover efficiency improved, with inventory amount decreasing by 1.7% to 61.417 billion yuan, while the impairment provision coverage ratio remained stable [2] - Notably, approximately 4.032 billion yuan in funds remain frozen in the Indian market due to tax and foreign exchange compliance investigations, but management has not made any provision based on professional advice [2]

玄戒O1对小米而言意义重大，它是小米第一款自研SoC芯片，也是国内第一款自研3纳米工艺芯片。这款自研芯片，凝聚了小米无数心血，消耗了小米巨额 研发费用。笔者原本以为，这款芯片的诞生，能堵住很多对小米存有质疑的人的嘴。 尽管小米已经连续多年是全球第三大智能手机厂商，出货量仅次于三星、苹果，但在相当长的时间里，小米忍受着不公。大量的网友说，小米没有核心技 术，甚至不少人讥讽小米为"组装厂"——他们看不到小米为突破核心技术所做的努力。 玄戒O1发布后，在很多人为小米鼓掌时，也有大量的人不承认小米有这种能力。我浏览了一些网友的观点，他们说，小米这款3nm芯片是ARM为其深度定 制的，并不是小米自研。尤其是ARM删除官网文章，更是引发海啸般的质疑。 对小米持质疑态度的人认为，核心技术是一步步积累、慢慢修炼而成的，不可能一步登天。他们的意思是，小米突然宣布自己站在了全球自研SoC芯片的前 列，出道即巅峰，来得太突兀了。 事实上，事后，ARM重新发布了新闻稿，修改了之前有误的表述，并强调玄戒O1是小米自研。ARM都认可小米的自研能力，我们还有啥质疑的？可能是嫉 妒心作祟。 有行业人士认为，质疑小米芯片不是自研，而是ARM深 ...

Core Viewpoint - Xiaomi refuted rumors regarding its newly launched chip, the Xuanjie O1, stating it is not a custom chip from Arm but rather developed independently by Xiaomi's team [1][8]. Group 1: Chip Development and Technology - The Xuanjie O1 chip has a maximum frequency of 3.9 GHz, showcasing Xiaomi's strong research and design capabilities [1]. - The chip is a 3nm flagship SoC that took over four years to develop, with the design being fully executed by Xiaomi's Xuanjie team, despite utilizing Arm's latest CPU and GPU standard IP licensing [8]. - Xiaomi has become the fourth global smartphone manufacturer with self-developed SoC capabilities, following Apple, Samsung, and Huawei [8]. Group 2: Financial Investment and Future Plans - Xiaomi has invested 13.5 billion RMB in chip development over the past four years, with a team size exceeding 2,500 people, ranking among the top three in domestic chip design companies [9]. - The budget for chip research and development for this year alone exceeds 6 billion RMB, with plans to invest 200 billion RMB in R&D over the next five years [9]. Group 3: Market Position and Performance - During a product launch event, Xiaomi compared the performance of the Xuanjie O1 chip with Apple's A18 Pro chip, claiming superior multi-core and GPU performance, as well as lower operating temperatures during video calls, gaming, and navigation [9]. - The company emphasized the competitive nature of the chip business, noting that a chip's lifecycle is short, requiring significant sales volume to remain viable [9].

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]

5月26日，针对小米自研芯片玄戒O1是向Arm定制的芯片的传言，小米手机官方微博账号回应称，这完 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。 其进一步强调，玄戒O1是小米玄戒团队，历时四年多自主研发设计的3nm旗舰SoC，其中基于Arm最新 的CPU、GPU 标准IP授权，但多核及访存系统级设计、后端物理实现完全由玄戒团队自主设计完成， 并非网传采用Arm提供的完整解决方案，所谓"向Arm定制芯片"更是违背事实的无稽之谈。 据新浪财经报道，此前ARM在其官网将小米玄戒O1称为"首款基于ARM CSS（定制服务）的芯片"，暗 示双方在架构优化层面存在深度合作。但随后官网删除相关内容。 值得注意的是，据智通财经5月26日晚间报道，Arm官网重新发布新闻稿，修改了此前"Custom Silicon"的描述，确认玄戒O1由小米自主研发。Arm在新闻稿中表示，小米全新自研芯片采用Arm架 构，标志着双方15年合作的里程碑。玄戒O1芯片由小米旗下玄戒芯片团队打造，采用最新的Armv9.2 Cortex CPU集群IP、Immortalis GPU IP和CoreLink系统互连IP， ...

辟谣。 5月26日，小米公司在小米15周年产品答网友问（第2集）中回应"网传玄戒O1是向Arm定制的芯片"时表示，这完全是谣言， 玄戒O1不是向Arm定制的，研发过程中，也没有采用Arm CSS服务。 小米公司表示，玄戒O1是小米玄戒团队，历时4年多自主研发设计的3nm旗舰SoC，其中基于Arm最新的CPU、GPU标准IP授 权，但多核及访存系统级设计、后端物理实现完全由玄戒团队自主设计完成，并非网传采用Arm提供的完整解决方案，所 谓"向Arm定制芯片"更是违背事实的无稽之谈。 小米玄戒O1的CPU超大核心，最高主频达到3.9GHz，这远超业界标准设计。能够取得如此成绩，是玄戒团队诸多创新和数 百次版图迭代优化的结果。举个例子，玄戒O1在CPU部分重新设计了超过480种标准单元库，这一数字几乎达到了3nm标准 单元库近三分之一的数量。同时还创新使用了边缘供电技术以及自研高速寄存器，是这些创新逐步累加，才让玄戒O1颇具 挑战的3.9GHz设计目标得以最终实现。 小米公司称："目前，也有诸多专业媒体对玄戒O1进行了详尽的测试，可以看到CPU和GPU都真正达到了第一梯队的性能与 功耗。当然，这是我们第一次推出旗舰 ...

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].