关于以集中竞价交易方式回购公司股份比例达到 1% 暨回购进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/10/1 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 15,000万元~30,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | 累计已回购股数 | 283.3840万股 | | 累计已回购股数占总股本比例 | 4.05% | | 累计已回购金额 | 25,312.90万元 | | 实际回购价格区间 | 66.50元/股~124.78元/股 | 一、 回购股份的基本情况 2024 年 9 月 30 日，极米科技股份有限公司（以下简称"公司"）召开第二届董 事会第二十次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案的 议案》，同意公司以集中竞价的方式回购公司股份，回购的资金总额不低于 ...

Group 1 - The core initiative of the company is the "Extreme Cinema Project," which aims to provide educational resources to underprivileged areas by donating projection equipment and creating viewing spaces for children [1][2] - The recent event took place in Longchang City, Sichuan Province, where the company donated cinema equipment and educational supplies to three remote rural primary schools, benefiting mainly left-behind children [1] - Since its inception in 2020, the Extreme Cinema Project has established 35 public cinemas across the country, benefiting over 10,000 rural children [2] Group 2 - The project includes the donation of professional equipment such as projectors and screen stands, as well as sports equipment, stationery, and toys, totaling thousands of items [1] - The company emphasizes its vision of "changing lives through light and shadow," aiming to reduce the educational gap between urban and rural areas [2] - The local Youth League Committee praised the company's philanthropic efforts and called for broader societal attention to rural education [1]

Core Insights - XGIMI Technology has partnered with the popular panda influencer M.LanPanda to launch a series of creative cross-marketing activities, aiming to enhance brand visibility and consumer engagement [1][3] - The collaboration marks M.LanPanda's first foray into the projection industry, combining its charming persona with XGIMI's innovative projection technology to offer consumers a unique experience [1][3] Group 1: Product Launch and Promotions - XGIMI has introduced a range of co-branded products and merchandise, including a limited edition gift box and various collectibles such as fridge magnets, plush stickers, and portable canvas bags, available for redemption through a points system [1][2] - A themed pop-up store featuring M.LanPanda decor has been launched in Chengdu, allowing consumers to engage in promotional activities from April 29 to May 10, with opportunities to win limited edition merchandise [2] Group 2: Market Position and Strategy - XGIMI is recognized as the global leader in the home projection market, having maintained the top position in shipment volume in China for seven consecutive years, with a cumulative shipment of 7 million units [3] - The collaboration with M.LanPanda is seen as an innovative marketing strategy aimed at leveraging the influencer's popularity to attract more consumers to projection products, enhancing the overall home entertainment experience [3]

Group 1 - The company has approved a share repurchase plan with a total fund amount between RMB 150 million and RMB 300 million, with an initial price cap of RMB 83.39 per share [2] - The price cap for the share repurchase was later adjusted to RMB 116.98 per share [2][5] - As of April 2025, the company has repurchased a total of 2.629153 million shares, representing 3.76% of the total share capital, with a total expenditure of RMB 228.1292 million [3] Group 2 - The company has decided to further adjust the share repurchase price cap to RMB 185.01 per share due to the stock price exceeding the previous cap [5] - The adjustment is deemed reasonable and necessary, aligning with relevant regulations and ensuring the repurchase plan's smooth implementation [6] - The decision to adjust the price cap was made during a board meeting held on April 30, 2025, and does not require shareholder approval [6]

