Core Insights - The article highlights the increasing complexity of trademark infringement cases in China, with a focus on the establishment of a collaborative mechanism between government and enterprises to enhance intellectual property protection [1][3]. Group 1: Trademark Infringement Trends - Trademark infringement cases are showing new trends characterized by chain-like, cross-regional, and digital behaviors [2]. - The "Jimi Nut" trademark infringement case involved a network of related companies selling counterfeit products across major e-commerce platforms, indicating a shift towards cross-regional operations [2]. - Digital transactions are complicating enforcement efforts, as infringers utilize social media and private channels to evade detection [2]. Group 2: Government-Enterprise Collaboration - The "Guarding Brands" collaborative mechanism has been established to empower enterprises to actively protect their trademark rights and assist regulatory bodies in evidence collection [3]. - The mechanism has already included 60 companies, emphasizing the need for a cooperative approach to effectively combat infringement [3]. - Successful cases, such as the "Jimi Nut" infringement, demonstrate the effectiveness of this collaboration in identifying and addressing trademark violations [3]. Group 3: Equal Protection for Foreign Brands - China's market regulatory authorities provide equal protection for both domestic and foreign trademark holders, fostering a favorable environment for foreign enterprises [4]. - Recent enforcement actions have targeted counterfeit products from well-known foreign brands, including Nike and Hilton, highlighting the commitment to protecting international trademarks [4]. Group 4: Technological Empowerment in Enforcement - The introduction of advanced technologies is enhancing the precision of enforcement actions against trademark infringement [5][7]. - Companies like JD.com and Huawei are implementing AI and comprehensive brand protection systems to proactively identify and manage risks associated with counterfeit products [6][7]. - Regulatory bodies are utilizing cloud collaboration and big data analysis to improve evidence collection and tracking of infringing activities, leading to more effective enforcement outcomes [7].

Industry Overview - The smart projector industry integrates smart systems, wireless connectivity, and multimedia functions, enabling large-screen images for various scenarios such as home entertainment and mobile office [1][2] - Recent national strategies like "Made in China 2025" provide institutional support for innovation and market application in the industry [1][4] - The industry faces challenges such as weak domestic demand and changes in overseas growth, leading to a projected increase in sales volume but a decrease in revenue in 2024 [1][7] Market Dynamics - The smart projector market is expected to see a sales volume of 6.042 million units in 2024, a year-on-year increase of 3.0%, while revenue is projected to decline by 3.5% to 10.01 billion yuan [7][8] - The market is characterized by a "K-shaped differentiation" where the low-end market expands through cost-effectiveness, while the high-end market relies on technological premiums [1][8] - In the first half of 2025, the market is anticipated to continue contracting, with sales volume dropping by 3.9% to 2.778 million units and revenue decreasing by 2.9% to 4.68 billion yuan [7][8] Competitive Landscape - The competitive landscape is described as "one strong, many strong, and cross-industry chaos," with leading companies transitioning towards a "technology + ecosystem" model [1][11] - XGIMI (极米科技) leads the market with a 17.8% sales share and a 32% revenue share as of June 2025, driven by technological innovation and ecosystem integration [11][12] - Other brands like JMGO (坚果), Dangbei (当贝), and Xiaomi (小米) focus on mid-range and niche markets through competitive pricing and innovative applications [11][12] Technological Trends - The market is witnessing a stable pattern among three main technologies: DLP, 1LCD, and 3LCD, with DLP holding a 30.8% online market share [10][11] - Emerging technologies are accelerating market changes, with innovations such as laser light sources and 4K resolution driving high-end consumer demand [8][11] - The low-end market is seeing a significant increase in models priced below 1,000 yuan, which accounted for 53% of sales in 2024 and is expected to rise to 55% in the first half of 2025 [8][11] Policy Support - Government policies, including various consumption promotion measures, have provided strong institutional support for the smart projector industry [4][5] - Several provinces have included smart projectors in local subsidy programs, with Guangdong offering a 15% subsidy based on price [5][6] - The policy environment aims to stimulate regional market demand and support the industry's large-scale development [5][6]

