雷军在发布会上强调，玄戒O1从立项之初就确立了"对标苹果"的目标，手机要对标苹果，芯片也要试一试。 玄戒O1的核心配置堪称豪华，采用台积电第二代3nm技术，晶体管数量达190亿，芯片面积仅109mm²，能效比提升显著。 CPU架构采用创新性设计，采用"2+4+2+2"四簇十核架构，包括2颗3.9GHz超大核、4颗3.4GHz性能大核、2颗1.9GHz能效核及2颗1.8GHz超级能效核，兼顾 高性能与低功耗场景。 GPU采用16核心设计，搭载最新Immortalis-G925，配备GPU动态性能调度技术，功耗大幅降低，拥有相当出色的图形处理性能。 在5月22日晚举行的小米15周年战略新品发布会上，小米带来了一款全新自研的手机SoC芯片玄戒O1，这是继2017年澎湃S1亮相后，蛰伏8年的回归之作。 这次小米玄戒O1的亮相，早已不是8年前的试水行动，而是一次筹备长达4年的计划，最终的成果自然也是惊艳全网，举国沸腾。 据介绍，小米15S Pro在日常应用上，对比iPhone 16 Pro Max的启动响应时间耗时缩短30.4%，在游戏发热上，帧率更高、温度更低。 现在玄戒O1的实验室安兔兔综合成绩也已经公布了，超过3 ...

Group 1: Company Certifications and Capabilities - The company has obtained multiple certifications including FDA510(k), EU MDR, ISO9001, ISO13485, and others, enabling it to meet global market entry requirements [5] - The company holds a medical device production license and registration certificate, ensuring compliance with industry standards [5] Group 2: Cost Control Measures - Current cost control measures include self-developed chip applications, production process optimization, and efficiency improvements [6] - Future plans to reduce costs involve assimilating technology from the acquisition of Intricon, promoting modular product design, and implementing budget control [6] Group 3: Competitive Advantages and Strategies - The company has established a vertical layout in the hearing aid industry, focusing on chip design, algorithm research, and channel development [7] - The technical team has mastered core technologies such as DSP digital hearing aid chip design and sound processing algorithms, providing a competitive edge [7] Group 4: Financial Performance and Growth - In 2024, the company experienced a 49% decline in profit due to increased sales expenses from expanding its own brand channels [8] - The first quarter of the current year showed significant growth in self-owned brand sales revenue, indicating early success from the previous year's channel expansion [8] Group 5: Research and Development Plans - The company plans to maintain reasonable R&D investment intensity based on project progress [9] - There are plans to enhance operational efficiency in offline stores and adapt to market changes for store expansion [9] Group 6: Customer Base and Order Acquisition - The customer base has expanded to include new overseas supermarket channels for self-owned brands, while new order acquisition remains stable [10] - The company continues to focus on its existing B-end customer base while integrating new clients [10] Group 7: Core Business Advantages - The establishment of the subsidiary Chip Sea Ling in 2020 has enabled the development of self-researched DSP digital hearing aid chips, which significantly reduce manufacturing costs [11] - The company has achieved mass production of its first-generation self-developed chip, with approximately 780,000 units integrated into products [12]

