After a 20-fold surge in performance, XGIMI aims for the Hong Kong stock market again. Can it turn the tables by going global? | In-depth Analysis

Author | Zhang Ziyi

Editor | Peng Xiaoqiu

XGIMI's net profit plummeted by 90% last year, which gave shareholders a big shock. However, its net profit soared 20 - fold in the first half of this year, finally allowing shareholders to have a good sleep.

On August 29th, XGIMI Technology released its semi - annual report for 2025. The company achieved an operating income of 1.626 billion yuan in the first half of the year, a year - on - year increase of 1.63%. The net profit attributable to the parent company is expected to be 88.6622 million yuan, with a year - on - year growth rate of 2062.33%.

To turn the net profit positive, XGIMI Technology has made great efforts in the past year: encouraging the team to develop overseas business through equity incentives; adjusting the product line and launching more low - cost entry - level projector products; and continuously implementing the strategy of "cost reduction and efficiency improvement".

XGIMI Technology, which is making every effort to improve its performance, has its own plans. Four years after its listing on the Science and Technology Innovation Board, it is now eyeing the Hong Kong stock market.

Recently, XGIMI Technology announced that in order to promote its internationalization strategy and overseas business layout, and to enhance its international brand awareness and comprehensive competitiveness, the company is planning to issue H - shares and apply for listing on the main board of the Hong Kong Stock Exchange.

The price war and weak consumer demand in the C - end market have led to a continuous decline in the shipment volume of the Chinese projector market in recent years. Therefore, going overseas has become a common choice. As one of the few listed projector companies, XGIMI Technology will naturally make full use of all available resources, and listing in Hong Kong will be one of the steps.

01 The Treasure Trove of Overseas Markets

XGIMI Technology has indeed achieved some results in the overseas market.

After reaching a peak performance of 4.038 billion yuan in 2021, its performance growth slowed down and only maintained a slight increase. However, the proportion of overseas revenue has increased from 6% in 2020 to 33% in 2024.

In 2024, XGIMI's overseas market revenue reached 1.086 billion yuan, a year - on - year increase of 18.94%. From the perspective of gross profit, XGIMI's overseas gross profit margin has always been higher than that in the domestic market, reaching 45.44% last year.

This also shows from the side that the overseas projector market not only has room for growth but also offers more profitable opportunities.

Hua Tai Securities found that the overseas home projector market is still dominated by non - intelligent low - end models. The Best Seller lists on Amazon's US and Japanese sites show that the best - selling products are concentrated in the price ranges of below $100 and $100 - $500. Among them, micro - projectors below $100 occupy the entry - level market share due to their portability.

XGIMI's overseas high - end flagship product, Aladin X2 plus, is priced at over $1000 in the Japanese market. Judging from XGIMI's performance in the rankings, it has achieved remarkable results in the online channels in Japan, with more products making it onto the lists.

However, there are consumption differences between online and offline channels in the overseas market. In e - commerce channels dominated by Amazon, projector companies often adopt a low - price strategy to increase sales volume.

According to the analysis of Projection Times, the high - end demand in the North American market is strong. The sales volume of 4K laser projectors (including laser TVs) has increased year - on - year, while the commercial market is weak, and the demand for large - scale conference projectors has decreased.

North America is the second - largest projector market in the world after China. According to DISCIEN data, the projector shipment volume in North America reached 6.3 million units in 2024, a year - on - year increase of 12.6%.

Facing the differences in the overseas market, XGIMI adopts a model that emphasizes both offline and online channels in channel construction. In addition to mainstream online channels such as Amazon and Rakuten in Japan, XGIMI has also entered the major offline retail channels in regional markets such as Europe, the United States, and Japan, and is exploring emerging regions such as Southeast Asia and the Middle East.

For XGIMI, in addition to the challenges of local product operation in the overseas market, the construction and management of offline channels will also be a significant challenge in the future.

After all, for the vast majority of domestic projector companies, online channels have been the main way of product shipment in the past. According to IDC data, the shipment volume of the online channel in the Chinese projector equipment market accounted for 74.5% in 2024.

To survive, XGIMI Technology is destined to step into this unknown territory.

XGIMI is not the only company targeting the overseas market.

