无人车赛道的资本化进程与市场竞争正在同步加速。 10月21日，南都湾财社记者获悉，九识智能近日宣布完成1亿美元B4轮融资。本轮融资由蚂蚁集团领 投，蓝湖资本、BV百度风投等新老股东跟投。截至本轮，九识智能B轮已完成融资4亿美元。 在行业大打"万元价格战"、资本加速向头部集中的背景下，此轮融资备受关注。根据九识智能披露的信 息，新注入的资金将用于加大无人驾驶技术研发、产品迭代、供应链自主可控、全球市场拓展及客户服 务体系提升等方面。 从三大系列到万台交付 与行业内其他玩家不同，九识智能在成立之初便进入L4 RoboVan（中大型无人货车）领域。 南都湾财社记者梳理发现，九识智能目前已构建了清晰的产品矩阵，以应对不同城配场景： Z系列：2023年5月首发，是其L4 RoboVan量产车型，主打全场景兼容性，覆盖标准配送、重载长距 等。 E系列：2025年5月推出，面向快递物流等轻抛货场景，车体更轻、货箱更大。其中E6车型曾喊出"一部 手机的价格"，定价1.98万元，被视为应对行业"万元价格战"的主力产品。 L系列：2025年8月推出，主攻重载难关，载重达1.8吨以上，适配米面粮油、轮胎汽配等重货运输。 资本加注下 ...

Core Viewpoint - After regaining positive growth, the global projection industry leader, XGIMI Technology (688696.SH), has embarked on the journey to list in Hong Kong, with plans to use the raised funds for global branding, R&D enhancement, and working capital [1][20]. Company Overview - XGIMI Technology, established in 2013, focuses on the R&D, production, and sales of consumer-grade, automotive-grade, and engineering-grade smart projection products, including long-focus, short-focus, and innovative projectors [2][5]. - As of September 2025, XGIMI's products are sold in over 100 countries and regions, with more than 6,000 offline sales points and cumulative shipments exceeding 7 million units. The company has been the sales champion in China's projection industry for seven consecutive years since 2018 and has held the revenue championship for five years since 2020 [5][8]. Financial Performance - XGIMI's financial data shows a trend of revenue pressure and significant profit fluctuations. Revenue for 2022, 2023, and 2024 was 4.22 billion, 3.55 billion, and 3.4 billion RMB, respectively, indicating a decline due to changing consumer preferences towards entry-level products [8][10]. - In the first half of 2025, revenue slightly increased by 1.63% to 1.62 billion RMB, but still showed a significant gap compared to 2.04 billion RMB in the same period of 2022 [8][10]. - Profit figures for 2022, 2023, and 2024 were 501 million, 120 million, and 120 million RMB, respectively, with a notable 76% year-on-year decline in 2023. The profit rebounded to 88 million RMB in the first half of 2025, attributed to supply chain optimization and cost control [10][11]. Market Position and Competitive Landscape - XGIMI maintains a leading position in the market due to its differentiated technological advantages, including self-developed optical engines and interactive experiences [7][19]. - The company faces significant competition in the consumer-grade market, with many new entrants and pressure from the trend towards larger screen televisions, leading to a decline in average selling prices [11][18]. - The average selling price of long-focus projectors dropped from 3,400 RMB in 2022 to 2,600 RMB in the first half of 2025 [11]. Industry Growth Potential - The global projection industry is in a phase of steady growth, with projected sales of 17.01 million units and revenue of 53.19 billion RMB in 2024. The compound annual growth rates for sales and revenue from 2024 to 2029 are expected to be 13.0% and 11.4%, respectively [15][18]. - The consumer-grade projection segment remains the core growth driver, while automotive-grade projection is emerging as a significant growth area with a projected compound annual growth rate of 57.2% from 2024 to 2029 [18][19]. Strategic Initiatives - XGIMI plans to enhance its product matrix across all price segments in the consumer-grade market and transition from a "hardware sales" model to a "hardware + service" model through the GMUI system [18][19]. - The company aims to expand its presence in North America and Southeast Asia, leveraging successful experiences from Europe and Japan, while exploring innovations such as AI integration in projection technology [19][20].

Core Viewpoint - After regaining positive growth, the global projection industry leader, XGIMI Technology (688696.SH), has embarked on the journey to list in Hong Kong, aiming to raise funds for international expansion, R&D enhancement, and general corporate purposes [1][20]. Company Overview - XGIMI Technology, established in 2013, focuses on the R&D, production, and sales of consumer-grade, automotive-grade, and engineering-grade smart projection products, including long-focus, short-focus, and innovative projectors [2]. - As of September 22, 2025, XGIMI's products are sold in over 100 countries and regions, with more than 6,000 offline sales points and cumulative shipments exceeding 7 million units. The company has been the sales champion in China's projection industry for seven consecutive years since 2018 and has held the revenue championship domestically for five years since 2020, with a market share of 30.2% in the mid-to-high-end projector sector in 2024 [5][8]. Financial Performance - XGIMI's financial data shows a trend of revenue pressure and significant profit fluctuations. Revenue for 2022, 2023, and 2024 was 4.22 billion, 3.55 billion, and 3.4 billion RMB, respectively, with a decline attributed to changing consumer preferences towards entry-level products, leading to a decrease in average selling prices [8][11]. - In the first half of 2025, revenue slightly increased by 1.63% to 1.623 billion RMB, but still showed a significant gap compared to 2.036 billion RMB in the same period of 2022 [8]. - Profit figures for 2022, 2023, and 2024 were 501 million, 120 million, and 120 million RMB, respectively, with a sharp decline in 2023. The first half of 2025 saw a profit recovery to 88 million RMB, mainly due to supply chain optimization and cost control [11]. Market Dynamics - The global projection industry is in a stable growth phase, with the market expected to reach 17.01 million units and 53.19 billion RMB in revenue by 2024. The compound annual growth rates for volume and revenue from 2024 to 2029 are projected at 13.0% and 11.4%, respectively [15][18]. - The consumer-grade projection segment remains the core growth driver, while automotive-grade projection is emerging with a projected revenue of 600 million RMB in 2024 and a compound annual growth rate of 57.2% from 2024 to 2029 [18]. Strategic Initiatives - XGIMI plans to enhance its product matrix across all price segments in the consumer-grade projector market and transition from a "hardware sales" model to a "hardware + service" model through the GMUI system [18][19]. - The company has made breakthroughs in automotive and engineering-grade projectors, with the T10 series set to launch in September 2025, targeting high-end commercial applications [19]. - XGIMI aims to increase investments in North America and Southeast Asia, replicating its success in Europe and Japan, while exploring AI integration with projection technology [19].

