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].

Group 1 - 康耐特光学 (02276) shares increased by over 5%, currently up 5.32% at 44.34 HKD, with a trading volume of 61.4 million HKD [1] - Meta is preparing to launch its first AI smart glasses, code-named Hypernova, with a revised starting price of approximately 800 USD, down from an initial plan of at least 1000 USD [1] - The AI smart glasses market is expected to see strong growth driven by the upcoming releases from major tech companies like Alibaba, Google, and Meta in the second half of the year [1] Group 2 - 康耐特光学 is a leading lens manufacturer with a comprehensive product SKU matrix and strong upstream and downstream partnerships, providing significant supply chain advantages [1] - The company has been actively expanding its domestic market presence and developing its own brand, which has created new growth momentum [1] - The increasing proportion of differentiated products has led to continuous improvement in profitability, and the company is well-positioned to benefit from the booming smart glasses market [1] - The strategic investments and acquisitions by GoerTek in 康耐特光学 highlight industry recognition and are expected to empower the company's related business development, opening up future growth opportunities [1]

Group 1 - 康耐特光学 (02276) shares increased by over 5%, reaching 44.34 HKD with a trading volume of 61.4 million HKD [1] - Meta is preparing to launch its first AI smart glasses, Hypernova, with a reduced starting price of approximately 800 USD, down from an initial plan of at least 1000 USD [1] - The AI smart glasses market is expected to see strong growth driven by new product launches from major tech companies like Alibaba, Google, and Meta in the second half of the year [1] Group 2 - 康耐特光学 is a leading lens manufacturer with a comprehensive product SKU matrix and strong upstream and downstream partnerships, providing significant supply chain advantages [1] - The company has been actively expanding its domestic market presence and developing its own brand, which has created new growth momentum [1] - The increasing proportion of differentiated products has led to continuous improvement in profitability, and the booming smart glasses market presents a first-mover advantage for 康耐特光学 [1]

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） 2025年第三次臨時股東大會代表委任表格 上 海 康 耐 特 光 學 科 技 集 團 股 份 有 限 公 司（「本 公 司」）股 東 於2025年9月9日（星 期 二）上 午 十 時 正 假 座 中 華 人 民 共 和 國 （「中 國」）上 海 市 浦 東 新 區 川 大 路555號1樓會議室召開之2025年 第 三 次 臨 時 股 東 大 會（或 其 任 何 續 會）適 用 之 代 表 委 任表格。 本人╱吾等1 地址為 為 上 海 康 耐 特 光 學 科 技 集 團 股 份 有 限 公 司（「本公司」）每 股 面 值 人 民 幣1元 之 股 份（「股 份」）共 股2 之登記持有人，茲委任3大會主席，或 地址為 為本人╱吾等之受委代表，代表本人╱吾等出席本公司於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樓會議室舉行之2025年 第 三 次 臨 時 股 東 大 會（「大 會」）（或 其 任 何 續 會）， ...

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通告的內容概不負 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通告全部或 任何部分內容而產生或因依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） 2025年第三次臨時股東大會通告 茲通告上海康耐特光學科技集團股份有限公司（「本公司」）謹訂於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2025年 第 三 次 臨 時 股 東 大 會（「臨時股東大會」），以 處 理 以 下 事 項： 普通決議案 1. 考慮及酌情批准派付本公司截至2025年6月30日止六個月之中期股息每股H 股（「股 份」）人 民 幣0.15元（含 稅）（「中期股息」）。 特別決議案 – 1 – 2. 考慮及酌情批准授予董事會發行股份一般授權的議案： (1) 授予董事會一般授權，以發行、配發及處置額外H股，董事會將予配發 及發行或同意有 ...

