Market Overview - The black home appliance sector increased by 1.37% on October 27, with Tongzhou Electronics leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance: - Tongzhou Electronics (002052) closed at 16.37, up 3.61% with a trading volume of 453,300 shares and a turnover of 737 million yuan - Sichuan Changhong (600839) closed at 10.39, up 3.28% with a trading volume of 2,249,600 shares and a turnover of 2.323 billion yuan - Sichuan Jiuzhou (000801) closed at 15.80, up 1.87% with a trading volume of 171,400 shares and a turnover of 270 million yuan - Hisense Visual (600060) closed at 24.67, up 0.98% with a trading volume of 150,600 shares and a turnover of 372 million yuan - XGIMI Technology (688696) closed at 106.90, up 0.85% with a trading volume of 8,412 shares and a turnover of 89.9062 million yuan - Other stocks like ST Gauss (002848) and Skyworth Digital (000810) saw declines of 2.45% and 3.56% respectively [1] Capital Flow - The black home appliance sector experienced a net inflow of 243 million yuan from institutional investors, while retail investors saw a net outflow of 61.9178 million yuan [1] - Detailed capital flow for key stocks: - Sichuan Changhong had a net inflow of 22.6 million yuan from institutional investors but a net outflow of 77.5479 million yuan from retail investors [2] - Tongzhou Electronics saw a net inflow of 87.8210 million yuan from institutional investors but a net outflow of 61.6663 million yuan from retail investors [2] - XGIMI Technology had a net inflow of 11.9228 million yuan from institutional investors but a net outflow of 12.1622 million yuan from retail investors [2] - Skyworth Digital experienced a significant net outflow of 57.3983 million yuan from retail investors [2]

Core Viewpoints - XGIMI is a leading player in the smart micro-projection market, with its business covering smart micro-projectors, office projectors, and automotive projectors [2] - The smart micro-projection market is a cyclical consumer product with strong optionality. The company's performance surged during China's consumption upgrade but faced significant challenges from low-cost single LCD projectors since 2022, leading to a substantial decline in performance [2] - The company is deepening its projection technology advantages and plans to establish an automotive division in 2024, with automotive projection expected to be a significant new business [2] Financial Performance - The company is expected to show signs of improvement, with a projected net profit of 160 million yuan in Q4 2024, a year-on-year increase of 367%. For the first half of 2025, the net profit is expected to reach 90 million yuan, a year-on-year increase of 2062% [2] - The gross margin is projected to be 33.3%, an increase of 4.2 percentage points year-on-year [2] Market Trends - The demand for home display is diversifying, with an increasing share of projection products. XGIMI has maintained its position as the top supplier of projection equipment in China for seven consecutive years since 2018 [3] - The projection industry in China has faced pressure, with a projected market size of 14.2 billion yuan and sales of 5.23 million units in 2024, reflecting a year-on-year decline of 6.6% in market size but an 18.2% increase in sales volume [3] - The market for single LCD projectors has negatively impacted DLP projectors, leading to a compound annual growth rate (CAGR) of -13.8% for the projection industry from 2021 to 2024 [3] Global Market Position - Chinese brands, including XGIMI, have a significant advantage in the global smart micro-projection market, which is primarily dominated by foreign brands in commercial and educational sectors [4] - The global projection market is projected to reach 53.2 billion yuan in 2024, with consumer, engineering, and cockpit projections accounting for 60.2%, 38.7%, and 1.1% respectively [4] - XGIMI's overseas sales are expected to reach 1.09 billion yuan in 2024, a year-on-year increase of 18.9%, with the main business revenue proportion reaching 33% [5] Product Development - The company has established an automotive division in 2024, focusing on smart cockpit solutions and optical components for automotive headlights, with several products already delivered to various car models [5] - XGIMI has expanded its product offerings to include Google-certified products for the European and American markets, successfully entering high-end offline channels such as Best Buy and Sam's Club [5]

Group 1 - The core viewpoint of the article highlights a decline in China's smart projection market sales and revenue in Q3 2025, with unit sales at 1.124 million, down 11.5% year-on-year, and revenue at 1.69 billion yuan, down 10.6% year-on-year [1] - Major domestic brands such as XGIMI, JmGO, and Dangbei are focusing on high-end strategies centered around "technology elevation" and "experience upgrade" to navigate market challenges [1] - The market share for projectors priced above 5000 yuan increased to 5.0%, up 0.5 percentage points year-on-year, while the ultra-high-end market (over 10,000 yuan) saw a sales proportion rise from 0.6% in Q3 2024 to 0.9% in Q3 2025, with a year-on-year sales growth of 33% [1] Group 2 - The price segment of 500-999 yuan has overtaken the segment below 500 yuan to become the largest, with a year-on-year sales increase of 4%, driven by brands like Deye Orange and Haqu [4] - The 2000-2999 yuan price segment benefited from the popularity of high-cost-performance models from brands like XGIMI and Dangbei, resulting in a 5% year-on-year sales increase [4] - The 4000-4999 yuan price segment also experienced a 7% year-on-year increase in sales, supported by new product launches from brands such as Vidda, JmGO, and Xiaomi [4]

