Core Insights - The company has introduced a new employee stock ownership plan for 2025, reflecting confidence in long-term development and maintaining a "buy" rating [1][2] Group 1: Employee Stock Ownership Plan - The 2025 employee stock ownership plan allows for approximately 1.3989 million shares, representing 2.00% of the company's total share capital [2] - The plan includes performance assessments based on major product sales, overseas revenue, and net profit margin from 2025 to 2028, with specific targets set for each year [2][3] - The number of employees participating in the plan has increased from 259 to 337, enhancing the binding of core employee interests [3] Group 2: Performance Targets - The net profit margin targets for 2025-2028 are set to increase steadily, reflecting the company's focus on improving profitability [3] - The overseas revenue targets for 2025 and 2026 have been raised from 1.004 billion and 1.05 billion to 1.08 billion and 1 billion respectively, indicating confidence in future overseas market growth [3] - The sales targets for major products are set at no less than 1.1 million, 1.13 million, 1.16 million, and 1.19 million units for the years 2025 to 2028 [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has introduced a new employee stock ownership plan, reflecting confidence in long-term development and aims to enhance net profit margins and overseas market revenue [2][3] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 289 million, 365 million, and 431 million yuan respectively, with corresponding EPS of 4.14, 5.21, and 6.16 yuan [2][3] - The current price-to-earnings ratio (PE) is projected to be 31.3, 24.8, and 21.0 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation for a leading consumer projection company [2][3] Summary by Sections Employee Stock Ownership Plan - The 2025 employee stock ownership plan allows for approximately 1.3989 million shares, representing 2.00% of the total share capital [3] - Performance assessment will focus on key product sales, overseas revenue, and net profit margin from 2025 to 2028, with specific targets set for each year [3][4] - The number of employees participating in the plan has increased from 259 to 337, enhancing employee engagement and alignment with company goals [4] Financial Projections - Revenue is projected to grow from 3.906 billion yuan in 2025 to 5.366 billion yuan in 2027, with year-on-year growth rates of 14.7%, 19.3%, and 15.2% respectively [5] - The net profit margin is expected to improve from 7.4% in 2025 to 8.0% in 2027, reflecting a focus on profitability [5][10] - The company anticipates a steady increase in gross margin from 32.2% in 2025 to 34.1% in 2027 [10] Market Outlook - The company is optimistic about expanding its overseas revenue targets, with goals set at 10.8 billion yuan for 2025 and 11 billion yuan for 2026, up from previous estimates [4] - The company’s products are gaining traction in major overseas markets, including the United States and Japan, which is expected to contribute positively to revenue growth [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 155.00 [5][7]. Core Views - The company has launched a new employee stock ownership plan aimed at enhancing the profit-sharing mechanism among employees and shareholders, improving corporate governance, and boosting employee morale and creativity [1][2]. - The company has shown resilience in maintaining market share through product iteration and diversification, with a focus on improving profitability through cost optimization and an increase in average selling prices [1][4]. - The company is expanding its product offerings from consumer to commercial applications, particularly in the automotive optical products sector, which broadens its growth trajectory [1]. - The company has set performance targets for the 2025 employee stock ownership plan, including sales volume, overseas revenue, and net profit margin, indicating a strategic focus on profitability and market expansion [2][3]. Summary by Sections Employee Stock Ownership Plan - The 2025 employee stock ownership plan includes performance assessments based on sales volume (minimum of 1.1 million units), overseas revenue (minimum of RMB 1.08 billion), and net profit margin (minimum of 3.5%) [2][12]. - Compared to the 2024 plan, the 2025 plan introduces a net profit margin target, reflecting a stronger emphasis on profitability [3]. Financial Performance - For the first half of 2025, the company reported revenue of RMB 1.626 billion, a year-on-year increase of 1.63%, and a net profit of RMB 88.66 million, showing significant growth compared to the previous year [4]. - The gross margin for the first half of 2025 was 33.28%, up by 4.2 percentage points year-on-year, indicating improvements in product mix and cost efficiencies [4]. Earnings Forecast - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be RMB 5.00, RMB 5.77, and RMB 6.39 respectively, reflecting a positive outlook for profitability [5][9]. - The company is expected to achieve a significant increase in net profit, with projections of RMB 349.81 million for 2025, representing a year-on-year growth of 191.16% [9][17].

