Group 1 - 康耐特光学 (02276) shares rose over 6%, currently up 6.22% at 41 HKD, with a trading volume of 20.67 million HKD [1] - Alibaba's Quark AI glasses began pre-sale on Tmall, indicating a growing trend in the AI glasses market [1] - Recent product launches include Meta's AI smart glasses Oakley Meta Vanguard priced at 499 USD and Thunder Innovation's HDR viewing glasses Thunder Air4 [1] Group 2 - The global edge AI market is experiencing continuous growth, with AI glasses being one of the best hardware carriers for edge AI, suggesting a sustained industry trend [1] - 中泰证券 (Zhongtai Securities) believes that smart glasses are on the verge of significant growth, and the lens segment is expected to benefit substantially [1] - 康耐特光学 is a leading lens manufacturer with an upgraded product structure, poised to benefit from the increasing demand for AI glasses [1] Group 3 - 康耐特光学 is actively expanding its XR business, with a planned private placement to GoerTek in January 2025, making GoerTek the second-largest shareholder [1] - The company's XR business is expected to start contributing revenue in 2025, with cumulative revenue of approximately 10 million RMB by August 31, 2025, from development costs, small initial orders, and mass production orders for key domestic projects [1] - Revenue from XR is anticipated to grow further in the second half of 2025 and into 2026 [1]

Company Overview - Company is a leading global manufacturer of optical lenses, specializing in resin eyewear lenses and providing a range of products including standardized, customized, and high-end lenses [1] - The company has three production bases and serves clients globally, covering over 90 countries, including major markets like China, the USA, Japan, and Germany [1] - In the first half of 2025, the company achieved a revenue of 1.084 billion yuan, representing a year-on-year growth of 9.9%, and a net profit of 273 million yuan, up 30.7% year-on-year [1] - The product revenue breakdown for the first half of 2025 includes standardized lenses (5.12 billion yuan, 47.27%), customized lenses (1.85 billion yuan, 17.05%), and functional lenses (3.82 billion yuan, 35.26%) [1] - The company's gross margin has increased from 30.6% in 2018 to an expected 38.6% in 2024, while net margin has risen from 9.1% to 20.8% during the same period, driven by product structure optimization and effective cost control [1] Industry Analysis - The global eyewear lens market has shown steady growth, with manufacturer sales increasing from $5.2 billion in 2019 to $6.2 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 3.6% [2] - China is a significant player in the lens manufacturing sector, with sales growing from 15.48 billion yuan in 2019 to 20.72 billion yuan in 2024, achieving a CAGR of about 6.0% [2] - By 2024, China's lens manufacturing is expected to account for approximately 46.4% of the global market [2] - The retail sales of eyewear lenses in China are projected to rise from 29.84 billion yuan in 2019 to 38.15 billion yuan in 2024, with a CAGR of 5.0% [2] - The growth drivers for lens consumption in China include the increasing prevalence of myopia among younger populations and higher per capita consumption rates [2] Company Advantages - The company holds a first-mover advantage in high-refractive index 1.74 lenses, having established a deep partnership with Mitsui Chemicals since 2010, securing a strong supply chain for core raw materials [3] - The company's C2M (Customer-to-Manufacturer) model enhances profitability by allowing rapid responses to personalized demands from retail clients, facilitating low-inventory operations and increasing the share of functional and customized lenses [3] Future Opportunities - The rise of smart glasses is expected to create additional demand for lenses, with higher average selling prices compared to traditional frames [4] - The company is actively developing its XR (Extended Reality) business, having issued a private placement to a subsidiary of GoerTek, which has become the second-largest shareholder, indicating potential for closer collaboration in XR [4] - As of August 31, 2025, the company's XR business has generated approximately 10 million yuan in revenue, with expectations for further growth in the latter half of 2025 and into 2026 [4]

Company Overview - Company is a leading resin lens manufacturer in China, providing a variety of lens products including standardized, customized, and high-end lenses [1] - The company has three production bases and serves clients globally, covering over 90 countries [1] - In the first half of 2025, the company achieved revenue of 1.084 billion yuan, a year-on-year increase of 9.9%, and a net profit of 273 million yuan, a year-on-year increase of 30.7% [1] - The product revenue breakdown for the first half of 2025 includes standardized lenses (5.12 billion yuan, 47.27%), customized lenses (1.85 billion yuan, 17.05%), and functional lenses (3.82 billion yuan, 35.26%) [1] - The company's gross margin increased from 30.6% in 2018 to 38.6% in 2024, and net margin rose from 9.1% to 20.8% during the same period [1] Industry Analysis - The global lens manufacturing market grew from $5.2 billion in 2019 to $6.2 billion in 2024, with a compound annual growth rate (CAGR) of approximately 3.6% [2] - China's lens manufacturing sales increased from 15.48 billion yuan in 2019 to 20.72 billion yuan in 2024, with a CAGR of about 6.0% [2] - By 2024, China's lens manufacturing is expected to account for approximately 46.4% of the global market [2] - The retail sales of lenses in China grew from 29.84 billion yuan in 2019 to 38.15 billion yuan in 2024, with a CAGR of 5.0% [2] - The competitive landscape in the global lens manufacturing sector is fragmented, with the company holding an 8.5% market share as of 2020 [2] Company Advantages - The company has a first-mover advantage in high-refractive index 1.74 lenses, having established a deep partnership with Mitsui Chemicals since 2010 [3] - The company employs a C2M (Customer-to-Manufacturer) model to enhance profitability by quickly responding to personalized demands from retail clients [3] Future Opportunities - The company is expected to benefit from the rising demand for smart glasses, with higher average selling prices compared to traditional frames [4] - The demand for electrochromic lenses and integrated solutions for augmented reality (AR) glasses presents significant growth opportunities [4] - The company has begun generating revenue from its XR (Extended Reality) business, with approximately 10 million yuan in revenue by August 31, 2025, and expects further growth in the latter half of 2025 and into 2026 [4]

