{"slug":"xiaomi","name":"샤오미","name_en":"Xiaomi","ticker":"1810.HK","updated_at":"2026-07-12T05:39:59.787128+00:00","canonical":"https://valuechain.wiki/xiaomi","citable":"밸류체인 그래프 기준 샤오미의 직접 연결 기업은 7곳(관계 기준 공급 7·매출 0)이고, 사슬을 2차까지 넓히면 17곳에 닿는다. 링크의 근거 출처는 11건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Xiaomi is directly linked to 7 companies (7 supply, 0 revenue relationships) and reaches 17 companies within two hops; the links are backed by 11 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"항셍 지수 · 스마트폰·AIoT·전기차 · 인간×차×홈 생태계","kicker_en":"Hang Seng Index · Smartphones/AIoT/EV · 'Human×Car×Home' ecosystem","lead":"스마트폰·AIoT를 저마진 하드웨어로 팔아 사용자를 확보하고 고마진 인터넷 서비스(GPM 76.5%)로 수익화하는 생태계 플라이휠에, 전기차(SU7·YU7)라는 새 성장 엔진을 붙인 회사다. FY2025 매출 +25%(RMB4,573억)의 진짜 뉴스는 규모가 아니라 EV가 인도 41만대(+200%)·세그먼트 첫 영업흑자로 전환해 '적자 신사업'에서 그룹 밸류에이션을 다시 쓰는 재평가 축으로 바뀐 점이다. 스마트폰은 물량이 줄어도(-2%) 자체 3nm XRING 칩으로 퀄컴 의존을 낮추며 프리미엄·수직통합을 밀고, 레이쥔이 차등의결권으로 90% 의결권을 쥐어 칩·EV·AI처럼 회임 긴 대형 베팅의 일관성을 유지한다.","lead_en":"Xiaomi runs an ecosystem flywheel — selling smartphones and AIoT hardware at thin margins to acquire users, then monetizing them through high-margin internet services (76.5% GPM) — now bolted to a new growth engine in EVs (SU7, YU7). The real news in FY2025's +25% revenue (RMB457.3bn) is not scale but that EVs turned — 411k deliveries (+200%) and the segment's first operating profit — shifting the auto bet from a loss-making venture into a re-rating axis that rewrites the group's valuation. Smartphones shed volume (-2%) yet push premiumization and vertical integration via the in-house 3nm XRING chip that cuts Qualcomm dependence, while Lei Jun's ~90% voting control (weighted voting rights) keeps long-gestation bets in chips, EVs and AI coherent.","segments":{"fy":2025,"parts":[{"desc":"매출 RMB1,864억(-2.8%), 출하 1.65억대(-2%)로 표면은 역성장이지만, ASP·프리미엄 믹스를 지키며 생태계 진입점(사용자 확보) 역할을 하는 저마진(GPM 10.9%) 축이다 — Omdia 기준 5년 연속 세계 3위. 성장이 아니라 사용자 기반 유지가 이 부문의 임무다.","name":"스마트폰"},{"desc":"매출 RMB1,232억(+18.3%), 연결 기기 10.8억대. 태블릿·대형가전·웨어러블이 중국 보조금·프리미엄화로 두 자릿수 성장하며 생태계를 넓히는 축 — 기기가 늘수록 인터넷 서비스 수익화 저변도 함께 커진다.","name":"IoT·생활가전"},{"desc":"매출 RMB374억(+9.7%)으로 규모는 작지만 GPM 76.5%로 그룹 이익의 핵심 — 하드웨어가 저마진으로 확보한 7.5억 MAU를 광고·서비스로 수익화하는 플라이휠의 정산 지점이다. 해외 비중 33.8%로 중국 밖 수익화가 다음 레버.","name":"인터넷 서비스"},{"desc":"매출 RMB1,061억(+224%), 인도 41만대(+200%). 세그먼트 GPM 24.3%·첫 영업흑자(RMB9억)가 분기점 — SU7이 20만위안+ 세단 1위, YU7이 중대형 SUV 1위에 오르며 '적자 신사업'에서 그룹 밸류에이션을 다시 쓰는 성장 엔진으로 전환했다.","name":"스마트EV·AI 신사업"}],"total":"RMB 4,572억8,670만 (FY2025 연결, +25.0% 사상 최대)","source":"Xiaomi 2025 연차보고서(HKEX)"},"segments_en":{"fy":2025,"parts":[{"desc":"Revenue RMB186.4bn (-2.8%) and shipments 165.2m (-2%) look like a contraction, but this thin-margin line (10.9% GPM) holds ASP and premium mix while serving as the ecosystem's entry point for user acquisition — world No.3 for a 5th straight year (Omdia). Its job is defending the installed base, not growth.","name":"Smartphones"},{"desc":"Revenue RMB123.2bn (+18.3%), 1,079m connected devices. Tablets, large appliances and wearables grew double digits on Chinese subsidies and premiumization, widening the ecosystem — every added device also enlarges the base that internet services monetize.","name":"IoT & lifestyle"},{"desc":"Revenue RMB37.4bn (+9.7%) is small in size but, at 76.5% GPM, the core of group profit — the flywheel's settlement point that monetizes the 754m MAU low-margin hardware