Core Insights - Xiaomi launched several new products including the玄戒O1 chip, Xiaomi 15S Pro, Pad 7 Ultra, Watch S4, and its first SUV, the Xiaomi YU7, during its strategic product launch event [2][4][14] - The company aims to position its chips to compete with Apple's, with the玄戒O1 chip showcasing first-tier performance [2][4] - Xiaomi reported significant achievements over the past five years, including being in the top three globally for smartphone sales for 19 consecutive quarters and successfully developing its automotive and chip sectors [2][6] - The company plans to invest an additional 200 billion yuan in core technology research and development over the next five years, following a previous investment of 102 billion yuan [2][6] Product Launch Details - The玄戒O1 chip features a second-generation 3nm process with 19 billion transistors and achieved a benchmark score exceeding 3 million [4][6] - The Xiaomi 15S Pro, Pad 7 Ultra, and Watch S4 all utilize the玄戒O1 chip, with the 15S Pro priced at 5,499 yuan for the 16+512GB version [8][10][12] - The Pad 7 Ultra is Xiaomi's largest tablet to date, featuring a 14-inch OLED display and starting at 5,699 yuan for the 12GB RAM + 256GB version [10] - The Watch S4 includes a long-lasting 4G chip and is priced at 1,299 yuan [12] Xiaomi YU7 SUV Highlights - The Xiaomi YU7 is positioned as a luxury high-performance SUV, featuring a maximum power of 690PS and a 0-100 km/h acceleration time of 3.23 seconds [14] - The standard version of the YU7 boasts a range of 835 kilometers, making it the leader in range for mid-to-large electric SUVs [14] - The SUV will be available in nine color options, with four announced at the launch [16] - Safety features include enhanced side collision protection and standard laser radar across all models [17] Future Plans and Market Position - Xiaomi aims to deliver 258,000 vehicles by 2025, with over 28,000 units delivered in April alone [22] - The company is preparing for the official launch of the YU7 in July, with pricing expected to be higher than the Tesla Model Y [20]

Core Insights - Xiaomi held its 15th anniversary strategic product launch event, introducing its first self-developed 3nm flagship processor "Xuanjie O1" and a 4G smartwatch chip "Xuanjie T1" [2][4] - The launch included three products featuring the Xuanjie chips: Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4 15th Anniversary Edition, along with the first SUV model from Xiaomi Auto, the Xiaomi YU7 [2][4][9] Chip Development - The Xuanjie O1 is positioned as a flagship SoC chip, utilizing the advanced second-generation 3nm process, integrating 19 billion transistors in a compact area of 109mm², and achieving a peak frequency of 3.9GHz [4] - Xiaomi becomes the first company in mainland China and the fourth globally to independently develop a 3nm flagship SoC, filling a gap in the advanced chip design sector in China [4] Product Features - The Xiaomi 15S Pro, featuring the Xuanjie O1, offers a custom design for the 15th anniversary, supporting full-focus 4K night video and UWB connectivity, with a starting price of 5499 yuan [4] - The Xiaomi Pad 7 Ultra, also equipped with the Xuanjie O1, boasts a 14-inch OLED display, a 12000mAh battery, and a starting price of 5699 yuan [4] - The Xiaomi Watch S4 15th Anniversary Edition, powered by the Xuanjie T1, supports eSIM communication and offers a battery life of 9 days, priced at 1299 yuan [6] Automotive Launch - The Xiaomi YU7 is a luxury high-performance SUV featuring a striking design, spacious interior, and advanced technology, including the world's first mass-produced HyperVision panoramic display system [9][10] - The YU7 is equipped with a new Xiaomi Super Motor V6s Plus, achieving a maximum power of 690 horsepower and a 0-100 km/h acceleration in just 3.23 seconds, with a range of up to 835 km [9][10] Ecosystem Expansion - Xiaomi's "human-vehicle-home ecosystem" strategy is further enhanced with the introduction of various new products, including the Xiaomi Civi 5 Pro smartphone and a range of high-end home appliances [6][7] - The company reported significant growth in its home appliance sales, with products like air conditioners and refrigerators ranking among the top four in China [7] Future Outlook - Xiaomi's R&D investment has reached 102 billion yuan over the past five years, with plans to double this to 200 billion yuan in the next five years, aiming to become a global leader in hard-core technology [11][13] - The company is positioned for long-term growth, with its core mobile business ranking third globally and expanding into IoT, smart appliances, automotive, and chip sectors [11][13]