Core Viewpoint - 康耐特光学 (02276.HK) experienced a significant increase in stock price, rising over 6% to reach 40.32 HKD, with a trading volume of 46.9691 million HKD [1] Group 1 - 康耐特光学's stock price increased by 6.05% [1] - The current stock price is reported at 40.32 HKD [1] - The trading volume reached 46.9691 million HKD [1]

Core Viewpoint - 康耐特光学's stock rose over 6%, reaching 40.32 HKD, with a trading volume of 46.97 million HKD, driven by the upcoming 2025 World VR Industry Conference focusing on AI glasses and the potential growth in the AI smart glasses market [1] Company Summary - 康耐特光学 is positioned favorably in the AI glasses market, with a focus on high-potential areas and a strategic partnership with leading tech companies [1] - The company is actively involved in resolving core challenges related to the commercialization of waveguide AR glasses, indicating a strong commitment to innovation [1] - 康耐特光学's business is expected to benefit from the anticipated growth in the smart glasses industry, with projections indicating that the global AI smart glasses market could exceed 100 billion RMB by 2029 [1] Industry Summary - The 2025 World VR Industry Conference will take place from October 19 to 20 in Nanchang, featuring major tech companies like Huawei, Apple, Alibaba, Xiaomi, and Lenovo, which are entering the AI glasses space [1] - The industry is still in the early stages of demand expansion, with a focus on breakthrough products from major manufacturers [1] - AI and AR glasses are expected to become the dominant product types driving growth in the AI smart glasses market [1]

Core Viewpoint - 康耐特光学's stock has risen over 6% amid the upcoming 2025 World VR Industry Conference, indicating positive market sentiment towards the company and the AI glasses sector [1] Industry Overview - The 2025 World VR Industry Conference will be held from October 19 to 20 in Nanchang, focusing on major tech companies like Huawei, Apple, Alibaba, Xiaomi, and Lenovo, as well as leading AR glasses innovators such as XREAL, Rokid, and Thunder Innovation [1] - The industry is still in the early stages of demand expansion, with a focus on tracking breakthrough products and volume release schedules from major manufacturers [1] Company Insights - 康耐特光学 is strategically positioned in the high-potential AI glasses market, which is expected to exceed 100 billion yuan by 2029, with AI+AR glasses becoming the main growth driver [1] - The company is integrating "hard technology + soft ecology" to address core challenges in the commercialization of waveguide AR glasses, with progress in multiple R&D projects alongside leading global tech and consumer electronics firms [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海康耐特光學科技集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02276 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 479,925,000 | RMB | | 1 RMB | | 479,925,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 479,925,000 | RMB | | 1 RMB | | 479,925,000 | 本月底法定/註冊股 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，且明確表示概不就因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shanghai Conant Optical Co., Ltd. 上海康耐特光學科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2276） 就截至2024年12月31日止年度報告的補充公告－ 有關受限制股份單位計劃的詳情 茲提述本公司截至2024年12月31日止年度之年度報告（「2024年年報」）。除非文義另有 所指，否則本公告所用詞彙與2024年年報所賦予者具有相同涵義。 除2023年年報及2024年年報披露的資料外，本公司董事（「董事」）會（「董事會」）謹此向 本公司股東及潛在投資者提供下列有關本公司受限制股份單位計劃的資料。 誠如2024年年報第21頁所示，本集團分別於2023年12月18日採納受限制股份單位計劃 （「2023股份獎勵計劃」）及2025年1月20日採納第二次受限制股份單位計劃（「2025股份獎 勵計劃」）。該等計劃提供獎勵以挽留及鼓勵獲選參與者為本集團 ...

