报告导读： 智能投影不仅成为了家庭娱乐的中心，更是连接虚拟与现实世界的桥梁，让人们在任何地点都能享受到高质量的视听盛宴。同时，在教育、办公等领域，智 能投影以其大屏幕、高清画质、便携性等特点，满足了人们对于高效、便捷、舒适生活方式的追求。中国已成为全球投影产业最重要的区域。2024年，中国 投影机在全球市场中的出货量占比达到34.2%，位居第一。更重要的是，中国不仅是全球最大的消费市场，同时也是重要的生产基地，约三成的全球投影产 品通过中国企业出口海外。这种产销两旺的格局，为中国投影产业的持续发展奠定了坚实基础。据统计，2024年，我国智能投影销量从2019年的325万台增 长至604.2万台，销售额从2019提的78.1亿元增长于100.1亿元；预计2025年我国智能投影销量增长至633.1万台，销售额将增长至110.8亿元。 基于此，依托智研咨询旗下智能投影行业研究团队深厚的市场洞察力，并结合多年调研数据与一线实战需求，智研咨询推出《2025-2031年中国智能投影行 业市场现状分析及产业前景研判报告》。本报告立足智能投影新视角，聚焦行业核心议题——变化趋势（怎么变）、用户需求（要什么）、投放选择（投向 ...

Group 1: Hong Kong Stock Exchange Performance - The total market capitalization of the Hong Kong Stock Exchange reached HKD 46.6 trillion by the end of August 2025, a 47% increase from HKD 31.8 trillion in the same period last year [1] - The average daily trading volume in August 2025 was HKD 279.1 billion, up 192% from HKD 95.5 billion year-on-year [1] - These positive figures indicate enhanced attractiveness of the Hong Kong Stock Exchange and increased vitality in the capital market, suggesting a favorable outlook for future market development [1] Group 2: Goldman Sachs Target Price Adjustment - Goldman Sachs raised the target price for Hong Kong Stock Exchange from HKD 509 to HKD 524, maintaining a "Buy" rating [2] - The firm noted that the exchange is improving market efficiency and aligning with international standards through simplified trading and settlement fee structures [2] - Despite lowering the forecast for margin income due to anticipated changes in interbank lending rates, Goldman Sachs increased its earnings per share estimates for the exchange [2] Group 3: Company Listings and Developments - Guangdong Jinsheng New Energy Co., Ltd. submitted a prospectus to the Hong Kong Stock Exchange, marking its second attempt after a previous application expired in December 2024 [3] - Jinsheng New Energy is a leading provider of lithium battery recycling solutions, ranking second globally and first in third-party recycling [3] - The company has faced losses due to declining product prices, but a successful listing could provide necessary capital to expand its operations and alleviate financial pressures [3] Group 4: XGIMI Technology's IPO Plans - XGIMI Technology announced plans to issue shares overseas (H-shares) and apply for a listing on the main board of the Hong Kong Stock Exchange [4] - Founded in 2013, XGIMI specializes in new display technologies, focusing on smart projectors and laser TVs, with multiple core technologies and capabilities [4] - The move to list in Hong Kong is expected to facilitate the company's expansion into overseas markets and support its development in the automotive sector [4] Group 5: Hong Kong Stock Market Indices - The Hang Seng Index closed at 25,058.51, down 1.12% on September 4 [5] - The Hang Seng Tech Index fell by 1.85% to 5,578.86 [5] - The National Enterprises Index decreased by 1.25%, closing at 8,937.09 [5]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Views - The company is undergoing a critical business transformation period, facing temporary operational pressure. In the first half of 2025, the company achieved revenue of 961 million yuan, a year-on-year decline of 11.09%, and a net profit attributable to shareholders of -131 million yuan, with a non-recurring net profit of -46 million yuan. In the second quarter of 2025 alone, revenue was 500 million yuan, down 21.41% year-on-year, with a net profit of -110 million yuan and a non-recurring net profit of -22 million yuan [2][5] Summary by Sections Business Performance - In the first half of 2025, the company's revenue decreased by 11.09% year-on-year, while the second quarter saw a more significant decline of 21.41%. The company is focusing on solidifying its high-margin cinema and specialized display businesses while adjusting its market strategy for the automotive sector to avoid ineffective competition [12] Revenue Breakdown - The cinema business showed stable growth, generating 288 million yuan in revenue, a year-on-year increase of 7.48%. The company has installed 41 LED screens, leading the market in new screen installations [12] R&D and Innovation - The company is increasing its investment in R&D, with a gross margin of 26.91% in the first half of 2025, down 3.39 percentage points year-on-year. The company has filed 41 new patents in AR and AI fields, totaling 266 patents, and 60 new patents in automotive optical technology, totaling 291 patents [12] Future Outlook - The laser display industry is expected to maintain a good growth trend, and the smart cockpit market has promising prospects. The company is expected to continue reducing losses in its consumer business and has secured high-quality contracts with several automotive manufacturers, indicating a potential for rapid expansion [12]