captured. Overseas share of 33.8% makes ex-China monetization the next lever.","name":"Internet services"},{"desc":"Revenue RMB106.1bn (+224%), 411k deliveries (+200%). The inflection is a 24.3% segment gross margin and a first operating profit (RMB0.9bn) — with SU7 the No.1 sedan above RMB200k and YU7 the No.1 mid-large SUV, the auto business flipped from a loss-making venture into the growth engine rewriting the group's valuation.","name":"Smart EV / AI & new initiatives"}],"total":"RMB457,286.7m (FY2025 consolidated, +25.0%, record)","source":"Xiaomi Annual Report 2025 (HKEX)"},"returns_yearly":{"2021":-43.9,"2022":-21.1,"2023":-4.6,"2024":209.7,"2025":-6.9,"2026":-27.2},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"qualcomm","name":"Qualcomm","name_en":"Qualcomm","tier":1,"returns_yearly":{"2021":22.3,"2022":-38.6,"2023":35.1,"2024":8.3,"2025":13.8,"2026":11.7}},{"slug":"catl","name":"CATL","name_en":"CATL","tier":1,"returns_yearly":{"2021":67.4,"2022":-21.4,"2023":-40.6,"2024":74.5,"2025":39.4,"2026":1.2}},{"slug":"sunny-optical","name":"순위광학(써니옵티컬)","name_en":"Sunny 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Liquide","tier":3,"returns_yearly":{"2021":14.1,"2022":7.9,"2023":20.9,"2024":8.5,"2025":-4.8,"2026":12.5}},{"slug":"disco","name":"디스코","name_en":"Disco Corporation","tier":3,"returns_yearly":{"2021":-6.6,"2022":27.7,"2023":218.5,"2024":11.6,"2025":49.6,"2026":10.2}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"wonik-ips","name":"원익IPS","name_en":"Wonik IPS","tier":3,"returns_yearly":{"2021":-19.7,"2022":-19.8,"2023":-0.2,"2024":-25.5,"2025":408.8,"2026":9.3}},{"slug":"yunnan-energy","name":"Yunnan Energy (Enjie)","name_en":"Yunnan Energy New Material (SEMCORP)","tier":3,"returns_yearly":{"2021":92.8,"2022":-38.6,"2023":-72.6,"2024":-29.2,"2025":76.4,"2026":7.5}},{"slug":"hanmi-semiconductor","name":"한미반도체","name_en":"Hanmi Semiconductor","tier":3,"returns_yearly":{"2021":98.5,"2022":-21.7,"2023":313.1,"2024":93.7,"2025":87.9,"2026":5.5}},{"slug":"hana-micron","name":"하나마이크론","name_en":"Hana Micron","tier":3,"returns_yearly":{"2021":109,"2022":-41,"2023":143.5,"2024":-52.4,"2025":269.3,"2026":5.3}},{"slug":"qorvo","name":"코보","name_en":"Qorvo","tier":3,"returns_yearly":{"2021":-5.9,"2022":-42,"2023":24.2,"2024":-37.9,"2025":20.8,"2026":1.5}},{"slug":"eo-technics","name":"이오테크닉스","name_en":"EO Technics","tier":3,"returns_yearly":{"2021":7.6,"2022":-28.2,"2023":130.5,"2024":-16.2,"2025":163.2,"2026":0.7}},{"slug":"isc","name":"아이에스시","name_en":"ISC","tier":3,"returns_yearly":{"2021":43.2,"2022":14.2,"2023":116.5,"2024":-11.9,"2025":126.8,"2026":0.3}},{"slug":"tinci","name":"Tinci Materials","name_en":"Tinci Materials","tier":3,"returns_yearly":{"2021":68.3,"2022":5.6,"2023":-61.4,"2024":-0.7,"2025":124.2,"2026":-1}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"lg-display","name":"LG디스플레이","name_en":"LG Display","tier":3,"returns_yearly":{"2021":-6.8,"2022":-30.9,"2023":-8.5,"2024":-20.6,"2025":26.2,"2026":-5.7}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"lotte-energy-materials","name":"롯데에너지머티리얼즈","name_en":"Lotte Energy Materials","tier":3,"returns_yearly":{"2021":31.5,"2022":-32.9,"2023":-49.3,"2024":-30,"2025":75.8,"2026":-8.4}},{"slug":"park-systems","name":"파크시스템스","name_en":"Park Systems","tier":3,"returns_yearly":{"2021":25.1,"2022":1.6,"2023":41.6,"2024":37.3,"2025":28.9,"2026":-11.2}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"dongjin-semichem","name":"동진쎄미켐","name_en":"Dongjin