XGIMI Technology published its 2026 half-year report on August 29, filed to the Shanghai Stock Exchange under the ticker 688696. Revenue for the six months to June 30 was 1.606 billion yuan, down 1.22 percent from a year earlier. Net profit attributable to shareholders came to 83.19 million yuan, down 6.18 percent. Strip out non-recurring items and the same line reads 82.27 million yuan, up 7.27 percent. Gross margin moved from roughly 33 percent to 39 percent.
The number the company put in front of all of that was overseas revenue: 748 million yuan, an increase of 87.63 percent, now 46.58 percent of the whole business against 24.52 percent in the first half of 2025.
Which makes the interesting figure the one the filing does not print. If overseas sales were 748 million out of 1.606 billion, China accounted for 858 million. Run the same subtraction on last year’s half and the domestic number was about 1.23 billion. XGIMI’s home market shrank by roughly 30 percent in twelve months, and the export business grew fast enough to cover almost all of it. Total revenue fell 1.22 percent. That is the whole story compressed into a rounding error.
Half the company now lives outside China
XGIMI attributes the overseas growth to two channels running at once — its own web stores plus Amazon on the online side, and an offline push into Europe, North America, Japan and Australia. That is a slower, more expensive way to sell projectors than a marketplace listing, and it is also the only way to sell the expensive ones.
The company has been unusually direct about that lately. Four days before the filing, XGIMI and AWALL announced a jointly founded American brand called XWALL, with AWALL handling US dealer recruitment, training and service. AWALL is run by the people who built AWOL Vision’s dealer network. XGIMI is buying a channel it could not grow organically, and the first XWALL projector shows on September 1 at CEDIA in Denver.
Read the earnings and the deal stops looking opportunistic. A business that gets 46.58 percent of its revenue abroad and watches its domestic half contract by a third has to make the overseas half work in categories where the margins are, and a $999 lifestyle projector sold through Amazon is not that category. The Titan Noir line, which ships without a built-in operating system, is the same argument in hardware form.
The margin moved because the mix moved
Six points of gross margin in a half is a large jump for a hardware company that did not raise prices. XGIMI’s own explanation is mix: the overseas business carries higher margins, and the overseas share nearly doubled. There is nothing in the filing that suggests a manufacturing breakthrough or a component windfall. Sell the same machines to a different set of customers and the blended number improves.
That also explains the odd shape of the profit lines. Reported net profit fell 6.18 percent while the adjusted figure rose 7.27 percent, and the two are within a million yuan of each other this year. The gap is in the comparison period, not in the current one — last year’s half carried more in one-off gains. Operationally, XGIMI made more money on slightly less revenue.
Three businesses that are not home projectors
The filing spends most of its detail on things a consumer will never buy.
In commercial display, XGIMI has committed to an all-RGB-laser line spanning 5,000 to 60,000 lumens and put its first Huashan-series units into volume production at 5,000 to 8,000 lumens. The report specifically cites the European Union’s phased restrictions on mercury lamps as a structural opening, which is a reasonable read: every school and meeting room running a lamp-based installation projector in Europe becomes a replacement sale for somebody, and the incumbent lamp vendors cannot serve it with lamps.
In automotive optics, XGIMI says its cabin projection products ship in the Maextro S800 and the AITO M9, and that it added two more domestic automaker design wins during the period. Vehicle programs are slow, but they are also multi-year and volume-committed, which is the opposite of the consumer projector cycle.
The AI line got 37.63 million yuan of development spend in the half, and the first-generation product launched through overseas crowdfunding rather than through XGIMI’s own channels. That is a small number against 1.6 billion in revenue, and crowdfunding is how a company tests a category it does not yet want to defend.
The R&D organization stood at 601 people on June 30.
Two companies, one shrinking market, opposite answers
A week earlier, Appotronics reported that its revenue had roughly halved as the inventor of ALPD laser phosphor pulled back from consumer projectors. Appotronics answered a weak Chinese consumer market by retreating up the supply chain toward cinema and licensing. XGIMI answered the same market by exporting.
Both readings of the situation start from the same premise, and it is worth stating plainly: the Chinese home projector market that produced this entire generation of brands is not growing. The domestic numbers in XGIMI’s own filing say so. What separates the two companies is where they think the next customer lives.
The open question is repeatability. Growing overseas revenue 87.63 percent off a base of 399 million yuan is a different exercise from growing it again off 748 million, and the second half brings Black Friday, a CEDIA launch, a new American dealer brand with no installed base, and whatever tariffs do to landed cost in the United States. XGIMI has bought itself one very good half. Whether the domestic decline stops before the overseas curve flattens is the number to watch in the annual report.