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The upcoming product launch will feature the SoC chip "Xuanjie o1," making the company the fourth globally to release a self-developed 3nm mobile chip, following Apple, Qualcomm, and MediaTek. The company has invested over 13.5 billion RMB in R&D for this chip as of April 2025, with a projected investment of over 6 billion RMB for the year [1][2] - The launch of the Xiaomi 15S Pro, equipped with the Xuanjie o1 chip, is expected to enhance product competitiveness in the AI era, similar to the differentiation seen in Apple and Huawei products that utilize self-developed chips and operating systems [1] - The YU7 launch is anticipated to generate significant pre-orders, with expectations of over 150,000 orders within 24 hours, given the SUV market's larger size compared to the sedan market [1] - Revenue forecasts for 2025-2027 are projected at 481.84 billion RMB, 636.48 billion RMB, and 716.47 billion RMB, with year-on-year growth rates of 31.7%, 32.1%, and 12.6% respectively. Adjusted net profits are expected to be 41.64 billion RMB, 61.34 billion RMB, and 65.60 billion RMB, with growth rates of 52.9%, 47.3%, and 6.9% [1][2] - The company is valued at a reasonable market capitalization of 1.46 trillion HKD, with a target price of 56.28 HKD per share, based on a 20x PE for its main business and a 3x PS for its smart vehicle segment [1] Financial Summary - The company's projected revenue for 2025 is 481.84 billion RMB, with a year-on-year growth of 32%. The adjusted net profit for the same year is expected to be 32.20 billion RMB, reflecting a growth of 36% [2][7] - The earnings per share (EPS) for 2025 is estimated at 1.24 RMB, with a P/E ratio of 40.59 [2][7] - The total assets are projected to reach 494.41 billion RMB by 2025, with total liabilities of 233.50 billion RMB, resulting in a debt-to-equity ratio of 47.23% [7]

小米集团-W(01810) 报告日期：2025 年 05 月 22 日 小米战略新品发布会前瞻 ——小米集团点评报告 投资要点 财务摘要 | [单位Table_Forcast] /百万 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 365906 | 481844 | 636475 | 716471 | | (+/-) (%) | 35% | 32% | 32% | 13% | | 归母净利润 | 23658 | 32198 | 51439 | 55423 | | (+/-) (%) | 35% | 36% | 60% | 8% | | 每股收益(元) | 0.95 | 1.24 | 1.98 | 2.14 | | P/E | 33.59 | 40.59 | 25.41 | 23.58 | 资料来源：浙商证券研究所 本次发布会手机芯片 SoC 芯片玄戒 o1 将亮相，小米成为继苹果、高通、联发科 后全球第四家发布自主研发设计 3nm 制程手机芯片的企业。雷军在官方微博中 提及，小米从 2014 年开启手机芯片 ...

Core Viewpoint - Xiaomi's self-developed 3nm smartphone SoC, "Xuanjie O1," is set to be officially released on May 22, marking a significant milestone in the company's decade-long chip development journey. This positions Xiaomi as the fourth company globally to design its own 3nm smartphone SoC, following Apple, Qualcomm, and MediaTek [2][4]. Chip Development and Market Position - The Xuanjie O1 is primarily aimed at high-end flagship products, with initial production estimates conservatively set at several hundred thousand units due to high initial costs from small-scale production [2][4]. - Xiaomi's strategy includes using a self-developed application processor (AP) while likely relying on MediaTek for the baseband processor (BP), as developing a proprietary BP involves high patent costs and complex compatibility challenges [6][8]. Competitive Landscape - Xiaomi aims to enhance its position in the high-end smartphone market, where competitors like Apple, Samsung, and Huawei already utilize self-developed SoCs. The self-developed SoC is seen as crucial for differentiation, cost control, and energy optimization [8][9]. - As of March 2024, Xiaomi holds a 24.3% market share in the 4000-5000 yuan price segment in mainland China, indicating progress in its high-end market strategy [8]. Relationship with Third-Party Suppliers - Despite the introduction of its own chip, Xiaomi will continue to collaborate with Qualcomm and MediaTek for various product lines, as the self-developed chip requires multiple generations for market validation and cost optimization [10][11]. - Qualcomm's CEO has stated that Xiaomi's self-developed chip is not expected to impact its business, and both companies have reaffirmed their partnership through a multi-year agreement [11]. Investment and Development History - Xiaomi has invested over 13.5 billion yuan in chip development from 2021 to April 2025, with an expected investment of over 6 billion yuan in 2023 alone. The R&D team has grown to over 2,500 members [12][13].

