Core Viewpoint - The report from Shenwan Hongyuan maintains a "buy" rating for Kangnait Optical (02276), projecting net profit growth of 28.5%, 24.0%, and 23.1% for 2025-2027, with figures of 5.50, 6.82, and 8.40 billion yuan respectively. The company is a leading lens manufacturer with a solid product SKU matrix and strong upstream and downstream partnerships, showcasing significant supply chain advantages [1][2]. Group 1: Company Overview - Kangnait Optical is positioned as a leading enterprise in lens manufacturing, with a comprehensive product SKU matrix and stable upstream and downstream collaborations [1]. - The company has been actively expanding its domestic market presence and developing its own brand, creating new growth momentum [1]. - The increasing proportion of differentiated products is enhancing the company's profitability [1]. Group 2: Market Trends - The smart glasses market is experiencing robust growth, with Kangnait Optical strategically positioning itself to leverage first-mover advantages [1]. - The demand for smart glasses is expected to drive both volume and price increases in the lens industry, as consumers are willing to pay higher prices for premium lenses [2]. - The global demand for lenses is steadily increasing, particularly in China, where there is significant growth potential [2]. Group 3: Product Demand and Supply Dynamics - On the demand side, there is a shift towards high refractive index and functional upgrades in product structure, indicating a healthy global demand growth [2]. - International brands hold a first-mover advantage, but domestic companies like Kangnait Optical are gradually achieving import substitution [2]. - The combination of AR displays and optical lenses creates high barriers for pre-installed prescription lenses, leading to higher price points and a more optimized competitive landscape for quality suppliers [2].

Core Viewpoint - The report from Shenwan Hongyuan maintains a "buy" rating for Kangnait Optical (02276), forecasting net profit growth for 2025-2027 at 5.50, 6.82, and 8.40 billion yuan, representing year-on-year increases of 28.5%, 24.0%, and 23.1% respectively [1] Group 1: Company Overview - Kangnait Optical is a leading manufacturer in the lens industry with a comprehensive product SKU matrix and strong upstream and downstream partnerships, showcasing significant supply chain advantages [1] - The company has been actively expanding its domestic market presence and developing its own brand, creating new growth momentum [1] - The increasing proportion of differentiated products has led to continuous improvement in profitability [1] Group 2: Industry Trends - The smart glasses market is experiencing robust growth, with Kangnait Optical positioning itself advantageously, as evidenced by the continuous investment and acquisition of company shares by Goer [1] - Smart glasses combine attributes of new smart wearable devices and traditional eyewear, indicating a broad long-term market potential [1] - In 2024, global shipments of finished reading glasses and sunglasses are projected to be 277 million and 413 million pairs respectively, while shipments of myopia lenses and frames are expected to reach 816 million and 699 million pairs [1] Group 3: Market Demand and Supply - On the demand side, the product structure is upgrading towards high refraction and functionalization, with steady global demand growth and significant potential in China [2] - On the supply side, international brands hold a first-mover advantage, while domestic companies like Kangnait Optical are gradually achieving import substitution [2] - The smart glasses segment is expected to drive both volume and price increases in the industry, as consumers are willing to pay higher prices for lenses, thus facilitating product structure upgrades [2]

Investment Rating - The report maintains a "Buy" rating for 康耐特光学 (2276.HK) [3] Core Viewpoints - 康耐特光学 is experiencing accelerated growth in its smart glasses segment, with significant revenue increases expected in the second half of 2025 and into 2026 due to expanding production scales and new project developments [1][2] - The company has demonstrated strong supply chain capabilities and technological leadership in the three-in-one lens model, which positions it well for continued growth in the smart glasses market [2] - The industry is entering a dense delivery cycle, with expected optimization of product pain points and a substantial growth potential compared to international markets [2] Financial Projections - The projected net profit for 康耐特光学 from 2025 to 2027 is estimated at 560 million, 670 million, and 810 million yuan respectively, with corresponding PE ratios of 34.1X, 28.4X, and 23.6X [3] - Total revenue is forecasted to grow from 2,061 million yuan in 2024 to 3,181 million yuan in 2027, reflecting a year-on-year growth rate of 17% [3] - The company is expected to maintain a gross margin of approximately 39.99% in 2025, increasing slightly in subsequent years [5]

Group 1 - The company, 康耐特光学 (Connet Optics), announced a mid-term dividend of HKD 0.165 per share, which will be distributed on October 15, 2025 [1]

EF001 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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。 | 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，概不對因 | | --- | --- | | | 股票發行人現金股息公告 | | 發行人名稱 | 上海康耐特光學科技集團股份有限公司 | | 股份代號 | 02276 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月19日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新(i) 支付股息的預設派發貨幣和金額； (ii) 匯率； 及(iii) 股息所涉及的代扣所得稅。 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.15 RM ...

