据悉，这款小米自研的玄戒O1芯片仅搭载于小米15S Pro手机、小米平板7 Ultra、小米平板7S Pro等产品。 小米集团创始人董事长雷军此前曾表示，做玄戒O1的时候，小米完全没有想到O1做得这么好。"我真的没想到，所以整个O1的芯片总量定的就不够，规划 是做了4款产品。" 近期，小米发布了MIX Flip 2小折叠，该机型没有搭载小米的玄戒O1芯片，而是用的骁龙8至尊版处理器，售价5999元起。 7月10日，小米手机在微博回应了"小米MIX Flip 2为什么没上玄戒O1"问题。小米官方称："玄戒O1作为玄戒的第一代SoC，主要是做技术验证，我们立项之 初规划的总量比较有限，不能满足小折叠产品大规模量产的需求。" 近期还有数码博主爆料，小米新一代自研基带进展还不错，有突破。不过目前来看，下一代SoC还不确定是否能赶得上，玄戒O2是否能用上自研基带还存在 悬念。 值得注意的是，前段时间小米联合创始人林斌曾经短暂晒了一张通话界面的截图，之后火速删除。很多人推测，这就是在测试小米玄戒5G基带。 本文系观察者网独家稿件，未经授权，不得转载。 图源BCI 2025年第二季度，小米（含REDMI）以1141.76万 ...

中经记者李昆昆李正豪北京报道 近日，小米举行2025年第一季度业绩公告电话会。会上，小米集团合伙人、集团总裁卢伟冰向《中国经 营报》记者说，这是小米史上最强的单季度财报。卢伟冰还重申了小米在2026年到2030年将投入2000亿 元研发费用，目标是把硬科技变成小米的护城河；而在硬科技领域，AI和芯片是小米的两大关键子战 略。 就小米最新业绩及未来相关业务发展的前景和挑战等问题，盘古智库高级研究员江瀚告诉记者："首 先，智能手机市场竞争激烈，（小米手机）高端突围仍面临挑战。尽管小米在中低端手机市场占据优 势，但在高端市场面前仍有差距，品牌形象、用户忠诚度和技术溢价能力尚未完全建立，短期内难以撼 动苹果和三星在全球高端市场的地位。其次，小米智能汽车业务尚处于成长初期，产能与盈利压力并 存。虽然小米SU7交付量亮眼，但电动车行业普遍面临毛利率偏低、研发投入高、供应链复杂等问题。 当前汽车业务尚处于规模扩张阶段，盈利模式尚未清晰，未来如何实现规模化盈利是一个关键挑战。" 提出未来十年发展目标 谈及小米新十年的发展目标，卢伟冰说，是大规模投入底层核心技术，致力成为新一代全球硬核科技引 领者。基于这一目标，小米坚持"技术 ...

单季度净利润持续刷新历史纪录，小米集团又爆了。 5月28日早盘，小米集团港股高开，截至发稿报52.700港元/股，涨幅超2%。 得益于持续强劲的利润增长，资本市场不断给出小米集团较高估值定价。 去年第三季度和第四季度小米集团股价分别上涨36.53%、53.33%， 2024年全年实现121%的涨幅。 "第一季度收入同比增长47.4%；第二次单季收入过千亿。感谢朋友们支持！"小米集团创始人雷军发文感谢。 单季度净利润再创新高 公募基金重仓 5月27日晚间，小米集团公布财报，2025年第一季度，集团收入及盈利均再次创下历史新高。 数据显示，2025年第一季度营收同比增长47.4%至1113亿元（人民币，下同）；经调整净利润首次突破百亿元，达到107亿元，同比增长64.5%。 自去年第三季度以来，小米集团经调整的单季度净利润持续攀升，已经实现连续3个季度环比增长。 "这是小米业绩新一轮快速增长的开始。"小米集团合伙人、集团总裁卢伟冰在业绩电话会上表示。 Wind数据显示，截至5月27日，披露一季报业绩且实现归母净利润超百亿元的港股公司共有30家。在互联网公司中，小米集团单季度盈利排在腾讯控股和 阿里巴巴之后，紧随其 ...

小米集团一季度业绩再度爆发。 正如市场预期，小米集团业绩继续狂飙。5月27日，小米集团发布的2025年第一季度业绩报告显示，2025年第 一季度营收同比增长47.4%至1113亿元；经调整净利润首次突破百亿元，达到107亿元，同比增长64.5%。 小米集团业绩持续爆发，一季度核心业务（手机、IoT）稳健增长，汽车与创新业务快速崛起，生态协同效应 逐步显现。不过，面临汽车业务市场波动及竞争加剧风险，近期资本市场表现犹豫，股价停滞不前。 业绩大爆发 自去年三季度以来，小米集团经调整的单季度净利润持续攀升，已经实现连续3个季度环比增长。 值得注意的是，继去年四季度经调整的单季度净利润刷新历史纪录以来，小米集团今年一季度经调整的单季度 净利润持续刷新历史纪录。 Wind数据显示，截至5月27日，披露一季报业绩且实现归母净利润超百亿元的港股公司共有30家。互联网公司 中，小米集团单季度盈利排在腾讯控股和阿里巴巴之后，紧随其后的公司还有京东集团、网易、美团、百度 等。 具体来看，小米集团手机×AIoT的核心业务收入为927亿元，同比增长22.8%。其中手机业务收入506亿元，同 比增长8.9%；IoT与生活消费产品业务连 ...

