Core Viewpoint - 康耐特光学 (02276) has seen a stock price increase of over 5%, currently at 46.86 HKD, following its inclusion in the Hang Seng Composite Index, effective from September 8 [1] Group 1: Company Performance - 康耐特光学's stock rose by 5.49%, with a trading volume of 86.99 million HKD [1] - The company is recognized as a global leader in resin lenses, with strong technology, production capacity, and customer barriers [1] Group 2: Market Expectations - High refractive index products are accelerating in volume, and the growth path for profits is clear due to the rise of optical lenses for smart glasses [1] - There are expectations for an increase in the value and market share of AR glasses lenses, indicating a potential growth opportunity for the company [1] Group 3: Future Outlook - The company is expected to benefit from a dual growth driver: traditional resin lenses and the emerging market for smart glasses optical lenses [1] - The inclusion in the index is anticipated to enhance the company's liquidity [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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 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/註冊股本總額： RMB 479,925,000 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份及/或庫存股份變動 公司 ...

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Core Viewpoint - The company will be included in 13 indices, including the Hang Seng Composite Index and the Hang Seng Hong Kong Stock Connect Index, starting from September 8, 2025, which is expected to enhance liquidity [1] Company Overview - The company is a global leader in resin lenses, with strong technology, production capacity, and customer barriers [1] - High refractive index products are rapidly increasing in volume, and the growth path for profitability is clear, driven by traditional resin lenses and smart glasses optical lenses [1] Financial Performance - In the first half of 2025, U.S. tariffs impacted revenue, while the second half is expected to see revenue recovery driven by capacity release [1] - Standard lenses increased by 20% due to product structure optimization and an increase in the share of self-owned brands; functional lenses grew by 8.8%; customized lenses saw a decline of 4.9% due to slowed order rhythm from American clients [1] - Revenue growth rates for different regions: China +19%, Asia (excluding China) +22.5%, Europe +6%, and America -1.8% [1] Production Capacity and Market Trends - A new customized production line in Japan is set to start operations in the third quarter, releasing about 20% of customized capacity, which is expected to help recover revenue in America [1] - The global smart glasses shipment volume increased by 110% in the first half of 2025, driven by strong sales of Ray-Ban Meta and new brands like Xiaomi and RayNeo [1] - Meta's market share reached 73%, with new products expected to launch in the second half of the year, indicating continued high growth in the industry [1] Domestic Market Insights - In the first half of 2025, China's smart glasses retail volume reached 468,000 units, a 148% increase [1] - The market is expanding with new products from various brands, and retail volume in China is expected to exceed 1.4 million units by 2025, representing a 216% increase [1] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains largely unchanged, with the current stock price corresponding to 39/31 times P/E for 2025/2026 [1] - The target price has been raised by 7% to 58 yuan, corresponding to 47/38 times P/E for 2025/2026, indicating a 20% upside potential from the current stock price [1]

Group 1 - The core viewpoint of the report is that CICC maintains its profit forecast for 康耐特光学 (02276) for 2025/2026, with the current stock price corresponding to P/E ratios of 39/31 times for those years. The target price is raised by 7% to HKD 58, indicating a 20% upside potential from the current price [1] - The company is recognized as a global leader in resin lenses, with strong technology, production capacity, and customer barriers. The high refractive index products are accelerating in volume, and the growth path for smart glasses optical lenses is clear, supported by a dual growth driver of traditional resin lenses and smart glasses [2] Group 2 - In the first half of 2025, U.S. tariffs impacted revenue, but capacity release in the second half is expected to drive revenue recovery. Standard lenses saw a 20% increase due to product structure optimization, while functional lenses grew by 8.8%. Custom lenses faced a 4.9% decline due to slowed order rhythm from U.S. clients. Revenue growth in China, Asia (excluding China), Europe, and the Americas was +19%, +22.5%, +6%, and -1.8% respectively [3] - The XR verification is ready, and AI glasses are set to ramp up production. Global smart glasses shipments in the first half of 2025 increased by 110%, driven by strong sales of Ray-Ban Meta and new brands like Xiaomi. Meta's market share reached 73%, and several new products are expected to launch in the second half of the year, indicating continued high growth in the industry [4] - In China, the retail volume of smart glasses reached 468,000 units in the first half of 2025, a 148% increase. The market is expected to expand significantly, with projections of nearly 1.4 million units sold in 2025, representing a 216% increase. The company is collaborating with various domestic startups and tech giants to secure the next generation of smart optical solutions [5]

Group 1: Company Overview - The company is a global leader in resin lenses, with strong technology, production capacity, and customer barriers [2] - High refractive index products are accelerating in volume, and the growth path for profitability is clear due to the ramp-up of smart glasses optical lenses [2] - The market has expectations for the value and market share of AR glasses lenses, and the company is expected to benefit from a dual growth driver of traditional resin lenses and smart glasses optical lenses [2] Group 2: Financial Performance - In 1H25, revenue was impacted by U.S. tariffs, but a recovery in revenue is expected in 2H25 due to capacity release [3] - Standard lenses saw a revenue increase of 20% due to product structure optimization and an increase in the share of proprietary brands; functional lenses grew by 8.8% despite a high base; customized lenses faced a revenue decline of 4.9% due to slowed order rhythm from U.S. clients [3] - Revenue growth rates for different regions were +19% for China, +22.5% for Asia (excluding China), +6% for Europe, and -1.8% for the Americas, reflecting strong local demand and tariff impacts [3] Group 3: Industry Trends - Global smart glasses shipments increased by 110% in 1H25, driven by strong sales of Ray-Ban Meta and new brands like Xiaomi and RayNeo [4] - Meta's market share reached 73% due to capacity expansion by Luxottica, and new products are expected to be launched in the second half of the year [4] - The company has successfully validated its technology path and is expected to benefit from the ramp-up of AR glasses [4] Group 4: Market Outlook - In China, the retail volume of smart glasses reached 468,000 units in 1H25, a 148% increase, with various brands launching new products [5] - The market for smart glasses in China is projected to exceed 1.4 million units in 2025, representing a 216% increase [5] - The company is engaging with domestic startups and major internet firms to secure the next generation of smart optical solutions, which is expected to drive continuous revenue growth [5]

