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].

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 ...

Core Viewpoint - The company reported a strong performance in Q1 2025, with significant sales growth driven by new model launches, despite a challenging industry environment [1][2][3]. Sales Performance - In Q1 2025, the company achieved sales of 94,000 vehicles, representing a year-on-year increase of 330.8% and a quarter-on-quarter increase of 2.7% [1]. - The new models, Mona M03 and P7+, contributed significantly to sales, with 47,000 and 24,000 units sold respectively, accounting for 75.5% of total sales in the quarter [2]. Financial Metrics - Total revenue for Q1 2025 was 15.81 billion yuan, showing a year-on-year increase of 141.5% but a quarter-on-quarter decrease of 1.8% [1]. - The average revenue per vehicle was 153,000 yuan, down 39.8% year-on-year and 4.7% quarter-on-quarter [1]. - The gross margin improved to 15.6%, with a year-on-year increase of 2.7 percentage points and a quarter-on-quarter increase of 1.2 percentage points [1]. Future Outlook - The company has set a delivery guidance of 102,000 to 108,000 vehicles for Q2 2025, which would be a record high [2]. - The introduction of new models such as G6 and G9, along with the upcoming M03 Max version, is expected to further enhance sales and profitability [3]. - The company anticipates total sales of 550,000 vehicles in 2025, representing a year-on-year increase of 190% [3]. Technological Advancements - The company is set to deploy its self-developed Turing chip in Q2, which is designed to optimize cost control and enhance the capabilities of its vehicles [3]. - The Turing chip boasts processing power 3-7 times that of current mainstream AI chips, specifically designed for L4 autonomous driving [3]. Profitability Forecast - The company has revised its revenue projections for 2025-2027 upwards, with expected revenues of 95.9 billion, 117.2 billion, and 135.5 billion yuan respectively [4]. - The forecast for net profit attributable to the parent company has also been increased, with estimates of 400 million, 2.8 billion, and 4.7 billion yuan for the same period [4].

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]

Core Viewpoint - Xiaomi has officially launched its self-developed SoC chip "Xuanjie O1" during its 15th anniversary event, marking a significant step towards becoming a "hardcore technology company" [3][4]. Group 1: Chip Development and Features - The "Xuanjie O1" chip is built on a second-generation 3nm process and took Xiaomi ten years and over 13.5 billion yuan in investment, involving a team of 2,500 people [1][4]. - The chip features 19 billion transistors and utilizes ARM's latest X925 architecture, making its performance comparable to Apple's A18 Pro chip [6][7]. - Xiaomi's strategy involves a combination of self-developed application processors and third-party baseband chips, which is seen as the optimal choice given the concentration of communication baseband technology patents among leading companies [7]. Group 2: Market Position and Strategy - Xiaomi aims to reshape its brand image and enhance its presence in the high-end market by leveraging its self-developed chip technology [7][8]. - The company has seen fluctuations in smartphone market performance, recently regaining the top position in China's smartphone market with 13.3 million units shipped in Q1 2025, although it did not rank in the top three for the entire year of 2024 [12][13]. - Xiaomi's high-end strategy is still in its early stages, with the need for continuous innovation and product optimization to compete effectively against Apple and Huawei, which dominate over 80% of the high-end market [12][13][15]. Group 3: Future Outlook and Challenges - The release of the "Xuanjie O1" chip is just the beginning, with significant challenges ahead, including high R&D costs and the need for substantial sales volumes to justify the investment [9][15]. - Xiaomi plans to invest at least 200 billion yuan in R&D over the next decade, indicating a long-term commitment to chip development [15].