Core Viewpoint - The company, XGIMI Technology, announced its plan to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence and competitiveness [1] Group 1: Company Overview - XGIMI Technology was founded in 2013 in Chengdu High-tech Zone, focusing on innovative products in the new display sector, particularly smart projectors and laser TVs [2] - The company has established a strong market position, being the leader in shipment volume in the Chinese projector market for five and a half consecutive years since 2018, breaking the foreign brand monopoly [2] - As of the first half of 2025, XGIMI reported a revenue of 1.626 billion yuan, a year-on-year increase of 1.63%, and a net profit of 88.66 million yuan, a significant increase of 2062.34% [2] Group 2: Business Expansion - In the first half of the year, XGIMI expanded its technology and product applications into the automotive projection sector, securing multiple contracts in smart cockpit and smart lighting areas [3] - Several of the company's automotive products have been delivered and are now featured in models such as the Wenjie M8, Wenjie M9, Zun Jie S800, and Xiang Jie S9 [3] Group 3: Market Position and Financials - As of September 2, the company's stock price was 128.9 yuan, with a total market capitalization of 9.023 billion yuan [4]

Core Insights - In August, Tianhu Technology recorded 27 investment events related to technology innovation and entrepreneurship in Chengdu, indicating a vibrant investment landscape in the region [1] Investment Events Summary - Chengdu Wanying Microelectronics Co., Ltd. completed A-round financing, with undisclosed investment from Chengdu High-tech Intermediate Entrepreneurship Investment Partnership [4] - Haotai Intelligent (Chengdu) Technology Co., Ltd. completed A-round financing, with undisclosed investment from Gaokang Capital [5] - Zongjiyuan (Chengdu) Technology Co., Ltd. completed equity financing, with undisclosed investment from Guanghua Wutong Fund and Chengdu Science and Technology Innovation Investment Group [6] - Yuan Ce Information Technology (Chengdu) Co., Ltd. completed equity financing, with undisclosed investment from Chuangyuan Xinke and Changshi Capital [7] - Chengdu Zhongke Zhuoer Intelligent Technology Group Co., Ltd. completed B-round financing of several hundred million RMB, led by Bank of China International Investment [8] - Chengdu Daguang Bochuang Information Technology Co., Ltd. completed Pre-A round financing of tens of millions RMB, with undisclosed investment [9] - Chengdu Feisida Rui Technology Co., Ltd. completed equity financing, with undisclosed investment from Deep Venture Capital [10] - Renxin Welding Robot (Chengdu) Co., Ltd. completed A-round financing of tens of millions RMB, exclusively invested by Deep Venture Capital [11] - Sichuan Embodied Human-Shaped Robot Technology Co., Ltd. completed a new round of equity financing, with undisclosed investment [12] - Dongcha Shikong (Chengdu) Technology Co., Ltd. completed a new round of equity financing, with undisclosed investment [13] - Chengdu Zhong'an Automation Engineering Co., Ltd. completed B+ round financing, with investment from multiple firms [14] - Chengdu Zeling Biological Medicine Technology Co., Ltd. completed nearly 400 million RMB in B+ round financing, led by Qiming Venture Partners [15] - Chengdu Zhongke Mig Detection Technology Co., Ltd. completed angel round financing, with undisclosed investment [16] - Chengdu Oda Biological Technology Co., Ltd. completed A-round financing of 30 million RMB, with investment from Daoyuan Capital [18] - Chengdu Heerkang Medical Technology Co., Ltd. completed equity financing, with undisclosed investment [19] - Chengdu Xingrui Jingxuan Biological Technology Co., Ltd. completed equity financing, with undisclosed investment from Fosun Pharma [20] - Sichuan Hongpeng Aerospace Equipment Intelligent Manufacturing Co., Ltd. completed a new round of equity financing, with undisclosed investment [21] - Chengdu Xingsheng Special Carbon Technology Co., Ltd. completed equity financing, with undisclosed investment [22] - Chengdu Taikun Technology Co., Ltd. completed equity financing, with undisclosed investment [23] - Sichuan New Work Green Hydrogen Technology Co., Ltd. completed 60 million RMB in equity financing [24] - Sichuan Oil and Gas Exploration and Development Co., Ltd. completed equity financing, with undisclosed investment [24] - Chengdu Chuangzuo Smart IoT Technology Co., Ltd. completed a new round of financing, with several million RMB investment [25] - Sichuan Xiong Miao Smart Kitchen Technology Co., Ltd. completed equity financing of tens of millions RMB, with investment from Guoquan Food [26] - Sichuan Tongdianyou Technology Co., Ltd. completed equity financing, with investment from Zhenge Fund [27] - Sichuan Haijixing Smart Supply Chain Technology Co., Ltd. completed 480.39 million RMB in A-round financing [28] Industry Trends - The electronic information sector is the most active, with 7 investment events, followed by digital economy, health care, and green low-carbon sectors, each with 5 events [3] - The high-tech industry in Chengdu is seeing significant investment interest, particularly in integrated circuits and advanced manufacturing technologies [3]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The