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]

Investment Rating - The report maintains a "Strong Buy" investment rating for Xiaomi Group [1][6] Core Views - The launch of the self-developed chip "Xuanjie O1" marks a significant milestone for Xiaomi, enhancing its high-end product strategy and ecosystem integration [5][6] - Xiaomi's various business segments, including smartphones, IoT, and internet services, are expected to experience sustained growth, driven by high-end product offerings and international expansion [5][6] - The upcoming release of the Xiaomi YU7 SUV is anticipated to strengthen the company's position in the automotive market, with advanced features and performance metrics [5][6] Summary by Sections Financial Data and Valuation - Total revenue projections for 2025, 2026, and 2027 are estimated at 517.9 billion, 701.4 billion, and 895.6 billion CNY respectively, with adjusted net profits of 43.8 billion, 67.6 billion, and 89.3 billion CNY [7] - The current market capitalization corresponds to a PE ratio of 27.7, 18.0, and 13.6 for the years 2025, 2026, and 2027 respectively [7] Product Launches - The Xiaomi 15S Pro features the Xuanjie O1 chip, with a starting price of 5499 CNY, and is positioned as a high-end smartphone [5] - The Xiaomi Pad 7 Ultra, also equipped with the Xuanjie O1 chip, is priced from 5699 CNY and represents Xiaomi's entry into the premium tablet market [5] - The Xiaomi Watch S4, featuring the Xuanjie T1 chip, is priced at 1299 CNY and offers advanced connectivity and health monitoring features [5] Automotive Sector - The Xiaomi YU7 SUV is set to launch in July, featuring high-performance specifications, including a maximum power of 690PS and a range of up to 835 km [5][61] - The YU7 will include advanced safety features and a luxurious interior, aiming to compete in the high-performance SUV market [61][72] Technology Development - Xiaomi has invested approximately 102 billion CNY in R&D over the past five years, with plans to invest an additional 200 billion CNY from 2026 to 2030 [5] - The Xuanjie O1 chip utilizes a second-generation 3nm process, integrating 190 billion transistors and achieving a benchmark score exceeding 3 million on AnTuTu [5][8]

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].

Core Viewpoint - The article discusses the launch of Xiaomi's new SUV model, YU7, highlighting its design, features, and competitive positioning against rivals like Tesla's Model Y [1][2][3]. Design and Features - YU7, also known as "御7," emphasizes high performance and luxury, featuring a similar length and wheelbase to the SU7 but with distinct design elements [4][10]. - The vehicle's color, "宝石绿," is a high-saturation paint typically found on sports cars, aligning with its high-performance branding [13]. - YU7 incorporates a "小米天际屏" for enhanced screen interaction, projecting information in a way that minimizes glare [19][22][23]. - The vehicle features a new "四合一域控制模块," integrating multiple control systems to reduce energy consumption [27][30][31]. Performance Specifications - YU7 offers three powertrain configurations, including a standard rear-wheel drive and two all-wheel drive options, with the top model achieving 0-100 km/h in 3.23 seconds [49][53]. - The vehicle's battery options include a 96.3 kWh lithium iron phosphate battery and a 101.7 kWh ternary lithium battery, with the standard version boasting a range of 835 km [57][63]. - YU7 supports rapid charging capabilities, achieving 620 km of range in just 15 minutes [60]. Safety and Technology - The vehicle is equipped with advanced safety features, including a high-strength body structure and a comprehensive suite of sensors for enhanced driving assistance [75][67]. - YU7's driving assistance hardware includes the latest Nvidia Thor chip and a 4D millimeter-wave radar, improving performance in adverse weather conditions [67][71]. Market Positioning and Strategy - Xiaomi aims to position YU7 as a strong competitor to Tesla's Model Y, with claims of superior performance and features [83][85]. - The company has not yet disclosed the pricing for YU7, but it is suggested that it will be priced above 300,000 yuan [111]. - Xiaomi's production capacity is set to increase significantly, with plans to reach an annual output of 300,000 units, indicating a strategy to meet high demand [110].

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 ...

