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XGIMI publishes its Financial Report for 2022
SUNNYVALE, Calif., May 3, 2023 /PRNewswire/ -- XGIMI, a leading design and industry-awarded projector brand, has released its Financial Report for 2022, reporting revenue in overseas markets of RMB 790 million (equivalent to approximately €104.6 million/£92.6 million) - an increase of 82.04% year-on-year. The overall revenue 2022 was 4.22 billion RMB (€559.78 million/£496.04 million)
The increase is mainly due to the company's active expansion of global markets during the reporting period from January 1, 2022 to December 31, 2022. Those markets reach users through online B2C platforms and cooperation with local distributors. Currently, the company's products have covered global markets such as the United States, Japan and Europe. In 2022, the company made a breakthrough in the development of offline channels in Europe, and the sales growth of offline channels in Europe drove the growth of the company's global revenue.
Rapid Expansion in Foreign Markets
During the reporting period, the company realized overseas revenue of 790 million RMB, a year-on-year increase of 82.04%, XGIMI products were mainly sold in regional markets such as Europe, Japan, and the United States. At the same time, the company has started to expand into emerging markets such as Australia and South Korea. In addition to mainstream online channels such as Amazon and Rakuten, XGIMI products have entered overseas retail channels including Media Markt (Germany), Saturn (Germany), BicCamera (Japan), TSUTAYA ELECTRICS Plus (Japan), and Best buy, B&H, Walmart, Home Depot (US). In October 2022, XGIMI Australia's first authorized experience center officially opened. In the same month, the company's first cooperative store with Media Markt opened in Vienna. XGIMI's global channel expansion has entered a period of rapid development.
Breakthroughs and Innovations for Better and Easier to Use Products
XGIMI continues to innovate, think from the perspective of users, and provide users with features they really want and need. One example of this is the Magic Lamp: Through the innovative combination of projection and ceiling lamp, the Magic Lamp has the characteristics of being non-dazzling, providing three-dimensional sound quality, and being online at any time, which further expands the new form of home projection.
In 2022, the company acquired the business of Aladdin in Japan. According to the data of Japan's home appliance Biz, Aladdin series products (Japanese version of Magic Lamp) have ranked number one in sales of home projectors in Japan for five consecutive years since 2018. The acquisition of the Aladdin business further consolidated the company's competitive advantage in the Japanese market.
Firm Investment in R&D Resources
XGIMI firmly invests R&D resources in technology and product development. The company conducts research and implements forward-looking layouts of optical underlying technologies while continuously developing new technologies to promote the advancement of the industry. During the reporting period, XGIMI invested 377 million RMB in research and development expenses, a year-on-year increase of 43.49%, and the proportion of research and development expenses in revenue increased from 6.51% in 2021 to 8.93%.
International Honors and Awards
XGIMI's technology center has been approved as one of the national enterprise technology centers which are currently the highest-level and most influential enterprise technology innovation platforms in China. The identification of the national enterprise technology center is a full recognition of the company's capabilities in R&D management, independent innovation, and achievement transformation.
During the reporting period, the company's products and technologies also won many awards such as the Red Dot Award (for XGIMI INUI), several Visual Grand Prix of the Nippon Sound Element Publishing House (for XGIMI AURA, HORIZON Pro, Halo+, popIn Aladdin 2 Plus and ISA (Intelligent Screen Adaption) technology) and the EISA BEST PRODUCT AWARD 2022-2023 (for AURA).
About XGIMI
Since 2013, the state-of-the-art XGIMI projectors have helped countless people worldwide to create genuinely immersive audio-visual experiences. Working with reputable partners like Google, Harman Kardon, and Texas Instruments, XGIMI builds all-in-one entertainment devices, perfected due to their user-oriented philosophy. Through industry-leading innovation, streamlined setups, and unique designs, XGIMI always strives to develop the best home and portable projectors for everyone to enjoy. https://www.xgimi.com/
