摘要 从 CES 看 2026 智能家电新品趋势 20260107 根据统计数据，2024 年有约 1,100 家中国企业参加 CES 展会，到 2025 年这 一数字上升至 1,475 家左右。然而，到了 2026 年，这一数字降至 837 家。可 以看出，从 2024 年至 2025 年，中国企业参展积极性较高，但在 2026 年出 现了显著下降。这表明出海生态发生了一些变化。尽管如此，一些头部上市公 司由于拥有强劲的现金流和明确的海外市场份额，仍然持续参展并展示多品类 产品。 中国企业在 CES 展会上展示的产品有哪些新趋势？ 从去年（2025 年）开始，各个企业加快了多品类拓展速度，寻找第二或第三 成长曲线。例如，清洁电器头部公司科沃斯在今年（2026 年）推出了陪伴机 器人和泳池机器人等新产品；投影仪公司极米科技则推出了首款 AI 眼镜。这些 石头科技在 2026 年 CES 展上展示轮足式扫地机器人，深耕单一赛道， 追求极致品质。科沃斯重点推进滚筒洗地机海外渗透，扩大擦窗、泳池 机器人的放量。 海外扫地机器人市场格局稳定，iRobot 份额下滑，头部企业通过差异化 经营维持份额。洗地机市场竞争加剧 ...

（2025年12月22日，深圳）今日，鸿蒙生态伙伴投影仪领先品牌希影与鸿蒙全场景智慧营销平台鲸鸿动能，在华为深圳坂田基地正式签署2026 年全域营销合作备忘录。华为终端云商业销售部部长陈仲与希影公司CEO黄艳兰代表双方签约。会上，鲸鸿动能向希影授予"先锋合作伙伴 奖"，旨在致敬希影作为生态共建伙伴，在全域营销领域展现的深度共创精神。此次签约标志着鲸鸿动能平台全域营销能力以全年框架形式落 地，双方将围绕"全场景流量整合+数据驱动营销"展开深度战略协作，为行业提供品效协同的全新实践范本。 鲸选计划面向鸿蒙生态伙伴，提供一站式营销服务的项目，通过鲸鸿动能营销赋能，华为大数据加持，帮助鸿蒙生态伙伴生意增长。希影作为 深度拥抱鸿蒙生态的投影仪品牌，在营销层面，希影与鲸鸿动能的合作始于 2022 年，年度投放流水稳健增长，在鸿蒙智联生态产品中连续四 年销售额保持第一，成为华为生态伙伴中的头部合作品牌。希影RS80 Ultra依托华为深度技术赋能，成为首个搭载GPMI超级一线通的投影 仪，单根线缆即可实现无损4K互联与反向供电，让操作更便捷。其融合鸿鹄画质引擎与鸿鹄音效系统，以影院级音画表现精准匹配全场景需 求，用硬核实力 ...

出品：新浪财经上市公司研究院 作者：木予 业绩回暖、赴港上市，联合创始人却选择套现离场。 近日公告显示，2025年10月16日至11月12日期间，"智能投影仪第一股"极米科技的个人股东钟超通过集中竞价、大宗交易方式共减持84万股股份，持股比例 从2.4%降至1.2%，减持总金额达8956.46万元。另一位个人股东廖杨也通过集中竞价方式减持54.63万股股份，将5780.15万元落袋为安，持股比例直接归零， 彻底退出股东之列。 值得一提的是，钟超和廖杨都是极米科技的联合创始人，2013年11月公司注册成立时分别持股13.1%、5.7%。其中，钟超是创始人钟波的堂弟，曾担任公司 CTO一职。廖杨则历任极米科技财务总监、财务负责人、董事会秘书等重要职位，于2022年5月离职。 在经历了长达两年的营利双降、股价低迷后，极米科技刚刚展现出一丝向好的迹象。据最新财报披露，2025年前三季度，公司实现总营收23.27亿元，同比 微增2.0%；净利润录得7912.15万元，较2024年同期显著增长295.0%。与年初相比，极米科技股价累计小幅上涨13.4%，9月底还向港交所递表，积极推 动"A+H"上市进程。 然而，基于公开 ...

