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。 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。 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 - XGIMI Technology is focused on the research, production, and sales of various consumer-grade, automotive-grade, and engineering-grade smart projection products, with a global presence in over 100 countries and regions, and more than 6,000 offline points of sale [4] - The company has maintained its position as the top seller in China's projection industry for seven consecutive years since 2018 and has been the revenue leader in the domestic market for five years, holding approximately 30.2% market share in 2024 [4] - XGIMI has developed a strong capability base in optical technology and user interaction, allowing it to expand its product offerings to higher-demand automotive and engineering-grade projection products, with its automotive projection business already in mass production [4] Business Model - In China, XGIMI provides internet value-added services through its GMUI platform, allowing customers to access audio-visual content and various applications, sharing a portion of user payments with application developers [5] - Internationally, XGIMI collaborates with game developers to distribute games on third-party platforms and shares revenue according to pre-agreed ratios, also partnering with streaming platforms to facilitate access for overseas users [5] Financial Performance - For the fiscal years 2022 to 2025, XGIMI's revenues were approximately CNY 42.20 billion, CNY 35.52 billion, CNY 34.00 billion, and CNY 16.23 billion respectively, with net profits of CNY 5.01 billion, CNY 1.20 billion, CNY 1.20 billion, and CNY 0.88 billion [5] - The gross profit margin has shown fluctuations, with gross profits of CNY 1.48 billion (35.0%), CNY 1.06 billion (29.8%), CNY 1.03 billion (30.3%), and CNY 445.51 million (27.9%) over the same periods [8]

Core Insights - The automotive display market is projected to grow significantly, with a forecasted increase from $23.83 billion in 2024 to $47.37 billion by 2029, representing a compound annual growth rate (CAGR) of 14.7% [1] - The demand for in-car displays is driven by the rapid development of automotive intelligence and connectivity, with global automotive sales expected to reach 94.7 million units in 2025, a 3.7% increase from 2024 [3][4] - The market is characterized by high growth but low profitability, as increased competition and price wars among suppliers are putting pressure on margins [2][8] Industry Dynamics - The automotive display sector is seen as a "second growth curve" for the display industry, especially as traditional markets like smartphones and TVs face stagnation [2] - The shift towards smart cockpits has made displays a critical battleground, with the average screen size in vehicles increasing due to the rise of electric vehicles [4][5] - The penetration rate of Head-Up Displays (HUD) in passenger cars is expected to rise from 11% in 2023 to 16% in 2024, indicating a shift from high-end options to more mainstream features [4][5] Competitive Landscape - Major players like BOE, TCL Huaxing, and Tianma Microelectronics are shifting focus to automotive displays to utilize excess capacity from saturated consumer electronics markets [5][10] - The competition is intensifying as companies seek to establish deep partnerships with automakers, emphasizing the importance of collaborative development and customized solutions [9][13] - The trend of "de-Tier 1" is emerging, where panel manufacturers aim to bypass traditional Tier 1 suppliers to directly engage with automakers, enhancing profit margins and supply chain stability [6][13] Strategic Approaches - Companies are adopting different strategies to navigate the competitive landscape, with BOE focusing on a comprehensive ecosystem approach while Tianma is honing in on specific technologies like LTPS LCD [10][11] - TCL Huaxing is rapidly expanding its market share, achieving a 125% year-on-year growth in automotive display shipments in 2024 by forming strategic alliances with key automotive players [11][12] - The industry is witnessing a shift towards integrated solutions, with suppliers like Huayang Group and Desay SV becoming system integrators to create new competitive advantages [13] Future Outlook - Despite the promising growth potential, the automotive display market faces challenges such as price declines and the need for differentiation in a crowded field [6][8][14] - The industry's evolution is expected to lead to a more structured and healthy market environment over time, although this may require a period of adjustment [14]