Science and Technology Innovation Board Daily, October 31st (Reporter Huang Xiumei)On the evening of October 30, Chi Mi Technology released its results for the third quarter of 2023.

In the first three quarters, the company's revenue was about 2.422 billion yuan, down 15.98 percent from the same period last year; the net profit was about 86.17 million yuan, down 73.86 percent from the same period last year; and 42.1311 million yuan was deducted from non-net profit, down 84.70 percent from the same period last year. In the third quarter, the company's revenue was 795 million yuan, down 6.08% from the same period last year; the net profit was 6.56 million yuan, down 110.9% from the same period last year; and 16.39 million yuan was deducted from non-net profit, down 138.12% from the same period last year.

Chi Mi Technology said that the decline in revenue and net profit in the reporting period was mainly due to a decrease in product sales compared with the same period last year, while the company reduced the sales price of some products, resulting in a decline in gross profit margin and net profit margin.

A reporter from Science and Technology Innovation Board Daily noted that this is the fifth consecutive quarterly decline in performance since the third quarter of 2022. From the third quarter of 2022 to the second quarter of 2023, revenue from Ji Mi Technology fell by 11.59%, 3.86%, 12.75% and 27.38%, respectively, and its net profit fell by 44.01%, 6.2%, 57.03% and 72.59%, respectively.

Founded in 2013, Chi Mi Technology specializes in intelligent projection and laser television, integrating design, R & D, manufacturing, sales and service. It is also the only enterprise in China that has the ability to design and manufacture optical machinery and optical lenses at the same time.

A reporter from Science and Technology Innovation Board Daily noted that the core of the projector is the optical machine, which accounts for about half of the cost of the projector and is mainly composed of lenses, light sources and chips. Since 2019, polar meters have been introduced into self-polishing machines, which now account for more than 90 percent. However, due to the lack of domestic intelligent micro-investment underlying technology and core devices, polar rice opto-mechanical self-research is mainly focused on the design and integration of opto-mechanical systems.

In recent years, as the smart micro-investment industry is experiencing the trend of consumer degradation, high-priced projectors are gradually losing the market, projectors began to generally reduce prices. According to IDC, China's projector market shipped 5.05 million units in 2022, up 7.4 per cent from a year earlier, but sales were 19.85 billion yuan, down 7.4 per cent from a year earlier.

Chuang Chuang Securities pointed out that the pressure on the domestic sales of Ji Mi Technology will continue, but phased progress has been made in the development of overseas markets.

The company recently conducted a survey by investors and said that the company's products have made good returns when they go to sea. Extreme rice technology products have been sold in Japan, Europe, the United States and other regional markets. In addition to the mainstream online channels such as Amazon.Com Inc and Rakuten in Japan, the company's products have entered overseas retail channels including BestBuy, MediaMarkt, Saturn, Fnac, Darty, EICorteIngles, BicCamera, Takeya Home Appliances, Youdu Baxi, etc. At present, overseas revenue accounts for about 20% of the company's total revenue.

According to the China Daily data, in the first half of 2023, overseas income was 350 million yuan, an increase of 39.14% over the same period last year, while domestic income was 1.263 billion yuan, down 28.62% from the same period last year. The revenue of Internet value-added services was 49 million yuan, an increase of 12% over the same period last year.

It is worth noting that in recent years, the concept of smart consumption has emerged frequently, and some institutional investors have asked whether there is any R & D investment in meta-universe or AI, but Jimi Technology responded that every year R & D will allocate some resources for cutting-edge exploration and keep constant attention to its own R & D field, which does not positively respond to whether the company has any new R & D highlights of market concern under the background of technological innovation in the consumer field in recent years.