Core Insights - Xiaomi celebrated its 15th anniversary by launching several new products, including the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4 15th Anniversary Edition, all featuring the self-developed XRING chip [1][5] - The company plans to invest 200 billion RMB in research and development over the next five years, building on a previous investment of 102 billion RMB in the last five years [5][91] - Xiaomi's strategy emphasizes a "technology-first" approach, which has contributed to its growth, with a projected revenue increase of 35% in 2024 and an expected growth rate exceeding 30% for the current year [5][3] Product Launches - The Xiaomi 15S Pro is the first flagship smartphone equipped with the XRING O1 chip, utilizing advanced 3nm technology and featuring a unique design for the 15th anniversary [12][14] - The Xiaomi Pad 7 Ultra is the company's first OLED tablet, featuring a 14-inch display and a 12000mAh battery, designed for high performance and portability [50][56] - The Xiaomi Watch S4 15th Anniversary Edition includes a custom design and the new XRING T1 chip, offering enhanced performance and features for independent communication [76][80] Technological Advancements - The XRING O1 chip boasts a 10-core CPU and a 16-core GPU, achieving over 3 million points in AnTuTu benchmarks, positioning it among the top-tier processors [16][23] - The chip's architecture includes dual super-large cores, enhancing performance by 36% compared to previous generations, with a maximum frequency of 3.9GHz [24][21] - The Xiaomi Pad 7 Ultra also features the XRING O1 chip, resulting in significant performance improvements in application launch speed and multitasking capabilities [63][64] Automotive Developments - Xiaomi introduced the YU7, a luxury high-performance SUV, which reflects the company's commitment to expanding its automotive offerings [140][142] - The YU7 features advanced aerodynamics with a drag coefficient of 0.245, enhancing its efficiency and performance [155] - The SUV's interior includes high-tech features such as the Xiaomi HyperVision display and zero-gravity massage seats, emphasizing comfort and luxury [161][170] Market Position and Future Outlook - Xiaomi's smartphone division has maintained a position among the top three globally for 19 consecutive quarters, showcasing its competitive strength [3] - The company aims to close the loop on its "people, vehicles, and home" ecosystem strategy, solidifying its status as a comprehensive technology company [3] - Xiaomi's commitment to long-term investment in chip development, with a minimum of 50 billion RMB over the next decade, highlights its ambition to become a significant player in the semiconductor industry [87][91]

Core Insights - Xiaomi celebrated its 15th anniversary with a strategic product launch event, introducing its first 3nm flagship processor "Xuanjie O1" and the first long-lasting 4G smartwatch chip "Xuanjie T1" [1][3] - The event showcased several high-end products, including the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4 "15th Anniversary Edition," as well as the debut of Xiaomi's first SUV, the Xiaomi YU7 [1][3][23] Product Launches - The Xuanjie O1 is a significant milestone as Xiaomi becomes the first company in mainland China and the fourth globally to design a 3nm flagship SoC, filling a gap in advanced chip design in the region [3][11] - The Xiaomi 15S Pro features two material versions, priced at 5499 RMB for 16GB+512GB and 5999 RMB for 16GB+1TB [3][5] - The Xiaomi Pad 7 Ultra is available in multiple configurations, with prices ranging from 5699 RMB to 7399 RMB depending on specifications [3][5] - The Xiaomi Watch S4 "15th Anniversary Edition" is priced at 1299 RMB and supports eSIM functionality [3][5] Automotive Development - The Xiaomi YU7 SUV is positioned as a "luxury high-performance SUV," set to officially launch in July with advanced design and technology features [23][26] - The YU7 boasts impressive specifications, including a maximum horsepower of 690 and a 0-100 km/h acceleration time of 3.23 seconds, with a range of up to 835 km [26][30] Chip Development Strategy - Xiaomi's chip development journey began in 2014, with a focus on smaller chips before returning to large-scale chip development in 2021, leading to the creation of the Xuanjie series [6][9] - Over the past four years, Xiaomi has invested over 13.5 billion RMB in the Xuanjie project, with a team of over 2500 people, ranking among the top in the domestic semiconductor design sector [9][11] Future Investment Plans - Xiaomi plans to invest an additional 200 billion RMB in core technology research and development over the next five years, aiming to solidify its position as a global leader in hard-core technology [33][41] - The company has experienced significant growth, with a projected 35% increase in revenue for 2024, driven by its smartphone, IoT, and electric vehicle segments [35][39]

