Group 1 - The core viewpoint of the article highlights a decline in China's smart projection market sales and revenue in Q3 2025, with unit sales at 1.124 million, down 11.5% year-on-year, and revenue at 1.69 billion yuan, down 10.6% year-on-year [1] - Major domestic brands such as XGIMI, JmGO, and Dangbei are focusing on high-end strategies centered around "technology elevation" and "experience upgrade" to navigate market challenges [1] - The market share for projectors priced above 5000 yuan increased to 5.0%, up 0.5 percentage points year-on-year, while the ultra-high-end market (over 10,000 yuan) saw a sales proportion rise from 0.6% in Q3 2024 to 0.9% in Q3 2025, with a year-on-year sales growth of 33% [1] Group 2 - The price segment of 500-999 yuan has overtaken the segment below 500 yuan to become the largest, with a year-on-year sales increase of 4%, driven by brands like Deye Orange and Haqu [4] - The 2000-2999 yuan price segment benefited from the popularity of high-cost-performance models from brands like XGIMI and Dangbei, resulting in a 5% year-on-year sales increase [4] - The 4000-4999 yuan price segment also experienced a 7% year-on-year increase in sales, supported by new product launches from brands such as Vidda, JmGO, and Xiaomi [4]