Semichem","tier":3,"returns_yearly":{"2021":28.1,"2022":-13.7,"2023":16.1,"2024":-42.8,"2025":160.1,"2026":-15.8}},{"slug":"unitest","name":"유니테스트","name_en":"Uni Test","tier":3,"returns_yearly":{"2021":23.4,"2022":-57.8,"2023":11.3,"2024":-1.6,"2025":6.8,"2026":-24.8}},{"slug":"enf-technology","name":"이엔에프테크놀로지","name_en":"ENF Technology","tier":3,"returns_yearly":{"2021":-32.9,"2022":-23.6,"2023":1.3,"2024":-16.1,"2025":204.6,"2026":-28.4}},{"slug":"sfa-semicon","name":"SFA반도체","name_en":"SFA Semicon","tier":3,"returns_yearly":{"2021":-5.8,"2022":-34.1,"2023":48.7,"2024":-48.7,"2025":139.8,"2026":-31.8}},{"slug":"soulbrain","name":"솔브레인","name_en":"Soulbrain","tier":3,"returns_yearly":{"2021":-8.2,"2022":-3.9,"2023":16.6,"2024":-37.6,"2025":192.8,"2026":-35.9}},{"slug":"sns-tech","name":"에스앤에스텍","name_en":"S&S Tech","tier":3,"returns_yearly":{"2021":-17.3,"2022":-5,"2023":45.8,"2024":-31.2,"2025":210.8,"2026":-47.5}},{"slug":"btr-new-material","name":"BTR New Material","name_en":"BTR New Material Group Co., Ltd","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"sk-siltron","name":"SK실트론","name_en":"SK Siltron","tier":3,"returns_yearly":null},{"slug":"hitachi-hightech","name":"히타치 하이테크","name_en":"Hitachi High-Tech","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null}],"analysis":"샤오미의 논지는 스마트폰·AIoT를 저마진 하드웨어로 팔아 사용자를 확보하고 고마진 인터넷 서비스(GPM 76.5%)로 수익화하는 생태계 플라이휠에, 전기차라는 새 성장 엔진을 붙인 구조다. FY2025 매출 +25%(RMB4,573억)의 진짜 뉴스는 규모가 아니라 EV가 인도 41만대(+200%)·세그먼트 첫 영업흑자(GPM 24.3%)로 전환해 '적자 신사업'에서 그룹 밸류에이션을 다시 쓰는 재평가 축이 된 점이다. 스마트폰은 물량이 줄어도(-2%) 생태계 진입점 역할을 하며, 자체 3nm XRING 칩(TSMC N3E 위탁)으로 퀄컴 의존을 낮추고 프리미엄·수직통합을 민다. 인터넷 서비스는 규모(RMB374억)는 작아도 GPM 76.5%로 하드웨어가 확보한 7.5억 MAU를 수익화하는 이익의 정산 지점이며, 해외 비중 33.8%가 다음 레버다. 재평가 트리거는 EV 흑자 확대·YU7 램프, 자체 칩·해외 수익화, 그리고 레이쥔 90% 의결권이 뒷받침하는 회임 긴 베팅의 실행이다.","analysis_en":"Xiaomi's thesis is an ecosystem flywheel — selling smartphones and AIoT as low-margin hardware to acquire users and monetizing through high-margin internet services (GPM 76.5%) — with EVs bolted on as a new growth engine. The real news in FY2025 revenue up +25% (RMB 457.3bn) is not scale but that EVs turned to 410k deliveries (+200%) and the segment's first operating profit (GPM 24.3%), becoming a re-rating axis that rewrites group valuation from a 'loss-making new business.' Smartphones, even with volume down -2%, serve as the ecosystem entry point, and its own 3nm XRING chip (fabbed at TSMC N3E) reduces Qualcomm dependence and pushes premiumization and vertical integration. Internet services, small in scale (RMB 37.4bn) but at GPM 76.5%, are the settlement point of profit that monetizes the 750M MAU hardware acquired, with 33.8% overseas the next lever. Re-rating triggers are expanding EV profit and the YU7 ramp, in-house chips and overseas monetization, and execution of long-gestation bets backed by Lei Jun's 90% voting control.