XGIMI(SH:688696)2022-04-21 16:00Financial Performance - The company plans to distribute a cash dividend of 30 CNY per 10 shares, totaling 150 million CNY, which represents 31% of the net profit attributable to shareholders for the year[7]. - The company has not achieved profitability since its listing[5]. - The company's operating revenue for 2021 was approximately CNY 4.04 billion, representing a 42.78% increase compared to CNY 2.83 billion in 2020[31]. - The net profit attributable to shareholders for 2021 was approximately CNY 483.50 million, a significant increase of 79.87% from CNY 268.81 million in 2020[31]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 73.37% compared to the same period last year, reaching approximately CNY 429.07 million[34]. - The net cash flow from operating activities surged by 189.32% year-on-year, amounting to approximately CNY 536.17 million, driven by increased sales scale and improved product gross margins[34]. - The company's total assets grew by 107.27% year-on-year, reaching approximately CNY 5.14 billion, primarily due to funds raised from issuing new shares[34]. - Basic earnings per share rose by 40.73% year-on-year to CNY 10.09, reflecting strong market performance and sales growth[35]. - The net profit attributable to the parent company reached 48,349.89 million yuan, up 79.87% year-on-year, while the net profit excluding non-recurring gains and losses was 42,906.72 million yuan, an increase of 73.37%[46]. - The gross profit margin improved due to changes in pricing strategy and product mix, contributing to the overall profit growth[36]. Research and Development - The company is focusing on research and development of new technologies to drive innovation in its product offerings[31]. - Research and development expenses accounted for 6.51% of operating revenue, an increase of 1.59 percentage points compared to the previous year[35]. - R&D expenses amounted to 263 million yuan, representing a year-on-year growth of 89.03%, with R&D expenses accounting for 6.51% of revenue, up from 4.92% in 2020[47]. - The number of R&D personnel increased from 452 at the end of 2020 to 668[47]. - The company achieved a total R&D investment of ¥262,879,043.30 in the reporting period, representing an increase of 89.03% compared to the previous year[96]. - The company applied for 316 invention patents during the reporting period, with 69 granted, bringing the cumulative total to 662 applications and 112 grants[95]. - The company has developed advanced optical design capabilities, including long-focus, zoom, ultra-short focus, and tilt-shift lens designs, enabling full-process lens development[84]. - The company has implemented intelligent separation cooling technology, enhancing cooling efficiency while maintaining low noise levels during operation[85]. - The latest automatic correction technology allows for six-direction automatic correction of trapezoidal images, significantly improving user experience[86]. - The company has established a strong R&D team with extensive experience in optical and display technologies, supporting its product development efforts[110]. Market Expansion and Strategy - Future outlook includes plans for market expansion and potential new product launches to enhance competitive positioning[31]. - The company aims to explore strategic acquisitions to bolster its market presence and operational capabilities[31]. - The company has entered international markets, including Japan, Europe, and the United States, with products certified by Google and equipped with Android TV[111]. - The company aims to maintain its leading position in technology by investing in research and development, focusing on image auto-correction and quality optimization[191]. - The company plans to expand its market share in China while exploring opportunities in Europe, North America, and Japan[191]. - The company intends to improve supply chain flexibility and strengthen product quality control to meet customer demands[192]. Operational Risks and Governance - The company has detailed various operational risks in the report, which investors should be aware of[5]. - The audit report issued by the accounting firm is a standard unqualified opinion[6]. - The company does not have any non-operating fund occupation by controlling shareholders or related parties[11]. - There are no violations of decision-making procedures for external guarantees[11]. - The company does not have any special arrangements for corporate governance[8]. - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report[4]. Sales and Marketing - The company has established a comprehensive marketing network with 172 stores, including both direct and franchise stores, primarily in first and second-tier cities[111]. - The company has seen a decline in traditional bulb light source products, with shipments dropping from 201,000 units in 2017 to 97,000 units in 2021[76]. - The company reduced promotional discounts, leading to improved sales revenue and gross margin for its products[152]. - Online sales revenue grew by 51.44%, attributed to the company's strong presence on major e-commerce platforms like JD and Tmall[152]. Customer Engagement and Product Development - The company reported a significant increase in user data, reflecting strong market demand and customer engagement[31]. - Monthly active users of projection terminals reached 2.11 million by the end of December 2021[50]. - The company launched new products such as H3S and RS Pro2, enhancing usability and performance through continuous investment in optical and machine vision technologies[48]. - The company’s products received multiple awards, including the EISA Best Buy Projector 2021-2022 for HORIZON Pro[52]. - The trend of smart projectors is towards higher usability and integration with internet services, enhancing user engagement[188]. Financial Risks and Challenges - The company faces risks related to potential leakage of core technology and the need to maintain a stable and skilled workforce in a competitive market[116][119]. - The company is actively expanding its overseas market presence, which introduces various uncertainties and risks due to differing international regulations and market conditions[126]. - The company is exposed to risks from raw material price fluctuations, which could impact its production costs despite improved bargaining power with suppliers[125]. - The company must navigate seasonal sales fluctuations, particularly during major online promotional events, which can significantly affect revenue and profit[121].