Distributing 80 million yuan in cash, with net profit growing 19% against the trend! Jimi Technology’s net profit last year was 143 million yuan—why do newly entered institutions show a floating loss of 20%?

A quote from Jimu Technology’s official website

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On the evening of March 30, Jimu Technology (688696) released its 2025 annual report. Against the backdrop of overall pressure in the smart projection industry, it is truly not easy to deliver this “countercyclical growth”—the company’s domestic market share rose from 14.5% to 17.6%, and new businesses such as in-vehicle and commercial use are also gradually scaling up. However, behind the impressive numbers, there are also hidden concerns: it still has a long way to go before reaching the historical high of 500 million yuan in annual net profit.

Even more awkwardly, social security funds and institutions such as Harvest Fund that actively built positions in the fourth quarter last year may now be down by about 20% due to the stock price pullback in the first quarter of this year.

Earnings have improved, but the stock price is performing relatively weakly. Has the valuation inflection point for Jimu Technology really arrived?

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Financial Investment News reporter noted that the decline in performance in 2024 narrowed, and in 2025 there was nearly 20% of recovery growth, with Jimu Technology gradually approaching an operating inflection point. It should be pointed out that from an industry perspective, the company’s pressure still remains. Although leading companies have advantages and may enter the profit recovery period ahead of peers, for Jimu Technology, it still has a long road to return to the historical high of 500 million yuan in annual net profit.

Performance rebounds against the industry

Jimu Technology’s 2025 annual report shows that for the full year, the company achieved operating revenue of 3.467 billion yuan, up 1.85% year on year; net profit attributable to shareholders of the parent company was 143 million yuan, up 19.4% year on year; and net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 114 million yuan, up 23.99% year on year.

Key accounting data of Jimu Technology

By quarter, Jimu Technology’s 2025 fourth-quarter performance was clearly released. In that single quarter, the company achieved net profit of 63.79 million yuan, turning losses into profits on a quarter-on-quarter basis and increasing significantly. Operating revenue also saw the annual quarterly peak.

In terms of dividends, Jimu Technology plans to use the total share capital after deducting the repurchased shares as the base; distribute a cash dividend of 11.7839 yuan per 10 shares (including tax), totaling 80.0004 million yuan in cash dividends (including tax); no bonus shares will be issued, and no capitalization of capital reserves to increase share capital will be carried out.

Some analysts noted that in 2025, both domestic smart projection industry sales volume and sales value declined in tandem, and the industry continues to be in a cyclical adjustment. Weak demand at the consumer end, combined with intensifying industry competition, keeps the industry under overall pressure. During this industry adjustment cycle, Jimu Technology gradually walked out of its difficulties, and achieving a rebound against the trend in 2025 is indeed rare.

Short-term performance is hard to return to the peak

Keeping core operations steady, and releasing profits from new businesses to build a new growth engine, is the key to Jimu Technology’s sustained performance rebound.

Fu Chaoran, an analyst at Huayuan Securities, said that regarding new businesses, in the in-vehicle segment the company’s mass production and delivery are advancing steadily, but its current profitability is still weak, which drags down the company’s overall profit margin level. It is expected that with the introduction of cost-reduction plans, the company will be able to reduce losses quarter by quarter in 2026. For commercial products, the “Taishan” series has completed its first batch of deliveries, and it is gradually building a global dealer network; in 2026, commercial business is expected to scale up quickly and contribute profits. As for AI glasses, which are operated by the company’s controlling subsidiary, the products focus on lightweight design and high practicality; they were unveiled at the CES exhibition in January, and are expected to contribute new growth momentum while opening up long-term growth space.

During the industry pullback, Jimu Technology accelerated its market penetration, with its domestic market share rising from 14.5% to 17.6% in 2025, continuing to lead. In overseas markets, the company’s products have also covered major offline hypermarkets and supermarkets across regions including Europe, North America, Japan, and Australia, with more than 6,000 sales outlets in total. Cai Wenjuan, an analyst at Guotai Haitong Securities, said that looking ahead to 2026, the company’s domestic industry and mainstream sales structure is expected to improve, and its market share will increase; the overseas teams’ adjustments are in place, and the growth rate is expected to return to an upward trajectory. The company is expected to have net profit attributable to shareholders of 3.8 and 4.9 billion yuan in 2026 and 2027, respectively.

Institutional accumulation may be down by about 20%

As fundamentals gradually hit the bottom, institutional investors have also started to step in and replenish positions in Jimu Technology, but after the stock price correction in the first quarter of 2026, newly entering institutions may have been only lightly at a loss.

Whether the rebound in earnings can meet expectations is the focus of big money. Some analysts said that after deep adjustments in 2024 and 2025, many small and medium-sized brands in the industry have been eliminated, and the price war is easing. Competition has shifted from low-price “involution” to technology, picture quality, branding, and user experience, returning the industry to a healthy track of development. With a mild recovery in consumer demand, an increase in the penetration of high-end products, and the gradual scaling up of the in-vehicle business, Jimu Technology’s revenue is expected to stabilize from low levels and gradually recover to median growth, and its profit growth should be sustainable. However, considering that the industry is still in an adjustment cycle, whether Jimu Technology’s 2026 performance can exceed expectations still has uncertainties.

In the fourth quarter of 2025, Jimu Technology’s quarterly performance began to be released, and many institutions actively built positions. From the perspective of the top ten circulating shareholders, the National Social Security Fund 602 portfolio, the Harvest Growth Shared Hybrid Securities Investment Fund, and the Harvest Core Growth Hybrid Securities Investment Fund each built positions of 1.43 million shares, 1.42 million shares, and 1.32 million shares, respectively—ranking seventh to ninth among Jimu Technology’s circulating shareholders. Based on the midpoint of the stock price in the fourth quarter, as of now, those accumulation institutions may have about a 20% unrealized loss.

| Financial Investment News reporter Lin Ke |

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