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"써니옵티컬","counterparty_slug":"sunny-optical","confidence":"high","metric":{"relationship":"handset_camera_lens_module"},"note":"스마트폰 카메라 렌즈·모듈을 써니옵티컬(렌즈·모듈 글로벌 1위)에서 조달 — 카메라가 프리미엄 스마트폰의 핵심 차별화 축인 만큼, 고급 광학 확보는 샤오미 플래그십 경쟁력에 직접 연결된다.","note_en":"Sources smartphone camera lenses and modules from Sunny Optical (global No.1 in both) — with the camera a key differentiator in premium phones, securing high-end optics ties directly to the competitiveness of Xiaomi's flagships.","sources":[{"stance":"confirms","publisher":"South China Morning Post","publisher_en":"South China Morning Post","kind":"news","lang":"en","published_at":"2025-08-01","url":"https://www.scmp.com/topics/sunny-optical","title":"써니옵티컬, 샤오미 등 주요 스마트폰 브랜드에 카메라 공급","title_en":"Sunny Optical supplies cameras to major smartphone brands incl. Xiaomi","excerpt":"샤오미는 스마트폰 카메라 렌즈·모듈을 써니옵티컬(세계 최대 렌즈 제조사)에서 조달 — 써니는 애플·삼성·화웨이·샤오미 등 주요 브랜드 공급사.","excerpt_en":"Xiaomi sources smartphone camera lenses/modules from Sunny Optical (the world's largest lens maker), which supplies major brands including Apple, Samsung, Huawei and Xiaomi."}]},{"direction":"cost","counterparty":"BYD일렉트로닉스","counterparty_slug":"byd-electronics","confidence":"high","metric":{"relationship":"intra_supply_chain"},"note":"스마트폰 조립·부품 일부를 BYD일렉트로닉스(폭스콘 다음 中 2위 EMS)에 위탁 — 자체 생산 없이 EMS에 의존하는 구조에서 조립 파트너 다변화의 한 축.","note_en":"Outsources part of smartphone assembly and components to BYD Electronics (China's No.2 EMS after Foxconn) — one leg of assembly-partner diversification in a fabless-manufacturing model.","sources":[{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2020-09-16","url":"https://zdnet.co.kr/view/?no=20200916075312","title":"中 비야디, 애플 아이패드 만든다 — 화웨이·샤오미·삼성도 위탁생산","title_en":"China's BYD makes Apple iPads; also assembles for Huawei, Xiaomi, Samsung","excerpt":"관계 근거는 상대 노드 엣지 출처 참조.","excerpt_en":"See counterpart edge source."}]},{"direction":"cost","counterparty":"CATL","counterparty_slug":"catl","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"SU7 상위 트림·YU7 Max에 삼원계(NMC) 배터리를 공급하는 고성능 축 — 샤오미는 CATL·BYD를 이원 조달해 특정 배터리사 의존과 가격·물량 리스크를 분산한다. 배터리가 EV 원가의 최대 비중이라 이 이원화가 마진·공급 안정의 핵심이다.","note_en":"Supplies ternary (NMC) batteries for SU7 upper trims and YU7 Max, the high-performance tier — Xiaomi dual-sources from CATL and BYD to spread dependence, price and volume risk. As the battery is the largest EV cost item, this dual-sourcing is central to margin and supply stability.","sources":[{"stance":"confirms","publisher":"CarNewsChina","publisher_en":"CarNewsChina","kind":"news","lang":"en","published_at":"2025-06-30","url":"https://carnewschina.com/2025/06/30/xiaomis-hit-yu7-suv-launch-omits-any-mention-of-battery-supplier-catl/","title":"샤오미 YU7 배터리: CATL·BYD 핀드림스","title_en":"Xiaomi YU7 batteries from CATL and BYD FinDreams","excerpt":"YU7 uses CATL and BYD FinDreams batteries; dual-motor uses CATL ternary cells.","excerpt_en":"YU7 dual-motor uses CATL ternary cells."}]},{"direction":"cost","counterparty":"BYD (핀드림스 배터리)","counterparty_slug":"byd","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"SU7 스탠다드·YU7 단모터에 LFP 배터리(BYD 자회사 핀드림스)를 공급 — CATL(삼원계)과 이원 조달하는 저가·보급형 축이다. 트림별로 배터리사를 나눠 원가·안전·공급을 최적화하는 전략의 한 축.","note_en":"Supplies LFP batteries (BYD's FinDreams) for SU7 Standard and single-motor YU7 — the value/entry tier, dual-sourced against CATL's ternary cells. Splitting battery suppliers by trim optimizes cost, safety and supply.","sources":[{"stance":"confirms","publisher":"CnEVPost","publisher_en":"CnEVPost","kind":"news","lang":"en","published_at":"2024-05-27","url":"https://cnevpost.com/2024/05/27/xiaomi-su7-standard-gets-random-catl-byd-batteries/","title":"샤오미 SU7, CATL·BYD 배터리 무작위 배정","title_en":"Xiaomi SU7 Standard gets random CATL and BYD batteries","excerpt":"Orders for the SU7 standard edition are randomly assigned to vehicles fitted with FinDreams or CATL cells.","excerpt_en":"SU7 Standard randomly fitted with FinDreams or CATL cells."