Summary of the Conference Call for XGIMI Technology Company Overview - **Company**: XGIMI Technology - **Date of Call**: June 27, 2025 Key Points Industry and Market Performance - **Gross Margin**: Domestic market gross margin is approximately 30%, while overseas market gross margin has recently approached 45% [2][4] - **Market Demand**: Domestic market demand is under pressure, but profit margins are improving, and scale remains stable. Overseas markets continue to grow, with Europe generating revenue of 600 million RMB last year, growing over 40%, and the US market nearing 200 million RMB with similar growth rates [2][6] - **Japan Market**: The Japanese market has been a drag on overall overseas growth due to channel adjustments [2][6] Product Lines and Financials - **Home Products**: - Entry-level Play and Z series products have a gross margin close to 30% in the domestic market. Mid-to-high-end products like RS20 Ultra can achieve gross margins of 35% to 40% [3] - The gross margin for the K6 series has improved from about 10% to around 30% due to a 40% drop in TI DLP chip prices and design iterations [5] - **Vehicle Business**: - Focused on smart cockpits and smart headlights, with expected revenue contribution of 300 to 400 million RMB this year. The business is in the investment phase, aiming for stable profitability at around 1 billion RMB in revenue [7][16] - **Commercial Projection Business**: - Production began at the end of June, with shipments starting in July. The goal is to capture 10%-20% of the 10 billion RMB domestic commercial market [8][9] - Expected revenue of tens of millions RMB this year with a gross margin of 40%-50% [8] Strategic Developments - **LCOS Solution**: Collaboration with HiSilicon on LCOS solutions is ongoing, with potential mass production in Q4. This could disrupt TI's chip monopoly [3][10][11] - **North American Market**: Facing a 37.5% tariff on exports, the company plans to establish a factory in Vietnam to support future exports to North America and Europe [18][19] Future Outlook - **Revenue and Profit Goals**: - The company aims for stable revenue in the domestic market while maintaining growth in overseas markets. The home business is expected to generate over 400 million RMB in profit [27] - The vehicle business is projected to reach breakeven next year and achieve stable profitability by the following year [16] - **Market Strategy**: - The company does not plan to engage in large-scale marketing or price competition but will focus on integrating the midstream supply chain to mitigate risks from declining terminal demand [24] Additional Insights - **Sales Performance**: The suspension of national home appliance subsidies has had a limited impact on sales, primarily affecting product structure rather than overall sales volume [10] - **Product Mix**: The Play and Z series account for over 60% of total sales, with the Play series alone contributing over 30% [29] - **Dividend Plans**: The company plans to issue dividends this year, maintaining a historical payout ratio of around 50% [30]

Group 1 - The core viewpoint of the articles highlights the launch of the MoGo4 and MoGo4Laser portable projectors by the company in Paris, marking the overseas debut of the Play6 series in Europe [1] - The MoGo4 series aims to enhance the perception of portable projectors, emphasizing not only portability but also personal expression, as stated by the company's chairman [1] - The company introduced two accessories, the Power Base stand and a 70-inch portable outdoor screen, to enhance user experience and convenience for outdoor settings [1] Group 2 - According to Mordor Intelligence, the global projector market is projected to grow from $12.39 billion in 2025 to $16.27 billion by 2030, with an annual growth rate of 5.6% [2] - Chinese brands dominate the global projector market, producing 75% of projectors and 62% of core panels, indicating a strong manufacturing presence [2] - The company's revenue for 2024 is expected to reach 3.405 billion yuan, with overseas revenue accounting for approximately 31.89% [2] - The overseas projector market is expected to grow faster than the domestic market, providing significant opportunities for penetration of smart projectors [2] - The company continues to lead in global home projector shipments, supported by its global expansion strategy and advancements in smart systems, content resources, light source technology, and automation features [2]

