Core Viewpoint - The launch of the new RS 20 series projectors by XGIMI aims to redefine the home projection experience with innovative technology and superior performance, catering to diverse scenarios such as entertainment and gaming [1][2] Technical Aspects - The RS 20 series addresses key pain points in the home projection market, particularly the demand for cinema-level 4K quality, by implementing a full hardware upgrade, including proprietary "Master Red Circle Lens," MT9681+8445 driver, and 472TP DMD chip to ensure lossless 4K quality [1] - The series features a color calibration technology that meets professional display standards and allows users to customize image modes to suit different viewing needs [1] Application Scenarios - The RS 20 series demonstrates strong compatibility and professionalism, receiving certifications such as Dolby Vision and IMAX Enhanced, enabling it to decode all formats available in the market for an ultimate viewing experience [2] - In gaming scenarios, the projectors offer 1ms low latency and VRR (Variable Refresh Rate), transforming large screens into immersive gaming environments, complemented by a global exclusive partnership with Xishanju for the sci-fi game "Limitless Mecha" [2] Innovative Features - XGIMI has introduced industrial-grade optical shift technology to the home projector sector, resolving the issue of optical cropping during image correction, allowing for lossless image displacement [2] - The entire RS 20 series comes with a limited-time warranty service, offering up to 5 years of official warranty, reflecting the brand's confidence in product quality [2] Pricing and Market Position - The starting price for the RS 20 series is 6,699 yuan, with additional national subsidies and mid-year platform discounts enhancing its cost-effectiveness, positioning it to potentially lead a new wave of upgrades in the home projection market [2]

Core Viewpoint - The company reported stable revenue from its main business, but losses from affiliated companies and legal fees negatively impacted overall performance [1][4]. Financial Performance - In 2024, the company achieved revenue of 2.419 billion yuan, a year-on-year increase of 9%, but net profit attributable to shareholders dropped by 73% to 28 million yuan [1]. - The fourth quarter of 2024 saw revenue of 699 million yuan, a 24% year-on-year growth, but a net loss of 15 million yuan [1]. - For Q1 2025, revenue was 461 million yuan, a 4% year-on-year increase, with a net loss of 21 million yuan [1]. Business Segments - The automotive optical business generated revenue of 638 million yuan in 2024, with a 64% increase in H1 2025 [2]. - The cinema business contributed nearly 570 million yuan in revenue in 2024, providing stable cash flow [2]. - The professional display segment achieved revenue of 392 million yuan in 2024, with overseas revenue nearing 140 million yuan, a 60.47% increase [2]. Research and Development - The company maintained a high R&D expense ratio of 13.66% in Q1 2025, focusing on core components and cutting-edge technology [3]. - A new ultra-compact full-color AR optical machine solution was announced, measuring only 0.8cc [3]. Shareholder Confidence - The company has implemented four share repurchase programs since 2024, totaling 139 million yuan, reflecting confidence in its operational performance and future prospects [3]. Investment Rating - The company maintains a "Buy" investment rating, with stable operations in cinema and professional display businesses, and anticipates profit contributions from the automotive sector as production matures [4]. - Profit forecasts for 2025-2026 have been slightly adjusted, with expected net profits of 199 million and 259 million yuan, respectively [4].

丨证券研究报告丨 公司研究丨点评报告丨极米科技（688696.SH） [Table_Title] 毛利率提升加费用率有效控制，业绩大幅增长 报告要点 [Table_Summary] 2025 年一季度公司实现营收 8.10 亿元，同比下滑 1.89%，实现归母净利润 6263.91 万元，同 比增长 337.45%，实现扣非归母净利润 5542.42 万元，同比增长 583.28%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 极米科技（688696.SH） cjzqdt11111 [Table_Title2] 毛利率提升加费用率有效控制，业绩大幅增长 公司发布 2025 年一季报：2025 年一季度公司实现营收 8.10 亿元，同比下滑 1.89%，实现归 母净利润 6263.91 万元，同比增长 337.45%，实现扣非归母净利润 5542.42 万元，同比增长 583.28%。 事件评论 风险提示 1、竞争加剧带来产品均价回落对公司营收和利润 ...

