Group 1 - The article discusses a job position for a Cloud Model Algorithm Engineer at Xiaomi, focusing on data-driven algorithm development and optimization for autonomous driving [1][4] - Responsibilities include developing generative algorithm technologies for scene and label generation, such as 4D ground truth automation labeling and multimodal large models [4] - The role requires research and development of unsupervised/self-supervised algorithms based on massive production data to enhance semantic understanding and spatial perception capabilities of large models [4] Group 2 - The position demands solid knowledge of C++ or Python, along with a strong understanding of data structures and algorithms [4] - Candidates should have in-depth research experience in one or more areas of perception algorithms related to autonomous driving, including BEV perception, 3D detection, segmentation, and multi-sensor fusion [4] - Preference is given to candidates with experience in NeRF, 3D scene generation, and sensor simulation, as well as those with relevant project experience in autonomous driving [4]

Group 1 - The article discusses a job position for a Cloud Large Model Algorithm Engineer at Xiaomi, focusing on the development and optimization of data-driven algorithms for autonomous driving [1][2]. - Responsibilities include developing generative algorithm technologies for scene and label generation, such as 4D ground truth automation labeling and multimodal large models [2]. - The role emphasizes the use of massive production data to develop unsupervised/self-supervised algorithms, enhancing the semantic understanding and spatial perception capabilities of large models [2]. Group 2 - Candidates with experience in autonomous driving projects are preferred, highlighting the importance of practical experience in the field [2]. - Required skills include solid knowledge of C++ or Python, data structures, and algorithms, along with in-depth research experience in various perception algorithms related to autonomous driving [2]. - Preferred qualifications include a background in computer science, mathematics, machine learning, robotics, or related fields, with additional experience in NeRF, 3D scene generation, and sensor simulation being advantageous [2].

Core Viewpoint - The company has a low dependency on the U.S. market, and the recent tariff adjustments by the U.S. government will have minimal impact on its overall business [2] Group 1: Business Impact and Financial Performance - The company's net profit attributable to shareholders decreased by 18.21% year-on-year in Q1 2025, primarily due to a significant increase in R&D investment, which reached 45.7735 million yuan, a year-on-year increase of 53.59% [2] - Revenue in Q1 remained flat year-on-year, influenced by seasonal fluctuations and external factors, with the consumer electronics peak season concentrated in Q3 and Q4 each year [2] - The company anticipates record-high revenue in Q4 2024, but Q1 2025 saw a decline in shipment volume due to seasonal factors such as the Spring Festival and Ramadan [2] Group 2: Product Development and Market Strategy - The company plans to expand its product line from eight categories to ten, adding video chips and Wi-Fi chips, focusing on AI headphones and smart glasses [3] - The Xunlong series chips utilize a multi-core architecture and support cloud-based large model connections, with the BT896X series already applied in Baidu's AI tablet robot [3] - The BT895X chip collaborates with Huoshan Engine to adapt to Doubao's large model, enabling real-time translation and meeting minutes, and is featured in FIIL's open AI headphones [3]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 105.74 HKD, indicating a potential upside of 44.2% from the current price of 73.35 HKD [7]. Core Insights - The company is expected to achieve significant revenue growth, with projections of 93.59 billion, 140.22 billion, and 169.58 billion CNY for the years 2025, 2026, and 2027 respectively [6]. - The management team has undergone significant restructuring to enhance operational efficiency and product delivery capabilities, which is anticipated to lead to improved performance in 2024 [3][30]. - The company is entering a strong product cycle with the launch of new models, including the MONA M03 and P7+, which have shown promising sales figures [4][49]. Summary by Sections Management Team and Performance Improvement - The management team is composed of experienced individuals from diverse backgrounds, contributing to the company's unique DNA [2][18]. - In 2024, the company achieved a revenue of 40.87 billion CNY, a year-on-year increase of 33.2%, while reducing net losses by 44.2% [21]. Organizational Reform - The company underwent a major organizational restructuring in October 2022, consolidating decision-making power and reorganizing its business structure into five major committees [3][30]. - Key personnel changes were made to enhance product planning and sales management, with a focus on improving delivery capabilities [31][34]. Product Cycle and Sales Performance - The company has launched several new models, including the G6, MONA M03, and P7+, which are expected to drive sales growth [4][38]. - The MONA M03 achieved over 10,000 units sold in its first month, while the P7+ also showed strong initial demand [50][49]. Technological Advancements - The SEPA 2.0 architecture was introduced to enhance the company's platform capabilities, allowing for a 20% reduction in new model development time and a parts commonality rate of up to 80% [5][60]. - The launch of the AIOS system aims to redefine the smart cabin experience, significantly enhancing AI and CPU capabilities [64]. Global Expansion - The company is accelerating its global expansion, with sales initiated in over 30 countries and plans to enter more than 60 markets by the end of 2025 [5][6].