Core Insights - The core viewpoint of the articles highlights the declining popularity of projectors in the consumer market, particularly among younger demographics, as they increasingly return to large-screen televisions, undermining the narrative that projectors could replace TVs in living rooms [1][8][9]. Group 1: Company Developments - XGIMI Technology, a leading projector manufacturer in China, has seen significant shareholder sell-offs, with co-founders reducing their stakes due to personal financial needs, indicating a lack of confidence in the company's future despite a return to profitability [1]. - In the first ten months of this year, shareholders of XGIMI collectively reduced their holdings by nearly 900 million yuan [1]. Group 2: Market Trends - The projector market in China is projected to see a 13.5% decline in shipments by mid-2025, with its share of the global market decreasing from 35.1% to 31.7% [2]. - The global projector market also faced a downturn, with a 4.2% decrease in shipments and an 8.6% drop in sales revenue to 4.05 billion USD in the first half of this year [2]. Group 3: Consumer Behavior - Consumers are increasingly returning to large-screen televisions, with sales of 75-inch and larger TVs reaching a 31.9% market share, a 5.9 percentage point increase year-on-year [5]. - The price of large-screen TVs has significantly decreased, with 85-inch and 100-inch models dropping to around 3000 yuan and 6000 yuan, respectively, making them more competitive against projectors [3]. Group 4: Product Limitations - Projectors are losing their appeal as the price gap with large-screen TVs narrows, revealing performance deficiencies such as lower brightness and resolution compared to modern TVs [3][4]. - Many consumers report low usage frequency of projectors, with some devices being unused for extended periods, indicating a lack of sustained interest [6][8]. Group 5: Industry Challenges - The projector industry is characterized by high obsolescence rates and low repurchase rates, suggesting that it remains a niche market rather than a mainstream alternative to televisions [6][8]. - The competition for consumer attention in the living room is intensifying, with both projectors and TVs struggling to capture user engagement in an era dominated by short-form content [12][13].

Core Viewpoint - The projector market, particularly for the leading company XGIMI Technology, is experiencing a significant decline in both revenue and profit, prompting the company to explore new avenues such as the automotive sector for growth opportunities [1][2][4]. Financial Performance - In 2024, XGIMI Technology reported a revenue of 3.405 billion, a year-on-year decline of 4.27%, and a net profit of 120 million, down 0.3% from the previous year [1][3]. - The company faced a more severe downturn in 2023, with a revenue drop of 15.77% and a net profit plunge of 75.97%, marking its worst performance since going public [2][7]. - The core business, which is projector sales, generated 2.999 billion in 2024, accounting for 88.07% of total revenue, indicating a reliance on this segment despite its struggles [4]. Market Trends - The overall projector market in China saw a shipment of 473.6 million units in 2023, a decline of 6.2%, with sales revenue dropping by 25.6% to 14.77 billion [6][10]. - The competition in the projector market has intensified, with market concentration decreasing from approximately 49% in 2019 to 31% in 2023, leading to aggressive price competition [9][10]. - The average price of projectors fell from 3932 yuan in 2022 to 3119 yuan in 2023, reflecting the impact of price wars among brands [9]. Consumer Sentiment - Consumer dissatisfaction with projectors has increased, with complaints about color accuracy, high failure rates, and strict environmental requirements [10][11]. - Many consumers who initially purchased projectors for home use have found them underwhelming, leading to a trend of reselling these devices shortly after purchase [10]. Strategic Shifts - In response to declining sales, XGIMI Technology is diversifying its strategy by entering the automotive sector, focusing on smart cockpit and head-up display technologies [2][12][14]. - The company has secured several contracts in the automotive space, including projects with BAIC New Energy, indicating a potential new revenue stream [14]. - Despite the potential in the automotive market, XGIMI faces competition from other brands and must navigate ongoing price pressures within the industry [12][14]. R&D and Future Outlook - XGIMI's R&D investment in 2024 was 368 million, a decrease of 3.57%, marking the first decline in R&D spending since the company went public [15][16]. - Industry experts suggest that XGIMI should focus on enhancing its product offerings through innovation rather than merely cutting costs to maintain profitability [15][16].