}]},{"direction":"cost","counterparty":"Qualcomm","counterparty_slug":"qualcomm","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"플래그십 스마트폰 AP(스냅드래곤)의 주 조달처 — 하지만 샤오미는 자체 3nm XRING을 병행하며 퀄컴 단일 의존을 낮추는 중이다. AP는 스마트폰 원가·성능의 핵심이라, 자체 칩 확대가 장기적으로 조달 협상력과 차별화를 좌우한다.","note_en":"Primary flagship AP source (Snapdragon) — but Xiaomi runs its in-house 3nm XRING alongside it to reduce sole dependence on Qualcomm. As the AP drives smartphone cost and performance, scaling its own silicon is what will shape long-term procurement leverage and differentiation.","sources":[{"stance":"mentions","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2025-05-19","url":"https://www.cnbc.com/2025/05/19/chinas-xiaomi-commits-6point9-billion-to-in-house-chips.html","title":"샤오미, 자체 칩에 $69억 투자 공약","title_en":"Xiaomi commits $6.9 billion to in-house chips","excerpt":"Xiaomi committing $6.9B to chip R&D while continuing to use Qualcomm flagship SoCs.","excerpt_en":"$6.9B chip push alongside continued Qualcomm sourcing."}]},{"direction":"cost","counterparty":"TSMC (XRING 파운드리)","counterparty_slug":"tsmc","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"중국 기업 첫 3nm 플래그십 SoC 'XRING O1'을 TSMC N3E로 위탁 생산 — 690억 위안 칩 R&D 공약이 상징하듯 설계는 자체화하되 첨단 파운드리는 TSMC에 의존하는 구조다. 자체 칩은 퀄컴 의존 완화와 하드웨어 차별화의 장기 베팅으로, 100만대+ 출하로 상용성을 입증했다.","note_en":"Fabs its XRING O1 — the first Chinese-designed 3nm flagship SoC — at TSMC N3E; as the RMB50bn chip-R&D commitment signals, Xiaomi internalizes design but still depends on TSMC for leading-edge fabrication. The in-house chip is a long-term bet on easing Qualcomm dependence and differentiating hardware, with 1M+ units shipped proving viability.","sources":[{"stance":"confirms","publisher":"Xiaomi Corporation","publisher_en":"Xiaomi Corporation","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf","title":"샤오미 2025 연차보고서(HKEX)","title_en":"Xiaomi Corporation — Annual Report 2025 (HKEX)","excerpt":"Long-term, committed R&D investment in chips (XRING); in-house 3nm SoC program (fabbed externally). Chip R&D commitment ~RMB50bn.","excerpt_en":"In-house 3nm XRING chip program with committed multi-year R&D (~RMB50bn); fabbed at external foundry."},{"stance":"confirms","publisher":"Xiaomi IR","publisher_en":"Xiaomi IR","kind":"ir","lang":"en","published_at":"2026-03-24","url":"https://ir.mi.com/system/files-encrypted/nasdaq_kms/assets/2026/03/24/6-20-53/Xiaomi%20Corp_25Q4_ER_ENG%20vF.pdf","title":"샤오미 2025 연간 실적 (공식)","title_en":"Xiaomi 2025 annual results (official)","excerpt":"FY2025 total revenue RMB 457.3bn (+25%); smart EV and AI RMB 106.1bn (+223.8%); 411,082 vehicles delivered.","excerpt_en":"FY2025 revenue RMB 457.3bn; EV/AI RMB 106.1bn; 411k EVs."},{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2025-05-22","url":"https://www.digitimes.com/news/a20250522PD208/xiaomi-xring-soc-tsmc-3nm-production.html","title":"샤오미 XRING O1, TSMC 3nm 생산","title_en":"Xiaomi XRING O1 built on TSMC 3nm","excerpt":"Manufactured by TSMC on its second-generation N3E node... first 3nm flagship mobile processor independently designed by a Chinese company.","excerpt_en":"XRING O1 on TSMC N3E; first Chinese-designed 3nm flagship SoC."