Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company held its 2025 Investor Day on June 3, where it discussed its high-end strategy and new retail format, emphasizing that its moat lies in the core of the Xiaomi model. The company will focus on "chips, AI, OS" as the three foundational pillars of hard technology, continuing to deepen its engagement in the underlying hard technology sector. Through the integration of software and hardware, it aims to empower the entire ecosystem of people, vehicles, and homes [4][8] Summary by Relevant Sections Smartphone and Consumer Electronics - According to the company's president, Xiaomi is expected to see a net inflow of over 13 million users in the Chinese market in 2024, with a market share increase of 5.3 percentage points from 2020 to 2024. In Q1 2025, global smartphone sales reached 41.8 million units, a year-on-year increase of 3.0%, with a global market share of 14.1%, up 0.3 percentage points. In mainland China, sales reached 13.3 million units, a year-on-year increase of 40.0%, reclaiming the top position after 10 years. The average selling price of Xiaomi smartphones in Q1 2025 was 1,210.5 yuan, up 5.7% year-on-year, with a market share of 24.4% in the 4k-5k yuan price range, ranking first [8] IoT Business - In Q1 2025, the company's IoT and lifestyle consumer products business achieved revenue of 32.3 billion yuan, a year-on-year increase of 58.7%, with a gross margin of 25.2%, up 5.4 percentage points year-on-year. The revenue from major appliances doubled, indicating initial success of the high-end strategy. In smart home appliances, revenue grew by 113.9% year-on-year, with air conditioning shipments exceeding 1.1 million units (up over 65%), refrigerators over 880,000 units (up over 65%), and washing machines over 740,000 units (up over 100%) [8] Automotive Business - The automotive business is gradually narrowing its losses, with a Q1 2025 loss of 500 million yuan, a significant reduction of 50.2% quarter-on-quarter. The company is advancing new model launches, with the YU7 model expected to launch in July. The YU7 is designed to balance aesthetics and performance while offering exceptional value, potentially becoming a bestseller. With the YU7's launch, the automotive business is entering a strong model cycle, and profitability is expected to improve further, with a forecast of achieving profitability in Q3 to Q4 of this year [8] Overall Ecosystem Development - The comprehensive development of Xiaomi's "people, vehicles, and homes" ecosystem, along with steady growth in smartphones and rapid growth in IoT appliances and automotive business, leads to projected net profits of 42.39 billion yuan, 55.75 billion yuan, and 70.08 billion yuan for 2025-2027, respectively, maintaining a "Buy" rating [8]

Investment Rating - The investment rating for Xiaomi Group-W (1810.HK) is "Buy" and is maintained [7]. Core Insights - Xiaomi's moat is built on its core model, focusing on high-end strategies and new retail formats. The company aims to strengthen its foundation in "chips, AI, and OS" while continuing to delve into core technology sectors. The integration of software and hardware will empower the entire ecosystem of people, vehicles, and homes [2][4]. Summary by Sections Event Description - On June 3, Xiaomi held its 2025 Investor Day, where the founder Lei Jun and President Lu Weibing discussed the company's high-end strategy and new retail formats. Xiaomi's moat is attributed to its core model, with a focus on "chips, AI, and OS" as the three foundational pillars of hard technology [2][4]. Smartphone and Consumer Electronics - Xiaomi is entering a balanced development year, with a projected net user inflow of over 13 million in China for 2024. From 2020 to 2024, the market share is expected to increase by 5.3 percentage points. In Q1 2025, global smartphone sales reached 41.8 million units, a year-on-year increase of 3.0%, with a global market share of 14.1% [8]. - In mainland China, sales reached 13.3 million units, a year-on-year increase of 40.0%, reclaiming the top position after 10 years. The average selling price of Xiaomi smartphones in Q1 2025 was 1,210.5 yuan, up 5.7% year-on-year, with a market share of 24.4% in the 4k-5k price range [8]. IoT Business - In Q1 2025, the IoT and lifestyle consumer products segment generated revenue of 32.3 billion yuan, a year-on-year increase of 58.7%, with a gross margin of 25.2%, up 5.4 percentage points. The revenue from major appliances doubled, indicating the initial success of the high-end strategy [8]. Automotive Business - The automotive segment's losses narrowed significantly, with a loss of 500 million yuan in Q1 2025, a reduction of 50.2% quarter-on-quarter. The new YU7 model is expected to launch in July, continuing the product positioning logic of the SU7 series. The automotive business is anticipated to achieve profitability in Q3 to Q4 of this year [8]. Overall Outlook - Xiaomi's comprehensive ecosystem is advancing, with steady growth in smartphones, rapid growth in IoT appliances, and the automotive business. The projected net profits for Xiaomi Group from 2025 to 2027 are 42.39 billion, 55.75 billion, and 70.08 billion yuan, respectively, maintaining a "Buy" rating [8].