Macro Overview - The Federal Reserve is expected to maintain interest rates at the June meeting, with a focus on domestic employment and inflation trends, despite geopolitical tensions in the Middle East affecting oil prices [2] - The Bank of Japan has decided to keep its policy rate at 0.5% and will slow down its balance sheet reduction starting April 2026, reflecting a cautious outlook on growth and inflation due to tariff uncertainties [3] Energy/Coal Sector - The escalation of the Israel-Palestine conflict is likely to lead to a rebound in coal prices, as historical data shows a correlation between oil and coal prices during geopolitical conflicts [3] - The average oil-coal price ratio since 2000 is 3.37, with a correlation coefficient of 0.71, indicating a strong relationship between the two commodities [3] Consumer Sector - In May, China's retail sales reached 4.1 trillion yuan, growing by 6.4% year-on-year, driven by government subsidies and active holiday consumption [6] - The consumer recovery is expected to continue, with a focus on structural opportunities in emerging categories driven by emotional value and technological innovation [6] Transportation Sector - Airlines have seen a steady increase in capacity and a high passenger load factor of 84.6%, with ticket prices improving for eight consecutive weeks [7] - The industry is expected to enter a profitable cycle, supported by low supply growth and effective revenue management by airlines [7] Home Appliances Sector - The home appliance sector has shown a mild recovery, with a cumulative increase of 1.9% from January to May 2025, ranking 12th among sub-industries [11] - Key trends include focusing on core assets, enhancing local capabilities for overseas markets, and leveraging AI and innovation for growth [11]

Core Viewpoint - The automotive display market is experiencing high growth but is simultaneously facing a structural dilemma of low profitability, leading to a shift in competitive focus from mere scale expansion to differentiation strategies [4][13]. Market Growth Potential - The global automotive display system market is projected to grow from $23.83 billion in 2024 to $47.37 billion by 2029, with a compound annual growth rate (CAGR) of 14.7% [2]. - The total shipment of automotive display panels is expected to reach 232 million units in 2024, marking a year-on-year increase of 6.2% [2]. Competitive Landscape - The automotive display market is viewed as a "second growth curve" for the display industry, especially as traditional markets like mobile phones and TVs face saturation [3]. - Major display manufacturers are increasingly investing in automotive display capacity, leading to intensified price competition [4]. Structural Challenges - The automotive display market is characterized by "structural dividends and competitive excess," with many suppliers feeling the pressure from both automotive manufacturers and price wars [4][10]. - The shift towards direct partnerships between panel manufacturers and automakers is emerging, reducing reliance on traditional Tier 1 suppliers [10][11]. Differentiation Strategies - Building deep relationships with automakers and Tier 1 suppliers is crucial for success, as the automotive project cycle is long and complex [15]. - Companies must focus on diverse technological innovation capabilities to meet the stringent requirements of automotive-grade products [15][16]. Company Strategies - BOE is adopting a comprehensive strategy to become a "general contractor" for smart cockpits, leveraging its extensive technology portfolio [18]. - Tianma is focusing on high-resolution LTPS LCD technology, achieving over 30% year-on-year revenue growth in its automotive business [19]. - TCL Huaxing is rapidly increasing its market share through deep partnerships with key automotive players, achieving a 125% year-on-year growth in automotive display shipments [20]. Emerging Technologies - The rise of electric vehicles is driving demand for larger and more advanced screens, with HUD technology becoming increasingly common in mid-range vehicles [7]. - Companies like XGIMI are exploring projection technology as an alternative to traditional screens, aiming to address space and adaptability challenges [23].

Group 1 - The second "Belt and Road" Technology Exchange Conference was held in Chengdu from June 10 to 12, focusing on new display technologies and international capacity cooperation [2] - The conference gathered leading companies, industry associations, and experts to discuss innovative mechanisms and models for technology collaboration along the "Belt and Road" [2][5] - The conference highlighted advancements in projection technology, with a focus on commercial market innovations by companies like XGIMI Technology [2] Group 2 - A new generation of electronic paper display technology was introduced, achieving a significant breakthrough with 50 frames per second color dynamic electronic paper [3] - The ultra-high-definition industry is projected to reach a scale of 8 trillion yuan by 2030, driven by multiple factors including user demand and policy support [3] - The integration of culture and technology is becoming a national strategy, positioning the ultra-high-definition audio and video industry as a pillar of the national economy [3] Group 3 - XGIMI Technology is prioritizing its vehicle-mounted business, establishing a dedicated division and increasing investment in R&D and market expansion [4] - The vehicle-mounted business is seen as a new chapter for XGIMI, leveraging its core competencies in optical and projection technologies [4] - XGIMI has secured eight vehicle-mounted business contracts, with production expected to commence in 2025 [4]