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） 於2025年9月9日舉行的 第三次臨時股東大會投票表決結果 茲提述上海康耐特光學科技集團股份有限公司（「本公司」）日期為2025年8月19日的 通函（「通函」）及臨時股東大會通告（「通告」，連同通函統稱「臨時股東大會文件」）， 內容有關本公司於2025年的第三次臨時股東大會（「臨時股東大會」）。除非文義另 有所指，否則本公告所用詞彙與臨時股東大會文件所界定者具有相同涵義。 董事會欣然宣佈於2025年9月9日（星期二）上午十時正假座中國上海市浦東新區川 大路555號1樓會議室舉行本公司臨時股東大會。臨時股東大會由董事會召開並由 董事會主席兼執行董事費錚翔先生擔任大會主席。本公司全體董事均親身或以電 子方式出席了臨時股東大會。臨時股東大會上 ...

Core Viewpoint - The company is set to officially join the Hang Seng Index on September 8, which is expected to enhance its visibility and market position in the optical industry [1] Group 1: Company Developments - The partnership between Goer and Sunny Optical is anticipated to accelerate the implementation of waveguide technology, positively impacting the smart glasses industry [1] - Sunny Optical's subsidiary, Ningbo Aolai, will acquire shares in Goer Optical, indicating a strategic collaboration aimed at advancing optical technology [1] - The company reported a year-on-year revenue increase of 11% in the first half of the year, with notable growth in the domestic and Southeast Asian markets [2] Group 2: Market Performance - Revenue growth varied by region, with China and Southeast Asia showing strong performance at +19.0% and +22.5% respectively, while the Americas experienced a slight decline of -1.8% due to tariff impacts [2] - The company is enhancing its global supply chain capabilities, which is expected to stabilize and improve growth rates in the second half of the year [2] Group 3: Future Outlook - The company is collaborating with several leading 3C brands to expand its smart glasses offerings, indicating strong growth potential [3] - Key upcoming events include the September 8 index inclusion and the Meta Connect 2025 conference, which may serve as catalysts for further growth [3] - Projected net profits for the company are estimated at 560 million, 700 million, and 870 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 36, 29, and 23 [3]

Core Viewpoint - 康耐特光学 is making significant progress in its collaborations with leading global technology and consumer electronics companies, with revenue from its XR business expected to grow in the coming years [1] Group 1: Financial Performance - As of August 31, 2025, 康耐特光学 has accumulated approximately RMB 10 million in revenue from its XR business, including RMB 3 million recognized in the first half of 2025 [1] - The company has received payments from various agreements, including development fees, small initial orders, and mass production orders for key domestic projects [1] Group 2: Future Outlook - The company anticipates further revenue growth from its XR business in the second half of 2025 and throughout 2026 as key projects expand trial production and enter formal mass production [1] - 康耐特光学 plans to continue developing its XR business and actively collaborate with domestic and international smart glasses manufacturers to enhance lens solution research, production, and supply [1]

Core Viewpoint - 康耐特光学 is making significant progress in its collaborations with leading global technology and consumer electronics companies, with expected revenue growth from its XR business in the coming years [1] Group 1: Financial Performance - As of August 31, 2025, 康耐特光学 has accumulated approximately RMB 10 million in revenue from its XR business, including RMB 3 million recognized in the first half of 2025 [1] - The company has received payments from various agreements, including development fees, small initial orders, and mass production orders for key domestic projects [1] Group 2: Future Outlook - The company anticipates further revenue growth from its XR business in the second half of 2025 and throughout 2026 as key projects expand trial production and enter formal mass production [1] - 康耐特光学 plans to continue developing its XR business and actively collaborate with domestic and international smart glasses manufacturers to enhance lens solution research, production, and supply [1]

Core Viewpoint - 康耐特光学 is making significant progress in its collaborations with leading global technology and consumer electronics companies, with revenue from its XR business expected to grow in the coming years [1] Group 1: Financial Performance - As of August 31, 2025, 康耐特光学 has accumulated approximately RMB 10 million in revenue from its XR business, including RMB 3 million recognized in the first half of 2025 [1] - The company has received payments from various agreements, including development fees, small initial trial orders, and mass production orders for key domestic projects [1] Group 2: Future Outlook - The company anticipates further revenue growth from its XR business in the second half of 2025 and throughout 2026 as key projects expand trial production and enter formal mass production [1] - 康耐特光学 plans to continue developing its XR business and actively collaborate with domestic and international smart glasses manufacturers to enhance lens solution development, production, and supply [1]