Core Viewpoint - 康耐特光学 has been selected for inclusion in 13 indices, including the Hang Seng Composite Index and the Hang Seng Stock Connect Index, effective from September 8, 2025, reflecting strong market recognition of the company's business performance and value [1] Group 1 - The inclusion in the Hang Seng Composite Index is seen as a significant acknowledgment of the company's business performance and value [1] - This move is expected to help expand the shareholder base and increase the liquidity of its shares [1] - The company anticipates that this will enhance its investment value and reputation in the capital market [1]

Core Viewpoint - 康耐特光学 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, effective from September 8, 2025 [1] Group 1 - The inclusion in the Hang Seng Composite Index reflects the capital market's high recognition of the company's business performance and value [1] - This inclusion is expected to help expand the shareholder base and increase the liquidity of its shares [1] - The company anticipates that this will enhance its investment value and reputation in the capital market [1]

Core Viewpoint - 康耐特光学 has been selected for inclusion in 13 indices, including the Hang Seng Composite Index and the Hang Seng Stock Connect Index, effective from September 8, 2025, reflecting strong market recognition of the company's business performance and value [1] Group 1 - The inclusion in the Hang Seng Composite Index is seen as a significant acknowledgment of the company's business performance and value [1] - This move is expected to help expand the shareholder base and increase the liquidity of its shares [1] - The company anticipates that this will enhance its investment value and reputation in the capital market [1]

本公司董事會（「董事會」）欣然宣佈，本公司已獲恒生指數有限公司選定並將被納入包括 恆生綜合指數成份股和恆生港股通指數在內的13個指數，自二零二五年九月八日起生 效。 董事會認為，納入恒生綜合指數反映資本市場對本公司業務表現及價值的高度認可，將 有助於擴大股東基礎並增加其股份交易的流通性，從而提高本公司於資本市場的投資價 值及聲譽。詳情請參閱恒生指數有限公司網站(https://www.hsi.com.hk)刊登的相關指數通 告。 –1– 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，並明確表示概不就因本公告全部或任何部分內容而 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） 自願性公告 納入恒生綜合指數成份股 本公告由上海康耐特光學科技集團股份有限公司（「本公司」）自願作出。 費錚翔 香港，2025年8月24日 於本公告日期，董事會包括執行董事費錚翔先生、鄭育紅先生、夏國平 ...

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of June 30, 2025, with Conant Optical (02276) being included in the Hang Seng Composite Index, effective after market close on September 5 and starting on September 8 [1] - Conant Optical is likely to be included in the Hong Kong Stock Connect due to meeting various criteria such as market capitalization, liquidity, and listing time, according to Huatai Securities [1] - CICC initiated coverage on Conant Optical with an "outperform" rating and a target price of HKD 54.00, based on a P/E valuation method corresponding to a 35x P/E for 2026, with expected EPS of HKD 1.14 and HKD 1.42 for 2025 and 2026 respectively, indicating a CAGR of 26% from 2024 to 2026 [1] Group 2 - Conant Optical is recognized as a global leader in resin lens manufacturing, with advanced R&D capabilities and stable customer relationships, suggesting potential for sustained growth through customized lenses, proprietary brands, and smart glasses development [1]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of June 30, 2025, with 康耐特光学 (Conant Optical) being included in the Hang Seng Composite Index, effective after market close on September 5, 2025, and effective from September 8, 2025 [1] - 康耐特光学 is likely to be included in the Hong Kong Stock Connect due to meeting various criteria including market capitalization, liquidity, and listing duration, as reported by Huatai Securities [1] - CICC initiated coverage on 康耐特光学 with an "outperform" rating and a target price of HKD 54.00, based on a P/E valuation method corresponding to a 35x P/E for 2026, with expected EPS of HKD 1.14 and HKD 1.42 for 2025 and 2026 respectively, indicating a CAGR of 26% from 2024 to 2026 [1] Group 2 - 康耐特光学 is recognized as a global leader in resin lens manufacturing, with advanced R&D capabilities and stable customer relationships, suggesting potential for sustained growth through customized lenses, proprietary brands, and smart glasses development [1]