Core Viewpoint - Xiaomi Group is celebrating its 15th anniversary with a strategic product launch, showcasing advancements in chips, smartphones, tablets, and automobiles, while emphasizing its commitment to R&D investment and ecosystem integration [1][14]. Group 1: Product Launch and Innovations - The new products introduced include the "Xuanjie O1" 3nm flagship processor, Xiaomi 15S Pro smartphone, Xiaomi Pad 7 Ultra, and the Xiaomi YU7 electric vehicle [1][5]. - The "Xuanjie O1" processor features 190 billion transistors and a lab score exceeding 3 million, marking a significant achievement in Xiaomi's chip development journey [5][6]. - The Xiaomi YU7 is positioned as a luxury high-performance SUV with a maximum range of 835 kilometers and advanced charging capabilities [8][9][13]. Group 2: R&D Investment and Strategy - Xiaomi plans to invest 200 billion yuan in R&D over the next five years, with a focus on chip development, which has already seen an investment of 135 billion yuan over the past four years [1][6]. - The company aims to establish itself as a leading technology firm by developing its own chips, with a long-term investment strategy of at least 500 billion yuan over the next decade [6][14]. - Xiaomi's strategy includes creating a seamless ecosystem through self-developed technology, enhancing user experience, and building a differentiated competitive edge in the market [14].

Core Viewpoint - Xiaomi is positioning itself as a comprehensive technology company with a complete ecosystem, having achieved significant milestones in smartphones, automotive, chips, and smart factories, and plans to invest 200 billion yuan in R&D over the next five years [1] Product Launch and Pricing - Xiaomi launched several products including the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4, all featuring the self-developed Xuanjie chip [1] - The pricing for Xiaomi 15S Pro starts at 5,499 yuan for the 16GB+512GB version and 5,999 yuan for the 16GB+1TB version [4] - The Xiaomi Pad 7 Ultra is priced starting at 5,699 yuan, marketed as Xiaomi's best tablet to date [4] - The Xiaomi Watch S4 15th Anniversary Edition is priced at 1,299 yuan [4] - Xiaomi's home appliances include the Mijia Pro Air Conditioner starting at 3,999 yuan and the Mijia Pro Refrigerator starting at 4,999 yuan [5] Automotive Development - The Xiaomi YU7, a luxury high-performance SUV, is set to launch in July with a price expected to be around 300,000 yuan, competing with the Model Y [2] Chip Technology - The Xuanjie O1 chip utilizes second-generation 3nm technology with 19 billion transistors and a small area of 109mm², achieving a lab score exceeding 3 million [1] - Xiaomi's GPU is claimed to be partially superior to Apple's A18 Pro chip in terms of performance metrics such as smoothness, power consumption, and heat dissipation [1]

北京时间5月22日19:00，小米集团(01810.HK) 举办15周年战略新品发布会。会上推出了多款产品，包括玄戒 O1 3nm旗舰处理器、小米15S Pro、小米平板7 Ultra和全新小米YU7。此外，还有米家空调Pro、冰箱Pro、双 区洗衣机Pro、净水器Pro、小米电视S Mini LED，小米Civi5Pro等产品发布。小米公司官方公布： 小米15S Pro，玄戒O1旗舰处理器，¥5499起 小米平板7 Ultra，玄戒O1旗舰处理器，¥5699起 小米手表S4，玄戒T1长续航4G手表芯片，¥1299 小米Civi 5 Pro，全能轻薄旗舰，¥2999起 小米集团董事长兼CEO雷军在发布会上表示："小米手机，连续19个季度稳居全球前三，小米汽车、芯片、智 能工厂，完成从0到1的跨越，小米'人车家全生态' 战略正式闭环，小米从此成为拥有完整生态的科技公司。 未来五年，我们还预计再投入2000亿研发费用。" 雷军介绍了玄戒O1旗舰处理器，该处理器由小米自主研发设计，采用第二代3nm先进工艺制程，190亿晶体 管，芯片面积仅109mm²，实验室跑分突破300万。达到第一梯队的性能表现。 据雷军介绍，小 ...