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]

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].

Group 1 - The core point of the article highlights the launch of Xiaomi's self-developed flagship processor "Xuanjie O1," which features 19 billion transistors and is manufactured using a second-generation 3nm process, marking a significant advancement in China's technology sector [1][2][3] - Xiaomi has invested over 13.5 billion yuan in the Xuanjie project since its inception, with an expected R&D investment exceeding 6 billion yuan this year, demonstrating the company's commitment to core technology breakthroughs [2][4] - The collaboration between Xiaomi and JD.com has deepened over the years, with JD.com becoming Xiaomi's largest global sales partner, achieving over 100 million fans in September 2023 and setting a three-year sales target of 200 billion yuan [2][3] Group 2 - The launch of the "Xuanjie O1" chip signifies a historic leap for Xiaomi from "catching up" to "keeping pace" in the high-end chip market, injecting new momentum into the competition among domestic smartphone brands [3][4] - The partnership between Xiaomi and JD.com not only enhances consumer experience through innovative products and services but also contributes to the upgrade of the consumer electronics industry and economic growth [4]

5月24日，小米集团创始人雷军在社交媒体发文表示，他昨天下单的小米15S Pro已经收到，但决定将其收藏起来，自己仍继续使用工程测试机。 雷军同时透露，自己已经用上了"玄戒芯片三件套"，即搭载小米自研玄戒系列芯片的三款最新产品——小米15S Pro、小米平板7 Ultra、小米手表S4 eSIM 15周年纪念版，全面体验小米在芯片领域的突破性进展。 不过想要集齐雷军同款的"玄戒三件套"，代价也是不小的，三款产品的价格如下： 最贵的是小米平板7 Ultra，5699元起-12+256G（国补后5199元）； 其次是小米 15S Pro，5499元起-16+512G（国补后4999元）； 即便是最便宜的小米手表 S4 eSIM 15 周年纪念版，也需要1299元（国补后1104.15元）。 小米15S Pro作为小米15周年的战略新品，首发搭载小米自研玄戒O1旗舰处理器，采用台积电第二代3nm工艺，集成190亿晶体管，性能表现媲美高通骁龙8 至尊版和苹果A18 Pro。 其CPU采用创新的十核四丛集架构，包括：2颗X925超大核（最高主频3.9GHz）,4颗A725性能大核，2颗低频A725能效大核，以及2颗A5 ...

点击招商研究小程序查看PDF报告原文 自研芯片玄戒O1，性能跻身旗舰芯片第一梯 队；玄戒T1同步亮相。 1）玄戒O1：采用第二代3nm 工艺，在109平方毫米面积上集成190亿晶体管，其中CPU 采用10核4丛集架构，GPU采用Arm 16核图形处理器，内置第四代旗舰 ISP影像处理器，自研六核NPU算力达44TOPS。实验室安兔兔 跑分达300万分以上，性能及能效处于第一梯队。2）玄戒T1：小米首款4G长续航手表芯片，内部 集成小米自主设计4G基带，支持4G eSIM独立通信，4G-LTE实网性能提升35%，数据业务功耗 降低 27%。公司持续强化核心技术研发投入，过去5年约投入1020亿，预计2026-2030年还将投 入2000亿。其中玄戒项目已研发4年多，截止25年4月底投入135亿元，目前研发团队超2500人； 长期计划至少坚持10年，至少投入500亿以上。 手机、平板、手表新品搭载玄戒芯片O1/T1，全面推进产品矩阵高端化。 1）小米15S Pro：搭载 玄戒O1芯片，拥有龙鳞纤维/远空蓝专属外观，售价5499元起；2）小米平板7 Ultra：搭载玄戒 O1芯片，为小米首次使用Ultra品牌、首款 ...

Core Insights - CATL (宁德时代) successfully listed on the Hong Kong Stock Exchange with an initial price of 263 HKD per share, closing at 296 HKD, and achieving a market capitalization of 1.47 trillion HKD by May 23 [1][2] - The listing is seen as a significant milestone for CATL, marking its integration into the global capital market and supporting the transition to a zero-carbon economy [2] - The global electric vehicle infrastructure investment is projected to exceed 3 trillion USD annually by 2030, indicating a growing market for CATL's products [1] Company Developments - CATL's listing is characterized by the participation of sovereign funds and long-term capital from 15 countries, showcasing strong investor confidence [1] - The listing is noted for its rapid execution, completing in just 128 days, and is the largest IPO in Hong Kong in recent years [2] Industry Trends - The penetration rate of new energy vehicles is expected to rise, with the establishment of standardized battery swap networks and the expansion of applications in low-altitude economies and electric shipping [1] - The successful IPO of CATL reflects a broader trend of investment in the carbon neutrality sector, highlighting the importance of technological barriers and global market share in the battery industry [1]