Core Insights - Xiaomi reported its strongest quarterly earnings in history during the Q1 2025 earnings call, with a commitment to invest 200 billion yuan in R&D from 2026 to 2030, focusing on hard technology as a competitive advantage [2][3] - The company aims to enhance its position in the high-end smartphone market and expand its automotive business, despite facing challenges in brand perception and profitability [2][4] R&D Investment Strategy - Xiaomi plans to invest 300 billion yuan in R&D by 2025, totaling over 1,020 billion yuan from 2021 to 2025 [2] - The new five-year plan (2026-2030) includes a projected R&D investment of 200 billion yuan, emphasizing the importance of AI and chip technology [3][5] Market Position and Challenges - Xiaomi holds a strong position in the mid-to-low-end smartphone market but struggles to penetrate the high-end segment, where it faces stiff competition from Apple and Samsung [2][4] - The automotive sector is still in its early growth phase, with challenges related to production capacity and profitability, particularly in the context of low margins and high R&D costs [2][4] Global Expansion and Ecosystem Development - The company aims to leverage its experiences in China to expand globally, focusing on emerging markets like Southeast Asia and Latin America, while also targeting mature markets in Europe and the Middle East [4] - Xiaomi is working on creating a unified ecosystem that integrates smartphones, home appliances, and vehicles to enhance user engagement and ecosystem value [4] AI and Chip Development - Xiaomi is advancing its AI capabilities with the release of the Xiaomi MiMo model, which has shown strong performance in mathematical reasoning and coding competitions [5] - The company launched its first self-developed 3nm flagship smartphone SoC, the Xiaomi玄戒O1, which features 19 billion transistors and is positioned among the top tier in the industry [5][6] Long-term Commitment to Chip Development - Since restarting its chip project in 2021, Xiaomi has committed to a long-term investment plan of at least 500 billion yuan over ten years, with over 135 billion yuan already invested in the chip department [6] - The chip R&D team has grown to over 2,500 members, making it one of the largest in China, with a focus on maintaining strategic patience and continuous investment [6]

Core Viewpoint - Xiaomi's ambition in chip development and automotive manufacturing reflects a long-term strategy, with the recent launch of the 3nm flagship processor "玄戒O1" and the SUV "YU7" marking significant milestones in its journey towards becoming a leading technology company [2][3][25]. Group 1: Chip Development - Xiaomi has pursued its "chip dream" for 11 years, with the establishment of its subsidiary Pinecone Electronics in 2014, indicating a long-term commitment to chip development [7][11]. - The first chip, "澎湃S1," took 28 months to develop and was launched in 2017, making Xiaomi the fourth smartphone manufacturer with self-developed chip capabilities [8]. - Despite initial setbacks with the 澎湃S1, Xiaomi's experience laid the groundwork for the development of the玄戒O1, which has seen over 135 billion RMB invested in R&D and a team of over 2,500 people [11][12]. - The玄戒O1 chip utilizes TSMC's second-generation 3nm process, featuring 19 billion transistors and a compact area of 109mm², showcasing Xiaomi's technological advancements [12]. - Although the玄戒O1 has competitive specifications, it still trails behind Apple's A18 Pro in several areas, indicating that Xiaomi is still in a catch-up phase [13][15]. Group 2: Automotive Development - The launch of the SU7 has been a significant success, with over 25.8 million units delivered, establishing it as a market leader in its price segment [17]. - The upcoming YU7 is positioned as a luxury high-performance SUV, with a focus on long-range capabilities and advanced features, aiming to compete directly with Tesla's Model Y [19][20]. - The YU7's pricing strategy will be crucial for its success, with expectations of a starting price in the range of 26-30 million RMB, while offering superior features compared to competitors [20][21]. Group 3: Long-term Strategy - Xiaomi's strategy emphasizes the importance of having its own "core" (chips) and "wheels" (vehicles) to maintain a competitive edge in the smartphone and automotive markets [23][25]. - The company has committed to a long-term investment plan of at least 500 billion RMB over the next decade for its chip business, alongside significant investments in automotive development [11][25]. - Xiaomi's approach reflects a patient and steady commitment to building its technological capabilities, with both chip and automotive projects seen as integral to its future success [25][28].

