依靠投影产品，极米科技切入了客厅经济领域。近年来，智能家居的兴起推动了客厅变革，智能投影机 也侵蚀了部分传统电视份额。不过，智能投影市场起伏太大，也影响极米科技的业绩表现。 新京报贝壳财经讯（记者陈维城）9月3日，极米科技公告董事会审议通过公司发行H股股票并在香港联 交所上市相关议案。公司将充分考虑现有股东的利益和境内外资本市场的情况，在股东会决议有效期内 选择适当的时机和发行窗口完成本次发行H股并上市。 极米科技表示，H股上市为满足公司国际化战略及海外业务布局需要，提升公司国际品牌知名度，增强 公司综合竞争力。公司正积极与相关中介机构就本次发行H股并上市的相关工作进行商讨，其他关于本 次发行H股并上市的具体细节尚未确定。 2013年11月，"80后"钟波成立极米科技。钟波曾是海信电视研究所工程师，后在晨星软件工作8年，在 职期间负责该公司关于TCL、创维、长虹、康佳、厦华、明基等数十个LCD机型研发项目。 很多人从名称上猜测极米科技可能是小米生态链企业，其实不然，百度才是其第一大外部股东。该企业 的主营业务是智能投影产品的研发、生产及销售，同时向消费者提供围绕智能投影的配件产品及互联网 增值服务。 2021 ...

Core Viewpoint - The financial performance of XGIMI Technology shows a significant disparity between net profit and operating cash flow, raising concerns about the sustainability of its profitability amid declining revenues and ongoing layoffs [1][2][3]. Financial Performance - In the first half of 2025, XGIMI achieved revenue of 1.626 billion yuan, a slight increase of 1.63% year-on-year, while the net profit attributable to the parent company surged by 616.8% to 77 million yuan [1][2]. - Despite the substantial increase in net profit, the company's operating cash flow was negative at -440 million yuan, indicating a severe cash outflow [2][3]. - The operating cash flow for the first half of 2024 was positive at 171 million yuan, highlighting a stark contrast with the current year's negative cash flow [3]. Inventory and Production - As of the end of the first half of 2025, XGIMI's inventory balance reached 1.184 billion yuan, a 23% increase from the beginning of the period, significantly outpacing revenue growth [3]. - The balance of finished goods and raw materials saw substantial increases, with finished goods rising by 24.69% and raw materials by 92.28% compared to the previous period [3]. Workforce Changes - XGIMI has reduced its R&D personnel by 22.56% year-on-year, with the total number of R&D staff dropping to 580 [4]. - The company has experienced a continuous reduction in workforce over the past three years, with total employees decreasing from 2,715 in 2021 to 2,225 in 2024 [4]. Market Challenges - XGIMI's revenue and net profit have been declining since reaching peak performance in 2022, with a 76% drop in net profit in 2023 compared to the previous year [2][5]. - The company faces challenges in the domestic market, where it has encountered a "double whammy" of declining sales and prices [2]. Shareholder Activity - Major shareholder Baidu has significantly reduced its stake in XGIMI, cashing out over 1 billion yuan since the company's IPO, while still holding 4% of the shares [5][6]. - XGIMI has initiated a share buyback program, which has contributed to a rebound in its stock price after a significant decline [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 1.626 billion RMB for H1 2025, a year-on-year increase of 1.63%, and a net profit attributable to the parent company of 88.66 million RMB, showing significant growth compared to the previous year [1]. - The company is expanding its business model from single retail to diversified applications, leveraging new product iterations and a multi-tiered product matrix to maintain market share amid increasing competition in the domestic projection market [1][3]. - The company is focusing on high R&D investment (over 12% of revenue) to strengthen its optical and algorithmic technology moat, which is expected to enhance long-term growth resilience through technology spillover [1][5]. Revenue and Profitability - The projection hardware business generated 1.487 billion RMB in revenue for H1 2025, a slight decrease of 0.4% year-on-year, while the internet operation business saw a decline of 32% to 59 million RMB [2]. - The average selling price across major channels increased by 22.7% year-on-year, indicating a clear recovery trend in pricing [2]. - The gross margin for projection hardware improved by 6.4 percentage points to 31.2%, while the internet operation business maintained a high gross margin of 95.7% despite a slight decline [2][4]. Business Expansion - The company has commenced mass production of its vehicle-mounted projection products, collaborating with various car models to penetrate the in-car entertainment market [3]. - Plans are in place to launch commercial scene products in the second half of the year, which is expected to further expand the B-end market and open a new growth curve [3]. Financial Forecast - The company forecasts EPS of 5.00, 5.77, and 6.39 RMB for 2025, 2026, and 2027 respectively, with a target price set at 150.00 RMB based on a 30x PE ratio for 2025 [5][20].