Core Insights - The collaboration between XGIMI Technology and M.LanPanda aims to enhance the emotional value and cultural attributes of their products, particularly targeting Generation Z consumers [2][3] - The limited edition Play 6 gift box was launched on May 6 and reflects a strategic move to integrate local cultural elements into technology products [3][4] - XGIMI Technology has seen significant growth in overseas markets, with revenue increasing from 177 million yuan to 1.086 billion yuan from 2020 to 2024, representing a compound annual growth rate of 43.66% [3] Group 1 - The Play 6 series has been designed with a focus on the emotional needs of consumers, showcasing personalized expressions and playfulness [2] - The collaboration highlights the strong regional identity of XGIMI Technology, rooted in Chengdu, known as the "Panda Capital" [3] - The partnership is seen as a dual exploration of "Panda Culture" and Chinese manufacturing in the context of globalization [3] Group 2 - Analysts suggest that this collaboration sets a precedent for the integration of technology products with national cultural elements, potentially inspiring other tech companies to explore traditional cultural values [4] - The initiative aims to convey the charm of Eastern culture globally, leveraging the "IP + product" model [4]

Group 1 - The core initiative of the company is the "Extreme Cinema Project," which aims to provide educational resources to underprivileged areas by donating projection equipment and creating viewing spaces for children [1][2] - The recent event took place in Longchang City, Sichuan Province, where the company donated cinema equipment and educational supplies to three remote rural primary schools, benefiting mainly left-behind children [1] - Since its inception in 2020, the Extreme Cinema Project has established 35 public cinemas across the country, benefiting over 10,000 rural children [2] Group 2 - The project includes the donation of professional equipment such as projectors and screen stands, as well as sports equipment, stationery, and toys, totaling thousands of items [1] - The company emphasizes its vision of "changing lives through light and shadow," aiming to reduce the educational gap between urban and rural areas [2] - The local Youth League Committee praised the company's philanthropic efforts and called for broader societal attention to rural education [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688696 证券简称：极米科技 公告编号：2025-037 极米科技股份有限公司 关于调整回购股份价格上限暨以集中竞价交易方式 回购股份进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ■ 一、回购股份的基本情况 2024年9月30日，极米科技股份有限公司（以下简称"公司"）召开第二届董事会第二十次会议，审议通 过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司以集中竞价的方式回购公司股 份，回购的资金总额不低于人民币15,000万元（含），不超过人民币30,000万元（含），回购价格不超 过人民币83.39元/股（含），回购期限为自公司董事会审议通过本次回购股份方案之日起12个月内。 具体内容详见公司于2024年10月1日在上海证券交易所网站（http://www.sse.com.cn）披露的《关于以集 中竞价交易方式回购股份的回购报告书》（公告编号：2024-056）。 公司于2024年12月3日召开第二届董事会第二十二次 ...

Core Viewpoint - The State Administration for Market Regulation (SAMR) has launched a special enforcement action titled "Guarding Intellectual Property Rights" in 2024, focusing on combating trademark, patent, and geographical indication infringements that affect consumer rights and the business environment [1] Group 1: Enforcement Actions - SAMR has identified ten typical cases of intellectual property infringement, including trademark violations, counterfeiting of famous brands, and online sales of counterfeit goods [1] - A significant case involved Chengdu XGIMI Technology Co., Ltd. where the "XGIMI" trademark was infringed by Jiangxi Caiying Technology Co., Ltd., leading to a coordinated enforcement action across nine provinces, resulting in penalties exceeding 5 million yuan [2][3] - In another case, a live-streaming platform was used to sell counterfeit "Huawei" phones, leading to the dismantling of assembly sites and the arrest of 11 individuals, with the total sales amounting to 16.408 million yuan [4][5] Group 2: Case Details - The investigation into Jiangxi Caiying revealed that the company controlled ten others and sold infringing products through 25 online stores, resulting in a total penalty of 5.0721 million yuan [3] - In Shanghai, a joint operation uncovered 18 tons of counterfeit frozen poultry and over 1,500 fake packages, with a total involved amount of over 5.2 million yuan [6][7] - A counterfeit watch production site in Guangdong was discovered, producing over 3,470 fake Rolex watches, with the total value of the counterfeit goods reaching approximately 116.9465 million yuan [8][9]

| [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-04-30 | | [Table_BaseData] 收盘价（元） | 128.32 | | --- | --- | | 近 12 个月最高/最低（元） 136.98/50.71 | | | 总股本（百万股） | 70 | | 流通股本（百万股） | 70 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 90 | | 流通市值（亿元） | 90 | 极米科技（ [Table_StockNameRptType] 688696） 公司点评 盈利能力显著修复 ——极米科技 2025Q1 业绩点评 [公司价格与沪深 Table_Chart] 300 走势比较 -58% -31% -5% 22% 49% 4/24 7/24 10/24 1/25 极米科技 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi ...

上 市 公 司 家用电器 2025 年 04 月 30 日 极米科技 (688696) —— 2025 年一季报点评：25Q1 业绩超预期，公司经营 持续向好 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 128.32 | | 一年内最高/最低（元） | 136.98/50.71 | | 市净率 | 3.1 | | 股息率%（分红/股价） | 0.23 | | 流通 A 股市值（百万元） | 8,982 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 42.77 | | 资产负债率% | 44.03 | | 总股本/流通 A 股（百万） | 70/70 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11 ...