Group 1 - National Integrated Circuit Industry Fund plans to reduce its stake in Jiangbolong by no more than 4,159,815 shares, accounting for 1.00% of the total share capital, between May 27, 2025, and August 26, 2025 [1] - The reduction is due to the fund's operational management needs and will be executed through centralized bidding at market prices [1] - The implementation of this reduction plan will not lead to a change in the company's control or significantly impact its governance structure and ongoing operations [1] Group 2 - Haitai Weiye has received approval from the China Securities Regulatory Commission for its H-share issuance, planning to issue no more than 710.52 million overseas listed ordinary shares [2] - The listing will take place on the main board of the Hong Kong Stock Exchange, but the matter still carries uncertainties [2] Group 3 - Fudan Zhangjiang announced a price reduction of at least 35% for its Doxorubicin Liposome Injection starting May 1, 2025, which is expected to negatively impact sales revenue [3] - The drug generated approximately RMB 210 million in sales for the year 2024, representing 29% of the company's total sales revenue [3] - The price adjustment may lead to a risk of single product loss for the drug in 2025 [3] Group 4 - Xinyuan Technology's director expressed inability to guarantee the authenticity and completeness of the 2024 annual report and related financial documents, citing significant issues identified by the audit firm [4] - The company has received a notice of investigation from the securities regulatory authority, and the audit report issued was unable to express an opinion [4] Group 5 - ST Xinchao announced that its stock will be suspended from trading starting May 6, 2025, due to the inability to disclose the audited 2024 annual report and the 2025 Q1 report within the legal timeframe [5] - If the company fails to disclose the 2024 annual report within two months of the suspension, it will face delisting risk warnings [5] Group 6 - Huakang Clean has pre-won a project worth RMB 167 million [6] - Tongguang Cable has pre-won a procurement project from the State Grid valued at RMB 142 million [6] - Fengmao Co. has increased its investment in a production base in Thailand to RMB 26 million [6] Group 7 - Huaren Pharmaceutical's wholly-owned subsidiary has obtained a medical device registration certificate for wound dressings [7] Group 8 - Major shareholders of Kairun Co. plan to reduce their holdings by no more than 9 million shares [10] - CITIC Securities has completed its reduction plan for China Gold [10] - The reduction plan for Hengfeng Information's director and vice president has been completed [10]

Core Viewpoint - The State Administration for Market Regulation (SAMR) has launched a special enforcement action titled "Guarding Intellectual Property Rights" in 2024, focusing on combating trademark, patent, and geographical indication infringements that affect consumer rights and the business environment [1] Group 1: Enforcement Actions - SAMR has identified ten typical cases of intellectual property infringement, including trademark violations, counterfeiting of famous brands, and online sales of counterfeit goods [1] - A significant case involved Chengdu XGIMI Technology Co., Ltd. where the "XGIMI" trademark was infringed by Jiangxi Caiying Technology Co., Ltd., leading to a coordinated enforcement action across nine provinces, resulting in penalties exceeding 5 million yuan [2][3] - In another case, a live-streaming platform was used to sell counterfeit "Huawei" phones, leading to the dismantling of assembly sites and the arrest of 11 individuals, with the total sales amounting to 16.408 million yuan [4][5] Group 2: Case Details - The investigation into Jiangxi Caiying revealed that the company controlled ten others and sold infringing products through 25 online stores, resulting in a total penalty of 5.0721 million yuan [3] - In Shanghai, a joint operation uncovered 18 tons of counterfeit frozen poultry and over 1,500 fake packages, with a total involved amount of over 5.2 million yuan [6][7] - A counterfeit watch production site in Guangdong was discovered, producing over 3,470 fake Rolex watches, with the total value of the counterfeit goods reaching approximately 116.9465 million yuan [8][9]

Investment Rating - The investment rating for the company is maintained at Buy-A, with a 6-month target price of 159.85 CNY [5]. Core Insights - The company reported Q1 2025 revenue of 0.81 billion CNY, a year-over-year decrease of 1.9%, while the net profit attributable to shareholders reached 0.06 billion CNY, reflecting a significant year-over-year increase of 337.5% [2][3]. - The domestic market is expected to improve due to the gradual recovery of consumer spending and the introduction of new products, while the overseas market is anticipated to contribute additional revenue through products featuring Google TV [2][3]. - The company's gross profit margin increased by 6.0 percentage points year-over-year, driven by a reduction in the cost of upstream DMD chips and ongoing supply chain improvements [2][3]. Financial Performance Summary - Q1 2025 revenue decreased by 1.9% year-over-year, while the net profit margin increased by 6.0 percentage points [2][3]. - The company’s gross margin improved by 6.0 percentage points year-over-year, with a gross profit increase of 8.7% [2][3]. - The forecasted EPS for 2025, 2026, and 2027 is 4.70 CNY, 5.20 CNY, and 5.77 CNY respectively, indicating a positive growth trajectory [3][4]. Financial Projections - The projected revenue for 2025 is 3.76 billion CNY, with a net profit of 0.33 billion CNY, reflecting a net profit margin of 8.7% [4][11]. - The company is expected to achieve a PE ratio of 27.3 in 2025, decreasing to 22.2 by 2027 [4][11]. - The net profit is projected to grow significantly, with a year-over-year increase of 173.9% in 2025 [11]. Market Position - The company is positioned as a leader in the domestic projection industry, having completed a comprehensive product lineup including LED, laser, LCD, and ultra-short throw projectors [3]. - The company’s market strategy includes leveraging the domestic replacement policy to boost sales and expanding its international presence with new product offerings [2][3].

