XGimi Appliance Company’s 2021 Net Income Jumps 80% to CNY 483 Million

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XGimi Technology’s revenue in 2021 was CNY 4.038 billion (USD 621.068 million), an increase of 42.78% year-on-year. Nevertheless, sales of laser TVs fell by 46.74% due to the pandemic.

Chengdu XGimi Technology (Chinese: 极米科技, 688696.SH), a company that designs, manufactures and sells high-performance multifunctional electrical appliances, released its 2021 annual report on April 22.

The report shows that the company’s total revenue was 4.038 billion CNY (621.068 million USD), which is 42.78% higher than the previous year. Net profit jumped 79.87% to CNY 483 million. The MAU (monthly active users) of its smart projectors was 2.11 million at the end of 2021.

The company’s net cash flow from operating activities soared 1892.32% due to increased product sales and gross margin in 2021. Funding for the news show shares led to a 107.27% increase in total assets compared to the same period of the previous year.

XGimi’s total R&D expenditure was CNY 2.63 million in 2021, up 89.03% from the previous year. The share of R&D expenditure in total revenue increased to 6.51% from 4.92% in 2020.

In terms of products, the company’s smart projector revenue in 2021 was CNY 3.501 billion, up 51.97% from the previous year. Sales of creative products amounted to 219 million yuan, down 3.51% from a year earlier. Additionally, Laser TV revenue fell 46.74% YoY, directly due to the impact of Covid-19 on offline stores. Offline which is an important sales channel of the product.

XGimi’s overseas market revenue in 2021 jumped 145.22% year-on-year. During the reporting period, the company’s products were shipped to Japan, Europe, the United States and other markets.

With a total of 50 million ordinary shares registered as of the date of its announcement, the company plans to distribute a cash dividend of CNY 30 (tax included) to all shareholders for every 10 shares. The total cash dividend payout would reach 150 million yuan, according to XGimi’s annual report.

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