Core Viewpoint - The stock price of XGIMI Technology has plummeted by 80% since its peak, with major shareholders frequently reducing their holdings, and the company's overseas business growth is weak, making the Hong Kong listing appear to be a self-rescue operation [1]. Group 1: Financial Performance - In the first half of 2025, XGIMI reported revenue of 1.626 billion yuan, a year-on-year increase of 1.63%, and a net profit of 88.66 million yuan, a staggering increase of 2062.34% [6][7]. - However, the company faced significant issues with a net cash flow from operating activities of -440 million yuan, a drastic decline of 357.61% year-on-year, indicating a situation where profits do not translate into cash [8]. - Accounts receivable reached 273 million yuan, and inventory stood at 1.184 billion yuan, accounting for 21% of total assets [8]. Group 2: Domestic Market Challenges - The smart projector market in China is facing severe challenges, with a 6.2% decline in shipment volume and a 25.6% drop in sales revenue in 2023 [10]. - In the first quarter of 2025, the sales volume of smart projectors was 1.432 million units, a slight decrease of 0.8%, while sales revenue was 2.37 billion yuan, a marginal increase of 0.3% [10]. - The competition is intense, with 54% of sales in the sub-1000 yuan price segment in 2024, an increase of 4.3% from 2023 [13]. Group 3: Overseas Expansion Strategy - To counter domestic market challenges, XGIMI is focusing on overseas markets, achieving 1.086 billion yuan in overseas revenue in 2024, a year-on-year increase of 18.94%, with overseas revenue accounting for 33% of total revenue [14]. - The gross margin for overseas sales is significantly higher at 45.44%, compared to 23.88% domestically [14]. - XGIMI employs a differentiated competition strategy abroad, emphasizing a simple and intelligent audiovisual experience, and has successfully collaborated with local companies in Japan [14]. Group 4: Challenges in International Markets - Despite the growth in overseas revenue, XGIMI's overseas income fell by 10.94% to 399 million yuan in the first half of 2025 [16]. - The company faces stiff competition from global giants like Epson, which holds a 10% market share and has a strong presence in the commercial market [16]. - The competitive landscape is intensifying as more Chinese projector brands enter international markets, making it increasingly challenging for XGIMI to establish a foothold [16][18]. Group 5: Future Outlook - The upcoming Hong Kong listing may provide XGIMI with much-needed capital and international visibility, but the company must improve its market, technology, and financial fundamentals to achieve a turnaround [18].

Market Performance - The black home appliance sector increased by 1.87% on September 22, with Sichuan Jiuzhou leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Highlights - Sichuan Jiuzhou (000801) closed at 16.59, up 6.69% with a trading volume of 592,500 shares and a transaction value of 980 million [1] - Chuangwei Digital (000810) closed at 14.30, up 4.46% with a trading volume of 544,800 shares [1] - Feichi Co., Ltd. (002429) closed at 7.07, up 3.51% with a trading volume of 2,392,700 shares and a transaction value of 1.712 billion [1] - JiuLian Technology (688609) closed at 10.88, up 2.93% with a trading volume of 172,500 shares [1] - Chenyi Intelligent (301578) closed at 38.70, up 2.46% with a trading volume of 19,500 shares and a transaction value of 74.96 million [1] Fund Flow Analysis - The black home appliance sector saw a net inflow of 26.59 million from main funds, while retail funds experienced a net outflow of 28.85 million [1] - Sichuan Jiuzhou had a main fund net inflow of 10.71 million, but retail funds saw a net outflow of 82.91 million [2] - Chuangwei Digital experienced a main fund net inflow of 74.69 million, with retail funds also seeing a net outflow of 56.35 million [2] - Haier Vision (600060) had a main fund net inflow of 15.08 million, while retail funds saw a net inflow of 3.18 million [2] - Sichuan Changhong (600839) had a main fund net outflow of 64.57 million, but retail funds saw a net inflow of 62.06 million [2]