Market Overview - On September 15, the black home appliance sector rose by 0.36% compared to the previous trading day, with Skyworth Digital leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance: - Skyworth Digital (000810) closed at 14.25, up 3.56% with a trading volume of 890,500 shares and a turnover of 1.278 billion yuan - Non-Chi Co., Ltd. (002429) closed at 6.68, up 2.30% with a trading volume of 3.8729 million shares and a turnover of 2.556 billion yuan - Other notable stocks included Tongzhou Electronics (002052) at 14.82, up 0.75%, and Sichuan Changhong (600839) at 10.72, up 0.56% [1] Capital Flow - The black home appliance sector experienced a net inflow of 163 million yuan from institutional investors, while retail investors saw a net outflow of 1.02 billion yuan [1] - Detailed capital flow for key stocks indicated: - Non-Chi Co., Ltd. had a net inflow of 144 million yuan from institutional investors, while retail investors had a net outflow of 1.22 billion yuan [2] - Skyworth Digital saw a net inflow of 75.1 million yuan from institutional investors, with retail investors experiencing a net outflow of 36.73 million yuan [2] - Other stocks like Hisense Visual (600060) and ST Gauss (002848) also showed significant net outflows from retail investors [2]

Core Viewpoint - The first lock-up period of the 2024 employee stock ownership plan of the company has ended, and the conditions for unlocking have been met, allowing for the distribution of shares to eligible employees [1][6]. Summary by Sections Implementation of the Employee Stock Ownership Plan - The employee stock ownership plan was approved during a staff representative meeting on May 13, 2024, and subsequently by the board of directors and supervisory committee [2]. - The plan was further ratified at the annual shareholders' meeting on June 7, 2024 [2]. Stock Purchase and Lock-up Period - On September 14, 2024, the company completed the purchase of 3,430,000 shares, representing 4.90% of the total share capital of 70,000,000 shares [3]. - The shares are subject to a three-phase unlocking schedule, with 50%, 30%, and 20% of the shares unlocking at 12, 24, and 36 months, respectively [6]. Unlocking Conditions and Results - The first lock-up period ended on September 13, 2025, with 1,715,000 shares eligible for unlocking, which is 50% of the total shares in the plan and 2.45% of the company's total share capital [6][7]. - All 208 participants in the plan achieved a performance rating of B- or above, allowing for a 100% unlocking ratio for each individual [7]. Future Arrangements and Trading Restrictions - Following the unlocking, the management committee will distribute the rights according to the plan's provisions and market conditions [7]. - The plan will adhere to trading restrictions during sensitive periods, including 15 days before annual and semi-annual reports and 5 days before quarterly reports [7][8]. Committee's Opinion - The board's compensation and assessment committee confirmed that the unlocking conditions were met and that the decision-making process was compliant with regulations, ensuring no harm to the interests of shareholders, especially minority shareholders [8].

证券代码：688696 证券简称：极米科技 公告编号：2025-061 极米科技股份有限公司 关于 2024 年员工持股计划第一个锁定期届满 暨解锁条件成就的公告 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、准确性和完整性依法承担法律责任。 划的权益分配方式进行了修订。具体内容详见公司于 2025 年 9 月 9 日在上海证 券交易所网站（http://www.sse.com.cn）披露的相关公告。 极米科技股份有限公司（以下简称"公司"）2024 年员工持股计划（以下简 称"本持股计划"）第一个锁定期已届满，解锁条件已经成就。现将有关事项说 明如下： 一、本持股计划的前期批准及实施情况 （一）2024 年 5 月 13 日，公司召开职工代表大会，就拟实施本持股计划事 宜进行了讨论并表决，会议同意公司实施本持股计划。次日，公司董事会薪酬与 考核委员会审议通过了该议案。具体内容详见公司于 2024 年 5 月 18 日在上海证 券交易所网站（http://www.sse.com.cn）披露的相关公告。 （二）2024 年 5 月 16 日，公司召开第二届 ...