Core Viewpoint - XGIMI Technology (688696.SH) plans to establish a new subsidiary, Qinglai Innovation Technology Co., Ltd., with a total investment of RMB 1 million to explore new fields and products that align with its main business [1] Group 1: Investment Details - The company will contribute RMB 510,000, representing 51% of the registered capital of the new subsidiary [1] - Other investors include Mr. Zhong Bo with RMB 200,000 (20%), Mr. Xiao Shi with RMB 50,000 (5%), and Chengdu Qinglai with RMB 240,000 (24%) [1]

证券代码：688696 证券简称：极米科技 公告编号：2025-068 极米科技股份有限公司 关于与关联方共同投资设立控股子公司暨关联 交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资标的名称：青睐创新科技有限责任公司（暂定名，最终以市场监督 管理部门登记为准，以下简称"目标公司"） 截至本公告披露日，过去 12 个月内公司不存在与同一关联人或与不同 关联人之间交易标的类别相关的关联交易金额达到 3,000 万元以上，且占公司 最近一期经审计总资产或市值 1%以上的情形，根据《上海证券交易所科创板股 票上市规则》、公司章程等规定，本次关联交易属于董事会审批权限范围，无需 提交公司股东会审议。 由于目标公司的设立尚需市场监督管理部门等有关审批机关的核准，存 在不确定性。在未来经营管理过程中，目标公司可能面临宏观经济、行业政策、 市场竞争、技术研发、经营管理等不确定因素影响，存在一定的市场风险、经 营风险、管理风险等。敬请广大投资者谨慎决策，注意投资风险。 投资金额：51 万人民币 本次交易构成关联 ...

Market Overview - The black home appliance sector rose by 0.09% on October 23, with Chenyi Intelligent leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance: - Chenyi Intelligent (301578) closed at 36.90, up 1.85% with a trading volume of 11,400 lots and a turnover of 41.57 million yuan [1] - Non-Axis Co. (002429) closed at 6.20, up 0.49% with a trading volume of 1,094,600 lots and a turnover of 681 million yuan [1] - Skyworth Digital (000810) closed at 13.43, up 0.37% with a trading volume of 132,300 lots and a turnover of 177 million yuan [1] - Hisense Visual (600060) closed at 24.46, up 0.29% with a trading volume of 77,000 lots and a turnover of 187 million yuan [1] - Sichuan Changhong (600839) closed at 10.04, up 0.20% with a trading volume of 646,700 lots and a turnover of 64.5 million yuan [1] - Jiuli Technology (688609) closed at 9.52, down 0.21% with a trading volume of 79,900 lots and a turnover of 75.31 million yuan [1] - Other stocks like XGIMI Technology (688696) and Tongzhou Electronics (002052) experienced slight declines [1] Capital Flow - The black home appliance sector saw a net outflow of 67.31 million yuan from institutional investors, while retail investors contributed a net inflow of 45.59 million yuan [1] - Detailed capital flow for key stocks indicates: - Non-Axis Co. (002429) had a net inflow of 69.47 million yuan from institutional investors, but a net outflow from retail investors [2] - Jiuli Technology (688609) experienced significant net outflows from institutional investors [2] - Chenyi Intelligent (301578) also saw a net outflow from institutional investors [2] - Sichuan Changhong (600839) had a net outflow of 45.80 million yuan from institutional investors, while retail investors showed a positive net inflow [2]