Core Insights - Xiaomi's automotive division is evolving, with the recent launch of the YU7 SUV reflecting a shift towards a more traditional automotive presentation style, focusing on rationality and objectivity rather than emotional appeal [2][4][5] - The company has achieved significant milestones, with cumulative deliveries exceeding 258,000 units and the SU7 model becoming a sales champion in the 200,000 yuan price segment [5][6] - Xiaomi's CEO Lei Jun acknowledges the challenges of being a latecomer in the automotive industry, emphasizing the need for perseverance and the belief that opportunities will arise for challengers [5][6] Product Development - The YU7 is positioned as a luxury high-performance SUV, featuring advanced technology such as a panoramic display, high-level driving assistance capabilities, and superior comfort [7][9] - Comparisons with Tesla's Model Y highlight the YU7's competitive advantages, including faster acceleration and longer battery range, which analysts predict will make it a formidable competitor in the market [9][10] Production Capacity - Xiaomi's production capacity is currently at 32,000 units per month, with plans to increase this to over 500,000 units annually by 2025, although current capacity constraints may limit sales growth in the short term [10][11] - The company is focused on solidifying its position in the Chinese market before considering international expansion, which is expected to begin in 2027 [11] Future Outlook - Xiaomi aims to address public trust and brand loyalty, which are critical for long-term success in the automotive sector, as it continues to navigate challenges and opportunities in a rapidly changing market [10][11] - The company's ambition to rank among the top five global automotive brands reflects its commitment to growth and improvement over the next five years [11]

Core Viewpoint - The launch of Xiaomi's self-developed SoC chip "Xuanjie O1" marks a significant milestone for China's technology industry, showcasing the rise of domestic chips and the company's ambition in the global tech arena [2][4]. Group 1: Chip Development - "Xuanjie O1" is the first self-developed 3nm chip in mainland China, filling a gap in advanced chip design and development [4]. - Xiaomi becomes the fourth smartphone manufacturer globally, after Apple, Samsung, and Huawei, to possess self-developed SoC chip capabilities [4]. - The chip's development journey began in 2014, with the first chip "Panghu S1" released in 2017, but was paused until 2021 when Xiaomi resumed its SoC chip development [4][5]. Group 2: Investment and R&D - Xiaomi has committed to a long-term investment plan of at least 500 billion RMB over the next ten years, with over 135 billion RMB already invested in the "Xuanjie" project as of April this year [5]. - The R&D team for the "Xuanjie" chip has grown to over 2,500 people, with an expected investment of over 6 billion RMB in R&D this year [5]. - The launch of the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra, both featuring the "Xuanjie O1," signifies a technological leap from 28nm to 3nm chips [5]. Group 3: Industry Context - The development of the "Xuanjie O1" chip reflects a broader trend in China's technology and manufacturing sectors, where companies are increasingly focusing on self-innovation and long-term investment strategies [7]. - Xiaomi's strategy includes a comprehensive ecosystem approach, integrating automotive, chip, and smart factory developments, positioning itself as a leading global tech company [7]. - The competitive landscape in the semiconductor field shows that Chinese companies are not deterred by external pressures but are instead making steady progress to close the gap with global leaders [8]. Group 4: Future Outlook - Xiaomi's 15th-anniversary product launch theme "New Starting Point" indicates readiness to face future challenges and continue its growth trajectory [8]. - The ongoing shift from "sweat-driven" to "innovation-driven" development among Chinese tech firms is expected to inject vitality and confidence into the economy [8][10].

