业绩重拾正增长后，全球投影行业头部品牌——极米科技(688696.SH)踏上赴港上市征程。 9月29日，极米科技向港交所主板提交上市申请书，中金公司（601995）为其独家保荐人。招股书显示，极米科技拟将此次港股上市募集资金主要用于三大 方向：全球品牌及产品营销以加速国际化扩张；强化研发能力及产品组合扩展；营运资金及一般企业用途。 中国投影行业"销冠" 极米科技成立于2013年，公司的核心业务围绕消费级、车规级、工程级智能投影产品的研发、生产与销售展开。按产品类型划分，公司的投影仪产品涵盖长 焦投影仪、短焦投影仪和创新投影仪三大板块。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 3055 金 | | | | | 查 | | 会要 | | | 会看 | ﺑﻮﻳ | ्रक्ष 8 | | | | | | | | (人民幣千元 · 百分比蒙學 ...

业绩重拾正增长后，全球投影行业头部品牌——极米科技（688696.SH）踏上赴港上市征程。 智通财经APP获悉，9月29日，极米科技向港交所主板提交上市申请书，中金公司为其独家保荐人。招股书显示，极米科技拟将此次港股上市募集资金主要 用于三大方向：全球品牌及产品营销以加速国际化扩张；强化研发能力及产品组合扩展；营运资金及一般企业用途。 中国投影行业"销冠" 极米科技成立于2013年，公司的核心业务围绕消费级、车规级、工程级智能投影产品的研发、生产与销售展开。按产品类型划分，公司的投影仪产品涵盖长 焦投影仪、短焦投影仪和创新投影仪三大板块。 截至最后实际可行日期（2025年9月22日），极米科技产品远销欧洲、北美、日本、澳大利亚等100多个国家和地区，全球线下销售点位超6000家，累计出货 量突破700万台。据弗若斯特沙利文数据，自2018年起，极米科技连续七年蝉联中国投影行业销量第一；2020年起，连续五年拿下国内营收冠军。在中国中 高端投影仪行业，2024年以营收计市场份额达30.2%，销量与营收均位列行业第一。 极米科技业务规模保持领先，得益于公司在技术层面构筑了差异化优势。依托在光机自研、Eagle E ...

Core Insights - The article highlights the significant changes in revenue and profit metrics for the company, along with challenges in business expansion and technology development [1] Business Diversification and Sales Channels - The company engages in the research, production, and sales of projectors and related internet value-added services, with products sold in over 100 countries and regions, and a cumulative shipment of over 7 million units [2] - It has maintained the top sales position in China's projector industry for seven consecutive years since 2018 and has been the domestic revenue champion for five years since 2020 [2] Business Model - The company's revenue primarily comes from product sales and value-added services, utilizing both direct sales and distribution channels to reach consumers [3] - Value-added services include internet services through the GMUI platform in China and collaborations with game developers and streaming platforms internationally [3] Financial Performance - Revenue showed a downward trend from 42.2 billion yuan in 2022 to 35.52 billion yuan in 2023, a decrease of 15.81%, and further down to 34.0 billion yuan in 2024, a decline of 4.30% [4] - In the first half of 2025, revenue slightly increased to 16.23 billion yuan, a growth of approximately 1.56% compared to the same period in 2024 [4] - Net profit fluctuated significantly, dropping from 5.01 billion yuan in 2022 to 1.2 billion yuan in 2023, a decline of 76.10%, and remaining stable in 2024 [5] - The first half of 2025 saw a substantial increase in net profit to 0.88 billion yuan, up 2166.67% from the same period in 2024 [5] Profitability Metrics - Gross margin fluctuated from 35.0% in 2022 to 29.8% in 2023, a decrease of 14.86%, then slightly increased to 30.3% in 2024 [6] - Net margin also showed instability, dropping from 11.9% in 2022 to 3.4% in 2023, with a slight recovery to 3.5% in 2024 [7] Revenue Composition - The revenue from projectors remains dominant, with long-focus projectors accounting for a significant portion of total revenue [8] - Revenue from mainland China is decreasing, while overseas revenue is gradually increasing, indicating successful international expansion [8] Related Party Transactions - The company has transactions with related parties, conducted at normal commercial terms, with amounts decreasing over the years [9] Market Challenges - The projector industry faces intense competition, with a shift in consumer preference towards entry-level products impacting revenue and profit [9] - Cost control remains a challenge due to fluctuations in raw material costs and potential increases in operational costs as the business expands [10] International Business Risks - The expansion into overseas markets presents risks due to varying consumer preferences, regulatory environments, and potential international trade issues [11] Competitive Landscape - The company ranks as the second-largest projector brand globally by revenue and has maintained a leading position in China [12] - While it has advantages in technology and market share, continuous innovation is necessary to stay competitive [12] Customer and Supplier Concentration - The company has a high customer concentration, with significant revenue generated from a few major clients, which poses risks if these clients reduce orders [14] - Supplier concentration is also high, with a significant portion of procurement from a limited number of suppliers, which could impact production stability [15] Management and Governance - The major shareholders are stable, but there is a risk of decision-making concentration [16] - The core management team has extensive experience in the electronics and technology sectors, contributing to strategic planning and operational stability [17]