Core Viewpoint - After regaining positive growth, the global projection industry leader, XGIMI Technology, embarks on its journey to list in Hong Kong, aiming to raise funds for international expansion, R&D enhancement, and operational needs [1]. Company Overview - XGIMI Technology, established in 2013, focuses on the R&D, production, and sales of consumer, automotive, and engineering-grade smart projection products, including long-focus, short-focus, and innovative projectors [2]. - As of September 2025, XGIMI's products are sold in over 100 countries and regions, with more than 6,000 offline sales points and cumulative shipments exceeding 7 million units. The company has been the top seller in China's projection industry for seven consecutive years since 2018 and has held the revenue champion title domestically for five years since 2020, achieving a market share of 30.2% in the mid-to-high-end segment in 2024 [5]. Business Performance - XGIMI's business scale remains leading, supported by its differentiated technological advantages in optical engine R&D and interactive experience. The company has expanded its product offerings from consumer-grade to automotive and engineering-grade products, with successful applications in various new energy vehicle models [7]. - Financially, XGIMI has faced revenue pressure and profit volatility, with revenues of 4.22 billion RMB in 2022, declining to 3.55 billion RMB in 2023 and 3.4 billion RMB in 2024. The first half of 2025 saw a slight revenue increase of 1.63% to 1.623 billion RMB, but still significantly lower than the 2.036 billion RMB in the same period of 2022 [8][11]. Profitability and Market Challenges - Profitability has fluctuated significantly, with profits dropping from 501 million RMB in 2022 to 12 million RMB in 2023, stabilizing at 120 million RMB in 2024. The first half of 2025 saw profits rebound to 88 million RMB, aided by supply chain optimization and cost control [11]. - The average selling price of long-focus projectors has decreased from 3,400 RMB in 2022 to 2,600 RMB in the first half of 2025, reflecting significant price pressure in the consumer market due to increased competition and changing consumer preferences [11]. Industry Growth Potential - The global projection industry is in a steady growth phase, with the market expected to reach 17.01 million units and 53.19 billion RMB in revenue by 2024. The compound annual growth rates for volume and revenue from 2024 to 2029 are projected at 13.0% and 11.4%, respectively [15]. - The consumer-grade projection segment remains the core growth driver, while automotive projection is emerging rapidly, with a projected revenue of 600 million RMB in 2024 and a compound annual growth rate of 57.2% from 2024 to 2029 [18]. Strategic Initiatives - XGIMI's strategy includes expanding its product matrix across all price segments in the consumer-grade market and enhancing user engagement through its GMUI system, transitioning from a "hardware sales" model to a "hardware + service" model [18]. - The company plans to increase investments in North America and Southeast Asia, replicating its success in Europe and Japan, while exploring innovations such as AI integration in projection technology [19]. Conclusion - XGIMI Technology possesses core advantages in technology, market share, and global layout, with the projection industry still in a growth phase. The company is well-positioned for sustainable growth through deepening its presence in the consumer market and breakthroughs in automotive and engineering-grade segments [19].