（原标题：极米科技现19笔大宗交易 均为折价成交） 极米科技8月22日大宗交易平台共发生19笔成交，合计成交量86.56万股，成交金额9586.57万元。成交价格均为110.75元，相对今日收盘价折价 8.89%。从参与大宗交易营业部来看，机构专用席位共出现在19笔成交的买方或卖方营业部中，合计成交金额为9586.57万元，净卖出2486.35万 元。 进一步统计，近3个月内该股累计发生30笔大宗交易，合计成交金额为1.38亿元。 证券时报•数据宝统计显示，极米科技今日收盘价为121.56元，上涨0.98%，日换手率为3.52%，成交额为3.00亿元，全天主力资金净流入506.58万 元，近5日该股累计上涨4.14%，近5日资金合计净流出4336.58万元。 两融数据显示，该股最新融资余额为2.63亿元，近5日增加4149.07万元，增幅为18.73%。（数据宝） 8月22日极米科技大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日 收盘折溢价 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） ...

公 司 研 究 / 家 用 电 器 / 证 券 研 究 报 告 极米科技（688696）深度研究 轻舟已过万重山 2025 年 08 月 22 日 【投资要点】 挖掘价值 投资成长 增持（首次） 东方财富证券研究所 证券分析师：秦一超 证书编号：S1160525040002 证券分析师：杨家琛 证书编号：S1160525060005 证券分析师：童心怡 证书编号：S1160525060002 相对指数表现 基本数据 -10% 22% 54% 86% 118% 150% 2024/8 2025/2 2025/8 极米科技 沪深300 | 总市值（百万元） | 8,426.60 | | --- | --- | | 流通市值（百万元） | 8,426.60 | | 52 周最高/最低（元） | 135.51/51.11 | | 52 周最高/最低（PE） | 77.43/29.21 | | 52 周最高/最低（PB） | 3.22/1.22 | | 52 周涨幅（%） | 135.53 | | 52 周换手率（%） | 24.51 | | 注：数据更新日期截止 2025 年 08 月 21 日 | | 相关研究 智 ...

Group 1 - The latest stock price of XGIMI Technology is 115.38 yuan, up 0.61% from the previous trading day, with an opening price of 114.24 yuan, a high of 115.58 yuan, and a low of 113.06 yuan, with a trading volume of 15,618 hands and a transaction amount of 179 million yuan [1] - XGIMI Technology focuses on the research, production, and sales of smart projection products, with a product line that includes home projectors and laser TVs, demonstrating strong technical capabilities in the projection display field [1] - The company is advancing its globalization strategy, with products sold in overseas markets including Europe, America, and Japan [1] Group 2 - The first projector from XGIMI's Vietnam production base officially rolled off the assembly line on August 18, with an investment of 14 million dollars, covering an area of 5.67 hectares, and an annual production capacity of 1 million units [1] - The company's overseas revenue is expected to reach 1.086 billion yuan in 2024, representing a year-on-year growth of 18.94%, accounting for 31.89% of total revenue [1] - XGIMI anticipates a year-on-year net profit growth of 2062.33% in the first half of 2025, reaching 88.662 million yuan [1] Group 3 - On August 20, the net outflow of main funds was 1.976 million yuan, accounting for 0.02% of the circulating market value, while the net inflow of main funds over the past five days was 30.533 million yuan, accounting for 0.38% of the circulating market value [1]