Investment Rating - The report indicates a positive investment outlook for the home appliance sector, with the sector outperforming the Shanghai and Shenzhen 300 Index by rising 1.6% while the index fell by 0.4% [2][3]. Core Insights - The report highlights the joint issuance of policies by nine departments aimed at expanding service consumption, which includes 19 specific measures to promote service consumption [9][63]. - The Federal Reserve's decision to cut interest rates by 25 basis points is expected to provide greater operational space for China's monetary policy, potentially alleviating depreciation pressure on the RMB [10]. - The report notes a rise in average prices for major home appliances, with air conditioners, refrigerators, and washing machines showing varying trends in sales volume and revenue [29][31][33][35]. Summary by Sections Industry Dynamics - The joint policy measures aim to enhance service consumption through promotional activities and improved access to cultural and recreational venues [9][63]. - The Federal Reserve's interest rate cut signals potential further reductions, which could impact foreign investment flows into RMB assets [10]. Data Observations - In August, the average retail price of air conditioners increased by 0.32% year-on-year, with retail volume up by 2.2% and retail revenue up by 2.9% [29]. - Refrigerator sales volume decreased by 0.4% year-on-year, but revenue increased by 3.8%, with the average price rising by 2.4% to 6438 RMB [31]. - Washing machine sales volume and revenue both declined by 0.4% and 7.4% respectively, while the average price increased by 5.5% to 4364 RMB [33]. Investment Highlights - The report identifies three main investment themes: 1. White goods sector benefiting from favorable real estate policies and potential for price and volume growth [29]. 2. Export opportunities driven by large customer orders and stable profitability for companies like Ousheng Electric and Dechang Shares [29]. 3. Core components demand exceeding expectations due to the white goods sector's performance, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages [29].

证券代码：688696 证券简称：极米科技 极米科技股份有限公司 2025 年员工持股计划 2025 年 9 月 1 / 39 声 明 本公司及董事会全体成员保证本持股计划及其摘要不存在虚假 记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担 个别和连带的法律责任。 本持股计划主要条款与公司于 2025 年 9 月 9 日在上海证券交易 所网站（www.sse.com.cn）披露的公司《2025 年员工持股计划（草 案）》及其摘要内容一致。 风险提示 1、本持股计划已经公司股东会审议通过，本持股计划能否达到 预计规模、目标存在不确定性。本持股计划设立后将由公司自行管理。 2、有关本持股计划的具体资金来源、出资比例、实施方案等属 初步方案，本持股计划能否完成实施，存在不确定性。 3、员工遵循依法合规、自愿参与、风险自担原则参与本持股计 划。若员工认购出资比例较低，则本持股计划存在不能成立的风险； 若员工认购出资资金不足，本持股计划存在低于预计规模的风险。 4、公司后续将根据规定披露相关进展情况，敬请广大投资者谨 慎决策，注意投资风险。 特别提示 1、《极米科技股份有限公司 2025 年员工持股计划》（ ...

北京金杜（成都）律师事务所 关于极米科技股份有限公司 2025 年第一次临时股东会之法律意见书 致：极米科技股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受极米科技股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 （以下简称中国证监会）《上市公司股东会规则》（以下简称《股东会规则》） 等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中 国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政 法规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席了公司 于 2025 年 9 月 19 日召开的 2025 年第一次临时股东会（以下简称本次股东会）， 并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2024 年年度股东大会审议通过的《极米科技股份有限公司章程》 （以下简称《公司章程》）； 2. 公司 2025 年 9 月 3 日刊登于《证券日报》《上海证券报》及上海证券交 ...

证券代码：688696 证券简称：极米科技 公告编号：2025-062 极米科技股份有限公司 重要内容提示： 本公司董事会及全体董事保证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。 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 9 月 19 日 （二） 股东会召开的地点：公司会议室（成都市高新区天府软件园 A 区 4 栋） （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 153 | | --- | --- | | 普通股股东人数 | 153 | | 2、出席会议的股东所持有的表决权数量 | 25,709,046 | | 普通股股东所持有表决权数量 | 25,709,046 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 38.4971 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 38.4971 | 2025年第一次临时股东会决议公告 （四） 表决 ...

Market Overview - On September 19, the black home appliance sector rose by 0.09% compared to the previous trading day, with Tongzhou Electronics leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance: - Tongzhou Electronics (002052) closed at 15.42, up 9.99% with a trading volume of 607,200 shares and a turnover of 896 million yuan [1] - Beichi Co., Ltd. (002429) closed at 6.83, up 2.25% with a trading volume of 2,231,800 shares and a turnover of 153.5 million yuan [1] - Other notable performances include: - *ST Gauss (002848) up 1.58% - Chuangwei Digital (000810) up 0.66% - Sichuan Changhong (600839) down 2.13% [1] Capital Flow - The black home appliance sector experienced a net outflow of 55.23 million yuan from institutional investors, while retail investors saw a net inflow of 206 million yuan [1] - Detailed capital flow for key stocks includes: - Tongzhou Electronics had a net inflow of 24.42 million yuan from institutional investors but a net outflow of 76.01 million yuan from retail investors [2] - Sichuan Changhong faced a significant net outflow of 321 million yuan from institutional investors [2] - Other stocks like Chuangwei Digital and Beichi Co., Ltd. also showed mixed capital flows with varying net inflows and outflows [2]

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]