今晚，小米首款SUV YU7将正式揭开面纱。 小米CEO雷军一天前便为这款新车预热，他称YU7 "有不可替代的独特魅力"。新车定位豪华高性能 SUV，与 SU7 一脉相承。"小米YU7，就是我们为先进的时代精英，潜心打造的先进SUV"，雷军说。 面对竞争更加激烈的家用SUV市场，YU7似乎有复制SU7成功的潜力。据蓝鲸新闻报道，5月21日小米 YU7还未发布，网上就出现了代抢的黄牛，最高加价万元，号称能优先提车。摩根士丹利则上调小米集 团目标价至62港元，予"增持"评级，认为YU7可能成为今年小米的"重要催化剂"。 但过去一个多月，小米从云端跌落，本该在4月底上海车展发布的小米YU7，也被推迟。雷军坦言，"这 是创办小米以来最艰难的一段时间"。 直到5月10日，雷军重新在微博分享健身日常，这是他停更微博一个月后的首次发声。 消失在公众视野这段时间，雷军跟小米集团管理层、汽车同事开了很多次会。"会议的主旨只有一条 ——我们如何系统地去解决问题？如何拿出更有说服力的经营和治理表现，去回应公众对我们更高的要 求。"5月15日，雷军的内部演讲中说。他表示，"小米已不再是行业新人，在任何产业里都没有新手保 护期，要有更 ...

交银国际研究 每日晨报 2025 年 5 月 7 日 今日焦点 | 小米集团 | | 1810 HK | | --- | --- | --- | | 人车家全生态，领跑中国智造，首予买入 | | 评级: 买入 | | 收盘价: 港元 53.10 | 目标价: 港元 60.00 | 潜在涨幅: +13.0% | | 童钰枫 | Carrie.Tong@bocomgroup.com | | 小米作为中国科技行业核心标的，也是自主创新和国产替代先锋，对贸 易不确定因素的直接敞口较小。我们认为，之前小米配售有利于其核心 业务扩展，长期利好公司股价，近期股价回调或提供买入机会。围绕「 人车家全生态」战略，公司业务呈四大亮点：1）智能手机高端化持续突 破，海外市场空间广阔；2）小米汽车精准打造爆品，关注后续产能情况 ；3）积极加码大家电，拓展 AIoT 线下和海外渠道；4）互联网收入有望 借助高端化和海外拓展提升变现能力。 存储器成本下降对智能手机毛利率的正面影响或在 1H25 集中释放。智 能汽车产能继续释放，或在 2025 年扭亏为盈。 首予买入，目标价 60 港元。我们预测 2025/26 年小米总收入分别同比增 ...

Core Viewpoint - CICC has raised its adjusted net profit forecasts for Xiaomi Group for 2025 and 2026 by 4.6% and 3.8% to CNY 40.197 billion and CNY 54.743 billion respectively, maintaining a target price of HKD 70, indicating a potential upside of 40.1% from the current stock price [1] Group 1: Financial Performance - The adjusted net profit for Q1 2025 is expected to grow by 53.03% year-on-year, with revenue projected to increase by 44.85% to CNY 109.37 billion [2] - Xiaomi's smartphone shipments are expected to rise by 3% year-on-year to 41.8 million units globally, with a 40% increase in the Chinese market, leading to a revenue growth of 8.3% to CNY 50.327 billion [3] - IoT revenue is anticipated to grow by 52% year-on-year to CNY 30.968 billion, with a gross margin increase of 3.68 percentage points to 23.5% [4] Group 2: Automotive Business - The delivery of the Xiaomi SU7 is projected to reach 76,000 units in Q1 2025, generating revenue of CNY 18.18 billion, with a gross margin increase of 0.76 percentage points to 21.2% [5] - The company expects a 192% year-on-year growth in automotive shipments in 2025, reaching 400,000 units, driven by the sales of SU7 Ultra and the upcoming launch of YU7 [5]