丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨极米科技（688696.SH） [Table_Title] 营收稳中有升，经营质量持续优化 报告要点 [Table_Summary] 2025 年公司实现营业收入 34.67 亿元，同比增长 1.85%；实现归母净利润 1.43 亿元，同比增 长 19.25%；实现扣非归母净利润 1.14 亿元，同比增长 23.99%。对应 2025 年第四季度，公司 实现营业收入 11.41 亿元，同比增长 1.54%；实现归母净利润 0.64 亿元，同比下滑 60.35%； 实现扣非归母净利润 0.53 亿元，同比下滑 66.08%。 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 [Table_scodeMsg2] 极米科技（688696.SH） cjzqdt11111 [Table_Title2] 营收稳中有升，经营质量持续优化 [Table_Summary2] 事件描述 公司发布 2025 ...

更正后的2025年核心财务数据显示，公司实现营业收入34.67亿元，同比增长1.85%；归属于母公司所有 者的净利润1.43亿元，同比增长19.25%；扣除非经常性损益后的归母净利润1.14亿元，同比增长 23.99%。 北京商报讯（记者 陶凤 王天逸）2月27日，极米科技发布2025年年度业绩快报更正公告，公司对此前披 露的公告中一处文字笔误进行修正，核心财务数据未发生变化。 ...

格隆汇2月2日丨极米科技(688696.SH)公布，公司本次回购的股份将在未来适宜时机全部用于实施员工 持股计划或股权激励。回购股份金额不低于人民币5,000万元（含），不超过人民币10,000万元（含）。 回购股份价格不超过人民币159.51元/股（含）。 ...

每经AI快讯，2月2日，极米科技(688696.SH)公告称，公司拟以集中竞价交易方式回购股份，资金总额 不低于5000万元（含），不超过1亿元（含）。回购价格不超过159.51元/股。回购的股份将在未来适宜 时机全部用于实施员工持股计划或股权激励。若公司未能在股份回购实施结果暨股份变动公告日后3年 内使用完毕已回购股份，尚未使用的已回购股份将予以注销。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 2.327 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.99%. The net profit attributable to the parent company was 80 million yuan, with a non-recurring net profit of 61 million yuan. In Q3 2025, the company reported a revenue of 701 million yuan, a year-on-year increase of 2.86%, but a net loss of 9.01 million yuan [4][6]. - Despite a downturn in the home projector industry, the company demonstrated resilient revenue growth. The smart projector market in China saw a decline in sales volume by 11.5% year-on-year in Q3 2025 [7]. - The company's gross margin improved to 32.47% in the first three quarters of 2025, an increase of 3.70 percentage points year-on-year. The gross margin for Q3 2025 was 30.59%, up 2.54 percentage points year-on-year. The company maintained high R&D investment levels, with R&D expenses accounting for 12.73% of revenue in the first three quarters [7][8]. - The company is focusing on technological innovation and product development to strengthen its competitive advantage, with plans to expand into overseas markets where growth potential is increasing [7]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported total revenue of 2.327 billion yuan, a 1.99% increase year-on-year. The net profit attributable to the parent company was 80 million yuan, while the non-recurring net profit was 61 million yuan. In Q3 2025, revenue was 701 million yuan, up 2.86% year-on-year, but the company faced a net loss of 9.01 million yuan [4][6]. - The gross margin for the first three quarters was 32.47%, an increase of 3.70 percentage points year-on-year, while Q3 gross margin was 30.59%, up 2.54 percentage points year-on-year [7]. Market Context - The smart projector market in China experienced a decline in sales volume by 11.5% year-on-year in Q3 2025, indicating a challenging market environment [7]. - The company is positioned as a leader in the smart projector industry, leveraging technological and product innovations to maintain its market position [7]. Future Outlook - The company aims to enhance its brand influence through diversified marketing strategies and is looking to expand its presence in overseas markets, which are still in the early stages of adopting home smart projectors [7]. - The company anticipates continued growth in its automotive business, which is expected to contribute positively to overall performance [7].

