Core Viewpoint - The company XGIMI Technology (688696.SH) has completed a share reduction plan involving significant shareholders, indicating potential changes in shareholder structure and market sentiment [1] Shareholder Reduction Summary - Shareholder Zhong Chao reduced holdings by 840,000 shares, accounting for 1.20% of the total share capital, through centralized bidding and block trading from October 16 to November 12, 2025 [1] - Shareholder Liao Yang reduced holdings by 546,300 shares, representing 0.78% of the total share capital, through centralized bidding from October 22 to November 12, 2025 [1] - As of November 12, 2025, the share reduction plan has been fully implemented [1]

Core Viewpoint - The company, XGIMI Technology, has shown significant growth in revenue and net profit, indicating a strong performance in the smart projection market, while also expanding its international presence and product offerings [2][8]. Company Overview - XGIMI Technology specializes in the research, production, and sales of smart projection products, along with providing related accessories and internet value-added services [3][7]. - The company was established on November 18, 2013, and went public on March 3, 2021 [7]. - The revenue composition includes 91.45% from projectors and accessories, 4.90% from other supplementary products, and 3.66% from internet operations [7]. Financial Performance - For the period from January to September 2025, XGIMI achieved a revenue of 2.327 billion RMB, reflecting a year-on-year growth of 1.99% [8]. - The net profit attributable to the parent company reached 79.65 million RMB, marking a substantial increase of 297.49% year-on-year [8]. - Cumulative cash dividends since the company's A-share listing amount to 400 million RMB, with 170 million RMB distributed over the past three years [9]. Market Position and Expansion - As of October 31, 2024, XGIMI's gaming platform, Xigua Games, has accumulated over 11 million downloads globally [2]. - The company reported overseas revenue of 790 million RMB in 2022, a significant increase of 82.04% year-on-year, with products sold primarily in Europe, Japan, and the United States, and plans to expand into emerging markets like Australia and South Korea [2][3]. - XGIMI has been recognized as a "specialized and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased to 8,062, a rise of 34.55%, while the average circulating shares per person decreased by 25.68% [8]. - The stock has seen a net outflow of 24.62 million RMB from major investors, indicating a reduction in holdings over the past three days [4][5].

Group 1 - The report highlights the positive sentiment around the Chinese economy, driven by policy support and a focus on high-quality development, as evidenced by President Xi Jinping's visit to Guangdong to promote reform and stability [3][29] - In the equity market, major indices showed slight increases, with the Shanghai Composite Index rising over 1% and the CSI 300 gaining 0.82% [3] - The bond market experienced a net withdrawal of funds amounting to 15,722 billion yuan, but liquidity is expected to improve in the coming months [3][27] Group 2 - The report on the monetary fund sector indicates a trend of extending durations and reducing holdings in certificates of deposit, with a shift towards financial bonds [5][30] - The monetary fund's net asset value reached approximately 14.63 trillion yuan, reflecting a seasonal growth trend [30] - The report anticipates continued expansion in the monetary fund sector, supported by the maturity of high-interest fixed deposits and regulatory adjustments favoring liquidity [30][31] Group 3 - The REITs market in China showed a cooling trend, with the CSI REITs Index declining by 3.8% and a significant drop in trading volume [6][8] - Despite the downturn, there are opportunities in the REITs market, particularly in defensive assets like rental housing and municipal infrastructure [8] - The report suggests a dual strategy of focusing on stable cash flow assets while exploring rebound opportunities in undervalued sectors [8] Group 4 - The coal-to-gas industry is experiencing a revival due to improved market pricing mechanisms and technological advancements, with 12 projects planned to produce a total of 440 billion cubic meters per year [9][10] - The report estimates that a coal-to-gas project with an annual output of 2 billion cubic meters could achieve a net profit of nearly 1.6 billion yuan under current pricing conditions [9] - The existing pipeline capacity for transporting gas from the west to the east is sufficient to accommodate the new coal-to-gas projects, facilitating regional price arbitrage [9] Group 5 - The report on Huamao Technology indicates a strong growth trajectory, with a projected increase in net profit from 300 million yuan in 2025 to 510 million yuan by 2027, driven by strategic acquisitions and market demand for AI-related products [11][17] - The company is expected to benefit from high growth in its optical module business, with significant revenue contributions anticipated from 800G and 400G products [17] - The acquisition of Fuchuang Youyue is expected to enhance Huamao's profitability and market position in the AI sector [11][17] Group 6 - The report on XGIMI Technology highlights a positive trend in domestic sales, with a revenue increase of 2.0% year-on-year, while overseas sales are expected to improve significantly due to strategic adjustments [18][34] - The company is focusing on expanding its commercial product line and leveraging its technological advantages to capture market share in the competitive landscape [34] - Profitability is projected to improve as the company reduces losses in its automotive segment and launches new commercial products [34] Group 7 - The report on Xinbao Co. indicates a decline in overseas sales due to macroeconomic pressures, while domestic sales have shown growth [19][36] - The company has managed to maintain profitability through effective cost control and operational efficiency, with a net profit increase of 7.1% year-on-year [19][37] - Future growth is anticipated as the company continues to optimize its operations and respond to market demands [19][38] Group 8 - The report on Guangfeng Technology indicates a challenging environment with a significant decline in revenue and profits, attributed to economic slowdown and increased competition [39] - The company is undergoing a critical transformation phase, focusing on core technologies and emerging business areas to establish new growth avenues [39]

