投影仪赛道失速、利润“含金量”偏低 极米科技A+H上市前迎“造血”考题

Core Viewpoint - The recent stock sell-off by co-founders of XGIMI Technology, despite signs of recovery in its performance, raises concerns about the company's future prospects and operational challenges [1][2]. Financial Performance - In the first three quarters of 2025, XGIMI reported total revenue of 2.327 billion yuan, a slight increase of 2.0% year-on-year, while net profit reached 79.12 million yuan, a significant increase of 295.0% compared to the same period in 2024 [1]. - The company's stock price has seen a modest increase of 13.4% since the beginning of the year, and it has initiated the process for a dual listing in Hong Kong [1]. Inventory and Cash Flow Issues - As of September 30, 2025, XGIMI's inventory stood at 1.158 billion yuan, a year-on-year increase of 17.8%, indicating operational inefficiencies as the inventory turnover days extended to approximately 179 days [2][3]. - The company's operating cash flow turned negative, with a net outflow of 507 million yuan, contrasting with a net inflow of 52.13 million yuan in the same period of 2024, marking the worst performance since 2017 [3]. Dependence on Government Subsidies - A significant portion of XGIMI's net profit is derived from government subsidies, with over 55.1% of the net profit in the first half of 2025 coming from such support [7][8]. - The company has received a total of 249 million yuan in government subsidies over the past two and a half years, raising concerns about its core business sustainability [7]. Market Challenges - XGIMI faces intense competition from large-screen televisions, which have gained market share due to advancements in technology and pricing strategies, leading to a decline in the company's market share to 17.8% by June 2025 [9][12]. - The company is attempting to expand into overseas markets and the automotive sector, but faces challenges from established competitors and the need for significant investment in new product lines [12][13]. Future Outlook - XGIMI's core business is under pressure, and while it is exploring new growth avenues, the effectiveness and profitability of these initiatives remain uncertain [14].