北京商报讯（记者 陶凤 实习记者 王天逸）8月28日，极米科技发布2025年半年度报告。数据显示，公 司上半年实现营业收入16.26亿元，同比增长1.63%；归属于上市公司股东的净利润8866.22万元，同比 大幅增长2062.34%；现金流受备货及结算周期影响由正转负，为-4.40亿元，与上年同期1.70亿元相比下 降约359%。 极米科技主营业务为智能投影产品的研发、生产及销售，同时提供围绕智能投影的配件产品及互联网增 值服务。此外，公司不断拓展投影应用场景，切入汽车智能座舱、智能大灯领域，为客户提供车载光学 解决方案。 据披露，作为国内投影设备行业领导品牌，极米科技自2013年成立以来发展迅速。据IDC数据，公司出 货量于2018年首次位居中国投影设备市场第一，至2024年已连续七年保持中国投影设备市场出货量第 一；2020年公司销售额首次在中国投影设备市场夺冠，至2024年已连续五年保持国内出货量及销售额双 第一。在国内中高端投影机（不含单片LCD投影机）市场，极米2024年保持出货量第一，市场份额高达 35%。在IDC 2024年国内投影机销量TOP10及销额TOP10榜单中，极米分别有4款、6款产 ...

Group 1 - The core viewpoint of the news is that XGIMI Technology has shown a positive stock performance with a 25.28% increase year-to-date and a recent rise in trading volume and market capitalization [1] - As of August 22, XGIMI's stock price reached 122.80 CNY per share, with a total market capitalization of 8.596 billion CNY [1] - The company has seen significant trading activity, with a net inflow of 3.9918 million CNY from main funds and a notable increase in large orders [1] Group 2 - For the period ending March 31, XGIMI reported a revenue of 810 million CNY, reflecting a year-on-year decrease of 1.89% [2] - The number of shareholders decreased by 5.91% to 5,895, while the average circulating shares per person increased by 6.28% to 11,874 shares [2] - XGIMI has distributed a total of 400 million CNY in dividends since its A-share listing, with 170 million CNY distributed over the past three years [2]

Group 1 - The core point of the news is that XGIMI Technology is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to advance its international strategy and overseas business layout [1][4] - The H-share issuance aims to enhance the company's international brand awareness and strengthen its overall competitiveness [4] - XGIMI Technology has been expanding its overseas market, with revenue from international operations increasing from 177 million yuan in 2020 to 1.086 billion yuan in 2024, representing a growth in revenue share from 6.25% to 31.89% [4] Group 2 - The company was established on November 18, 2013, and focuses on the research, production, and sales of smart projection products, along with providing related accessories and internet value-added services [4] - In addition to core smart projection products, XGIMI Technology is also providing solutions for smart cockpits and intelligent headlights in the automotive optical field, with products already in mass production for several vehicle models [4] - For the first half of 2025, XGIMI Technology expects to achieve operating revenue of 1.626 billion yuan, a year-on-year increase of 1.63%, and a net profit attributable to the parent company of 88.6622 million yuan, a year-on-year increase of 2062.33% [5]

Core Viewpoint - The Hong Kong IPO market is experiencing a strong recovery, with a surge in mainland companies seeking to list, exemplified by XGIMI Technology's plan to issue H-shares and list on the Hong Kong Stock Exchange after previously listing on the STAR Market four years ago [1] Group 1: Company Developments - XGIMI Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to support its international strategy and enhance brand recognition [2] - The company has seen its overseas revenue grow to 1.086 billion yuan, accounting for 32% of total revenue, while domestic revenue has declined by 14.8% [2] - XGIMI has launched products with Google-certified Android TV and plans to introduce Google TV products, which helps maintain its competitive edge in international markets [2][3] Group 2: Market Conditions - The Chinese projector market is facing a downturn, with a projected decline in sales volume and revenue [3] - Global projector market growth is expected, with a forecasted shipment increase of 4.4% to 9.5% by 2025, driven by trends towards larger, high-definition, and immersive displays [4] Group 3: Financial Performance - XGIMI's financial performance has fluctuated, with a significant drop in revenue and net profit in recent years, but a projected recovery in the first half of 2025 [6][7] - The company's stock price has seen volatility, peaking at 626.68 yuan shortly after its initial listing but dropping to 50.71 yuan before recovering to 109.68 yuan, still below the initial offering price [7] Group 4: Strategic Initiatives - XGIMI has entered the automotive sector, securing contracts with notable automotive companies, indicating a diversification of its business strategy [8] - The company aims to leverage its new narratives and market conditions to attract investor interest during its Hong Kong listing [7]