},{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2025-05-19","url":"https://www.cnbc.com/2025/05/19/chinas-xiaomi-commits-6point9-billion-to-in-house-chips.html","title":"샤오미, 자체 칩에 $69억 투자 공약","title_en":"Xiaomi commits $6.9 billion to in-house chips","excerpt":"Xiaomi... XRING 01 chipset... committing 50 billion yuan ($6.9 billion) to chip R&D.","excerpt_en":"RMB 50bn chip R&D commitment."}]},{"direction":"revenue","counterparty":"인터넷 서비스(광고·구독 등, 익명)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"mau_mn":754.1,"gpm_pct":76.5,"revenue_rmb_mn":37440.3},"note":"인터넷 서비스는 규모(RMB374억)는 작아도 GPM 76.5%로 그룹 이익의 실질 원천 — 하드웨어가 확보한 7.5억 MAU를 광고·게임·핀테크로 수익화하는 플라이휠의 정산 지점이다. 해외 비중 33.8% 상승으로 중국 밖 수익화가 다음 레버.","note_en":"Internet services is small in scale (RMB37.4bn) but, at 76.5% GPM, the real source of group profit — the flywheel's settlement point that monetizes 754m MAU via ads, gaming and fintech. Rising overseas share (33.8%) makes ex-China monetization the next lever.","sources":[{"stance":"confirms","publisher":"Xiaomi Corporation","publisher_en":"Xiaomi Corporation","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf","title":"샤오미 2025 연차보고서(HKEX)","title_en":"Xiaomi Corporation — Annual Report 2025 (HKEX)","excerpt":"Internet services revenue RMB37,440.3m (8.2%), up 9.7%; GPM 76.5%. Global MAU 754.1 million.","excerpt_en":"Internet-services revenue RMB37,440.3m (+9.7%), GPM 76.5%; MAU 754.1m."}]},{"direction":"revenue","counterparty":"스마트폰 최종수요(글로벌 소비자·통신사, 익명)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"asp_rmb":1128.7,"gpm_pct":10.9,"units_mn":165.2,"share_pct":13.3,"revenue_rmb_mn":186439.8},"note":"스마트폰 최종수요는 글로벌 소비자지만, 이 부문의 전략적 역할은 이익이 아니라 생태계 진입점이다 — 저마진(GPM 10.9%)으로 사용자를 확보해 고마진 인터넷 서비스로 수익화하는 구조. 출하는 인도 부진에 -2% 줄었으나 세계 3위(점유율 13.3%) 기반을 지키며 프리미엄·중국 비중 확대로 ASP를 방어한다.","note_en":"The end market is global consumers, but this line's strategic role is the ecosystem's entry point, not profit — a thin-margin (10.9% GPM) user-acquisition engine feeding high-margin internet services. Shipments fell 2% on India weakness, yet it defends its No.3 position (13.3% share) and protects ASP via premiumization and a rising China mix.","sources":[{"stance":"confirms","publisher":"Xiaomi Corporation","publisher_en":"Xiaomi Corporation","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf","title":"샤오미 2025 연차보고서(HKEX)","title_en":"Xiaomi Corporation — Annual Report 2025 (HKEX)","excerpt":"Smartphone revenue RMB186,439.8m (40.8%); shipments 165.2m units; ASP RMB1,128.7; GPM 10.9%. Top-3 globally for 5th year, 13.3% share (Omdia).","excerpt_en":"Smartphone revenue RMB186,439.8m; shipments 165.2m; ASP RMB1,128.7; GPM 10.9%; 13.3% share."},{"stance":"confirms","publisher":"네이트 뉴스","publisher_en":"Nate News","kind":"news","lang":"ko","published_at":"2026-03-25","url":"https://news.nate.com/view/20260325n09878","title":"[AI의 종목 이야기] '샤오미' 역대 최고 성적, 자동차 연매출 천억 위안 돌파","title_en":"Xiaomi posts record FY2025; auto revenue tops RMB100bn","excerpt":"스마트폰 사업 매출 1,864억 위안, 출하량 5년 연속 세계 3위.","excerpt_en":"Smartphone revenue RMB186.4bn; No.3 globally for 5 straight years."