极米科技股份有限公司 关于核心技术人员变动的公告 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。 证券代码：688696 证券简称：极米科技 公告编号：2025-043 重要内容提示： 极米科技股份有限公司（以下简称"公司"、"极米科技"）核心技术人员 王鑫先生因个人原因申请辞去在公司担任的所有职务，离职后王鑫先生不再担任 公司任何职务。截至本公告日，王鑫先生不持有公司股份。 公司一直重视自主知识产权的研发，已建立较为完善的研发管理体系和知识 产权保护管理体系。本次核心技术人员变动不会影响公司拥有的核心技术及其专 利权属完整性，亦不会对公司的核心竞争力、技术优势、业务及产品创新能力产 生重大不利影响。 一、核心技术人员变动的具体情况 核心技术人员王鑫先生因个人原因辞去公司核心技术人员职务。离职后，王 鑫先生不再担任公司任何职务，公司及董事会对王鑫先生为公司发展所做出的贡 献表示衷心感谢。 1、核心技术人员的具体情况 王鑫先生，男，中国国籍，1978 年 3 月出生，本科学历，无境外永久居留 权。2000 年 7 月毕业于天 ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6][12]. Core Insights - The home appliance sector is experiencing accelerated revenue growth, with a combined revenue growth rate of nearly 15% in Q1 2024. The white goods segment shows the best performance, benefiting from domestic subsidy policies and strong export demand [12][13]. - The handheld smart imaging device industry, where the company operates, has a market size exceeding 40 billion, with a compound annual growth rate of 14.3% from 2017 to 2023, and is expected to surpass 40 billion in 2024 [2][33]. - The company, Ying Shi Innovation, has become a leader in the global consumer-grade panoramic camera market with a market share of 67.2% in 2023, and it ranks among the top three in the action camera sector [1][40]. Summary by Sections Company Overview - Ying Shi Innovation focuses on the research, production, and sales of smart imaging devices, including consumer-grade panoramic cameras, action cameras, and professional VR panoramic cameras. The company was established in 2015 and has rapidly grown to dominate the market [1][16]. Financial Performance - The company is projected to achieve a revenue of 5.57 billion yuan in 2024, representing a year-on-year growth of 53.3%, with a compound annual growth rate of 66.2% from 2017 to 2024. The net profit is expected to reach 990 million yuan, a 19.9% increase year-on-year [1][18]. Market Dynamics - The global handheld smart imaging device market has grown from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with a forecasted market size exceeding 40 billion yuan in 2024. The market is characterized by high concentration, with the top players capturing significant market shares [2][33][34]. Competitive Advantages - The company has established strong competitive advantages through advanced technology and innovation, including proprietary technologies in panoramic image capture, stabilization, and AI image processing. The marketing strategy includes a comprehensive online and offline sales network across over 60 countries [3][42]. Sales Channels - The company's sales channels are well-distributed, with offline sales accounting for 44.4% and online sales through platforms like Amazon and Tmall making up a significant portion. The balance between online and offline sales is maintained across different regions [24][25]. Future Growth Prospects - The company plans to expand its product range and enhance its marketing and channel coverage, particularly in emerging markets such as Europe. The focus will be on leveraging vertical industry applications and increasing brand penetration globally [3][20].

证券代码：688696 证券简称：极米科技 公告编号：2025-042 极米科技股份有限公司 关于选举董事长、董事会专门委员会委员及聘任高级 管理人员、证券事务代表的公告 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。 极米科技股份有限公司（以下简称"公司"、"极米科技"）第三届董事会 第一次会议已于 2025 年 5 月 26 日召开，会议审议通过《关于选举公司第三届董 事会董事长的议案》《关于聘任公司高级管理人员的议案》《关于选举公司第三 届董事会各专门委员会委员的议案》《关于聘任公司证券事务代表的议案》，现 将相关情况公告如下： 一、选举公司第三届董事会董事长 经与会董事审议，同意选举钟波先生为公司第三届董事会董事长，任期与第 三届董事会董事任期一致。 二、选举公司第三届董事会专门委员会委员 公司第三届董事会各专门委员会委员如下： （1）审计委员会：选举独立董事许楠、董事罗昌军及独立董事廖伟智为审 计委员会委员，独立董事许楠担任主任委员； （2）薪酬与考核委员会：选举独立董事廖伟智、董事钟波及独立董事许楠 为薪酬与考 ...

Group 1 - The company will hold a Q1 2025 earnings presentation on June 3, 2025, from 10:00 to 11:00 AM [1][2] - The presentation will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Investors can submit questions for the presentation from May 26 to May 30, 2025, via the Roadshow Center website or by emailing the company [2][3] Group 2 - Key participants in the presentation include the Chairman, General Manager, Board Secretary, CFO, and an Independent Director [2] - After the presentation, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [3]