Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][6] Core Insights - The company reported a revenue of 2.327 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2%. The net profit attributable to the parent company was 80 million yuan, marking a return to profitability [3][6] - The company is experiencing improvements in profitability, with a gross margin of 30.59% in Q3 2025, an increase of 2.54 percentage points year-on-year. The net profit margin for Q3 2025 was -1.33%, which is an improvement of 5.19 percentage points year-on-year [6] - The company is focusing on expanding its overseas market presence and has made significant progress in its automotive business, with several models already equipped with its projection products [6] Financial Data and Profit Forecast - Total revenue projections for 2025E are 3.868 billion yuan, with a year-on-year growth rate of 13.6%. The net profit forecast for 2025E is 293 million yuan, representing a year-on-year increase of 144.2% [5][6] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 293 million yuan, 386 million yuan, and 472 million yuan respectively, with corresponding P/E ratios of 25, 19, and 15 [6][5] - The company’s R&D expenses have increased, impacting short-term profitability but are expected to drive long-term growth in revenue and profits from its automotive and commercial projection businesses [6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a revenue of 2.327 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2%. The net profit attributable to the parent company was 80 million yuan, marking a return to profitability [4][7] - The company is experiencing improved profitability, with a gross margin of 30.59% in Q3 2025, an increase of 2.54 percentage points year-on-year. The net profit margin for Q3 2025 was -1.33%, which is an improvement of 5.19 percentage points year-on-year [7] - The company is actively expanding its overseas market presence and advancing its automotive business, with products already delivered to various car models [7] Financial Data and Profit Forecast - For 2025, the company is projected to achieve total revenue of 3.868 billion yuan, with a year-on-year growth rate of 13.6%. The net profit attributable to the parent company is expected to be 293 million yuan, reflecting a significant year-on-year increase of 144.2% [6][9] - The earnings per share (EPS) for 2025 is estimated at 4.19 yuan, with a projected price-to-earnings (P/E) ratio of 25 [6][9] - The company has revised its profit forecasts downward for 2025-2027, now expecting net profits of 293 million yuan, 386 million yuan, and 472 million yuan respectively [7]

Group 1 - XGIMI Technology (688696.SH) reported its Q3 2025 results on October 31, 2025, with 14 institutional investors holding a total of 11.1714 million shares, representing 15.96% of the total share capital [1] - The top ten institutional investors collectively hold 15.60% of XGIMI's shares, with a notable decrease of 8.16 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, six funds increased their holdings, including E Fund Yuxin Bond A and several others, with an increase rate of 1.52% [2] - One public fund, Baoying Core Advantage Mixed A, reported a slight decrease in holdings compared to the previous quarter [2] - Three new public funds were disclosed this period, including Dachen Jingheng Mixed A and others, while 223 funds were not disclosed again, including several notable funds [2]

Core Viewpoint - XGIMI Technology, a leading player in the smart projection industry, has maintained its position as the top seller of projection devices in China for seven consecutive years since 2018, with a focus on R&D, production, and sales of smart projection products and related services [1] Group 1: Business Performance - In Q3 2025, XGIMI Technology reported revenue of 2.327 billion yuan, ranking third in the industry, with the top company, Skyworth Digital, generating 6.456 billion yuan [2] - The main business revenue from projectors and accessories was 1.487 billion yuan, accounting for 91.45% of total revenue, while internet operations contributed 59.43 million yuan, or 3.66% [2] - The net profit for the same period was 79.12 million yuan, placing the company fourth in the industry [2] Group 2: Financial Ratios - As of Q3 2025, XGIMI's debt-to-asset ratio was 46.83%, lower than the industry average of 51.32%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 32.47%, higher than the industry average of 23.05%, reflecting good profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 34.55% to 8,062, while the average number of shares held per shareholder decreased by 25.68% [5] - Notable shareholders include Hong Kong Central Clearing Limited and E Fund Yuxin Bond A, with the latter being a new shareholder [5] Group 4: Management Compensation - The chairman, Zhong Bo, received a salary of 1.4 million yuan for 2024, unchanged from 2023, while the general manager, Xiao Shi, also received the same amount [4] Group 5: Future Outlook - XGIMI is expected to establish a vehicle-mounted division in 2024, with vehicle projection identified as a significant new business opportunity [5] - Forecasts for net profit from 2025 to 2027 are 230 million, 330 million, and 470 million yuan, respectively, with a CAGR of 58.1% from 2024 to 2027 [5] - Analysts have noted a return to revenue growth in H1 2025, with significant improvements in gross margin and net profit rebound due to optimized cost structures [5]