极米科技股份有限公司 2025年第一次临时股东会会议资料 证券简称：极米科技 证券代码：688696 极米科技股份有限公司 2025年第一次临时股东会会议资料 2025年9月19日 1 极米科技股份有限公司 2025年第一次临时股东会会议资料 极米科技股份有限公司 2025年第一次临时股东会会议资料目录 极米科技股份有限公司 2025年第一次临时股东会会议须知 为维护极米科技股份有限公司（以下简称"公司"）全体股东的合法权益， 确保股东会的正常秩序和议事效率，保证股东会如期、顺利召开，根据《中华 人民共和国公司法》、《中华人民共和国证券法》、《极米科技股份有限公司 章程》、《极米科技股份有限公司股东会议事规则》等相关规定，特制定本股 东会会议须知。 一、股东会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、为保证本次股东会的严肃性和正常秩序，切实维护与会股东（或股东 代表）的合法权益，除出席会议的股东（或股东代表）、公司董事、高级管理 人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 三、2025年第一次临时股东会会议议案 2 一、2025年第一次临时股东会会议须知 二、2 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 142.7 CNY, compared to the current price of 125.68 CNY [5][6]. Core Insights - The company has returned to a growth trajectory, achieving a revenue of 1.63 billion CNY in H1 2025, representing a year-over-year increase of 1.6%. The net profit attributable to the parent company reached 90 million CNY, a significant year-over-year increase of 2062.3% [2][9]. - In Q2 2025, the company reported a revenue of 820 million CNY, with a year-over-year growth of 5.4%, indicating a clear improvement trend [2][9]. - The core business of complete machines and accessories generated 1.49 billion CNY in revenue during H1 2025, showing a slight decline of 0.4% year-over-year, primarily due to poor performance in overseas markets, which saw a year-over-year decrease of 10.9%. However, domestic market performance remained stable with a year-over-year increase of 1.3% [9]. - The company benefited from the incubation growth of non-core businesses, which saw a year-over-year increase of 314.9% [9]. - The overall gross margin improved significantly, reaching 33.3% in H1 2025, an increase of 4.2 percentage points year-over-year. The gross margin for Q2 2025 was 32.6%, up 2.4 percentage points year-over-year [9]. - The net profit margin for H1 2025 was 5.5%, an increase of 5.2 percentage points year-over-year, with Q2 2025 showing a net profit margin of 3.2%, marking a turnaround from the previous year [9]. Financial Summary - The company is projected to achieve total revenue of 3.777 billion CNY in 2025, with a year-over-year growth rate of 10.9%. The net profit attributable to the parent company is expected to reach 237 million CNY, reflecting a year-over-year growth of 97.5% [4][10]. - Earnings per share (EPS) are forecasted to be 3.39 CNY in 2025, with a price-to-earnings (P/E) ratio of 37 [4][10]. - The company’s total assets are projected to grow from 5.319 billion CNY in 2024 to 6.527 billion CNY by 2027 [10].