domestic projection market is optimizing, with the company maintaining a leading position in retail market share at 31.0% in Q2 2025, reflecting a year-on-year increase of 4.7 percentage points [2] - The company is expanding its overseas market presence, with significant growth in Amazon sales in France (+83%), Germany (+175%), and Italy (+173%) in Q2 2025 [2] - The company is diversifying into new business areas such as automotive and commercial projections, which are expected to contribute to future growth [2] Financial Performance - For H1 2025, the company reported revenue of 1.63 billion yuan, a year-on-year increase of 1.6%, and a net profit of 89 million yuan, up 2062.3% [1] - The gross margin for Q2 2025 was 32.6%, an increase of 2.4 percentage points, while the net profit margin improved to 3.2%, up 4.5 percentage points [3] - The company expects net profits to grow to 280 million yuan in 2025, 552 million yuan in 2026, and 833 million yuan in 2027, with corresponding dynamic P/E ratios of 31.9x, 16.3x, and 10.8x [4] Market Position and Strategy - The company is focusing on enhancing production efficiency, R&D innovation, and supply chain improvements to optimize resource allocation and cost control [3] - The company has launched new products in overseas markets, including the MoGo4 and MoGo4Laser, which have received multiple awards and are expected to drive market share growth [2] - The automotive projection business is gaining traction, with products being integrated into various vehicle models, creating a comprehensive in-car projection solution [2]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 27.231 billion yuan, a year-on-year increase of 6.95% [1] - The net profit attributable to shareholders reached 1.056 billion yuan, up 26.63% compared to the same period in 2024, significantly outpacing revenue growth [1] - Operating cash flow increased by 48.59% to 1.802 billion yuan, and the weighted average return on net assets rose by 0.84 percentage points [1] Technological Advancements - The company made significant technological breakthroughs, particularly in overcoming the "two-chip" challenge in RGB-Mini LED industrialization using the ULED technology platform [2] - The RGB-Mini LED technology allows for a major leap from traditional monochrome backlighting to RGB three-color backlighting, enhancing display quality [2][4] - The self-developed RGB color control AI image quality chip H7 has been applied in various mid-to-high-end television models, creating a differentiated market advantage [8] Market Trends and Product Strategy - The global shipment of televisions 98 inches and above increased by 109.30% in the first half of 2025, with domestic sales rising by 123.50% [9] - The company optimized its product structure, leading to an 85.29% increase in global shipments of products 98 inches and above and a 108.24% increase in Mini LED products [10] - In the domestic market, the company maintained a leading position with a retail volume and value market share of 41.65% and 48.66% respectively for televisions 100 inches and above [12] Global Presence and Brand Recognition - The company ranks first in market share for 75 inches and above products globally, with nearly 20% market share for products 75 inches and above [12] - The brand's global influence has been enhanced through partnerships with major events and games, leading to a significant increase in sales [17] - The company has established nine production bases and 13 R&D centers worldwide, improving research efficiency and product competitiveness [19] New Business Ventures - In the first half of 2025, the new display business generated revenue of 3.434 billion yuan, a year-on-year increase of 7.43% [15] - The company is expanding into new fields such as laser display and AI, with a focus on multi-dimensional growth engines [13][14]

Core Insights - The online retail volume of smart devices in Chinese living rooms is projected to reach 35.231 million units in the first half of 2025, representing a year-on-year increase of 8.4% [1] - The total retail sales value is expected to hit 52.98 billion yuan, reflecting a year-on-year growth of 12.2% [1] Market Performance - Demand for large-screen devices, specifically smart projectors and smart TVs, is currently weak [1] - The VR market is experiencing sluggish consumption due to technological limitations and a lack of content, while AR products have shown significant improvements in portability, practicality, and cost-effectiveness [1] - The AR market is led by companies such as Thunder Innovation, XREAL, Starry Sky Meizu, VITURE, and Rokid [1] Product Launches - Xiaomi has officially launched its highly anticipated AI glasses on June 26, with the electrochromic model selling out quickly, and projected sales for 2025 are estimated at 300,000 units [1]