关注 「电动车公社」 和我们一起重新思考汽车 去年3月份，小米SU7开售之后一夜爆火，一波把小米汽车推向神坛。 就是那一刻开始，不知有多少人日思夜想，期待着小米的第二款SUV车型的上市—— 小米YU7 。 本以为YU7会在上海车展首次亮相，谁能想到竟然跳票了，或许这是雷总故意设计的"错峰式"营销 ？ 千呼万唤始出来，5月22号 小米战略新品发布会 上， 小米YU7 终于揭开了庐山真面目。 首先从叫法上来说，YU7中文名读作 "御7" ，寓意是 "御风而行" 。 当然，还有另外一个版本。 说YU7的"Y"字，其实是为了对标全球SUV销冠，有着"邪恶大鼠标"之称的 Model Y ： 或许是为了尽可能的优化风阻系数，YU7并没有延续SU7颇受好评的半隐藏式门把手，而是采用了 隐藏式门把手 。 不过根据雷军的说法， YU7 并不是 "拔高版的"SU7 ， 而是在SU7基础上重新设计的新车型。 在社长看来，虽然YU7的轴距和SU7一样都是3000mm，车长也几乎一样，但设计上却多了三处不同：车轮更大、"自带宽体"、增加10处贯穿式风道。 总而言之，就是 造型为性能服务。 小米官方给YU7的定位，也是业内不太常见的 豪 ...

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]

5月22日晚，当小米集团创始人、董事长兼CEO雷军站在以《新起点》为主题的新品发布会上时，小米15周年的战略也随之浮出水面。在这之中，除了小 米汽车旗下首款SUV车型——小米YU7外，小米自主研发设计的首款3nm旗舰处理器"玄戒O1"备受关注，也意味着小米高端化战略的加速落地。站上开 始硬核质变的新起点，雷军激动地表示"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"。 在此次发布会上，雷军还宣布未来五年（2026-2030），小米在核心技术研发上将再投2000亿元，向着"全球新一代硬核科技引领者"继续登攀。 玄戒O1之外，小米此次还发布了自主研发设计的4G手表芯片玄戒T1，搭载在小米Watch S4"15周年纪念版"上。玄戒T1不是简单的手表芯片，还集成了小 米自主研发设计的首款 4G 基带，支持eSIM通信，标志着小米在基带这一关键赛道迈出了重要一步。 雷军表示，两款自研玄戒芯片、三款搭载自研芯片的终端产品，是小米芯片战略的重要成果展示："不论遇到多大的困难，小米芯片研发都会坚持下去， 至少投资十年、至少投资五百亿元！" 坚定投入研发未来五年投入20 ...

5月22日，小米举办15周年战略新品发布会，本次发布会最受市场关注的就是其自研芯片玄戒O1 3nm旗舰处理器和SUV车型小米YU7。 在本次发布会的上半场，小米创始人雷军用了相当长的时间介绍了小米最新的自研芯片。他坦言，这像是"今天交作业，心里多少还是有点紧张"。 从雷军的介绍来看，本次发布的玄戒O1旗舰处理器在多个指标上能与苹果最先进芯片媲美，但同时也有部分指标仍在追赶。 在上半场发布会最后，雷军表示："如果小米想成为一家伟大的硬核科技公司，芯片是我们必须攀登的高峰，也是我们绕不过去的一场硬仗。面对芯片这 一仗，我们别无选择。"雷军称，在硬科技领域，小米是后来者，后来者一开始肯定不完美，总会被嘲笑、被怀疑，但后来者总有机会，"我相信这个世界 终究不会是强者恒强，后来者一定会有机会"。在上半场发布会最后，雷军声音似有哽咽，他充满激情地说："玄戒O1已经开始，开弓没有回头箭，我们 深知这其中的困难，我们做好了准备，无论前方有多少困难，我们都决不放弃，我们一定会坚持下去。虽然跟世界级巨头相比，还有很大的差距，但我始 终相信，只要开始追赶，我们就走在赢的路上。我觉得每个人都会给你说这个事情有多难，不要怕，坚持下去， ...