证券日报网讯 1月9日，极米科技在互动平台回答投资者提问时表示，2024年与2025年员工持股计划包 括的员工不完全重叠，通过滚动式激励，公司可以确保在不同时间点加入的员工以及持续表现优秀的员 工都能获得与其贡献匹配的长期回报，避免因激励"空窗期"导致的人才流失，确保核心团队的持续稳定 性。 ...

证券代码：688696 证券简称：极米科技 公告编号：2025-083 二、持有人会议审议情况 （一）审议通过《关于设立公司2025年员工持股计划管理委员会的议案》 为保证公司2025年员工持股计划的顺利进行，保障持有人的合法权益，根据公司《2025年员工持股计 划》及《2025年员工持股计划管理办法》等相关规定，同意设立2025年员工持股计划管理委员会，作为 2025年员工持股计划的日常监督和管理机构，代表持有人行使股东权利。管理委员会由3名委员组成， 设管理委员会主任1名。2025年员工持股计划管理委员会委员的任期为2025年员工持股计划的存续期。 表决结果：同意140,955,479份，占出席持有人会议的持有人所持份额总数的100%；反对0份，占出席持 有人会议的持有人所持份额总数的0%；弃权0份，占出席持有人会议的持有人所持份额总数的0%。 （二）审议通过《关于选举公司2025年员工持股计划管理委员会委员的议案》 经审议表决，选举张树、余茂云、吴鹏军为公司2025年员工持股计划管理委员会委员，任期为2025年员 工持股计划的存续期。管理委员会委员与公司控股股东、实际控制人、董事、高级管理人员不存在关联 ...

智通财经APP讯，极米科技(688696.SH)发布公告，公司的全资子公司宜宾市极米光电有限公司(简称"宜 宾极米")于近日收到某国内知名汽车主机厂的开发定点通知，宜宾极米将成为该客户某车型的车载投影 供应商。 此次客户定点通知有利于公司智能座舱显示业务的拓展和持续发展，符合公司和股东的利益。开发定点 通知不构成订单或销售合同，预计该项目对本年度经营业绩不会产生重大影响，此次开发定点涉及的产 品量产后，公司将根据该客户实际订单交付情况进行产品收入确认，预计项目生命周期内对公司经营业 绩产生积极影响。 ...

此次客户定点通知有利于公司智能座舱显示业务的拓展和持续发展，符合公司和股东的利益。开发定点 通知不构成订单或销售合同，预计该项目对本年度经营业绩不会产生重大影响，此次开发定点涉及的产 品量产后，公司将根据该客户实际订单交付情况进行产品收入确认，预计项目生命周期内对公司经营业 绩产生积极影响。 极米科技(688696.SH)发布公告，公司的全资子公司宜宾市极米光电有限公司(简称"宜宾极米")于近日收 到某国内知名汽车主机厂的开发定点通知，宜宾极米将成为该客户某车型的车载投影供应商。 ...

Core Insights - The article highlights the launch of the XiYing RS80 Ultra Hongmeng projector, which aims to redefine the concept of smart living by integrating multiple functionalities into a single device [1][8]. Group 1: Product Features - The XiYing RS80 Ultra Hongmeng projector is positioned as a comprehensive smart living center, combining projection, display, audio, and smart control capabilities [1][8]. - It features the GPMI technology, which integrates power, video, and audio transmission into a single cable, eliminating the clutter of traditional connections [2][8]. - The projector supports 4K resolution and lossless audio transmission, ensuring high-quality output without signal loss [2][4]. Group 2: Technical Specifications - The device boasts a brightness of 1270 CVIA and near 4K quality, with advanced light control algorithms for optimal viewing in various lighting conditions [4][5]. - It is powered by the Huawei HiSilicon 660 4K chip, with 4GB RAM and 64GB ROM, providing smooth operation and enhanced user experience [4][5]. - The projector features a dynamic contrast ratio of 10000:1 and supports 144Hz refresh rate, ensuring fluid motion during high-speed content playback [5][6]. Group 3: Audio Capabilities - The XiYing RS80 Ultra is equipped with advanced audio technology, including Huawei's tuning algorithms, to enhance voice clarity and surround sound experience [7]. - It includes a 24W high-frequency unit and a 98mm low-frequency diaphragm, delivering cinema-like audio quality [7]. - The projector can function as a Bluetooth speaker, featuring a unique floating lyrics display for an immersive music experience [7][8]. Group 4: User Experience - The mechanical gimbal design allows for easy adjustment of projection angles, enhancing usability in various settings [8]. - The integration of multiple functionalities transforms the projector from a simple display device into a smart terminal for both entertainment and productivity [8]. - The product is marketed as a flagship solution for enhancing home audio-visual quality and overall living efficiency [8].