Core Viewpoint - The Hong Kong IPO market is experiencing a strong recovery, with a surge in mainland companies seeking to list, exemplified by XGIMI Technology's plan to issue H-shares and list on the Hong Kong Stock Exchange after previously listing on the STAR Market four years ago [1][2] Group 1: Company Overview - XGIMI Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international brand recognition and competitiveness as part of its internationalization strategy [2][5] - The company has seen a significant increase in overseas revenue, which reached 1.086 billion yuan, accounting for 32% of total revenue in 2024, compared to 10.7% in 2021 [2][3] - XGIMI's products have entered major overseas retail channels, including BestBuy, Sam's Club, and Walmart, indicating a robust overseas market presence [3] Group 2: Market Conditions - The Chinese projector market is facing a decline, with a projected 3.9% decrease in sales volume and a 2.9% drop in sales revenue in the first half of 2025 [3] - Despite the challenges in the domestic market, the global projector market is expected to grow, with projected shipment increases of 4.4% to 9.5% in 2025 [4] Group 3: Financial Performance - XGIMI's financial performance has fluctuated, with a revenue decline of 15.77% and a net profit drop of 75.97% in 2023, followed by a slight recovery in 2024 [6] - The company anticipates a revenue of 1.626 billion yuan and a net profit of approximately 88.66 million yuan for the first half of 2025, marking a year-on-year increase of 1.63% and 2062.33%, respectively [6] Group 4: Strategic Developments - XGIMI has entered the automotive sector, securing eight contracts with well-known automotive companies, which may provide new growth opportunities [8] - The company aims to leverage its new narratives and developments to attract investor interest in the Hong Kong market, despite the challenges faced in the domestic projector market [7][8]

Core Viewpoint - The company, XGIMI Technology, is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to support its internationalization strategy and overseas business expansion [1][2] Group 1: Business Overview - XGIMI Technology specializes in the research, production, and sales of smart projection products, along with providing related accessories and internet value-added services [1] - The company is expanding its application scenarios for projection technology, entering fields such as automotive smart cockpits and intelligent headlights, offering optical solutions for vehicles [1] Group 2: Financial Performance - For the first half of 2025, XGIMI expects to achieve revenue of 1.626 billion yuan, a year-on-year increase of 1.63% [1] - The projected net profit is 88.6622 million yuan, an increase of 84.5619 million yuan compared to the same period last year, representing a growth of 2062.33% [1] - In the same period last year, the company reported revenue of 1.6 billion yuan and a net profit of 4.1003 million yuan [1] Group 3: Growth Drivers - The significant increase in net profit is attributed to the company's ongoing implementation of R&D innovation strategies and improvements in the supply chain, which enhance resource allocation and cost control [1] - Measures taken include improving the universality of key components, increasing R&D and production efficiency, and enhancing market responsiveness, all contributing to better cost management and core profitability [1] Group 4: International Expansion - XGIMI is committed to a brand globalization strategy, with products already entering major offline channels in Europe, North America, Japan, and Australia [2] - The company aims to strengthen the refined operation of its products and brand overseas, enhancing recognition among international consumers [2] Group 5: Upcoming Actions - The issuance of H-shares and the listing process will require approval from the company's board, shareholders, and relevant regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2] - As of August 4, the company's stock price was 110.1 yuan per share, with a total market capitalization of 7.707 billion yuan [2]

Core Viewpoint - The company, XGIMI Technology, is planning to issue overseas listed shares (H-shares) and apply for listing on the Hong Kong Stock Exchange to support its international strategy and overseas business expansion [1] Group 1: Business Overview - XGIMI Technology focuses on the research, production, and sales of smart projection products, along with providing related accessories and internet value-added services [1] - The company is expanding its application scenarios for projection technology, entering fields such as automotive smart cockpits and smart headlights [1] Group 2: Financial Performance - For the first half of 2025, XGIMI expects to achieve revenue of 1.626 billion yuan, a year-on-year increase of 1.63% [1] - The projected net profit for the same period is 88.6622 million yuan, which represents an increase of 84.5619 million yuan or a growth of 2062.33% compared to the previous year [1] - The growth in net profit is attributed to the company's ongoing R&D innovation strategy and improvements in the supply chain, leading to efficient resource allocation and cost control [1] Group 3: International Expansion - XGIMI is committed to a brand globalization strategy, with products already entering major offline channels in Europe, North America, Japan, and Australia [1] - The company is leveraging its existing channel accumulation to further expand its market presence [1] Group 4: Upcoming Actions - The issuance of H-shares and the listing process will require approval from the company's board, shareholders, and relevant regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1] Group 5: Market Position - As of August 4, the stock price of XGIMI Technology was 110.1 yuan per share, with a total market capitalization of 7.707 billion yuan [1]