Group 1 - The company, XGIMI Technology, is planning to issue overseas listed shares (H-shares) to enhance its international brand recognition and competitiveness [1] - The company is currently in discussions with relevant intermediaries regarding the issuance and listing of H-shares on the Hong Kong Stock Exchange [1] - Details regarding the issuance and listing of H-shares have not yet been finalized [1]

极米科技(688696.SH)发布公告，为满足公司国际化战略及海外业务布局需要，提升公司国际品牌知名 度，增强公司综合竞争力，正在筹划发行境外上市股份(H股)并申请在香港联合交易所有限公司(简 称"香港联交所")主板挂牌上市(简称"本次发行H股并上市")。截至目前，公司正与相关中介机构就本次 发行H股并上市的相关工作进行商讨，关于本次发行H股并上市的细节尚未确定。 ...

华安证券7月31日发布研报称，给予极米科技（688696.SH，最新价：113.86元）买入评级。评级理由主 要包括：1）公司发布2025Q2业绩预告；2）展望全年，国内份额盈利好转+海外保持高增+ 车载/商用开 始贡献增量的逻辑稳步兑现，且美国备货至年底+越南工厂Q4投产衔接，关税影响可控。风险提示：海 外不及预期，控费进展不及预期，新品不及预期，关税政策超预期。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.00 RMB [6][4]. Core Views - The company is expected to achieve revenue of 1.626 billion RMB in H1 2025, a year-on-year increase of 1.63%, and a significant increase in net profit attributable to shareholders of 88.66 million RMB, up 84.56 million RMB year-on-year [1][4]. - The company is focusing on vertical integration of "hardware + algorithms + optics" to optimize cost control and enhance the universality of key components, leading to a recovery in profitability [1]. - The company is accelerating its penetration into overseas markets through smart and localized strategies, aiming to capture a larger share of the global mid-to-high-end market [1]. - The automotive optical products have been successfully implemented in various models from clients such as Seres, JAC, and BAIC, indicating potential for growth beyond the retail market [1][3]. Summary by Sections Financial Performance - The company forecasts net profits of 350 million RMB, 404 million RMB, and 447 million RMB for 2025, 2026, and 2027 respectively, representing year-on-year growth of 191%, 15.4%, and 10.8% [4][10]. - The expected EPS for the same years is 5.00 RMB, 5.77 RMB, and 6.39 RMB [4][10]. Market Conditions - The domestic market for smart projectors is under pressure, with a 3.9% decline in sales volume to 2.778 million units and a 2.9% decrease in sales revenue to 4.68 billion RMB in H1 2025 [2]. - Despite the challenges, the company has managed to increase its average selling price by 22.7% year-on-year across major e-commerce platforms [2]. Product Development - The automotive optical products are expected to contribute to revenue starting from H1 2025, although initial depreciation and amortization costs may impact profitability [3]. - The company’s long-standing expertise in projection technology is anticipated to create differentiated advantages in various application scenarios, including automotive and commercial uses [3].

人民财讯7月30日电，极米科技(688696)7月30日晚间披露2025年半年度业绩预告，预计2025年半年度实 现营业收入16.26亿元，同比增长1.63%；归母净利润8866.22万元，同比增长2062.33%。报告期内，公 司继续实施研发创新战略和供应链体系提质增效，推动资源高效配置和成本有效控制，采取提升关键零 部件通用性等措施，提高研发和生产效率、增强市场响应速度，整体推动公司成本管控、效率提升及核 心盈利能力稳步增强。 ...

Core Viewpoint - The company, XGIMI Technology, anticipates a revenue of 1.626 billion yuan for the first half of 2025, reflecting a year-on-year growth of 1.63%, while the net profit attributable to the parent company is expected to reach 88.6622 million yuan, marking a significant year-on-year increase of 2062.33% [1] Group 1 - The company is expanding its technology and product application scenarios, which now include smart cockpits and smart headlights [1] - Several models from clients such as Seres, JAC, and BAIC have integrated the company's rear seat projection products [1] - The company's vehicle-mounted projection business has begun mass production and delivery during the reporting period [1]

极米科技：预计上半年净利润8,866.22万元，同比增长2,062.33%。 ...