据介绍，极米科技近年来持续推进全球化发展，行业影响力持续增强。截至目前，公司已累计获得140 项国际大奖，包括红点、iF、Good Design Award、IDEA世界四大工业设计大奖。在品牌出海与全球化 业务布局战略下，公司的产品已进入欧洲、北美、澳大利亚等区域的主要线下渠道，全球覆盖点位达 8000余家。2024年，极米科技的境外营业收入达10.86亿元，同比增长18.94%。据介绍，公司将基于已 有渠道积累，加强产品及品牌出海的精细化运营，持续提升公司品牌和产品在海外消费者心中的认知 度。 截至2024年底，极米科技的全球累计出货量超700万台，稳居全球家用投影市场出货量第一。作为智能 投影行业首家科创板上市企业，公司坚持以技术普惠基因颠覆专业赛道。极米科技董事长钟波表示，公 司正通过持续的技术创新，致力于打破专业级设备的价格壁垒，让卓越的投影性能变得"触手可及"。 极米科技披露的2025年半年度业绩预增公告显示，公司预计2025年上半年实现营业收入16.26亿元，同 比增长1.63%；归母净利润预计为8866.22万元，同比增速达到2062.33%。2025年上半年，极米科技的产 品持续迭代升级，推 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - Recently, the company has established the "Smart Display Division" to integrate resources in AI algorithms and precision design, marking its entry into the television, projector, display, and audio markets, with new products set to debut at the IFA in Berlin in September [1][9] - The expansion into the display sector is seen as essential for creating a complete smart home ecosystem, as display terminals are necessary for interaction within the existing smart home product line [1][9] - The company aims to capture market share in the television sector, leveraging national subsidy policies that stimulate demand in the market [1][9] Summary by Sections 1. Weekly Topic: Establishment of "Smart Display Division" - The company is entering the display market, integrating AI and design resources [1][9] - The move is strategic for enhancing its smart home ecosystem [1][9] - The company is positioned to benefit from the competitive landscape against Japanese and Korean brands [1][9] 2. Company Dynamics - Stone Technology reported a revenue of 7.903 billion, up 78.96% year-on-year, with a net profit of 678 million, down 39.55% [11] - Ecovacs reported a revenue of 8.676 billion, up 24.37% year-on-year, with a net profit of 979 million, up 60.84% [11] - Spring Power reported a revenue of 9.855 billion, up 30.90% year-on-year, with a net profit of 1.002 billion, up 41.35% [11] 3. Data Tracking 3.1 Raw Material Data - LME copper price as of August 15, 2025, was down 0.1% from the previous week [12] - LME aluminum price was down 0.3% [12] - DCE plastic price increased by 0.7% [12] - Steel price index increased by 0.1% [12] 3.2 Shipping Prices and Exchange Rates - CCFI composite index decreased by 0.62% as of August 15, 2025 [20] - The exchange rate of USD to RMB remained stable [20] 3.3 Real Estate Data - From January to July 2025, the sales area of commercial housing decreased by 4.0% year-on-year [24] - Housing completion area decreased by 16.5% year-on-year [24] - New housing starts decreased by 19.4% year-on-year [24]

Group 1 - The core viewpoint of the news is that XGIMI Technology, a leader in the smart projection industry, has announced its plan to list on the Hong Kong Stock Exchange to expand its capital platform and support its globalization strategy [1] - XGIMI's stock price initially surged after its debut on the STAR Market in 2021, reaching a historical high of 626.68 CNY per share, but has since dropped nearly 90%, with its market value evaporating by over 80% [1][3] - The company has experienced significant fluctuations in performance, with revenue and net profit declining from 2022 to 2024, but is expected to see a recovery in the first half of 2025, projecting revenue of 1.626 billion CNY, a year-on-year increase of 1.63%, and a net profit of 88.662 million CNY, a substantial increase of 2062.33% [3] Group 2 - XGIMI views internationalization as a key strategy to overcome domestic market contraction, aiming to enhance its global brand credibility and accelerate overseas business expansion through its Hong Kong listing [4] - The company's international revenue has risen to 32% of total revenue in 2024, showing significant growth compared to 2021, while overseas markets achieved an 18.94% increase despite domestic revenue decline [4][6] - XGIMI has expanded its international strategy by covering multiple e-commerce platforms and entering mainstream retail channels in Europe and the U.S., while also establishing a production base in Vietnam to enhance supply chain resilience [6] - The company has also initiated a new growth point in the automotive sector by incorporating vehicle-mounted projection into its strategic planning, although it faces challenges due to high entry barriers and long certification cycles in the automotive supply chain [6]

