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 ...

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]

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 ...

5月26日晚，小米在《小米15周年产品答网友问》中辟谣新推出的芯片玄戒O1"非自研是向半导体公司Arm定制的 芯片"。 小米表示"这完全是谣言，玄戒O1不是向Arm定制的。"随后雷军也在微博恳请大家转发辟谣，并表示玄 戒O1最高主频为3.9ghz，这足以说明芯片团队具备相当强的研发设计实力。 南都记者了解获悉，近期传闻源自于Arm一篇标题为"小米的XRING O1定制芯片由Arm计算平台提供支持 （XRING O1 Custom Silicon from Xiaomi is Powered by the Arm Compute Platform》）" 。文中还称，这"标志着小 米与Arm合作15年，小米的第一个定制芯片为下一代设备带来了先进的AI和性能提升"。 南都记者查阅网站发现，目前该文章已被删除。同时Arm新发布了题为"Arm赋能的小米全新芯片问世，标志着双 方 15 年合作的重要里程碑（Xiaomi's New Self-Developed Silicon Powered by Arm Marks a 15-year Alliance Milestone）"。文章中提到，"从2011年第一代小米手机起 ...

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]

Group 1 - Lei Jun revealed the use of the "Xuanjie chip trio," which includes the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4 eSIM 15th Anniversary Edition, showcasing Xiaomi's breakthroughs in chip technology [2][14] - The prices for the trio are as follows: Xiaomi Pad 7 Ultra starts at 5699 yuan, Xiaomi 15S Pro starts at 5499 yuan, making the total minimum cost for the trio 11302.15 yuan [5][6][14] - The Xiaomi 15S Pro features the self-developed Xuanjie O1 flagship processor, built on TSMC's second-generation 3nm process, integrating 19 billion transistors, and its performance is comparable to Qualcomm Snapdragon 8 Gen 2 and Apple A18 Pro [8] Group 2 - The Xiaomi Pad 7 Ultra also utilizes the Xuanjie O1 chip and boasts a 14-inch 3.2K OLED display, a 12000mAh battery, and supports 120W fast charging, making it one of the most powerful tablets from Xiaomi [10] - The Xiaomi Watch S4 eSIM 15th Anniversary Edition is the first smartwatch to feature a self-developed communication chip, the Xuanjie T1, which enhances network efficiency and offers a 35% improvement in battery life compared to its predecessor [12] - Xiaomi plans to invest 50 billion yuan in the chip sector over the next ten years to build a complete self-developed chip ecosystem, indicating a long-term commitment to chip independence [14]

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 ...