Group 1 - The core point of the news is that a block trade of 42,000 shares of XGIMI Technology occurred on November 11, with a transaction amount of 4.4 million yuan, at a price of 104.77 yuan, which is an 8% discount compared to the closing price of the day [2][3] - The buyer of the block trade was Huatai Securities Co., Ltd., and the seller was China International Capital Corporation [2][3] - In the last three months, XGIMI Technology has recorded a total of 41 block trades, with a cumulative transaction amount of 309 million yuan [2] Group 2 - The latest margin financing balance for XGIMI Technology is 281 million yuan, which has increased by 30.46 million yuan over the past five days, representing a growth of 12.15% [3] - As of November 11, XGIMI Technology's closing price was 113.88 yuan, with a daily turnover rate of 1.58% and a total transaction amount of 126 million yuan [2] - Over the past five days, the stock has seen a cumulative decline of 0.28%, with a net inflow of funds totaling 23.16 million yuan [2]

Core Insights - A block trade of 40,000 shares of XGIMI Technology occurred on November 6, with a transaction value of 4.2572 million yuan, at a price of 106.43 yuan, representing an 8% discount to the closing price of the day [2] - Over the past three months, XGIMI Technology has seen a total of 40 block trades, amounting to 305 million yuan [3] - The stock closed at 115.68 yuan, down 0.86%, with a turnover rate of 2.01% and a total trading volume of 161 million yuan on the same day [3] Trading Activity - The latest financing balance for XGIMI Technology is 300 million yuan, with an increase of 48.55 million yuan over the past five days, reflecting a growth rate of 19.31% [4] - In the last five days, two institutions have rated the stock, with Huatai Securities providing the highest target price of 128.00 yuan as of October 31 [4] Company Background - XGIMI Technology Co., Ltd. was established on November 18, 2013, with a registered capital of 70 million yuan [4]

Core Insights - The recent block trading activity of XGIMI Technology on November 5 involved 58,000 shares with a total transaction value of 6.2257 million yuan, at a price of 107.34 yuan, reflecting an 8% discount compared to the closing price of the day [2][3] - Over the past three months, XGIMI Technology has recorded a total of 39 block trades amounting to 301 million yuan [2] - The stock closed at 116.68 yuan on the same day, marking a 2.17% increase, with a turnover rate of 3.61% and a total trading volume of 293 million yuan [2] Trading Data - The latest margin financing balance for XGIMI Technology stands at 277 million yuan, with an increase of 24.9944 million yuan over the past five days, representing a growth of 9.93% [3] - In the last five days, two institutions have rated the stock, with Huatai Securities providing the highest target price of 128.00 yuan as of October 31 [3] - The company was established on November 18, 2013, with a registered capital of 70 million yuan [3]

Group 1 - The core point of the news is that XGIMI Technology experienced significant trading activity on November 3, with a total of 1.22 million shares traded at a price of 82.09 yuan, reflecting a discount of 26.63% compared to the closing price [2][3] - In the last three months, XGIMI Technology has seen a total of 37 block trades, amounting to 295 million yuan [2] - The closing price of XGIMI Technology on the day of the report was 111.89 yuan, which represents an increase of 9.04%, with a turnover rate of 4.66% and a total trading volume of 352 million yuan [2] Group 2 - The latest margin financing balance for XGIMI Technology is 260 million yuan, which has increased by 13.25 million yuan over the past five days, marking a growth of 5.37% [3] - Two institutions provided ratings for XGIMI Technology in the last five days, with Huatai Securities setting the highest target price at 128.00 yuan as of October 31 [3] - XGIMI Technology was established on November 18, 2013, with a registered capital of 70 million yuan [3]

Group 1 - The core point of the article is that XGIMI Technology conducted a block trade on October 31, with a transaction volume of 600,000 shares and a transaction amount of 50.076 million yuan, at a price of 83.46 yuan, which represents an 18.66% discount compared to the closing price of the day [1][2] - The buyer and seller of the block trade were both from China International Capital Corporation Chengdu Binjiang East Road Securities Branch [1] - In the last three months, XGIMI Technology has had a total of 36 block trades, with a cumulative transaction amount of 200 million yuan [1] Group 2 - The latest margin financing balance for XGIMI Technology is 254 million yuan, with an increase of 7.8698 million yuan over the past five days, representing a growth of 3.19% [2] - Three institutions have rated the stock in the past five days, with Huatai Securities providing the highest target price of 128.00 yuan as of October 31 [2] - XGIMI Technology was established on November 18, 2013, with a registered capital of 70 million yuan [2]