Group 1: Meta's AI Glasses Development - Meta Connect conference is scheduled for September 17-18, where Meta is expected to unveil new smart glasses including Celeste and third-generation Ray-Ban-Meta glasses, along with a new "metaverse software" [1] - Analyst Ming-Chi Kuo predicts that Meta's upcoming AI glasses, Hypernova, will begin mass production in Q3 2025, with an estimated shipment of 150,000 to 200,000 units over two years [1] - The integration of AI with AR applications is still in its early stages, and the high price point of approximately $800 for Hypernova may lead to conservative shipment expectations from Meta [1] Group 2: Market Trends and Competitors - The AI glasses industry is experiencing robust growth, with Ray-Ban Meta glasses seeing over 100% growth in the first half of the year, and Xiaomi targeting a shipment of 500,000 AI glasses [2] - Major companies like Google, Samsung, Apple, and Amazon are clarifying their hardware and software plans for AI/AR glasses, indicating a competitive landscape [1][2] Group 3: Key Players in the AI Glasses Market - Konka Optical is positioned to benefit from the AI glasses industry upgrade, focusing on high-performance integrated solutions and has secured projects with leading tech companies [3] - Lens Technology is reportedly the exclusive supplier of three core components for the next-generation Ray-Ban AI glasses, which will feature AR display capabilities [3] - TCL Electronics is set to launch its AI shooting glasses, priced at 1,799 yuan, under its Thunder brand in January 2025 [3] - Sunny Optical Technology has developed a comprehensive XR visual solution for AI glasses, covering various technological needs in the industry [3] Group 4: New Product Launches - Xiaomi recently launched its first AI glasses, positioning them as a next-generation personal smart device with features like first-person perspective shooting and video calls [4] - Baidu introduced the "first native AI glasses with a Chinese large model" at the 2024 Baidu World Conference [4] - Alibaba announced its self-developed AI glasses, "Quark Glasses," at the 2025 World Artificial Intelligence Conference, emphasizing their integration with Alibaba's ecosystem [4]

Group 1 - The company 康耐特光学 (02276.HK) has been selected by Hang Seng Indexes Company to be included in 13 indices, including the Hang Seng Composite Index and the Hang Seng Stock Connect Index [1] - The inclusion will take effect from September 8, 2025 [1]

Core Viewpoint - 康耐特光学 (02276) has seen a stock price increase of over 5%, currently trading at 49.64 HKD, following its inclusion in the Hang Seng Composite Index, effective September 8, 2023 [1] Group 1: Stock Performance - 康耐特光学's stock rose by 5.71%, with a trading volume of 31.72 million HKD [1] Group 2: Index Inclusion - On August 22, the Hang Seng Index Company announced the quarterly review results, including 康耐特光学 in the Hang Seng Composite Index, with changes effective after market close on September 5 [1] - The inclusion will lead to adjustments in the eligible stocks for the Hong Kong Stock Connect, as per the announcement [1] Group 3: Market Potential - 国投证券 indicates that 康耐特光学 is poised to benefit from the upgrade trend in the AI glasses industry, which opens up growth opportunities [1] - The AR myopia solution is evolving towards a lightweight, high-performance integrated design, necessitating advanced manufacturing capabilities [1] - Since 2021, the company has positioned itself in XR integrated technology and has formed a strategic partnership with GoerTek (002241), aiming for customer collaboration [1] - 康耐特光学 has secured several research projects and small trial orders from leading global technology and consumer electronics companies, and plans to establish a dedicated production line for XR lens in Thailand [1]

Core Viewpoint - 康耐特光学 has been included in the Hang Seng Composite Index, which is expected to enhance its market visibility and liquidity, leading to a potential increase in stock price [1] Group 1: Stock Performance - 康耐特光学's stock rose by 5.71%, reaching HKD 49.64, with a trading volume of HKD 31.72 million [1] Group 2: Index Inclusion - The inclusion in the Hang Seng Composite Index will take effect after the market closes on September 5, 2025, and will be active from September 8, 2025 [1] - The adjustment will also affect the eligible stocks for the Hong Kong Stock Connect, expanding investment opportunities [1] Group 3: Industry Outlook - The company is expected to benefit from the upgrade trend in the AI glasses industry, which opens up growth opportunities [1] - The AR myopia solution is evolving towards a lightweight, high-performance integrated design, requiring advanced manufacturing capabilities [1] - Since 2021, the company has positioned itself in XR integrated technology and has formed a strategic partnership with GoerTek, aiming for customer collaboration [1] - 康耐特光学 has received research projects and small trial orders from several leading global technology and consumer electronics companies, and plans to establish a dedicated production line for XR lenses in Thailand [1]