极米港股IPO，能否换来新估值？

Core Viewpoint - The trend of companies going public in Hong Kong has surged, with 286 new stock applications received by the Hong Kong Stock Exchange in the first three quarters, more than double the number from the same period last year. Among these, companies like XGIMI Technology are attempting to capitalize on the A+H listing opportunity, despite facing significant financial challenges [2][4]. Financial Performance - XGIMI Technology reported a revenue of 1.63% growth year-on-year for the first half of 2025, amounting to 1.626 billion yuan, while net profit surged over 2000% to 88.66 million yuan, largely due to government subsidies of 48.87 million yuan, which accounted for over half of the profit [5][7][8]. - The company's operating cash flow showed a significant decline, with a net cash flow of -440 million yuan, a drop of 357% year-on-year, indicating structural issues in operations [5][8]. Market Position and Valuation - Since its peak market valuation of approximately 43 billion yuan post-IPO, XGIMI's market value has plummeted by nearly 82% to about 7.825 billion yuan as of October 13, 2025, losing over 35 billion yuan in value [10][11]. - The company has seen significant shareholder reductions, with major shareholders like Baidu and others decreasing their stakes, reflecting a loss of confidence in the company's fundamentals [12][13]. International Expansion - XGIMI's international revenue reached 1.086 billion yuan in 2024, growing by 18.94% and accounting for 31.9% of total revenue, up from less than 11% three years prior. The company has expanded into markets such as Japan, Europe, and North America [14][18]. - Despite the growth in international sales, the overall sales gross margin has slightly decreased, indicating that the expansion has not significantly improved profitability [16][17]. Competitive Landscape - The domestic projection market is becoming increasingly competitive, with local brands like Xiaomi and others overtaking foreign brands in market share. This intensifying competition is putting pressure on XGIMI's market space [21]. - The overall projection market in China is experiencing a decline, with a projected decrease in sales volume and revenue for 2025, indicating a shift from growth to competition for existing market share [20][22]. Future Challenges - XGIMI faces challenges in maintaining its growth trajectory as the international expansion benefits begin to wane, and new business ventures, such as in-car projection, are still in the early stages and have not yet contributed significantly to revenue [22][23]. - The company is at a critical juncture, needing to navigate the decline in its core business while seeking new growth avenues amid a challenging market environment [22][23].