Group 1 - The core point of the news is that a block trade of 42,000 shares of XGIMI Technology occurred on November 11, with a transaction amount of 4.4 million yuan, at a price of 104.77 yuan, which is an 8% discount compared to the closing price of the day [2][3] - The buyer of the block trade was Huatai Securities Co., Ltd., and the seller was China International Capital Corporation [2][3] - In the last three months, XGIMI Technology has recorded a total of 41 block trades, with a cumulative transaction amount of 309 million yuan [2] Group 2 - The latest margin financing balance for XGIMI Technology is 281 million yuan, which has increased by 30.46 million yuan over the past five days, representing a growth of 12.15% [3] - As of November 11, XGIMI Technology's closing price was 113.88 yuan, with a daily turnover rate of 1.58% and a total transaction amount of 126 million yuan [2] - Over the past five days, the stock has seen a cumulative decline of 0.28%, with a net inflow of funds totaling 23.16 million yuan [2]

Group 1 - On November 11, 2023, XGIMI Technology executed a block trade of 42,000 shares, with a transaction amount of 4.4 million yuan, accounting for 3.38% of the total trading volume for the day [1][2] - The transaction price was 104.77 yuan, which represents an 8% discount compared to the market closing price of 113.88 yuan [1]

Market Overview - On November 11, the black home appliance sector experienced a slight decline of 0.04% compared to the previous trading day, with *ST Gauss leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers in the black home appliance sector included: - Jiulian Technology (688609) with a closing price of 10.18, up 3.35% [1] - Sichuan Jiuzhou (000801) with a closing price of 16.30, up 2.52% [1] - Conversely, *ST Gauss (002848) closed at 7.71, down 1.41%, marking a significant decline [1] Capital Flow - The black home appliance sector saw a net outflow of 206 million yuan from institutional investors, while retail investors contributed a net inflow of 60.79 million yuan [1] - Specific stock capital flows included: - Sichuan Jiuzhou (000801) with a net inflow of 43.59 million yuan from institutional investors [2] - Jiulian Technology (688609) with a net inflow of 29.86 million yuan from institutional investors [2] - *ST Gauss (002848) experienced a net outflow of 5.23 million yuan from institutional investors [2]

证券代码：688696 证券简称：极米科技 公告编号：2025-078 极米科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 27 日（星期四）至 12 月 03 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 ir@xgimi.com（邮件标题：2025 年第三季度业绩说明会提 问）进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 极米科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 04 日（星期四）14:00-15:00 举行 2025 年第三季度业绩说 明会，就投资者关心的问题进行交流。 一、说明会类型 会议召开时间：2025 年 12 月 04 日（星期四） ...