Group 1 - The report highlights the positive sentiment around the Chinese economy, driven by policy support and a focus on high-quality development, as evidenced by President Xi Jinping's visit to Guangdong to promote reform and stability [3][29] - In the equity market, major indices showed slight increases, with the Shanghai Composite Index rising over 1% and the CSI 300 gaining 0.82% [3] - The bond market experienced a net withdrawal of funds amounting to 15,722 billion yuan, but liquidity is expected to improve in the coming months [3][27] Group 2 - The report on the monetary fund sector indicates a trend of extending durations and reducing holdings in certificates of deposit, with a shift towards financial bonds [5][30] - The monetary fund's net asset value reached approximately 14.63 trillion yuan, reflecting a seasonal growth trend [30] - The report anticipates continued expansion in the monetary fund sector, supported by the maturity of high-interest fixed deposits and regulatory adjustments favoring liquidity [30][31] Group 3 - The REITs market in China showed a cooling trend, with the CSI REITs Index declining by 3.8% and a significant drop in trading volume [6][8] - Despite the downturn, there are opportunities in the REITs market, particularly in defensive assets like rental housing and municipal infrastructure [8] - The report suggests a dual strategy of focusing on stable cash flow assets while exploring rebound opportunities in undervalued sectors [8] Group 4 - The coal-to-gas industry is experiencing a revival due to improved market pricing mechanisms and technological advancements, with 12 projects planned to produce a total of 440 billion cubic meters per year [9][10] - The report estimates that a coal-to-gas project with an annual output of 2 billion cubic meters could achieve a net profit of nearly 1.6 billion yuan under current pricing conditions [9] - The existing pipeline capacity for transporting gas from the west to the east is sufficient to accommodate the new coal-to-gas projects, facilitating regional price arbitrage [9] Group 5 - The report on Huamao Technology indicates a strong growth trajectory, with a projected increase in net profit from 300 million yuan in 2025 to 510 million yuan by 2027, driven by strategic acquisitions and market demand for AI-related products [11][17] - The company is expected to benefit from high growth in its optical module business, with significant revenue contributions anticipated from 800G and 400G products [17] - The acquisition of Fuchuang Youyue is expected to enhance Huamao's profitability and market position in the AI sector [11][17] Group 6 - The report on XGIMI Technology highlights a positive trend in domestic sales, with a revenue increase of 2.0% year-on-year, while overseas sales are expected to improve significantly due to strategic adjustments [18][34] - The company is focusing on expanding its commercial product line and leveraging its technological advantages to capture market share in the competitive landscape [34] - Profitability is projected to improve as the company reduces losses in its automotive segment and launches new commercial products [34] Group 7 - The report on Xinbao Co. indicates a decline in overseas sales due to macroeconomic pressures, while domestic sales have shown growth [19][36] - The company has managed to maintain profitability through effective cost control and operational efficiency, with a net profit increase of 7.1% year-on-year [19][37] - Future growth is anticipated as the company continues to optimize its operations and respond to market demands [19][38] Group 8 - The report on Guangfeng Technology indicates a challenging environment with a significant decline in revenue and profits, attributed to economic slowdown and increased competition [39] - The company is undergoing a critical transformation phase, focusing on core technologies and emerging business areas to establish new growth avenues [39]

Investment Opportunities in the Power and Environmental Sector - The report highlights that OpenAI plans to deploy over 250GW of computing centers by 2033, which could significantly increase electricity demand in the US. This new load from OpenAI alone exceeds 25% of the current highest national load of approximately 820GW [2][6][7] - The US currently has about 1000GW of stable power supply with a reserve margin of only 20%, indicating a tight electricity supply situation. The report emphasizes that the construction of new power sources is lagging behind demand, necessitating increased investment in both power generation and grid infrastructure [2][6][7] Company Analysis: XGIMI Technology (688696.SH) - XGIMI reported Q3 2025 revenue of 700 million yuan, a year-on-year increase of 2.9%, with a net profit of -10 million yuan, improving from -40 million yuan in the same period last year. The gross margin was 30.6%, up 2.5 percentage points year-on-year [12][14] - The company is expected to see a turning point in Q4, with improvements in both domestic and international sales. The domestic market is stabilizing, and international sales are anticipated to recover as the new overseas team adjusts [12][14] Company Analysis: Shaanxi Coal and Chemical Industry (601225.SH) - For the first three quarters of 2025, the company achieved revenue of 118.08 billion yuan, down 12.8% year-on-year, and a net profit of 12.71 billion yuan, down 27.2%. In Q3 alone, revenue was 40.1 billion yuan, a decrease of 10.0% year-on-year but an increase of 6.0% quarter-on-quarter [15][16] - The report notes a recovery in coal prices during Q3, which positively impacted the company's performance. The company is focusing on its coal-electricity integration strategy to enhance stability and profitability [15][18] Company Analysis: China Life Insurance (601628.SH) - China Life reported Q3 2025 revenue of 298.7 billion yuan, a year-on-year increase of 54.8%, and a net profit of 126.9 billion yuan, up 91.5%. This strong performance contributed to a year-to-date revenue growth of 25.9% and net profit growth of 60.5% [21][23] - The company has seen a significant improvement in new policy sales, with a year-on-year growth of 52.5% in Q3. The net asset value increased by 22.8% year-to-date, reflecting strong operational performance [21][24] Company Analysis: Yuanhang Precision (920914.BJ) - Yuanhang Precision achieved revenue of 769 million yuan for the first three quarters of 2025, a year-on-year increase of 27%. In Q3, revenue was 283 million yuan, up 29% year-on-year and 5% quarter-on-quarter [27][28] - The company is focusing on the development of ultra-thin nickel-based materials to meet the demands of high-precision applications in the new energy sector, indicating a strong growth potential in this area [27][30]