}]},{"direction":"revenue","counterparty":"IoT·생활가전 소비자(익명)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"iot_devices_mn":1079.2,"revenue_rmb_mn":123200.2},"note":"IoT·생활가전은 매출(+18.3%) 이상으로 생태계 확장의 축 — 태블릿·대형가전·웨어러블이 중국 보조금·프리미엄화로 성장하며 연결 기기를 10.8억대로 늘렸고, 이 기기 기반이 인터넷 서비스 수익화의 저변을 넓힌다.","note_en":"IoT & lifestyle matters beyond its revenue (+18.3%) as the ecosystem's expansion vector — tablets, large appliances and wearables grew on Chinese subsidies and premiumization, lifting connected devices to 1,079m, and that device base widens the foundation for internet-services monetization.","sources":[{"stance":"confirms","publisher":"Xiaomi Corporation","publisher_en":"Xiaomi Corporation","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf","title":"샤오미 2025 연차보고서(HKEX)","title_en":"Xiaomi Corporation — Annual Report 2025 (HKEX)","excerpt":"IoT and lifestyle products revenue RMB123,200.2m (26.9%), up 18.3%. Connected IoT devices 1,079.2 million, up 19.3%.","excerpt_en":"IoT & lifestyle revenue RMB123,200.2m (+18.3%); 1,079.2m connected devices."}]},{"direction":"revenue","counterparty":"전기차 구매자(SU7·YU7, 익명)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"gpm_pct":24.3,"deliveries":411082,"revenue_rmb_mn":106069.5,"ev_revenue_rmb_mn":103300},"note":"전기차 구매자(SU7·YU7)가 그룹의 새 성장 엔진 — 인도 41만대(+200%)에 세그먼트 첫 영업흑자(GPM 24.3%)로 전환하며 '적자 신사업' 꼬리표를 뗐다. SU7 20만위안+ 세단 판매 1위·YU7 중대형 SUV 1위로 프리미엄 포지셔닝을 입증, 그룹 밸류에이션 재평가의 핵심 축이다.","note_en":"EV buyers (SU7/YU7) are the group's new growth engine — 411k deliveries (+200%) and the segment's first operating profit (24.3% GPM) shed the loss-making-venture label. SU7 as the No.1 sedan above RMB200k and YU7 as the No.1 mid-large SUV prove premium positioning, making this the core axis of the group's re-rating.","sources":[{"stance":"confirms","publisher":"Xiaomi Corporation","publisher_en":"Xiaomi Corporation","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf","title":"샤오미 2025 연차보고서(HKEX)","title_en":"Xiaomi Corporation — Annual Report 2025 (HKEX)","excerpt":"Smart EV, AI and other new initiatives revenue RMB106,069.5m (23.2%), up 223.8%, of which RMB103.3bn from smart EV; 411,082 vehicles delivered (+200.4%); segment GPM 24.3%; first operating profit RMB0.9bn.","excerpt_en":"Smart EV/AI revenue RMB106,069.5m (+223.8%); 411,082 deliveries; GPM 24.3%; first op profit RMB0.9bn."},{"stance":"mentions","publisher":"Goldman Sachs","publisher_en":"Goldman Sachs","kind":"research","lang":"en","published_at":"2026-04-01","url":"https://www.investing.com/news/analyst-ratings/goldman-sachs-lowers-xiaomi-stock-price-target-to-hk40-on-ev-losses-93CH-4711331","title":"골드만삭스, 샤오미 매수 유지·목표가 HK$40 (44곳 컨센서스 매수)","title_en":"Goldman Sachs keeps Buy on Xiaomi, TP HK$40 (44-analyst Buy consensus)","excerpt":"골드만삭스 매수 유지·목표가 HK$40(EV 손익 반영). CMBI 2025-10 목표가 HK$50대 중반. 애널리스트 44곳 컨센서스 '매수'(강력매수 16·매수 21).","excerpt_en":"Goldman Sachs Buy, TP HK$40 (EV losses); CMBI (Oct-2025) TP mid-HK$50s; 44-analyst consensus Buy."},{"stance":"confirms","publisher":"네이트 뉴스","publisher_en":"Nate News","kind":"news","lang":"ko","published_at":"2026-03-25","url":"https://news.nate.com/view/20260325n09878","title":"[AI의 종목 이야기] '샤오미' 역대 최고 성적, 자동차 연매출 천억 위안 돌파","title_en":"Xiaomi posts record FY2025; auto revenue tops RMB100bn","excerpt":"스마트 전기차 등 신사업 매출 1,061억 위안, 인도량 41만1,082대(+200.4%), 자동차 첫 연간 흑자전환(영업이익 9억 위안).","excerpt_en":"EV/AI revenue RMB106.1bn; 411,082 deliveries; first annual auto operating profit RMB0.9bn."