Core Viewpoint - XGIMI Technology announced that it will hold a staff representative meeting on September 8, 2025, to review the proposal regarding the company and its summary [2] Group 1 - The meeting is scheduled for September 8, 2025 [2] - The agenda includes the review of a proposal related to the company [2]

Core Viewpoint - XGIMI Technology announced the approval of multiple proposals during the fourth meeting of its third board of directors held on September 8 [2] Group 1 - The company held a board meeting to review and approve various proposals [2]

极米科技股份有限公司 2024 年员工持股计划管理办法（修订稿） 第一章 总则 第一条 为规范极米科技股份有限公司（以下简称"极米科技"或"公司"）2024 年员工持股计划（以下简称"本持股计划"）的实施，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 中国证监会《关于上市公司实施员工本持股计划试点的指导意见》（以下简称"《指 导意见》"）、《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 （以下简称"《自律监管指引第 1 号》"）等相关法律、行政法规、规章、规范性文 件和《极米科技股份有限公司章程》（以下简称"《公司章程》"）、《极米科技股份有 限公司 2024 年员工持股计划（草案）》之规定，特制定《极米科技股份有限公司 2024 年员工持股计划管理办法（草案）》（以下简称《" 员工持股计划管理办法》"）。 第二章 本持股计划的制定 第二条 本持股计划的基本原则 （一）依法合规原则 公司实施本持股计划，严格按照法律、行政法规的规定履行程序，真实、准确、 完整、及时地实施信息披露。任何人不得利用本持股计划进行内幕交易、操纵证券 ...

Group 1 - The core point of the article is that XGIMI Technology (688696.SH) has disclosed a draft employee stock ownership plan for 2025, which will involve a maximum of 337 participants and a funding scale not exceeding 181 million yuan [1] - The funding sources for the stock ownership plan include employees' own funds (including legal salaries and self-raised funds), a special reward fund set aside by the company, or other methods permitted by laws and regulations [1] - The stock ownership plan will allow for a maximum of 18.1 million shares to be subscribed at a unit price of 1 yuan per share, with individual employees required to subscribe for at least 1 share [1] Group 2 - The total amount of employees' own funds is capped at 88 million yuan, while the reward fund is limited to 93 million yuan, with specific amounts determined based on actual contributions [1] - The shares for the stock ownership plan will be sourced from company stock repurchased through a special securities account via block trading [1] - Based on the closing price of the company's stock at 129.39 yuan per share on September 8, 2025, the employee stock ownership plan could hold approximately 139,890 shares, representing about 2% of the company's total existing share capital [1]

Company Overview - XGIMI Technology (SH 688696) announced its third board meeting on September 8, 2025, to discuss the 2024 Employee Stock Ownership Plan and related documents [1] - As of the report, XGIMI's market capitalization stands at 9.1 billion yuan [1] Revenue Composition - For the year 2024, XGIMI's revenue composition is as follows: - Projector products account for 88.07% - Accessories account for 5.0% - Internet value-added services account for 4.3% - Other businesses account for 2.63% [1]

2025 年员工持股计划（草案） 上海君澜律师事务所 关于 极米科技股份有限公司 法律意见书 之 法律意见书 二〇二五年九月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于极米科技股份有限公司 2025 年员工持股计划（草案）之 致：极米科技股份有限公司 上海君澜律师事务所（以下简称"本所"）接受极米科技股份有限公司 （曾用名为"成都极米科技股份有限公司"，以下简称"极米科技"或"公 司"）的委托，根据《中华人民共和国公司法》《中华人民共和国证券法》 《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《试点指导 意见》"）《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作》（以下简称"《监管指引》"）及《极米科技股份有限公司章程》（以下 简称"《公司章程》"）等相关规定，就《极米科技股份有限公司 2025 年员工 持股计划（草案）》（以下简称"本次员工持股计划"或"《员工持股计划 （草案）》"）的相关事项出具本法律意见书。 对本法律意见书，本所律师声明如下： （一）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法 律业务管理办法》和《律师事务所证券法律业务执业规则（ ...

证券代码：688696 证券简称：极米科技 上海荣正企业咨询服务（集团）股份有限公司 关于 之 独立财务顾问报告 2025 年 9 月 | | | 极米科技股份有限公司 2024年员工持股计划修订相关事项 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： 二、声明 本独立财务顾问接受极米科技聘请担任公司实施本持股计划的独立财务顾 问，按照《指导意见》《自律监管指引第 1 号》的有关规定，根据极米科技所 提供的资料及其公开披露的信息出具本报告，对极米科技本次员工持股计划的 可行性、是否有利于公司的持续发展、是否损害公司利益以及对股东利益的影 响发表客观、公正的专业意见。 本独立财务顾问声明： | 极米科技、公司、本公司 | 指 | 极米科技股份有限公司（含合并报表分子公司） | | --- | --- | --- | | 员工持股计划、本持股计划 | 指 | 极米科技股份有限公司 年员工持股计划 2024 | | 员工持股计划草案、本持股 | 指 | 《极米科技股份有限公司 年员工持股计划（草 2024 | | 计划草案 | | 案）》 | | 《员工持股计划管理办法》 | 指 | 《极米科 ...