At CES 2025 at the beginning of this year, a large number of Chinese brands showcased their projector products, including Vidda, XGIMI, JMGO, Dangbei, Fengmi, TCL, etc. Among them, JMGO released a new 4K projector; Dangbei also launched a 4K projector on the spot; and TCL released a portable projector.

The fierce competition is obvious.

02 Slightly Yielding to the Price War

Back in the domestic market, as the world's largest projector market in terms of shipment volume, even though the price war is fierce, XGIMI Technology cannot afford to give up and has to participate.

XGIMI's projectors were previously positioned as mid - to high - end products, and the DLP technology route was the main technical approach.

The DLP technology route was once the absolute mainstream in the market. It has a better imaging effect than the LCD technology but also has a higher cost. However, since the "rainbow effect" and low - contrast problems of the DLP technology route have not been completely solved, it is difficult to meet the high - quality image requirements of high - end users, and its market share has declined significantly.

The LCD technology route has emerged as a rising star. Its core advantage lies in its mature industrial chain and extremely low manufacturing cost, which allows the terminal selling price to be controlled below 2000 yuan, making it the first choice for the mass market such as education and home use.

The change in the upstream technology route of projectors has led to a decline in the price of downstream terminal products.

According to the analysis of Hua Tai Securities, the price range of the domestic projector market shows a K - shaped differentiation. On the one hand, the market share of the trial - use price range below 500 yuan (still capable of achieving a 100 - inch large - screen projection) and the price range of 500 - 1000 yuan increased significantly in 2024 compared with 2022. On the other hand, the market share of products above 5000 yuan also increased significantly compared with 2022, and the sales of smart projection products above 10,000 yuan began to increase.

In March 2025, XGIMI Technology launched two products, Play 6 and Play 6e, priced at around 2000 yuan (Play 6e is only about 1500 yuan after national subsidies). These two products still use the DLP technology route, but they are the company's entry - level products.

Moreover, the overall product price of XGIMI Technology has been decreasing. The launch price of the new H6 in the H series has been reduced to 4200 yuan, and the average price of the RS series has dropped to 7500 yuan (covering 6 models), with the price of high - end products continuously declining. The average price of the Z series and Play series is stable in the range of 1500 - 2000 yuan.

Although XGIMI Technology has made many adjustments to its product price range, the mainstream price range of projectors in the domestic market has dropped below 1000 yuan.

According to data from LOTU Technology, in terms of price distribution, there was a more consumer - friendly trend in 2024: the sales volume of the price range below 1000 yuan accounted for 54.0%, an increase of 4.3% compared with 2023.

For XGIMI Technology, which mainly uses the DLP technology route, its product price is still in an awkward position. In 2024, XGIMI Technology's domestic operating income was 2.229 billion yuan, a year - on - year decrease of 14.8%. The gross profit margin was 23.88%, a year - on - year decrease of 2.91%.

Finding a second growth curve for its business has become another option for XGIMI Technology, and it is trying to layout the in - vehicle projection business in the domestic market.

According to XGIMI Technology's 2024 annual report, the company has achieved a breakthrough from 0 to 1 in the in - vehicle business. The company has obtained a total of 8 in - vehicle business orders, with customers including well - known domestic and foreign automobile industry chain enterprises, covering the fields of intelligent cockpits and intelligent headlights. At its production base in Yibin, XGIMI Technology has established an in - vehicle projection product production line and is cooperating with vehicle manufacturers and upstream and downstream enterprises in the industry.

Xiao Shi, the CEO of XGIMI Technology, said in an interview with 36Kr that the goal of the in - vehicle business is to recreate another XGIMI.

In his opinion, the in - vehicle business is the most closely related to XGIMI and is also the fastest - growing segment of the market. From the perspective of the industrial chain, upstream partners can provide the greatest support, so it is the most suitable track for XGIMI to enter.

However, Hua Tai Securities found that the penetration rate of other in - vehicle projection applications is still relatively low. The vehicles equipped with in - vehicle entertainment projection systems mainly include the Wenjie M9, the Xiangjie S9, the smart #5, etc. (with a sales volume of less than 200,000 units in 2024). Considering the installation volume and the value per vehicle, it is expected that the market size in 2025 will be about 141 million yuan.

The idea of the new business is promising, but the road ahead is long and full of challenges.