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported Q1 2025 results: Revenue of 810 million (YoY -1.89%), net profit attributable to shareholders of 63 million (YoY +337.5%), and net profit excluding non-recurring items of 55 million (YoY +583.3%) [6] - Revenue and profit align with expectations [6] - The company has entered a steady recovery phase, with improved profitability in domestic market share and growth in overseas and vehicle-mounted segments [9] Revenue Analysis - Domestic sales are expected to stabilize despite a slight decline, with the Chinese projection market showing a revenue/sales increase of 0.3%/-0.8% YoY in Q1 2025 [11] - The company is expected to launch new products in the 3k+ price range to further enhance gross margin recovery [11] - International sales are projected to continue double-digit growth, with expansion into Europe, the US, Japan, and Southeast Asia [11] Profit Analysis - Q1 net profit margin improved by 6 percentage points YoY, while it decreased by 6.6% QoQ, primarily due to gross margin improvements [8] - Q1 gross margin was 34% (YoY +6 percentage points, QoQ -2 percentage points), benefiting from structural changes and cost reductions [8] Financial Forecast - Revenue projections for 2025-2027 are 4.16 billion, 4.92 billion, and 5.82 billion respectively, with YoY growth rates of +22.2%, +18.1%, and +18.4% [9] - Net profit attributable to shareholders is forecasted at 400 million, 530 million, and 650 million for the same period, with YoY growth rates of +230%, +35%, and +22% [9] - Corresponding P/E ratios are projected to be 23, 17, and 14 [9] Key Financial Metrics - Major financial indicators for 2025E include revenue of 4.16 billion, net profit of 397 million, and gross margin of 34.3% [12] - Return on equity (ROE) is expected to rise to 12.1% by 2025 [16]

证券代码：688696 证券简称：极米科技 公告编号：2025-037 极米科技股份有限公司 关于调整回购股份价格上限暨以集中竞价交易方式 回购股份进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/10/1 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 15,000万元~30,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 262.9153万股 | | 累计已回购股数占总股本比例 | 3.76% | | 累计已回购金额 | 22,812.92万元 | | 实际回购价格区间 | 66.50元/股~116.98元/股 | 一、 回购股份的基本情况 2024 年 9 月 30 日，极米科技股份有限公司（以下简称"公司"）召开第二届 董事会第二十次会议，审议通过了《关于 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Insights - The company's Q1 2025 performance exceeded expectations, with revenue of 810 million yuan, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 63 million yuan, a year-on-year increase of 337% [4][8] - The domestic projection industry is showing signs of recovery, and the company is actively expanding its overseas market presence while advancing its automotive business [8] - The company's profitability has significantly improved, with a gross margin of 34.01% in Q1 2025, an increase of 5.96 percentage points year-on-year [8] Financial Data and Profit Forecast - For Q1 2025, the company achieved total revenue of 810 million yuan, with a projected total revenue of 4,065 million yuan for 2025, reflecting a year-on-year growth rate of 19.4% [6] - The net profit attributable to shareholders is forecasted to be 338 million yuan for 2025, with a year-on-year growth rate of 181.1% [6] - The earnings per share for 2025 is estimated at 4.82 yuan, with a projected price-to-earnings ratio of 27 times [6]