Xiaomi Corp. (1810.HK) XRING triple chip breakthroughs unify AI

Equity Research 24 August 2026 | 6:14PM HKT

Xiaomi Corp. (1810.HK): XRING triple-chip breakthroughs unify AI compute infra and accelerate vertical integration; Buy

What happened Timothy Zhao | On Aug 24, Xiaomi announced three XRING chips that represent the company’s Goldman Sachs (Asia) L.L.C. latest progress in building a unified AI compute infrastructure for its “Human x Car Ronald Keung, CFA x Home” ecosystem, and technology breakthroughs in chips with high power | efficiency, high bandwidth and high computing power. Goldman Sachs (Asia) L.L.C.

Eunice Liu 1) XRING O3, Xiaomi’s new-gen flagship SoC and an upgrade from XRING O1 that | Goldman Sachs (Asia) L.L.C. was released in May 2025 and has achieved 1mn+ cumulative shipments. XRING demonstrates industry-leading SoC performancing, scoring 5.22mn points on AnTuTu Benchmark (vs. 3.9-4mn for Snapdragon 8 Elite Gen 5 and 3.5-4mn for MediaTek Dimensity 9500),

The 3nm-process, 24bn-transistor SoC further enhances power efficiency vs. XRING O1, with an all-big 10-core CPU configuration with 25% lower power consumption in daily tasks, and 16-core Mali-G2-Ultra-NX MC16 GPU with 85% performance increase and 64% lower power consumption. Additionally, thanks to LPDDR6 compatibility and a MiMo-customized NPU that delivers 3.13 TFLOPS of vector computing power alongside 200TOPS of tensor performance (6x XRING O1 and 3x flagship SoCs), XRING O3 achieves stronger integration with MiMo LLM on edge AI inference (e.g. 40%/45% faster prefill/decode rates, and 25% lower power consumption).

2) XRING O100, an AI accelerator designed for high-bandwidth edge LLM deployment. The 6nm-process chips uses 3D wafer-level stacking, offers 1.22TB/s bandwidth (16x the bandwidth of mainstream LPDDR5X, comparable to that of HBM) and can run Xiaomi’s MiMo-3B model at 330 token/s.

3) XRING D100, China’s first 3nm-process high-computing-power ADAS chip. Equipped with a 20-core high-performance CPU, a 16-core NPU, and up to 160GB of unified memory, D100 can run up to 200B-parameter LLMs locally and support multi-chip fusion computing. Xiaomi also showcased a prototype for its Xiaomi AI Cube desktop carrying all of XRING O3, O100 and D100 chips, with 120B and 3B models deployed locally.

XRING O3 will be first featured on Xiaomi’s flagship foldable model Xiaomi 18 Fold scheduled for Sep 2026 release, while XRING O100 and XRING D100 will be commercially deployed from 2027.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Xiaomi Corp. (1810.HK)

Implications We believe Xiaomi’s triple-chip breakthrough will accelerate the company’s vertical integration in its consumer physical intelligence ecosystem. Specifically, we expect:

n Flagship SoC to pave way to further hardware premiumization by building user experience advantages via integration of XRING and HyperOS, which in our view may resemble Apple’s integration of Apple silicon and iOS as discussed earlier; n In-house ADAS chip to generate more cost savings for the smart EV segment vs. Nvidia DRIVE Thor chips carried by Xiaomi’s SU7, YU7 and SkyNomad series; n AI accelerator to provide more real-time responses for edge AI inference demand on smartphone, robotics, EVs, etc. that enhance both consumers’ experience and robotics performance. At the 2026 World Robot Conference (WRC) 2026, Xiaomi also demonstrated its latest-gen humanoid robot featuring 66 DoFs (degrees of freedom) out of which half are concentrated across its dual arms and dexterous hands, the Mi-Sense depth vision perception system, full-palm tactile coverage providing millimeter-level precision grasping capabilities, and Xiaomi-Robotics-1 VLA foundation model (also see Xiaomi Robotics: Integrating Hardware Ontologies…