Core Viewpoint - The company, XGIMI Technology, is initiating a Hong Kong stock listing plan to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its global strategy and capitalize on new growth opportunities amid a challenging domestic market environment [1][2]. Group 1: Company Performance and Market Position - XGIMI Technology, founded in 2013, is a leading player in the domestic projection equipment industry, focusing on smart projectors and laser TVs, with a presence in over 100 countries and services provided to more than 5 million users [2][5]. - The company achieved significant milestones in 2018, surpassing international brands like Sony and Epson with a market share of 13.2%, and has maintained its position as the top seller in the industry for six consecutive years [2][5]. - Financial performance has shown volatility, with a peak revenue growth of 42.78% in 2021, followed by a sharp decline in 2022, where revenue growth plummeted to 4.6% [3][4]. Group 2: Recent Financial Trends - In 2023, the company faced further challenges, with revenue and net profit declining by 15.77% and 75.97%, respectively, while 2024 showed a slight recovery with a revenue decrease of only 4.27% [4][5]. - A significant turnaround is anticipated in the first half of 2025, with projected revenue of 1.626 billion yuan, a year-on-year increase of 1.63%, and a net profit surge of 2062.33% [5]. Group 3: Strategic Initiatives - To counteract domestic market challenges, XGIMI is focusing on globalization and the automotive sector as key growth strategies, with the Hong Kong listing aimed at supporting these initiatives [2][6]. - The company has seen a notable increase in international revenue, which reached 1.086 billion yuan in 2024, accounting for 32% of total revenue, up from 10.7% in 2021 [6][7]. - XGIMI has also made strides in the automotive market, becoming a designated supplier for several car manufacturers and entering mass production of car-mounted projection products [9][10]. Group 4: Market Challenges and Outlook - Despite the positive developments, the company faces significant challenges, including intense competition from established international brands and the high entry barriers in the automotive supply chain [8][10]. - The recent reduction in workforce and shareholder sell-offs reflect market skepticism regarding the company's short-term prospects, emphasizing the need for successful execution of its internationalization strategy [10][11]. - The overall market for projectors is expected to grow, with forecasts indicating a potential increase in global shipment volumes, which could benefit XGIMI if it successfully navigates its strategic initiatives [7][8].

Core Viewpoint - The company, XGIMI Technology, has announced plans to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to enhance its international brand recognition and competitiveness [1][2]. Group 1: Company Strategy and Market Position - XGIMI aims to meet its internationalization strategy and overseas business layout needs through the upcoming Hong Kong listing [1]. - The company has established a solid foundation and growth momentum in the global market, having been listed on the STAR Market in March 2021 [2]. - The recent recovery of the Hong Kong IPO market has led to a surge in mainland companies seeking listings, indicating a favorable environment for XGIMI's H-share issuance [2]. Group 2: Financial Performance and Projections - XGIMI expects to achieve a revenue of 1.626 billion yuan in the first half of 2025, representing a year-on-year growth of 1.63% [2]. - The company anticipates a net profit attributable to shareholders of 88.6622 million yuan, an increase of 84.5619 million yuan compared to the same period in 2024, reflecting a growth of 2062.33% [2]. Group 3: Global Expansion and Product Strategy - Founded in 2013, XGIMI has become a leader in the new display sector, maintaining the top position in China's projector market for seven consecutive years since 2018 [4]. - The company has successfully expanded internationally, with overseas revenue reaching 1.205 billion yuan in 2024, accounting for over 35% of total revenue [4]. - XGIMI's overseas strategy includes utilizing crowdfunding platforms, accelerating e-commerce presence, and establishing a robust online and offline retail network [4][5]. Group 4: Innovation and Localization - XGIMI focuses on product strength and localized operations, investing 11% of its revenue in R&D, which is above the industry average [5]. - The company tailors its products to meet local market demands, such as launching simplified models for Japan and high-end models for Western markets [5][6]. - XGIMI's products are certified by Google and equipped with AndroidTV and GoogleTV, aligning with overseas users' content consumption habits [5]. Group 5: Future Prospects and Market Trends - The successful Hong Kong listing will create an "A+H" dual capital platform, providing new momentum for XGIMI's global expansion and enhancing its penetration in key markets [8]. - Research indicates that the proportion of overseas middle-class families considering Chinese brands for smart devices will increase by 17% in 2024, suggesting a shift towards high-end markets for Chinese brands [8].