Summary of the Conference Call for XGIMI Technology Company Overview - **Company**: XGIMI Technology - **Industry**: Projector and Display Technology Key Points Industry Dynamics - The projector industry has undergone significant changes due to the impact of EOCD technology from 2022 to 2024, but the decline in Texas Instruments chip prices has led to a recovery in the high-end projector market share, expected to be validated in 2025 [4][6][11] - The low-end projector market (below 500 yuan) is highly competitive, with frequent brand changes and the exit of small brands, while high-end technology and products are gaining dominance [10] Company Performance and Strategy - XGIMI has shown strong performance, driven by the DLP projector's technological advantages, with high-end 4K projectors priced at 3,500 yuan and a laser light source penetration rate exceeding 15% [3][11] - The company has implemented a stock buyback policy, demonstrating confidence in its stock price and gaining market recognition [4] - XGIMI has signed a strategic cooperation agreement with Dangbei, allowing it to manufacture all optical and complete machine equipment for Dangbei, which is expected to bring significant revenue growth [2][5][12] Financial Projections - Expected net profit for XGIMI is projected to be 250 million yuan in 2025, doubling to 500 million yuan in 2026, and reaching 700 million yuan in 2027 [8][20] - Current market capitalization is approximately 8 billion yuan, with a profit valuation of only 10 times PE after deducting cash, indicating substantial investment value with a potential stock price increase of at least 50% to double in the future [9][22] International Expansion - XGIMI is actively expanding into overseas markets, preparing for a Hong Kong stock listing, and focusing on Japan, Europe, and North America, with over 6,500 offline outlets [2][6][14] - The establishment of a factory in Vietnam has effectively reduced tariff costs, with overseas revenue growth expected to reach 20%-30% by 2026 [2][6][15] New Product Developments - XGIMI has entered the commercial projector market with the launch of the T10 model, generating over 50 million yuan in revenue in its first month [2][18] - The company is also exploring the AI glasses sector, with a product launch expected by the end of 2025, which could become a significant growth point for the following year [2][19] Market Position and Competitive Landscape - XGIMI has become a leader in the global home smart projector market, with overseas revenue surpassing 1.1 billion yuan, accounting for over 30% of total revenue [3][14] - The company is positioned to benefit from the EU's ban on mercury-containing projectors starting in 2026, which will favor high-end DLP projectors [6][13] Future Growth Areas - The company anticipates significant growth in the automotive business, with expected revenue improvements starting in Q4 2025 [2][17] - The commercial projector market is projected to grow, with XGIMI's new products addressing traditional issues of size, color performance, and brightness [18] Investment Considerations - Current market conditions suggest that it is an opportune time for investors to consider XGIMI, with a projected market value of 120 billion yuan by 2026 and 150 billion yuan by 2027 based on future earnings multiples [22]

Core Viewpoint - Chinese hardware companies possess a complete global supply chain and competitive advantages, yet high-end products remain scarce in the market [6]. Company Overview - Haigao Technology, a projector company, has disrupted a low-cost market by establishing itself as the R&D and marketing center for the American brand AWOL Vision in Shenzhen. The company focuses on ultra-short throw laser projectors priced between $1,899 and $5,999, achieving over $100 million in revenue in 2024 [7][9]. - The launch of the Valerion sub-brand targets high-end users, with its first product, the VisionMaster series, emphasizing immersive audio-visual experiences and priced between $2,000 and $5,000 [7][9]. Market Dynamics - Over 70% of projectors are produced in China, but domestic demand is plateauing, leading to intense competition with low-cost products dominating the market. Brands positioned in the mid-to-low end struggle to find growth opportunities [9]. - The success of AWOL Vision and Valerion demonstrates that even in a crowded market, precise user insights and technological iteration can create new opportunities by moving beyond domestic price wars to a global perspective on innovation and value [9]. Product Features and Innovations - Haigao Technology's products are designed for ease of use, featuring a lightweight metal frame for mobility and hidden interfaces to maintain aesthetic appeal. They support automatic focus, keystone correction, and obstacle avoidance, enhancing user experience [13][15][16]. - The company leverages advanced three-color laser technology, traditionally used in high-end commercial projectors, to enhance color accuracy and brightness in consumer products [25][26]. - Valerion incorporates color axis calibration technology to ensure precise color reproduction and advanced black level control to improve dark scene performance, addressing common issues faced by long-throw projectors [28][29]. Competitive Landscape - The competitive landscape is shifting as more Chinese hardware companies aim for the high-end market, utilizing their technological capabilities and supply chain advantages to innovate and differentiate their products [31]. - The case of Haigao Technology illustrates that the core of competition is not merely price or short-term performance but rather the creation of differentiated experiences through technology [31].