Core Viewpoint - XGIMI experienced a dramatic 90% drop in net profit last year, but saw a remarkable 20-fold increase in net profit in the first half of this year, indicating a significant recovery in performance [1]. Group 1: Financial Performance - In the first half of 2025, XGIMI achieved operating revenue of 1.626 billion yuan, a year-on-year increase of 1.63%, and an estimated net profit of 88.6622 million yuan, with a staggering year-on-year growth rate of 2062.33% [1]. - For 2024, XGIMI's domestic revenue is projected to be 2.229 billion yuan, reflecting a year-on-year decline of 14.8%, with a gross margin of 23.88%, down 2.91% year-on-year [8]. Group 2: International Expansion - XGIMI is planning to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to enhance its international brand recognition and competitiveness [1]. - The overseas revenue proportion has increased from 6% in 2020 to 33% in 2024, with overseas market revenue reaching 1.086 billion yuan in 2024, a year-on-year growth of 18.94% [2]. - XGIMI's high-end flagship product, AladinX2 plus, is priced over 1,000 USD in Japan, indicating strong performance in online channels [3]. Group 3: Market Dynamics - The Chinese projector market is experiencing a decline in shipment volume due to price competition and weak consumer demand, prompting companies like XGIMI to seek opportunities in overseas markets [1]. - The North American market is the second largest for projectors, with a shipment volume of 6.3 million units in 2024, reflecting a year-on-year growth of 12.6% [3]. Group 4: Product Strategy - XGIMI is adjusting its product line to include more entry-level projectors, with recent launches priced around 2,000 yuan, while also reducing prices for high-end products [7]. - The domestic market is seeing a trend towards more affordable projectors, with sales of products priced below 1,000 yuan accounting for 54% of the market in 2024, up 4.3% from 2023 [7]. Group 5: New Business Ventures - XGIMI is exploring the in-car projection business, having made significant progress with eight designated projects in collaboration with well-known automotive companies [9]. - The CEO of XGIMI views the in-car business as a rapidly growing segment and aims to replicate the company's success in this area [10].

Summary of the Conference Call for XGIMI Technology Company Overview - **Company**: XGIMI Technology - **Date of Call**: June 27, 2025 Key Points Industry and Market Performance - **Gross Margin**: Domestic market gross margin is approximately 30%, while overseas market gross margin has recently approached 45% [2][4] - **Market Demand**: Domestic market demand is under pressure, but profit margins are improving, and scale remains stable. Overseas markets continue to grow, with Europe generating revenue of 600 million RMB last year, growing over 40%, and the US market nearing 200 million RMB with similar growth rates [2][6] - **Japan Market**: The Japanese market has been a drag on overall overseas growth due to channel adjustments [2][6] Product Lines and Financials - **Home Products**: - Entry-level Play and Z series products have a gross margin close to 30% in the domestic market. Mid-to-high-end products like RS20 Ultra can achieve gross margins of 35% to 40% [3] - The gross margin for the K6 series has improved from about 10% to around 30% due to a 40% drop in TI DLP chip prices and design iterations [5] - **Vehicle Business**: - Focused on smart cockpits and smart headlights, with expected revenue contribution of 300 to 400 million RMB this year. The business is in the investment phase, aiming for stable profitability at around 1 billion RMB in revenue [7][16] - **Commercial Projection Business**: - Production began at the end of June, with shipments starting in July. The goal is to capture 10%-20% of the 10 billion RMB domestic commercial market [8][9] - Expected revenue of tens of millions RMB this year with a gross margin of 40%-50% [8] Strategic Developments - **LCOS Solution**: Collaboration with HiSilicon on LCOS solutions is ongoing, with potential mass production in Q4. This could disrupt TI's chip monopoly [3][10][11] - **North American Market**: Facing a 37.5% tariff on exports, the company plans to establish a factory in Vietnam to support future exports to North America and Europe [18][19] Future Outlook - **Revenue and Profit Goals**: - The company aims for stable revenue in the domestic market while maintaining growth in overseas markets. The home business is expected to generate over 400 million RMB in profit [27] - The vehicle business is projected to reach breakeven next year and achieve stable profitability by the following year [16] - **Market Strategy**: - The company does not plan to engage in large-scale marketing or price competition but will focus on integrating the midstream supply chain to mitigate risks from declining terminal demand [24] Additional Insights - **Sales Performance**: The suspension of national home appliance subsidies has had a limited impact on sales, primarily affecting product structure rather than overall sales volume [10] - **Product Mix**: The Play and Z series account for over 60% of total sales, with the Play series alone contributing over 30% [29] - **Dividend Plans**: The company plans to issue dividends this year, maintaining a historical payout ratio of around 50% [30]