Group 1 - 康耐特光学 (02276) shares increased over 5%, reaching a new high of 48.5 HKD, with a trading volume of 123 million HKD [1] - 国投证券's report indicates that the company is expected to benefit significantly from the upgrade trend in the AI glasses industry, creating growth opportunities [1] - The AR myopia solution is evolving towards a lightweight, high-performance integrated design, which requires advanced manufacturing capabilities [1] Group 2 - Since 2021, the company has positioned itself in XR integrated technology and has formed a strategic partnership with GoerTek (002241), which is expected to enhance customer collaboration [1] - The company has received multiple research projects and small trial orders from leading global technology and consumer electronics firms, and plans to establish a dedicated production line for XR lenses in Thailand [1] - Reports indicate that Meta is preparing to launch its first smart glasses with a display, codenamed Hypernova, which will be officially released next month [1] Group 3 - Financial Securities believes that the sustained interest in the AI smart glasses market, along with strong sales growth, will drive significant increases in annual sales, especially with new AI+AR glasses from major tech companies like Alibaba, Google, and Meta set to launch in the second half of this year [1]

Core Viewpoint - 康耐特光学 (02276) has seen a significant stock price increase, reaching a new high of 48.5 HKD, driven by positive market sentiment regarding the AI glasses industry and its strategic partnerships [1] Company Summary - 康耐特光学's stock rose by 5.04% to 47.1 HKD, with a trading volume of 123 million HKD [1] - The company is positioned to benefit from the upgrade trend in the AI glasses industry, which is moving towards lightweight, high-performance integrated solutions requiring advanced manufacturing capabilities [1] - Since 2021, 康耐特光学 has been focusing on XR integrated technology and has formed a strategic partnership with GoerTek, which is expected to enhance customer collaboration [1] - The company has received research projects and small trial orders from several leading global technology and consumer electronics companies and is set to establish a dedicated production line for XR lenses in Thailand [1] Industry Summary - Reports indicate that Meta is preparing to launch its first smart glasses with a display, codenamed Hypernova, which is expected to be released next month [1] - Financial analysts believe that the ongoing interest in AI smart glasses and strong sales growth, combined with the upcoming releases of new AI+AR glasses from major tech companies like Alibaba, Google, and Meta in the second half of the year, will drive significant growth in AI smart glasses sales beyond expectations [1]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of HKD 54.07, based on a 43x PE ratio [4][7]. Core Insights - The company, 康耐特光学, is a leading global manufacturer of resin eyeglass lenses, with a strong focus on customized and high-refractive lenses, which has driven significant revenue and profit growth [1][3]. - The global lens market is expected to grow steadily, driven by factors such as aging populations and increased screen time, with the Chinese market showing higher growth rates than the global average [2][43]. - The company has a robust product matrix and is expanding its market presence through innovative business models, including a C2M (Customer to Manufacturer) approach, which allows for personalized lens production [3][4]. Summary by Sections 1. Global Lens Manufacturing Leader - 康耐特光学 ranks second in global resin lens sales volume and fifth in sales revenue, with a market share that positions it as a domestic leader [1][13]. - The company has achieved a revenue CAGR of 15.82% from 2018 to 2024, growing from CNY 854 million to CNY 2.061 billion, and a net profit CAGR of 32.81%, reaching CNY 428 million [1][28]. - The gross margin improved from 30.61% in 2018 to 38.58% in 2024, while the net margin increased from 9.19% to 20.78% during the same period [31]. 2. High-End Market and Industry Growth - The global lens market is projected to grow from USD 5.2 billion in 2019 to USD 6.2 billion in 2024, with a CAGR of 3.6% [33][34]. - The Chinese lens market is expected to grow from CNY 154.8 billion to CNY 207.2 billion from 2019 to 2024, with a CAGR of 6.0% [43][44]. - The demand for high-refractive and functional lenses is increasing, driven by consumer preferences for quality and advanced features [48]. 3. Product Quality and Market Expansion - The company has exclusive production capabilities for high-refractive lenses (1.74) and offers competitive pricing compared to international brands [3][13]. - The C2M model is being utilized to enhance customer engagement and reduce inventory costs, allowing for rapid market penetration [3][4]. - The company is also expanding its production capacity to meet the growing demand for AI glasses and XR lenses, with plans for a new production line in Thailand [3][4]. 4. Financial Forecast and Valuation - Revenue projections for 2025-2027 are CNY 2.43 billion, CNY 2.84 billion, and CNY 3.31 billion, with respective growth rates of 17.91%, 16.89%, and 16.71% [4][8]. - Net profit forecasts for the same period are CNY 550 million, CNY 665 million, and CNY 801 million, with growth rates of 28.29%, 21.10%, and 20.30% [4][8].