Core Insights - The article discusses the challenges and opportunities for Chinese hardware companies in the global high-end market, highlighting Haigao Technology's unique "American brand + Chinese R&D" model in the projector industry [1][6] - Haigao Technology's brands, AWOL Vision and Valerion, have successfully captured the North American market by addressing consumer demands for convenience and immersive experiences, with projected revenues in the hundreds of millions for 2024 [2][3] Company Overview - Haigao Technology was established in 2020 as the R&D and marketing center for the American brand AWOL Vision, focusing on ultra-short throw laser projectors priced between $1,899 and $5,999 [2] - The company has quickly gained traction in the North American market, ranking among the top sellers in its category on Amazon [2] Product Strategy - AWOL Vision targets high-end users with its Valerion sub-brand, which launched the VisionMaster series projectors priced between $2,000 and $5,000, achieving over $10 million in crowdfunding within 45 days on Kickstarter [3] - The success of both brands is attributed to Haigao's precise understanding of the target market and its ability to meet the core demands of North American households for easy operation and immersive audio-visual experiences [3][6] Market Context - Over 70% of projectors are produced in China, but the domestic market has become saturated with low-cost products, making it difficult for mid-range brands to find growth opportunities [6] - Haigao's approach demonstrates that it is possible to carve out a niche in a crowded market by focusing on user insights and technological innovation rather than engaging in price wars [6] Consumer Insights - The demand for home theater setups in the U.S. is growing, with many families seeking to create dedicated spaces for entertainment [7][15] - Traditional high-end home theater solutions can be costly and complex to install, with total costs reaching $50,000 to $60,000, which deters many potential users [7] Product Features - Haigao's projectors emphasize "plug-and-play" convenience, featuring lightweight designs and hidden connections to maintain aesthetic appeal [8][11] - The projectors support automatic adjustments for focus, keystone correction, and screen alignment, enhancing user experience by minimizing manual setup [11] - Both AWOL and Valerion projectors come pre-installed with popular streaming services and support voice control, making them user-friendly [11] Technological Innovation - Valerion incorporates advanced technologies such as three-color laser systems, which were previously limited to high-end commercial products, into consumer-grade projectors [19][22] - The projectors utilize color axis calibration technology to ensure accurate color reproduction and advanced black level control to enhance dark scene performance [21][22] Competitive Landscape - The article emphasizes that the core of competition in the hardware market is shifting from price to differentiated user experiences, with technology barriers becoming increasingly important [25] - Haigao's case illustrates the feasibility of leveraging technological value to succeed in the global market, as many Chinese hardware companies look to replicate similar strategies [25]

Core Viewpoint - The company XGIMI, which had a market value of 43 billion yuan at its IPO in 2021, has seen its value plummet to 7.644 billion yuan by October 2025, a decline of over 80%. Recently, it submitted an application for a listing on the Hong Kong Stock Exchange. Group 1: Company Background and Performance - XGIMI was founded in Chengdu in 2012 by alumni of the University of Electronic Science and Technology of China, with initial success stemming from its innovative projector products [2] - The company achieved significant sales growth, with revenue from 20 million yuan during the 2014 Double Eleven shopping festival to over 2 billion yuan by 2017, and a market share of 22% in 2020 [4] - However, in 2023, XGIMI reported a revenue of 3.557 billion yuan, a year-on-year decrease of 15.77%, and a net profit decline of 76.09% [4] Group 2: Operational Challenges - Employee count decreased from 2,715 in 2021 to 2,225 in 2024, with R&D personnel dropping by 22.56% to 580 by June 2025 [6] - Despite a net profit surge to 88.662 million yuan in the first half of 2025 due to cost-cutting measures, the company faced negative cash flow of approximately -440 million yuan [6] - Inventory levels reached 1.184 billion yuan in the first half of 2025, accounting for 21% of total assets, indicating slow receivables and cash being tied up in stock [10] Group 3: Market Competition and External Factors - The television market has posed a significant challenge, with 13.75 million units sold in the first half of 2025, a 1.8% increase, and high-end MiniLED TVs priced lower than XGIMI's projectors [8] - XGIMI's DLP technology competes against cheaper LCD projectors, which are available for around 1,000 yuan, capturing the entry-level market [8] Group 4: Strategic Initiatives - To address its challenges, XGIMI is focusing on the automotive sector and international expansion, establishing a vehicle division in 2024 and securing multiple projects with major automotive manufacturers [12] - The company's overseas revenue reached 1.09 billion yuan in 2024, accounting for 31.9% of total revenue, nearly doubling from 18.7% in 2022 [12] Group 5: Future Outlook - The upcoming IPO in Hong Kong aims to leverage market liquidity to attract investors and raise funds for overseas marketing, R&D, and operations [16] - The success of XGIMI's strategy in the automotive and international markets remains uncertain, as the projector industry faces significant challenges [16]

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].