Core Viewpoint - 康耐特光学 is a leading resin lens manufacturer in China, with significant growth in revenue and market position, driven by increasing demand for eyewear and innovative technologies [1][2][3][4] Company Overview - 康耐特光学 was established in 1996 and is headquartered in Shanghai, with production bases in Shanghai, Jiangsu, and Japan [1] - The company ranks fifth globally in resin lens sales for 2023 and first among Chinese manufacturers in terms of production volume for 2024 [1] - The projected revenue for 2024 is 2.06 billion RMB, representing a 17% year-on-year growth [1] - Revenue breakdown for 2024 includes standard lenses (44%), functional lenses (37%), and customized lenses (19%) [1] - For the first half of 2025, revenue is expected to reach 1.084 billion RMB, showing an 11% year-on-year increase [1] Industry Trends - The eyewear market is experiencing growth in both volume and price due to rising myopia and presbyopia rates, as well as increased functional demands [2] - In China, the average number of lenses purchased per 100 people is projected to rise from 8.6 in 2019 to 10.0 in 2024, and further to 13.6 by 2029 [2] - Average spending on lenses per person in China is expected to increase from 21.2 RMB in 2019 to 27.1 RMB in 2024, reaching 38.3 RMB by 2029 [2] - Global lens manufacturers' sales are projected to grow to 8.2 billion USD by 2029, with a compound annual growth rate (CAGR) of approximately 5.8% from 2024 to 2029 [2] - China's lens sales are expected to reach 29.75 billion RMB by 2029, with a CAGR of about 7.5% during the same period [2] Competitive Advantages - 康耐特光学 leverages high refractive index technology and a C2M (Customer to Manufacturer) customization model to establish core competitive barriers [3] - The company has over 7 million SKUs covering refractive indices from 1.499 to 1.74 and is the first in China to mass-produce 1.74 high refractive index resin lenses [3] - The C2M model allows for 24-hour custom delivery, with a new production base in Thailand expected to enhance global capacity by 2026 [3] - The company is positioned to benefit from the growing AI eyewear market, with a significant increase in global and Chinese smart eyewear shipments [3] - 康耐特光学 has developed core technologies for ultra-thin lenses and waveguide plates, collaborating with leading consumer electronics companies [3] Financial Projections - The projected net profits for 康耐特光学 from 2025 to 2027 are 570 million RMB, 710 million RMB, and 880 million RMB, respectively [4] - The company's price-to-earnings (PE) ratios for 2025-2027 are estimated at 34x, 27x, and 22x, which are below the average PE of comparable companies [4] - The company's PEG ratios for 2025 and 2026 are also lower than the average of comparable firms, indicating potential for growth [4] - The company is expected to maintain a strong market position and expand its market share due to the robust growth of the eyewear lens market and its technological advantages [4]

Investment Rating - The report gives Conant Optical a "Buy" rating for its initial coverage [5]. Core Viewpoints - Conant Optical is a leading manufacturer of resin lenses in China, with a strong global presence and a focus on AI glasses business development [1][4]. - The company is expected to benefit from the growing demand for both traditional and smart eyewear, driven by increasing near-sightedness and aging populations [2][4]. - Conant's competitive advantages include high refractive index technology and a C2M (Customer-to-Manufacturer) customization model, which enhance its market position [3][4]. Company Overview - Conant Optical was established in 1996 and is headquartered in Shanghai, with production bases in Shanghai, Jiangsu, and Japan [1]. - The company ranks first among Chinese resin lens manufacturers by production volume and fifth globally by sales revenue [1][37]. - In 2024, the company is projected to achieve revenue of 2.06 billion RMB, a year-on-year increase of 17.1% [1][6]. Market Trends - The eyewear market is experiencing a volume and price increase due to rising near-sightedness and presbyopia rates, as well as growing functional demands [2][38]. - In China, the per capita purchase of lenses is expected to rise from 8.6 pairs per 100 people in 2019 to 10.0 pairs in 2024, with spending increasing from 21.2 RMB to 27.1 RMB per person [2][49]. - The global lens manufacturing market is projected to grow to 8.2 billion USD by 2029, with a compound annual growth rate (CAGR) of approximately 5.8% from 2024 to 2029 [2][50]. Business Segments - Conant's revenue is derived from three main segments: standard lenses (44%), functional lenses (37%), and customized lenses (19%) for 2024 [1][20]. - The functional lens segment is expected to see significant growth, with a 32.4% increase in revenue compared to the previous year [20]. Technological Advantages - The company has developed a high refractive index lens technology, being the first in China to mass-produce 1.74 refractive index resin lenses [3][61]. - Conant's C2M model allows for 24-hour customization and delivery, enhancing operational efficiency and customer satisfaction [3][64]. AI Glasses Market - The global smart glasses market is witnessing rapid growth, with a 116.1% year-on-year increase in shipments in China [4][72]. - Conant is positioned to capitalize on this trend due to its advanced optical technologies and partnerships with leading consumer electronics companies [4][70]. Financial Projections - The company is expected to achieve net profits of 566 million RMB, 712 million RMB, and 876 million RMB for the years 2025, 2026, and 2027, respectively [5][6]. - The projected P/E ratios for 2025, 2026, and 2027 are 34x, 27x, and 22x, indicating a favorable valuation compared to peers [5][6].