Core Viewpoint - The company XGIMI, which had a market value of 43 billion yuan at its IPO in 2021, has seen its value plummet to 7.644 billion yuan by October 2025, a decline of over 80%. Recently, it submitted an application for a listing on the Hong Kong Stock Exchange. Group 1: Company Background and Performance - XGIMI was founded in Chengdu in 2012 by alumni of the University of Electronic Science and Technology of China, with initial success stemming from its innovative projector products [2] - The company achieved significant sales growth, with revenue from 20 million yuan during the 2014 Double Eleven shopping festival to over 2 billion yuan by 2017, and a market share of 22% in 2020 [4] - However, in 2023, XGIMI reported a revenue of 3.557 billion yuan, a year-on-year decrease of 15.77%, and a net profit decline of 76.09% [4] Group 2: Operational Challenges - Employee count decreased from 2,715 in 2021 to 2,225 in 2024, with R&D personnel dropping by 22.56% to 580 by June 2025 [6] - Despite a net profit surge to 88.662 million yuan in the first half of 2025 due to cost-cutting measures, the company faced negative cash flow of approximately -440 million yuan [6] - Inventory levels reached 1.184 billion yuan in the first half of 2025, accounting for 21% of total assets, indicating slow receivables and cash being tied up in stock [10] Group 3: Market Competition and External Factors - The television market has posed a significant challenge, with 13.75 million units sold in the first half of 2025, a 1.8% increase, and high-end MiniLED TVs priced lower than XGIMI's projectors [8] - XGIMI's DLP technology competes against cheaper LCD projectors, which are available for around 1,000 yuan, capturing the entry-level market [8] Group 4: Strategic Initiatives - To address its challenges, XGIMI is focusing on the automotive sector and international expansion, establishing a vehicle division in 2024 and securing multiple projects with major automotive manufacturers [12] - The company's overseas revenue reached 1.09 billion yuan in 2024, accounting for 31.9% of total revenue, nearly doubling from 18.7% in 2022 [12] Group 5: Future Outlook - The upcoming IPO in Hong Kong aims to leverage market liquidity to attract investors and raise funds for overseas marketing, R&D, and operations [16] - The success of XGIMI's strategy in the automotive and international markets remains uncertain, as the projector industry faces significant challenges [16]

Core Viewpoint - After regaining positive growth, the global projection industry leader, XGIMI Technology, embarks on its journey to list in Hong Kong, aiming to raise funds for international expansion, R&D enhancement, and operational needs [1]. Company Overview - XGIMI Technology, established in 2013, focuses on the R&D, production, and sales of consumer, automotive, and engineering-grade smart projection products, including long-focus, short-focus, and innovative projectors [2]. - As of September 2025, XGIMI's products are sold in over 100 countries and regions, with more than 6,000 offline sales points and cumulative shipments exceeding 7 million units. The company has been the top seller in China's projection industry for seven consecutive years since 2018 and has held the revenue champion title domestically for five years since 2020, achieving a market share of 30.2% in the mid-to-high-end segment in 2024 [5]. Business Performance - XGIMI's business scale remains leading, supported by its differentiated technological advantages in optical engine R&D and interactive experience. The company has expanded its product offerings from consumer-grade to automotive and engineering-grade products, with successful applications in various new energy vehicle models [7]. - Financially, XGIMI has faced revenue pressure and profit volatility, with revenues of 4.22 billion RMB in 2022, declining to 3.55 billion RMB in 2023 and 3.4 billion RMB in 2024. The first half of 2025 saw a slight revenue increase of 1.63% to 1.623 billion RMB, but still significantly lower than the 2.036 billion RMB in the same period of 2022 [8][11]. Profitability and Market Challenges - Profitability has fluctuated significantly, with profits dropping from 501 million RMB in 2022 to 12 million RMB in 2023, stabilizing at 120 million RMB in 2024. The first half of 2025 saw profits rebound to 88 million RMB, aided by supply chain optimization and cost control [11]. - The average selling price of long-focus projectors has decreased from 3,400 RMB in 2022 to 2,600 RMB in the first half of 2025, reflecting significant price pressure in the consumer market due to increased competition and changing consumer preferences [11]. Industry Growth Potential - The global projection industry is in a steady growth phase, with the market expected to reach 17.01 million units and 53.19 billion RMB in revenue by 2024. The compound annual growth rates for volume and revenue from 2024 to 2029 are projected at 13.0% and 11.4%, respectively [15]. - The consumer-grade projection segment remains the core growth driver, while automotive projection is emerging rapidly, with a projected revenue of 600 million RMB in 2024 and a compound annual growth rate of 57.2% from 2024 to 2029 [18]. Strategic Initiatives - XGIMI's strategy includes expanding its product matrix across all price segments in the consumer-grade market and enhancing user engagement through its GMUI system, transitioning from a "hardware sales" model to a "hardware + service" model [18]. - The company plans to increase investments in North America and Southeast Asia, replicating its success in Europe and Japan, while exploring innovations such as AI integration in projection technology [19]. Conclusion - XGIMI Technology possesses core advantages in technology, market share, and global layout, with the projection industry still in a growth phase. The company is well-positioned for sustainable growth through deepening its presence in the consumer market and breakthroughs in automotive and engineering-grade segments [19].

