（股份代號：2276） 自願公告 業務發展更新 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） 本自願性公告乃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，旨在向 股東及潛在投資者提供本公司業務發展的最新資料。本公司亦參照於2025年9月2日刊發 的2025年中期報告中關於XR業務方面的管理層討論與分析。 上海康耐特光學科技集團股份有限公司 執行董事兼董事會主席 費錚翔 香港，2025年9月8日 本公司董事會（「董事會」）欣然宣佈，本公司與此前所述多個全球領先的科技和消費電子 企業的合作順利推進，根據已簽署的合作協議和採購訂單，本公司已陸續收到包括開發 費用，小額初試訂單，和國內個別重點專案的量產訂單在內的款項。截止2025年8月31 日，公司XR業務方面已累計收入約人民幣1,000萬元（含2 ...

Group 1 - The core viewpoint of the article highlights that 康耐特光学 (Conant Optical) has seen a stock increase of over 5%, specifically a rise of 5.49% to HKD 46.86, with a trading volume of HKD 86.99 million [1] - The company has been included in the Hang Seng Composite Index as announced by the Hang Seng Index Company, with the changes effective from September 8 [1] - 中金 (CICC) emphasizes that 康耐特光学 is a global leader in resin lenses, possessing strong technology, production capacity, and customer barriers [1] Group 2 - The high-refractive index products are accelerating in volume, and the growth path for profits is clear, particularly with the rise of optical lenses for smart glasses [1] - The market has expectations for the value and market share of AR glasses lenses, indicating a potential gap in perception [1] - The company is expected to benefit from increased liquidity following its inclusion in the index [1]

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 ...

2025 中期報告 公司資料 | 執行董事 | 費 錚 翔 先 生（ 主 席 ） | | --- | --- | | | 鄭育紅先生 | | | 夏國平先生 | | | 陳俊華先生 | | | 王傳寶先生 | | | 曹雪女士 | | 非執行董事 | 趙曉雲女士 | | | 田克漢先生 | | 獨立非執行董事 | 肖斐博士 | | | 陳一先生 | | | 吳瑩博士 | | | 金益亭先生 | | 監 事 | 徐敬明先生 | | | 李艷女士 | | | 唐寶華先生 | | 聯席公司秘書 | 曹雪女士 | | | 陳沛恒先生 | | 授權代表 | 費錚翔先生 | | | 陳沛恒先生 | | 審計委員會 | 陳 一 先 生（ 主 席 ） | | | 吳瑩博士 | | | 肖斐博士 | | 薪酬委員會 | 吳 瑩 博 士（ 主 席 ） | | | 肖斐博士 | | | 陳俊華先生 | | 提名委員會 | 肖 斐 博 士（ 主 席 ） | | | 陳一先生 | | | 夏國平先生 | 2 2025中期報告 公司資料 | 戰略委員會 | 費 錚 翔 先 生（ 主 席 ） 肖斐博士 | | --- | --- | | ...

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]

【财华社讯】康耐特光学(02276.HK)公布，公司已获恒生指数有限公司选定并将被纳入包括恒生综合指 数成份股和恒生港股通指数在內的13个指数，自2025年9月8日起生效。 本文源自：财华网 ...