Core Viewpoint - XGIMI Technology announced that the company has no overdue external guarantees or ongoing litigation [2] Group 1 - The announcement was made on the evening of October 30 [2] - The company reassured stakeholders regarding its financial obligations and legal standing [2]

Group 1 - The core point of the article is that XGIMI Technology (SH 688696) held its sixth board meeting on October 30, 2025, to review the proposal for the company's Q3 2025 report [1] - For the year 2024, XGIMI's revenue composition is as follows: projectors account for 88.07%, accessories for 5.0%, internet value-added services for 4.3%, and other businesses for 2.63% [1] - As of the time of reporting, XGIMI's market capitalization is 7.3 billion yuan [1]

证券代码：688696 证券简称：极米科技 公告编号：2025-072 极米科技股份有限公司 本次修订《公司章程》事项尚需提交公司 2025 年第二次临时股东会审议。 公司董事会提请股东会授权经营层办理本次章程备案相关手续，授权有效期自公 司股东会审议通过之日起至该等具体执行事项办理完毕之日止。 特此公告。 极米科技股份有限公司董事会 2025 年 10 月 31 日 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"）于 2025 年 10 月 30 日召开第三 届董事会第六次会议审议通过了《关于变更公司英文名称暨修订<公司章程>的 议案》。具体情况如下： 公司拟将英文名称变更为"XGIMI Tech Co., Ltd."，并对《公司章程》相关 条款进行如下修订： | | 原条款 | | | | 修订后条款 | | | --- | --- | --- | --- | --- | --- | --- | | 第五条 | 公司注册名称：极米科技股份 | | | | 第五条 公司注册名称：极 ...

证券代码：688696 证券简称：极米科技 公告编号：2025-071 极米科技股份有限公司 关于2026年度日常关联交易预计的公告 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。 重要内容提示： 是否需要提交股东会审议：否 日常关联交易对上市公司的影响：本次预计2026年度日常关联交易，系 以公司正常经营业务为基础，以市场价格为定价依据，不影响公司的独立性，不 存在损害公司及股东利益的情形，公司不会因该等关联交易对关联人产生依赖。 关联交易额度预计仅为有效提高公司经营决策效率而设置，并不代表相 关销售收入预测，敬请投资者注意投资风险。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 极米科技股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第三 届董事会第六次会议，审议通过了《关于公司 2026 年度日常关联交易预计的议 案》，本次日常关联交易预计金额合计为人民币 1,500 万元。其中收入项为 1,500 万元，支出项为 0 元。审议程序符合相关法律法规的规定。 公司第三届董事会审计委 ...

极米科技股份有限公司 关于改聘公司 2025 年度审计机构的公告 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。 重要内容提示： ●拟聘任的会计师事务所名称：德勤华永会计师事务所(特殊普通合伙)（以 下简称"德勤华永"） ●原聘任的会计师事务所名称：信永中和会计师事务所（特殊普通合伙） （以下简称"信永中和"） 证券代码：688696 证券简称：极米科技 公告编号：2025-069 ●变更会计师事务所原因及前任会计师的异议情况：综合考虑极米科技 股份有限公司（以下简称"公司"）业务发展特别是整体审计需要，为保 证公司财务报表的审计质量，根据《国有企业、上市公司选聘会计师事务 所管理办法》的规定，经公司董事会审计委员会选聘，公司拟改聘德勤华 永为 2025 年度审计机构。公司已就拟变更会计师事务所与德勤华永、信永 中和进行了沟通，前后任会计师事务所均已悉本事项，并对本次变更无异议。 ●公司董事会审计委员会、董事会对本次拟变更会计师事务所无异议。 ●本事项尚需提交 2025 年第二次临时股东会审议。 极米科技股份有限公司（以下 ...

累计担保情况 证券代码：688696 证券简称：极米科技 公告编号：2025- 073 极米科技股份有限公司 2026 年度对外担保额度预计的公告 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。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | 宜宾市极米光电有限公司（以下简 称"宜宾极米"） | | --- | --- | --- | --- | | | | 本次担保金额 | 117,000 万元 | | 担 保 | 对 | | | | 象一 | | 实际为其提供的担保余额 | 68,650 万元 | | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | | 本次担保是否有反担保 | 是 ☑否 □不适用：_________ | | | | 被担保人名称 | Xgimi Limited（以下简称"极米香 港"） | | | | 本次担保金额 | 12,500 万元 | | 担 保 象二 | 对 | 实际为其提供的担保余额 | 9,289 万元 | | | | 是否在前期预 ...