Core Insights - The company reported Q3 2025 revenue of 700 million yuan, a year-on-year increase of 2.9%, with a net profit attributable to shareholders of -10 million yuan, improving from -40 million yuan in the same period last year [1] - Gross margin reached 30.6%, up 2.5 percentage points year-on-year, while net profit margin was -1.3%, an improvement of 5.2 percentage points year-on-year [1] Domestic Sales Performance - The domestic market has entered a consolidation phase since 2025, leading to an improved competitive landscape [1] - The company has strengthened its market share through rapid product iterations and broader price coverage, launching several new products in the second half of the year [1] International Sales Outlook - The company is committed to expanding its brand internationally, with expectations for a recovery in overseas sales in Q4 after a slowdown due to team restructuring [1] New Business Development - The automotive and commercial sectors are progressing steadily, with expectations for a turning point in loss reduction in Q4 [1] - The automotive business is currently unprofitable but is expected to improve gross margins with cost reduction initiatives [1] - The commercial sector is anticipated to start shipments in the second half of the year, leveraging technological advantages [1] Financial Metrics - Gross margin improved significantly year-on-year, while operating expenses have been optimized [2] - Sales, management, R&D, and financial expense ratios were 16.7%, 5.0%, 14.1%, and -0.5% respectively, showing a notable reduction in sales expense ratio [2] Profit Forecast - The company is projected to see substantial profit recovery in its main business and reduced losses in new ventures, with expected net profits of 260 million, 510 million, and 650 million yuan for 2025-2027, representing year-on-year growth of 115%, 97%, and 28% respectively [2] - Current stock price corresponds to PE ratios of 32, 16, and 13 for 2025, 2026, and 2027, respectively, maintaining a "buy" rating [2]

Core Viewpoint - On November 3, XGIMI Technology experienced a stock price increase of 9.04%, closing at 111.89 yuan, with two block trades totaling a volume of 1 million shares and a transaction value of 100 million yuan [1]. Group 1: Trading Activity - The first block trade occurred at a price of 82.09 yuan, involving 822,500 shares and a transaction value of 67.517 million yuan, with a discount rate of -26.63%. The buyer and seller were both from China International Capital Corporation's Chengdu Binjiang East Road Securities Office [1]. - The second block trade also took place at 82.09 yuan, involving 401,200 shares and a transaction value of 32.932 million yuan, maintaining the same discount rate of -26.63% and the same buyer and seller [1]. - Over the past three months, XGIMI Technology has recorded a total of 37 block trades, with a cumulative transaction value of 295 million yuan. In the last five trading days, the stock has risen by 4.67%, with a net inflow of 23.8407 million yuan from main funds [1].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][6] Core Insights - The company reported a revenue of 2.327 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2%. The net profit attributable to the parent company was 80 million yuan, marking a return to profitability [3][6] - The company is experiencing improvements in profitability, with a gross margin of 30.59% in Q3 2025, an increase of 2.54 percentage points year-on-year. The net profit margin for Q3 2025 was -1.33%, which is an improvement of 5.19 percentage points year-on-year [6] - The company is focusing on expanding its overseas market presence and has made significant progress in its automotive business, with several models already equipped with its projection products [6] Financial Data and Profit Forecast - Total revenue projections for 2025E are 3.868 billion yuan, with a year-on-year growth rate of 13.6%. The net profit forecast for 2025E is 293 million yuan, representing a year-on-year increase of 144.2% [5][6] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 293 million yuan, 386 million yuan, and 472 million yuan respectively, with corresponding P/E ratios of 25, 19, and 15 [6][5] - The company’s R&D expenses have increased, impacting short-term profitability but are expected to drive long-term growth in revenue and profits from its automotive and commercial projection businesses [6]