极米科技2025年半年度报告显示，公司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。此外，公司不断拓展投影的应用场景，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。公司主要产品及服务包括智能投影产品及相关配 件、互联网增值服务、车载光学解决方案。 2025年上半年，公司实现营业收入约为16.26亿元；实现归属于上市公司股东的净利润约为8866.22万 元。报告期内，经营活动产生的现金流量净额约为-4.4亿元，同比下滑357.61%。 2024年，公司实现营业收入约为34.05亿元，同比减少4.27%；归属于上市公司股东的净利润约为1.2亿 元，同比减少0.3%。 此外，公司9月2日召开的第三届董事会第三次会议审议通过了《关于公司发行H股募集资金使用计划的 议案》。董事会同意公司此次发行H股并上市所得募集资金在扣除发行费用后，用于全球范围内的品牌 及产品营销推广、提升研发综合能力及产品品类扩张、补充营运资金及其他一般企业用途。具体发行规 模确定之后，如出现此次募集资金不足项目资金需求部分的情况，公司将根据实际需要通过其他方式解 决。 9月3日 ...

Core Viewpoint - The report highlights the significant growth in revenue and net profit for XGIMI Technology Co., Ltd. in the first half of 2025, driven by innovation in product development and an effective supply chain strategy [3][10]. Financial Performance - The company achieved operating revenue of CNY 1.63 billion, a 1.63% increase compared to the same period last year [3]. - The total profit reached CNY 78.82 million, a substantial recovery from a loss of CNY 0.11 million in the previous year [3]. - The net profit attributable to shareholders was CNY 88.66 million, marking a dramatic increase of 2,062.34% year-on-year [3]. - The net cash flow from operating activities was negative at CNY -440.29 million, a decrease of 357.61% compared to the previous year [3]. Business Overview - The main business of the company includes the research, production, and sales of smart projection products, along with related accessories and internet value-added services [8]. - The company has expanded its product offerings to include automotive optical solutions, targeting smart cockpit and smart headlight applications [8][10]. Market Position - XGIMI has established itself as a leading brand in the domestic projection equipment industry, maintaining the top position in both shipment volume and sales revenue for several consecutive years [9][10]. - The global projection equipment market is projected to grow, with XGIMI's products increasingly penetrating international markets, including Europe, North America, and Japan [9][14]. Research and Development - The company invested CNY 197 million in R&D during the reporting period, focusing on core technologies such as optical design, intelligent sensing algorithms, and image quality optimization [10][15]. - XGIMI has obtained 18 new authorized invention patents, bringing the total to 418 patents [10]. Product Innovation - The company launched several new products, including portable projectors and high-end laser projection models, enhancing its competitive edge in the market [10][12]. - XGIMI's innovative technologies, such as the Dual Light technology for improved image quality, have positioned it favorably in the smart projection market [19][20]. Sales and Distribution - The company utilizes a comprehensive sales network, including both online platforms like JD and Tmall, and offline channels through distributors and direct stores [17]. - XGIMI's products have been well-received in international markets, with a focus on localizing operations and expanding retail partnerships [14][17].

Core Viewpoint - The financial performance of XGIMI Technology shows a significant increase in net profit but a concerning decline in operating cash flow, raising questions about the sustainability of its profitability and future investor interest in its planned Hong Kong listing [1][6][11]. 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 was 77 million yuan, a substantial increase of 616.8% year-on-year [1][6]. - Despite the surge in net profit, the company's operating cash flow was negative at -440 million yuan, indicating a significant cash outflow that contradicts the profit increase [6][11]. - The operating cash flow for the first half of 2024 was 171 million yuan, highlighting a stark contrast with the current year's negative cash flow [6]. Inventory and Cost Management - 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 year, which outpaced revenue growth [6][7]. - The balance of raw materials also surged by 92.28% to 473 million yuan, raising concerns about the adequacy of inventory management in relation to sales performance [8]. Workforce and R&D - The company has reduced its R&D personnel by 22% over the past year, continuing a trend of layoffs for three consecutive years, which raises concerns about its innovation capacity [9][11]. - As of June 30, 2025, the number of R&D staff was 580, accounting for 28.84% of the total workforce, indicating a potential decline in the company's focus on research and development [10]. Market Position and Stock Performance - XGIMI's stock price has dropped nearly 80% from its peak of 614.43 yuan per share in June 2021, closing at 128.36 yuan as of August 20, 2023 [12][17]. - The company has faced significant shareholder sell-offs, with Baidu, its second-largest shareholder, cashing out over 1 billion yuan during the stock's decline [12][17]. Future Outlook - The company is planning a Hong Kong listing to raise funds, but the combination of declining revenues, negative cash flow, and workforce reductions may hinder investor confidence [1][11]. - The overall market conditions and the company's performance trajectory will be critical in determining the success of its upcoming fundraising efforts [11].