证券代码：688696 证券简称：极米科技 公告编号：2025-056 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律、 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》"）的有关规定。 二、董事会会议审议情况 会议审议通过以下议案： 1、《关于公司<2024 年员工持股计划（草案修订稿）>及其摘要的议案》 为提高员工持股计划的灵活性和实施效率，公司董事会及其下设的薪酬与考 核委员会根据《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》《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》等相关法律、行政法规、规章、规范性文件的规 定，将 2024 年员工持股计划有关权益分配方式的相关表述由原来的"择机出售相 应的标的股票"调整为"择机出售相应的标的股票及/或过户至当期员工持股计划 份额持有人"。 极米科技股份有限公司 第三届董事会第四次会议决议公告 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。 一、董事会会议召开 ...

1.公司不存在《指导意见》等法律、法规及规范性文件规定的禁止实施员工 持股计划的情形。 2.公司董事会拟定《持股计划（草案）》等相关文件制定程序合法、有效。 本持股计划内容符合《指导意见》《自律监管指引第 1 号》等法律、法规及规范 性文件的规定。 极米科技股份有限公司董事会薪酬与考核委员会 关于公司 2025 年员工持股计划相关事项的核查意见 极米科技股份有限公司（以下简称"公司"）董事会薪酬与考核委员会根据《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"《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、法规及规范性文件和《极米科技股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，对公司《2025 年员工持股计划（草案）》（以下简称"《持 股计划（草案）》"、"本持股计划"）进行了核查。现发表核查意见如下： 综上，公司董事会薪酬与考核委员会一致同意公司实施本持股计划，并同意 将本持股计划相关事项提交公司股东会审议。 极米科技股份有限公司董事会薪酬 ...

Core Points - The company, XGIMI Technology (688696.SH), has disclosed a draft for its 2025 employee stock ownership plan, which will involve a maximum of 337 participants [1] - The funding for the stock ownership plan will come from employees' own funds, including legal salaries and self-raised funds, as well as a special reward fund set aside by the company [1] - The total funding scale for the plan will not exceed 181 million yuan, with each unit of subscription priced at 1.00 yuan, allowing for a maximum of 18.1 million units [1] - Individual employees must subscribe for at least one unit (1.00 yuan) and can only subscribe in whole yuan amounts [1] - The employee's own funds will not exceed 88 million yuan, while the reward fund will not exceed 93 million yuan, with specific amounts determined by actual contributions [1] - The shares for the 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 plan could allow for approximately 139,890 shares, representing about 2% of the company's total existing share capital [1]

格隆汇9月8日丨极米科技(688696.SH)公布2025年员工持股计划，本持股计划的资金规模不超过18,100万 元，以"份"作为认购单位，每份份额为1.00元，份数上限为18,100万份。单个员工起始认购份数为1份 （即认购金额为1.00元）且须认购1元的整数倍份额。其中员工自有资金不超过8,800万元，奖励基金额 度不超过9,300万元，具体金额根据实际出资金额确定。本持股计划的股票来源为通过大宗交易方式购 买公司回购专用证券账户中已回购的公司股票。本持股计划将自公司股东会审议通过后6个月内完成标 的股票的购买。 ...

极米科技股份有限公司 2025 年员工持股计划管理办法 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"）2025 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 2025 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 2025 年员工持股计划管理办法》（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 市场等证券欺诈行 ...

Core Viewpoint - The article highlights the increasing trend of Chinese companies expanding their operations overseas, showcasing various strategic partnerships, investments, and market entries in different regions, particularly in Southeast Asia and the Middle East [4][5][6][11]. Group 1: Strategic Partnerships and Collaborations - China Telecom and Alibaba have formed a strategic partnership to support Chinese companies in their overseas ventures, focusing on cloud and AI infrastructure, e-commerce, and social value innovation [5]. - JD Industrial has signed agreements with two Brazilian companies to enhance digital supply chain services in Brazil, aiming to provide office supplies to Chinese enterprises [8]. Group 2: Market Entries and Expansions - Bawang Tea has officially entered the Philippine market with three stores, marking its seventh international market, and sold over 23,000 cups within three days of opening [5]. - KUKA Home plans to invest approximately 1.12 billion yuan to establish a self-built base in Indonesia, with projected annual revenue of about 2.52 billion yuan upon completion [6]. - Xiaomi aims to establish 10,000 overseas stores within five years, marking 2025 as the year for major appliance and new retail expansion overseas [8]. Group 3: Financial Developments and Investments - UBTECH Robotics has secured a strategic financing credit line of $1 billion to establish a super factory and R&D center in the Middle East [11]. - Jitu Express reported a net profit of $88.93 million in the first half of the year, a year-on-year increase of 186.6%, with total revenue reaching $5.5 billion [8]. - Rui Jian Pharmaceutical has completed a B+ round financing exceeding 300 million yuan, focusing on the clinical development of Parkinson's treatment products [12]. Group 4: Industry Events and Participation - A total of 103 Chinese companies will participate in the upcoming International Automobile and Smart Mobility Expo in Germany, reflecting a significant increase from 70 companies in 2023, indicating a shift from trade export to a comprehensive overseas strategy [13]. - The China-ASEAN Brand Going Global Matchmaking Conference is set to take place, focusing on sectors like new energy vehicles and cross-border e-commerce, aiming to provide solutions for Chinese brands entering Southeast Asian markets [14].