}]},{"direction":"investment","counterparty":"샤오미 생태계·공급망 투자 포트폴리오(약 410개사)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"companies":410,"book_value_rmb_bn":87.1,"total_value_rmb_bn":89},"note":"약 410개사에 RMB890억(장부가 871억)을 투자한 포트폴리오는 단순 재무투자가 아니라 IoT 생태계·부품·EV 공급망을 선점하는 전략 — 개별 지분은 대부분 5% 미만이지만, 생태계 기업을 자본으로 묶어 하드웨어 플라이휠의 공급·콘텐츠 저변을 넓히는 수단이다(2025년 처분 세후차익 RMB31억).","note_en":"The ~RMB89.0bn portfolio (RMB87.1bn book) across ~410 companies is strategic, not merely financial — locking in the IoT ecosystem, components and EV supply chain. Individual stakes are mostly <5%, but tying ecosystem firms with capital broadens the supply and content base of the hardware flywheel (RMB3.1bn after-tax disposal gain in 2025).","sources":[{"stance":"confirms","publisher":"Xiaomi Corporation","publisher_en":"Xiaomi Corporation","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf","title":"샤오미 2025 연차보고서(HKEX)","title_en":"Xiaomi Corporation — Annual Report 2025 (HKEX)","excerpt":"As of December 31, 2025, we had invested in about 410 companies with an aggregate book value of RMB87.1 billion; total investments reached RMB89.0 billion. Net gain on disposal of investments (after tax) of RMB3.1 billion in 2025.","excerpt_en":"Invested in ~410 companies, book value RMB87.1bn, total RMB89.0bn (Dec 31, 2025)."}]},{"direction":"investor","counterparty":"레이쥔·Smart Mobile Holdings(지배주주, 의결권 90.06%)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"shares":4063148182,"voting_pct":90.06},"note":"창업자 레이쥔이 Smart Mobile Holdings·ARK Trust를 통해 의결권 90.06%를 쥔 지배구조(차등의결권) — 칩(XRING)·EV·AI처럼 회임 기간이 긴 대형 베팅을 시장 압력과 무관하게 일관되게 밀 수 있는 근거다. 케이맨 법인, 기관은 BlackRock 등이 Class B 지분 보유.","note_en":"Founder Lei Jun holds 90.06% of votes via Smart Mobile Holdings and ARK Trust under weighted voting rights — the basis for pushing long-gestation, capital-heavy bets (XRING chips, EVs, AI) consistently, insulated from market pressure. A Cayman entity; institutions such as BlackRock hold Class B shares.","sources":[{"stance":"confirms","publisher":"Xiaomi Corporation","publisher_en":"Xiaomi Corporation","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042800526.pdf","title":"샤오미 2025 연차보고서(HKEX)","title_en":"Xiaomi Corporation — Annual Report 2025 (HKEX)","excerpt":"Lei Jun — beneficiary/founder (ARK Trust) and interest in controlled corporation (Smart Mobile Holdings): 4,063,148,182 shares = 90.06%. Smart Mobile Holdings Limited beneficial interest (L) 4,063,148,182, 90.06%.","excerpt_en":"Lei Jun controls 90.06% of votes via Smart Mobile Holdings (4,063,148,182 shares)."}]},{"direction":"cost","counterparty":"웨이얼반도체(윌세미)","counterparty_slug":"will-semiconductor","confidence":"mid","metric":"smartphone_cis_supply","note":"스마트폰 카메라용 고화소 CMOS 이미지센서(OV50 계열)를 웨이얼(옴니비전)에서 조달 — 카메라가 프리미엄 차별화의 핵심이라, 고화소 센서 확보가 플래그십 경쟁력과 직결된다. 복수 센서 공급망을 운용해 특정 센서사 의존을 분산한다.","note_en":"Sources high-resolution CMOS image sensors (OV50 family) from Will Semiconductor (OmniVision) for phone cameras — with the camera a key premium differentiator, securing high-pixel sensors ties directly to flagship competitiveness. It runs a multi-sensor supply base to spread single-supplier dependence.","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2025-07-13","url":"https://www.hankyung.com/article/2025071352391","title":"삼성, 中에 나노프리즘 이미지센서 첫 공급…36조 시장 정조준","title_en":"Samsung supplies nanoprism sensor to China; OmniVision share rises to 11.9% in 2024","excerpt":"옴니비전 OV50H 등 저가 고성능 센서가 중국 스마트폰 제조사에 대거 채택.","excerpt_en":"OmniVision's OV50H and similar cost-effective sensors are widely adopted by Chinese smartphone makers."}]}]}