极米科技股份有限公司 2025年第二次临时股东会会议资料 证券简称：极米科技 证券代码：688696 极米科技股份有限公司 2025年第二次临时股东会会议资料 2025年11月17日 1 极米科技股份有限公司 2025年第二次临时股东会会议资料 极米科技股份有限公司 三、2025年第二次临时股东会会议议案 2 一、2025年第二次临时股东会会议须知 二、2025年第二次临时股东会会议议程 议案一：《关于改聘公司2025年度审计机构的议案》 议案二：《关于变更公司英文名称暨修订<公司章程>的议案》 极米科技股份有限公司 2025年第二次临时股东会会议资料 极米科技股份有限公司 2025年第二次临时股东会会议须知 为维护极米科技股份有限公司（以下简称"公司"）全体股东的合法权益， 确保股东会的正常秩序和议事效率，保证股东会如期、顺利召开，根据《中华 人民共和国公司法》《中华人民共和国证券法》《极米科技股份有限公司章程》 《极米科技股份有限公司股东会议事规则》等相关规定，特制定本股东会会议 须知。 一、股东会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 2025年第二次临时股东会会议资料目录 二、为保证 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a revenue of 2.33 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.0%, with a net profit attributable to the parent company of 80 million yuan, up 297.5% [1] - The domestic sales landscape is improving, with the company leading the market through product innovation and cost advantages, achieving a market share of 28.9% in sales and 16.0% in volume for its main product line [2] - The overseas business is showing significant improvement, particularly in online channels, with revenue from Amazon Spain increasing by 111% year-on-year in Q3 2025 [2] - The company is expected to launch commercial projection products, targeting a market dominated by Japanese brands, leveraging its technology and cost advantages from the home appliance sector [2] Financial Performance - In Q3 2025, the company's gross margin was 30.6%, an increase of 2.5 percentage points year-on-year, while the net profit margin was -1.3%, improving by 5.2 percentage points [3] - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 260 million, 510 million, and 650 million yuan respectively [3] - The current price-to-earnings ratio (P/E) is projected to be 30.55, 15.60, and 12.20 for the years 2025, 2026, and 2027 respectively [3] Market Dynamics - The smart projection industry in Q3 2025 faced temporary pressure due to national subsidies, with a year-on-year decline in retail sales of 10.6% [2] - The competitive landscape in the domestic projection industry is improving, with the market share of leading brands recovering to 60.7% in sales and 35.9% in volume [2] - The company is expected to benefit from the gradual recovery of overall business growth due to improvements in its overseas team and market strategies [2]

Summary of the Conference Call for XGIMI Technology Company Overview - **Company**: XGIMI Technology - **Industry**: Projector and Display Technology Key Points Industry Dynamics - The projector industry has undergone significant changes due to the impact of EOCD technology from 2022 to 2024, but the decline in Texas Instruments chip prices has led to a recovery in the high-end projector market share, expected to be validated in 2025 [4][6][11] - The low-end projector market (below 500 yuan) is highly competitive, with frequent brand changes and the exit of small brands, while high-end technology and products are gaining dominance [10] Company Performance and Strategy - XGIMI has shown strong performance, driven by the DLP projector's technological advantages, with high-end 4K projectors priced at 3,500 yuan and a laser light source penetration rate exceeding 15% [3][11] - The company has implemented a stock buyback policy, demonstrating confidence in its stock price and gaining market recognition [4] - XGIMI has signed a strategic cooperation agreement with Dangbei, allowing it to manufacture all optical and complete machine equipment for Dangbei, which is expected to bring significant revenue growth [2][5][12] Financial Projections - Expected net profit for XGIMI is projected to be 250 million yuan in 2025, doubling to 500 million yuan in 2026, and reaching 700 million yuan in 2027 [8][20] - Current market capitalization is approximately 8 billion yuan, with a profit valuation of only 10 times PE after deducting cash, indicating substantial investment value with a potential stock price increase of at least 50% to double in the future [9][22] International Expansion - XGIMI is actively expanding into overseas markets, preparing for a Hong Kong stock listing, and focusing on Japan, Europe, and North America, with over 6,500 offline outlets [2][6][14] - The establishment of a factory in Vietnam has effectively reduced tariff costs, with overseas revenue growth expected to reach 20%-30% by 2026 [2][6][15] New Product Developments - XGIMI has entered the commercial projector market with the launch of the T10 model, generating over 50 million yuan in revenue in its first month [2][18] - The company is also exploring the AI glasses sector, with a product launch expected by the end of 2025, which could become a significant growth point for the following year [2][19] Market Position and Competitive Landscape - XGIMI has become a leader in the global home smart projector market, with overseas revenue surpassing 1.1 billion yuan, accounting for over 30% of total revenue [3][14] - The company is positioned to benefit from the EU's ban on mercury-containing projectors starting in 2026, which will favor high-end DLP projectors [6][13] Future Growth Areas - The company anticipates significant growth in the automotive business, with expected revenue improvements starting in Q4 2025 [2][17] - The commercial projector market is projected to grow, with XGIMI's new products addressing traditional issues of size, color performance, and brightness [18] Investment Considerations - Current market conditions suggest that it is an opportune time for investors to consider XGIMI, with a projected market value of 120 billion yuan by 2026 and 150 billion yuan by 2027 based on future earnings multiples [22]