Core Viewpoint - After regaining positive growth, the global projection industry leader, XGIMI Technology (688696.SH), has embarked on the journey to list in Hong Kong, with plans to use the raised funds for global branding, R&D enhancement, and working capital [1][20]. Company Overview - XGIMI Technology, established in 2013, focuses on the R&D, production, and sales of consumer-grade, automotive-grade, and engineering-grade smart projection products, including long-focus, short-focus, and innovative projectors [2][5]. - As of September 2025, XGIMI's products are sold in over 100 countries and regions, with more than 6,000 offline sales points and cumulative shipments exceeding 7 million units. The company has been the sales champion in China's projection industry for seven consecutive years since 2018 and has held the revenue championship for five years since 2020 [5][8]. Financial Performance - XGIMI's financial data shows a trend of revenue pressure and significant profit fluctuations. Revenue for 2022, 2023, and 2024 was 4.22 billion, 3.55 billion, and 3.4 billion RMB, respectively, indicating a decline due to changing consumer preferences towards entry-level products [8][10]. - In the first half of 2025, revenue slightly increased by 1.63% to 1.62 billion RMB, but still showed a significant gap compared to 2.04 billion RMB in the same period of 2022 [8][10]. - Profit figures for 2022, 2023, and 2024 were 501 million, 120 million, and 120 million RMB, respectively, with a notable 76% year-on-year decline in 2023. The profit rebounded to 88 million RMB in the first half of 2025, attributed to supply chain optimization and cost control [10][11]. Market Position and Competitive Landscape - XGIMI maintains a leading position in the market due to its differentiated technological advantages, including self-developed optical engines and interactive experiences [7][19]. - The company faces significant competition in the consumer-grade market, with many new entrants and pressure from the trend towards larger screen televisions, leading to a decline in average selling prices [11][18]. - The average selling price of long-focus projectors dropped from 3,400 RMB in 2022 to 2,600 RMB in the first half of 2025 [11]. Industry Growth Potential - The global projection industry is in a phase of steady growth, with projected sales of 17.01 million units and revenue of 53.19 billion RMB in 2024. The compound annual growth rates for sales and revenue from 2024 to 2029 are expected to be 13.0% and 11.4%, respectively [15][18]. - The consumer-grade projection segment remains the core growth driver, while automotive-grade projection is emerging as a significant growth area with a projected compound annual growth rate of 57.2% from 2024 to 2029 [18][19]. Strategic Initiatives - XGIMI plans to enhance its product matrix across all price segments in the consumer-grade market and transition from a "hardware sales" model to a "hardware + service" model through the GMUI system [18][19]. - The company aims to expand its presence in North America and Southeast Asia, leveraging successful experiences from Europe and Japan, while exploring innovations such as AI integration in projection technology [19][20].

Core Viewpoint - After regaining positive growth, the global projection industry leader, XGIMI Technology (688696.SH), has embarked on the journey to list in Hong Kong, aiming to raise funds for international expansion, R&D enhancement, and general corporate purposes [1][20]. Company Overview - XGIMI Technology, established in 2013, focuses on the R&D, production, and sales of consumer-grade, automotive-grade, and engineering-grade smart projection products, including long-focus, short-focus, and innovative projectors [2]. - As of September 22, 2025, XGIMI's products are sold in over 100 countries and regions, with more than 6,000 offline sales points and cumulative shipments exceeding 7 million units. The company has been the sales champion in China's projection industry for seven consecutive years since 2018 and has held the revenue championship domestically for five years since 2020, with a market share of 30.2% in the mid-to-high-end projector sector in 2024 [5][8]. Financial Performance - XGIMI's financial data shows a trend of revenue pressure and significant profit fluctuations. Revenue for 2022, 2023, and 2024 was 4.22 billion, 3.55 billion, and 3.4 billion RMB, respectively, with a decline attributed to changing consumer preferences towards entry-level products, leading to a decrease in average selling prices [8][11]. - In the first half of 2025, revenue slightly increased by 1.63% to 1.623 billion RMB, but still showed a significant gap compared to 2.036 billion RMB in the same period of 2022 [8]. - Profit figures for 2022, 2023, and 2024 were 501 million, 120 million, and 120 million RMB, respectively, with a sharp decline in 2023. The first half of 2025 saw a profit recovery to 88 million RMB, mainly due to supply chain optimization and cost control [11]. Market Dynamics - The global projection industry is in a stable growth phase, with the market expected to reach 17.01 million units and 53.19 billion RMB in revenue by 2024. The compound annual growth rates for volume and revenue from 2024 to 2029 are projected at 13.0% and 11.4%, respectively [15][18]. - The consumer-grade projection segment remains the core growth driver, while automotive-grade projection is emerging with a projected revenue of 600 million RMB in 2024 and a compound annual growth rate of 57.2% from 2024 to 2029 [18]. Strategic Initiatives - XGIMI plans to enhance its product matrix across all price segments in the consumer-grade projector market and transition from a "hardware sales" model to a "hardware + service" model through the GMUI system [18][19]. - The company has made breakthroughs in automotive and engineering-grade projectors, with the T10 series set to launch in September 2025, targeting high-end commercial applications [19]. - XGIMI aims to increase investments in North America and Southeast Asia, replicating its success in Europe and Japan, while exploring AI integration with projection technology [19].