Core Viewpoint - Xiaomi's 15th anniversary event highlighted the launch of its self-developed 3nm flagship processor, Xuanjie O1, and the SUV model, Xiaomi YU7, indicating a significant step in the company's ambition to become a leading technology firm in the semiconductor space [1][3]. Group 1: Processor Development - The Xuanjie O1 processor is designed to compete with Apple's advanced chips, achieving peak performance improvements of 36% while maintaining low power consumption [3][8]. - The processor features a ten-core architecture with Cortex-X925 dual super-large cores and a 16-core GPU, showcasing strong graphics processing capabilities [8][11]. - Xiaomi plans to invest 200 billion yuan in R&D over the next five years, doubling its previous investment of 102 billion yuan from 2021 to 2025 [5]. Group 2: Company Vision and Challenges - Xiaomi's founder, Lei Jun, emphasized the necessity of chip development for the company's future, stating that it is a critical challenge that cannot be avoided [3][10]. - The company has faced significant challenges in its chip development journey, which began in 2014, with a renewed focus on large chip development starting in 2021 [13][15]. - Lei Jun noted that the lifecycle of large chips is short, requiring substantial sales volumes to be profitable, which adds pressure to the development process [17]. Group 3: Long-term Commitment - Xiaomi has committed to a long-term investment strategy, planning to invest at least 50 billion yuan over the next decade in chip development [17]. - The company has already invested 13.5 billion yuan in the current chip development cycle, with a team of over 2,500 people dedicated to this effort [15][17]. - Lei Jun expressed confidence that, despite being a latecomer in the semiconductor industry, Xiaomi has the potential to succeed through perseverance and innovation [3][17].

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，坚持到最 后的胜利。" 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 ...

Core Viewpoint - Xiaomi is actively addressing recent negative publicity and has initiated legal actions against organized online smear campaigns while simultaneously advancing its technology initiatives, particularly in chip development [1][3][43]. Group 1: Legal Actions and Public Relations - Xiaomi's legal department announced the resolution of a case involving organized online blackmail, with multiple suspects facing criminal charges [1][2]. - The company has been targeted by a criminal group that used automated software to generate false information and manipulate social media accounts to spread malicious rumors [2][3]. - Xiaomi's founder, Lei Jun, emphasized the company's commitment to using legal means to protect its reputation against defamation [3][5]. Group 2: Chip Development and Product Launches - Xiaomi has officially announced the mass production of its self-developed SoC chip, named "Xuanjie O1," which utilizes second-generation 3nm process technology [8][39]. - The upcoming flagship products, including the Xiaomi 15S Pro smartphone and the Xiaomi Pad 7 Ultra tablet, will feature the new chip, showcasing its performance capabilities [10][39]. - The company has invested over 13.5 billion RMB in chip development, with a projected investment of 6 billion RMB for the current year, positioning itself among the top three in China's semiconductor design sector [35][39]. Group 3: Strategic Response to Challenges - Following a recent traffic incident involving its vehicle, Xiaomi has recognized the need to meet heightened public expectations and has committed to improving its automotive safety standards [26][32]. - Lei Jun has expressed that the company is no longer a newcomer in the industry and must adopt higher standards and responsibilities as a leading player [32][33]. - The company aims to rebuild brand trust through technological self-research and development, which is seen as a critical path for its future success [43][44].

公众对小米的期待和要求早已远超想象。 文 ｜ 徐蔡钰 编辑 ｜ 李勤 来源｜ 36氪汽车（ID：EV36kr） 封面来源 ｜ IC photo 在交通事故风波后，雷军再次亮相。 5月16日，在小米价值观大赛上，雷军发表了一场演讲，首次在公司内部对高速事故事件进行系统性回应。 雷军坦言，在过去的一段时间里，小米受到了狂风暴雨般的质疑、批评和指责，"我和同事们一样，一下子都懵了"。 虽然曾有熟悉汽车行业的朋友劝他，造车难免会遇上交通事故。但所有人都没想到，此次事故对小米造成了巨大的打击。 首次造车的小米其实非常重视安全，在权威机构的评测中，SU7也拿到了最佳评分。但经历此次事故后，雷军表示，"我们一直觉 得我们是汽车行业的新人"、"但社会和公众，要求我们去承担一家真正的大公司行业领导者的责任"。 小米终于意识到，公众对小米的期待和要求早已远超想象，小米在任何一个行业都失去了新手保护期，消费者将会以更高的标准 要求小米。 雷军说，在过去的一个多月里，小米公司管理层和汽车部门召开了无数次会议，商讨如何系统地解决安全问题，以及如何拿出更 有说服力的经营和治理表现，来回应公众对小米更高的要求。 未来，小米汽车的目标将转换 ...