Core Insights - The core issue with XGIMI Technology is its heavy reliance on government subsidies, which significantly inflate its reported profits, raising concerns about its true profitability and sustainability [1][3][4] Group 1: Subsidy Dependency - XGIMI Technology's dependence on government subsidies is alarming, with 93% of its net profit in 2023 coming from subsidies, and projections for 2024 indicating 73% reliance [3] - Over the past two and a half years, more than 75% of XGIMI's net profit has been derived from government subsidies, highlighting a troubling trend [1][3] Group 2: Financial Anomalies - The financial situation of XGIMI's subsidiary, Yibin XGIMI, is perplexing, as it reported revenue of 19.19 billion, exceeding the parent company's revenue of 16.26 billion, yet its cumulative net profit from 2020 to mid-2025 was only about 4 million [5] - This discrepancy may stem from internal low-price sales and cost-sharing practices between the parent and subsidiary, raising red flags about financial transparency [5] Group 3: Industry Challenges - The smart projector industry is facing significant challenges, with a 6.2% decline in shipment volume and a 25.6% drop in sales revenue in 2023, leading to intense competition and price wars [7] - XGIMI is also grappling with high inventory levels, with stock reaching 1.098 billion, accounting for nearly 20% of total assets, and an inventory turnover period exceeding 160 days, which is notably high for the industry [7] Group 4: Shareholder Sentiment - Major shareholders, including Baidu, have been reducing their stakes in XGIMI, with Baidu's ownership dropping from 11.61% to 5.04% since 2022, reflecting a lack of confidence in the company's future prospects [8]

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

Core Viewpoint - The article highlights the heavy reliance of XGIMI Technology on government subsidies for its profitability, raising concerns about the sustainability of its business model and the implications for investors [3][5][7]. Financial Performance - In the first half of 2025, XGIMI Technology reported revenue of 1.626 billion yuan and a net profit of 88 million yuan, with over half of the profit derived from government subsidies amounting to 48.87 million yuan [3][5]. - Over the past two and a half years, XGIMI's total net profit was 328 million yuan, while government subsidies accounted for 249 million yuan, representing 75.82% of the net profit [7][8]. Government Subsidies - In 2023, XGIMI received over 25 government subsidies totaling 112 million yuan, which constituted 93% of its annual net profit [9]. - The company has received significant support for its Yibin Smart Optoelectronic Industrial Park project, with total government subsidies exceeding 835 million yuan, accounting for over 85% of the project's total investment [15][18]. Subsidiary Performance - Yibin XGIMI, a wholly-owned subsidiary, generated nearly 1.9 billion yuan in revenue in 2020 and has consistently reported revenues above 3 billion yuan annually since 2021 [19][20]. - In 2025, Yibin XGIMI's revenue was 1.919 billion yuan, surpassing the consolidated revenue of XGIMI Technology by nearly 300 million yuan [20][21]. Profitability Issues - Despite high revenue, Yibin XGIMI has struggled with profitability, reporting a cumulative net profit of only 4 million yuan from 2020 to 2025 [24]. - The disparity in profitability between Yibin XGIMI and XGIMI Technology may be attributed to internal pricing strategies and cost allocation practices [25].

Core Viewpoint - The financial performance of XGIMI Technology heavily relies on government subsidies, raising concerns about its sustainability and profitability in the long term [3][4][5]. Financial Performance - XGIMI Technology's net profit over the past two and a half years totaled 328 million yuan, with government subsidies accounting for 249 million yuan, representing 75.82% of the net profit [5]. - In 2023, XGIMI received over 25 government subsidies totaling 112 million yuan, which constituted 93% of its annual net profit [6]. - In 2024, the company received over 15 government subsidies amounting to approximately 8.8 million yuan, making up 73% of its net profit [6]. Government Subsidies - The company has received significant support from the local government for its Yibin Smart Optoelectronic Industrial Park project, with total subsidies exceeding 8.35 billion yuan, which is over 85% of the project's total investment of approximately 9.7 billion yuan [10][12]. - The accounting treatment of these subsidies involves recognizing them as deferred income, with nearly 29 million yuan recorded as other income in 2023 and 2024 [12]. Subsidiary Performance - Yibin XGIMI, a wholly-owned subsidiary, generated nearly 1.9 billion yuan in revenue in 2020 and has consistently exceeded 3 billion yuan annually since 2021 [16]. - In 2024, the revenue gap between Yibin XGIMI and XGIMI Technology's consolidated revenue widened to 400 million yuan [16]. - Despite high revenue, Yibin XGIMI has struggled with profitability, reporting only 4 million yuan in net profit from 2020 to 2025 [19]. Internal Transactions - The discrepancy between the revenue of Yibin XGIMI and the consolidated revenue of XGIMI Technology may be attributed to internal transactions, where sales between the parent and subsidiary are priced below market value [20]. - The overall investment in the Yibin Industrial Park is less than 1 billion yuan, yet it has received over 800 million yuan in government subsidies, raising questions about the effectiveness of these subsidies in contributing to local tax revenue [20].