Group 1 - Gree Electric's former secretary Meng Yutong may return to the company for live streaming activities, with confirmation still pending from Gree [2] - Meng Yutong shared a chat record with Gree's chairman Dong Mingzhu on social media, indicating a potential reconnection after two years [2] - Gree's official account welcomed Meng Yutong back, suggesting a positive reception to her potential return [2] Group 2 - Xiaomi's chairman Lei Jun announced that the self-developed 3nm flagship chip, Xuanjie O1, has entered mass production [3] - The Xuanjie O1 chip will be featured in high-end devices such as the Xiaomi 15s Pro smartphone and the Xiaomi Pad 7 Ultra tablet [3] - Qualcomm's CEO emphasized that despite Xiaomi's self-developed chip, Qualcomm remains a significant supplier for the company [3] Group 3 - Leap Motor's founder and chairman Zhu Jiangming clarified rumors regarding his death, expressing frustration over the false claims [4] - Zhu Jiangming highlighted the need for entrepreneurs to continuously prove their existence and the viability of their companies [4] - Leap Motor achieved financial results that exceeded expectations in the first quarter of 2025 [4] Group 4 - Lenovo is reportedly developing a self-researched chip named "SS1101," featuring a ten-core CPU architecture and a high-performance GPU [5] - The SS1101 chip has achieved a single-core GeekBench 6 score exceeding 2000 and a multi-core score surpassing 6700, indicating performance close to the Dimensity 8400 level [5] Group 5 - Former Midea Group vice president Yin Bitong has joined Hisense Group as the president of the air conditioning division, overseeing all air conditioning business lines [6][7] - This move has been confirmed by insiders within Hisense, indicating a strategic shift in leadership for their air conditioning sector [7]

Core Viewpoint - Xiaomi is advancing its chip development with the upcoming launch of the "玄戒O1" chip, which will utilize second-generation 3nm process technology, marking a significant step in its self-developed chip journey [4][22]. Group 1: Chip Development History - Xiaomi began its chip development journey with the "澎湃S1" in 2014 and transitioned to various self-developed "小芯片" until 2017 [1]. - In 2021, Xiaomi re-initiated the development of a SoC "大芯片" [4]. Group 2: Industry Reactions - The announcement of the "玄戒O1" has sparked widespread discussion and analysis across social media platforms, with various opinions on its performance and pricing emerging [6]. - Some skepticism exists regarding the authenticity of the chip's self-developed status, particularly concerning its architecture and components [9][12]. Group 3: Architecture and Self-Development Debate - Critics argue that the use of ARM architecture in the "玄戒O1" undermines its classification as a self-developed chip [9]. - The article counters that many successful chip manufacturers, including MediaTek and Unisoc, also utilize public ARM architectures, suggesting that using such architectures does not negate self-development claims [11][12]. Group 4: Advanced Process Technology - The "玄戒O1" will employ advanced 3nm process technology, which has raised questions about why Xiaomi can access this technology while others cannot [22][25]. - Current U.S. regulations do impose restrictions on chip manufacturing, but they are conditional and do not outright ban the use of advanced processes for certain chip types [26][28]. Group 5: Investment and R&D Costs - Xiaomi's total investment in chip development is reported to be 135 billion yuan, which raises questions when compared to OPPO's previous 500 billion yuan investment that did not yield similar results [33][35]. - The article highlights that the cost of developing advanced chips can vary significantly, and the reported R&D costs of other companies, such as MediaTek, suggest that Xiaomi's investment may be sufficient for successful chip development [37][39].