Group 1 - XGIMI Technology, a leading smart projector company, has announced its preparation for an H-share issuance to list on the Hong Kong main board, marking a significant step towards becoming a global brand from a domestic leader [1] - The "A+H" model, where companies are listed on both domestic and Hong Kong exchanges, is gaining traction among Sichuan enterprises, enhancing their international visibility and attracting global capital [1][3] - The trend of Sichuan companies pursuing "A+H" listings is supported by favorable policies, including the simplified process for H-share issuance and the introduction of new financing channels tailored for tech companies [3][4] Group 2 - Recent IPOs from Sichuan companies are predominantly in high-end manufacturing and new consumption sectors, with a notable concentration in technology-driven firms [6][8] - The province has a robust pipeline of over 500 potential listed companies, primarily in advanced manufacturing, electronics, and aerospace, indicating strong growth potential in these sectors [7] - The high "tech concentration" among Sichuan IPO candidates is attributed to a combination of historical industrial foundations, supportive policies, and the current market demand for domestic alternatives in high-end manufacturing [8][9]

Group 1 - The core point of the news is that XGIMI Technology is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to advance its international strategy and overseas business layout [1][4] - The H-share issuance aims to enhance the company's international brand awareness and strengthen its overall competitiveness [4] - XGIMI Technology has been expanding its overseas market, with revenue from international operations increasing from 177 million yuan in 2020 to 1.086 billion yuan in 2024, representing a growth in revenue share from 6.25% to 31.89% [4] Group 2 - The company was established on November 18, 2013, and focuses on the research, production, and sales of smart projection products, along with providing related accessories and internet value-added services [4] - In addition to core smart projection products, XGIMI Technology is also providing solutions for smart cockpits and intelligent headlights in the automotive optical field, with products already in mass production for several vehicle models [4] - For the first half of 2025, XGIMI Technology expects to achieve operating revenue of 1.626 billion yuan, a year-on-year increase of 1.63%, and a net profit attributable to the parent company of 88.6622 million yuan, a year-on-year increase of 2062.33% [5]

Group 1 - The company is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international brand recognition and competitiveness [1][2] - Currently, the company is in discussions with relevant intermediaries regarding the issuance and listing of H-shares, with specific details yet to be determined [1][2] - The issuance and listing of H-shares require approval from the company's board and shareholders, as well as regulatory bodies including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2]

Core Viewpoint - The company, XGIMI Technology, is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to support its internationalization strategy and overseas business expansion [1][2] Group 1: Business Overview - XGIMI Technology specializes in the research, production, and sales of smart projection products, along with providing related accessories and internet value-added services [1] - The company is expanding its application scenarios for projection technology, entering fields such as automotive smart cockpits and intelligent headlights, offering optical solutions for vehicles [1] Group 2: Financial Performance - For the first half of 2025, XGIMI expects to achieve revenue of 1.626 billion yuan, a year-on-year increase of 1.63% [1] - The projected net profit is 88.6622 million yuan, an increase of 84.5619 million yuan compared to the same period last year, representing a growth of 2062.33% [1] - In the same period last year, the company reported revenue of 1.6 billion yuan and a net profit of 4.1003 million yuan [1] Group 3: Growth Drivers - The significant increase in net profit is attributed to the company's ongoing implementation of R&D innovation strategies and improvements in the supply chain, which enhance resource allocation and cost control [1] - Measures taken include improving the universality of key components, increasing R&D and production efficiency, and enhancing market responsiveness, all contributing to better cost management and core profitability [1] Group 4: International Expansion - XGIMI is committed to a brand globalization strategy, with products already entering major offline channels in Europe, North America, Japan, and Australia [2] - The company aims to strengthen the refined operation of its products and brand overseas, enhancing recognition among international consumers [2] Group 5: Upcoming Actions - The issuance of H-shares and the listing process will require approval from the company's board, shareholders, and relevant regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2] - As of August 4, the company's stock price was 110.1 yuan per share, with a total market capitalization of 7.707 billion yuan [2]