Core Viewpoint - The implementation of the "Private Economy Promotion Law" aims to provide a clear direction for the development of the private economy in China, with Chengdu focusing on quality-driven growth through collaborative efforts between government and enterprises [1] Group 1: Industry Support and Development - Chengdu's market regulatory bureau has prioritized quality enhancement as a core driver for industrial development, implementing tailored quality improvement plans for 723 enterprises across key industries, addressing over 2020 quality issues [3] - The establishment of a "one-stop" service platform integrates various quality infrastructure resources, significantly reducing time and communication costs for enterprises [5] - Chengdu has built 8 service stations and 40 offline service platforms, providing services to over 109,000 enterprises and resolving more than 10,000 quality issues [6] Group 2: Case Studies of Successful Enterprises - Sichuan Teweining Engineering Technology Co., Ltd. faced challenges in market recognition but improved its technology and market position through government support and collaboration with research institutions, leading to industry-leading technology recognition by the end of 2024 [2] - Sichuan Jianshan Technology Co., Ltd. transformed from a small startup to a leading enterprise with over 400 employees, achieving significant revenue growth to 160 million yuan through tailored support from the "one-stop" service platform [4] Group 3: Brand Development and Recognition - Chengdu's market regulatory bureau has successfully nurtured brands like XGIMI Technology, which has become a benchmark in the smart projection industry, receiving multiple awards for quality excellence [7][8] - The city has recognized 8 organizations and 2 individuals with the China Quality Award and has established 125 geographical indication products, showcasing the effectiveness of its brand cultivation efforts [8] Group 4: Vision for Future Development - Chengdu is on a path to becoming a "world quality highland," reflecting its commitment to enhancing the private economy and quality standards in the region [9]

Core Points - The "Private Economy Promotion Law" was officially passed and implemented on April 30, marking the first foundational law specifically for the development of the private economy in China [1] - The law emphasizes fair competition, investment promotion, technological innovation, and protection of rights, requiring relevant departments to fulfill their legal responsibilities and enhance regulatory frameworks [4][5] Group 1: Implementation and Impact - Sichuan Province has initiated a series of measures to promote the development of the private economy, achieving a private economy value-added of 842.56 billion yuan with a growth rate of 5.6% in the first quarter [4] - The law aims to create a fair, just, and transparent market environment, which is expected to stimulate innovation and development among private enterprises [1][8] - The law includes provisions for supporting private enterprises in strategic emerging industries and major technological breakthroughs, allowing them to participate in national technological initiatives [8] Group 2: Future Directions - Sichuan plans to enhance the investment environment through five special governance initiatives, focusing on addressing operational challenges faced by private enterprises [4][5] - The provincial government aims to establish a rapid response mechanism for protecting the rights of private enterprises and to combat discriminatory practices in public procurement and project services [5][6] - Future measures will include the introduction of a "Fair Competition Review Method" to ensure that private enterprises can compete on equal footing in various sectors [6][7]

Core Viewpoint - Vidda has emerged as the fastest-growing brand in the domestic home audio-visual sector, despite being relatively unknown compared to competitors like Xiaomi and TCL [1][2]. Market Performance - As of early May 2025, Vidda's cumulative online sales market share reached 13%, placing it among the top two in the industry [2][9]. - Vidda's television sales have consistently ranked in the top five in the online market from 2022 to 2024, with a significant reduction in the gap with Xiaomi and TCL [9]. Brand Positioning - Vidda targets young consumers with a focus on stylish technology, leveraging Hisense's production and supply chain capabilities to enhance product quality [2][8]. - The brand emphasizes "quality-price ratio" over mere low pricing, catering to the evolving demands of young consumers who seek higher quality and diverse functionalities [8][10]. Product Development - Vidda has successfully diversified its product line from traditional televisions to include gaming TVs and laser projectors, addressing various market needs [4][5]. - The introduction of the Vidda gaming TV X series in 2022 featured advanced specifications such as 120Hz refresh rate and support for 4K/120fps transmission, appealing to both casual viewers and gaming enthusiasts [4]. Customer Service and Innovation - Vidda's unique "high-altitude mode" for projectors demonstrates its commitment to customer service, adapting products to specific user environments [6]. - The brand has established itself as a trustworthy player in the market by advocating for transparency in product specifications, such as not exaggerating brightness in projectors [5][9]. Recent Developments - In March 2025, Vidda launched the new X series of televisions, maintaining its competitive edge with unique features like the only ink crystal screen in its price range [10]. - The introduction of "wallpaper TVs" reflects Vidda's adaptation to market trends, emphasizing aesthetics alongside functionality [10].