Market Performance - On September 11, the black home appliance sector rose by 2.0%, with Jiulian Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Jiulian Technology (688609) closed at 10.54, up 4.05% with a trading volume of 169,500 shares and a turnover of 175 million yuan [1] - Sichuan Changhong (600839) closed at 10.73, up 3.27% with a trading volume of 2.18 million shares and a turnover of 2.31 billion yuan [1] - Non-Axis Co., Ltd. (002429) closed at 5.94, up 4.03% with a trading volume of 1.81 million shares and a turnover of 1.06 billion yuan [1] Capital Flow - The black home appliance sector saw a net inflow of 350 million yuan from main funds, while retail funds experienced a net outflow of 307 million yuan [1] - Main funds showed varying net inflows and outflows across different stocks, with Sichuan Changhong receiving a net inflow of 23.3 million yuan [2] - Jiulian Technology had a net inflow of 3.3 million yuan from main funds, while retail investors showed a net outflow of 626,000 yuan [2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][3]. Core Insights - The company has established a performance inflection point, with profitability expected to recover quarter by quarter. The long-term outlook is positive due to a firm overseas expansion strategy, with international markets anticipated to contribute significantly to core growth and high profits. The "automotive + commercial" second growth curve is clearly defined, opening up growth potential [1]. Financial Performance - In H1 2025, the company achieved revenue of 1.626 billion yuan, a year-on-year increase of 1.63%. The net profit attributable to shareholders was 89 million yuan, a substantial increase of 2,062.34% year-on-year. The non-recurring net profit was 77 million yuan, a strong turnaround from a loss of 15 million yuan in the same period last year. In Q2 2025, revenue reached 816 million yuan, up 5.4% year-on-year, with a net profit of 26 million yuan compared to a loss of 10 million yuan in the previous year [7]. Business Expansion - The company has launched its Vietnam production base, with an investment of 14 million USD and an annual capacity of one million units, which will be a key part of its global supply chain. The company has also established a comprehensive manufacturing chain in Yibin, Sichuan, covering everything from lenses to assembly and testing. In 2024, overseas revenue accounted for 32% of total revenue, a year-on-year increase of 19% [7]. Product Diversification - The company is pursuing a three-pronged strategy in household, automotive, and commercial sectors, which opens up new growth opportunities. In the automotive sector, it has made significant progress with products for smart cockpits and intelligent headlights, with deliveries already made for several vehicle models. The commercial market is also expanding, with global projector shipments estimated at 20 million units annually, of which 14% are for commercial use [7]. Employee Incentives - The company has implemented a multi-layered incentive system, including stock options and employee stock ownership plans. In 2025, it introduced stock options at a grant price of 120.84 yuan per share for 67 individuals, and a new employee stock ownership plan with a funding scale of up to 181 million yuan, covering 337 key personnel [7]. Profit Forecast - The company is expected to see significant performance improvements due to internal efficiency optimization, supply chain enhancements, and cost control. The automotive business is projected to achieve mass production, and commercial projection products are expected to launch this year. The forecasted net profits for 2025-2027 are 310 million, 500 million, and 630 million yuan, respectively, with corresponding valuations of 28, 18, and 14 times [7].

Core Viewpoint - XGIMI Technology (极米科技) reported a significant increase in net profit for the first half of 2025, with a year-on-year growth of 2062.34% [1] Financial Performance - The company's operating revenue for the first half of 2025 was 1.63 billion yuan, a 1.63% increase compared to the same period last year [2] - Total profit for the period was approximately 78.82 million yuan, a substantial recovery from a loss of 0.11 million yuan in the previous year [2] - Net profit attributable to shareholders reached approximately 88.66 million yuan, marking a 2062.34% increase year-on-year [2] - The net profit after deducting non-recurring gains and losses was about 76.70 million yuan, reflecting a 616.80% increase compared to the previous year [2] - Basic earnings per share were reported at 1.31 yuan [2] Profitability Metrics - The gross profit margin for the first half of 2025 was 33.28%, an increase of 4.20 percentage points year-on-year [3] - The net profit margin stood at 5.44%, up by 5.20 percentage points compared to the same period last year [3] Expense Management - Total operating expenses for the first half of 2025 were approximately 491 million yuan, a decrease of 11.83 million yuan from the previous year [3] - The expense ratio was 30.18%, down by 1.23 percentage points year-on-year [3] - Sales expenses decreased by 16.41%, while management expenses increased by 66.33% [3] Company Background - XGIMI Technology was established on November 18, 2013, and went public on March 3, 2021 [7] - The company specializes in the research, production, and sales of smart projection products, along with providing related accessories and internet value-added services [7]