Group 1 - Qualcomm's CEO Cristiano Amon stated that Xiaomi's self-developed chip initiatives are not expected to impact Qualcomm's business, as Qualcomm remains a strategic chip supplier for Xiaomi [1] - Qualcomm's Snapdragon chips have been the main SoC supplier for Xiaomi's flagship smartphones, and this relationship is expected to continue [1] - Xiaomi has announced its self-developed 3nm flagship SoC chip, Xuanjie O1, which is among the most advanced processes in the market, comparable to Apple's A18 Pro chip used in iPhone 16 Pro and Pro Max [3] Group 2 - Xiaomi's CEO Lei Jun revealed that the development of Xuanjie O1 has involved significant investment, with over 13.5 billion RMB spent to date and a projected investment of over 6 billion RMB this year [3] - The total investment planned for the Xuanjie project is 50 billion RMB, set to commence in 2025, indicating a long-term commitment to semiconductor development [3] - The R&D team for Xuanjie has grown to over 2,500 people, positioning Xiaomi among the top three in the domestic semiconductor design sector in terms of investment and team size [3] Group 3 - Xiaomi is set to launch new smartphones, tablets, and electric vehicles on May 22, featuring the Xuanwu O1 SoC in its upcoming flagship devices [4] - The Xuanjie O1 marks Xiaomi's return to core smartphone components, following previous attempts to develop SoCs, including the Panghu S1 launched in 2017 [4] - The Xuanjie O1 has begun mass production, with two flagship devices, the Xiaomi 15s Pro and the Xiaomi Pad 7 Ultra, expected to be released alongside it [4]

Core Insights - Xiaomi is set to officially launch its self-developed SoC, the Xuanjie O1, alongside the Xiaomi 15S Pro and other products on May 22, 2023, highlighting the strategic importance of the chip in its product lineup [1][4] - The Xuanjie O1 is positioned as a significant advancement in Xiaomi's technology strategy, aiming to compete with Qualcomm and MediaTek's flagship chips in terms of performance, efficiency, and user experience [5][20] - The development of the Xuanjie O1 represents a long-term investment in chip technology, with over 13.5 billion RMB invested since 2021 and a team of over 2,500 people dedicated to its development [20][21] Product Specifications - The Xuanjie O1 is built on TSMC's second-generation 3nm process and integrates approximately 19 billion transistors, which is comparable to Apple's A17 Pro [8][20] - The chip features a CPU architecture of "2+2+4+2," including two Cortex-X925 super cores, two Cortex-A725 big cores, four Cortex-A725 middle cores, and two Cortex-A520 small cores, designed to enhance performance [9][12] - The GPU is rumored to be the 16-core version of Immortalis-G925, which is larger than the 12-core version used in MediaTek's Dimensity 9400 [11][12] Strategic Importance - The Xuanjie O1 is not just a product but a strategic move for Xiaomi, aiming to establish itself as a serious player in the high-end smartphone market and to integrate its hardware and software ecosystems [5][21] - The company has learned from past experiences, particularly the shortcomings of its previous SoC, the Surge S1, and has adjusted its strategy to focus on high-end, self-developed chips [17][18] - Xiaomi's approach to chip development is seen as a long-term commitment, with a focus on building capabilities and integrating its ecosystem rather than seeking quick wins [21]

Group 1 - The Hong Kong stock market opened higher on May 20, with the Hang Seng Index rising by 0.28% to 23,398.35 points, the Hang Seng Tech Index up by 0.22%, and the National Enterprises Index increasing by 0.31% [1] - Pharmaceutical stocks experienced a collective surge, while shipping and port stocks also saw broad gains. Notably, Contemporary Amperex Technology Co., Ltd. (CATL) opened over 12% higher [1] - The Hang Seng Technology Index ETF (513180) saw a slight increase, with leading stocks such as Xiaomi, Li Auto, SMIC, Alibaba, and JD Health showing significant gains, while stocks like Alibaba Health, Bilibili, and Trip.com Group faced declines [1] Group 2 - Tianfeng Securities predicts that the release of Xiaomi's self-developed chip may accelerate changes in the competitive landscape of high-end domestic smartphones, with market share growth for leading manufacturers with self-research capabilities being a core logic for Xiaomi's valuation increase [2] - Xiaomi's years of investment in self-research across smartphones, operating systems, and chips are beginning to pay off, with synergistic effects expected to drive developments in its automotive business [2] - The Hang Seng Technology Index ETF (513180) leads in both scale and liquidity among its peers listed in A-shares, supporting T+0 trading, and includes core AI assets and technology leaders that are relatively scarce compared to A-shares [2]