此乃要件 請即處理 閣下如 對本通函任何方面或應採取的行動 有任何疑問，應諮詢 閣下的持牌證券 交易商或註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之上海康耐特光學科技集團股份有限公司股份全部售出或轉讓， 應立即將本通函及隨附的代表委任表格交予買主或承讓人，或經手買賣或轉讓的 銀行、持牌證券交易商或註冊證券機構或其他代理商，以便轉交買主或承讓人。 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通函的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部 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） (1)建議派付截至2025年6月30日 止 六個月之中期股息； (2)發行股份的一般授權； 及 (3)2025年第三次臨時股東大會通告 上海康耐特光學科技集團股份有限公司謹訂於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 ...

Core Viewpoint - The company reported its 2025H1 performance, which met expectations, with significant growth in revenue and net profit driven by high-value products and automation upgrades [1][2]. Financial Performance - 2025H1 revenue reached 1.084 billion yuan, a year-on-year increase of 11.0% - The number of units sold was 93.1 million, up 7.5% year-on-year - Gross profit was 444 million yuan, reflecting a 16.2% increase year-on-year, with a gross margin of 41.0%, up 1.8 percentage points - Net profit attributable to shareholders was 273 million yuan, a 30.7% year-on-year increase, with a net profit margin of 25.2%, up 3.8 percentage points - The company declared an interim dividend of 0.15 yuan per share, corresponding to a payout ratio of 26.4% [1][2]. Product Structure and Market Focus - The product revenue breakdown for 2025H1 showed standard lenses at 513 million yuan (+20.0%), functional lenses at 382 million yuan (+8.8%), and customized lenses at 185 million yuan (-4.9%) - The gross margins for standard, functional, and customized lenses were 33.6%, 40.6%, and 61.9%, respectively, with improvements of 2.8, 2.8, and 2.4 percentage points year-on-year [2]. - Revenue by region for 2025H1 was as follows: Mainland China 359 million yuan (+19.0%), Asia (excluding Mainland China) 295 million yuan (+22.5%), Americas 220 million yuan (-1.8%), Europe 171 million yuan (+6.0%), Oceania 26 million yuan (-30.5%), and Africa 13 million yuan (+22.1%) [2]. Manufacturing and Supply Chain - The company has strong manufacturing capabilities and is focusing on enhancing its own brand and domestic market presence - It has over 700,000 SKUs and emphasizes product research and development, with a significant client base including high-end brands [3]. - The company is expanding its global production capacity, with new production lines set to launch in Japan and Thailand, enhancing its supply chain advantages [3]. XR Business Development - The XR business, including AR and AI glasses, is expanding both domestically and internationally, with increasing collaboration with technology and consumer electronics companies - The partnership with GoerTek, which has increased its stake to 20%, is expected to enhance strategic cooperation and business opportunities [4]. - The market for smart glasses is growing rapidly, with significant sales increases noted for products like the Ray-Ban Meta [4]. Long-term Growth Potential - Smart glasses are positioned to replace various traditional devices, with significant market potential - The demand for traditional eyewear is also expected to grow, with a shift towards higher-value, functional products [5]. - The company is well-positioned to benefit from the increasing demand for smart eyewear, which is expected to drive both volume and price growth in the industry [5]. Equity Incentive Plan - The company has adjusted its equity incentive plan, extending the assessment period and maintaining the grant price and number of shares - This move reflects the company's confidence in long-term growth and aims to align the interests of management and employees [6][7].

Industry Overview - The lens industry in China is expected to maintain a good growth momentum due to rigid demand, scenario refinement, and structural optimization, with a projected CAGR of 6.00% for manufacturer sales and 5.04% for retail sales from 2019 to 2024, reaching sales of 29.75 billion and 53.71 billion yuan by 2029 respectively [1] Company Strategy - The company has a flexible strategy across the industry chain, enhancing competitiveness and market share through deep partnerships with core suppliers like Mitsui Chemicals, which has provided a comprehensive product matrix for nearly 15 years [2] - The company ranks among the top in market share, with new production capacities in Thailand and Japan, and an increasing proportion of high unit price and high gross margin products, which is expected to further boost competitiveness and market share [2] - The company employs a C2M business model to engage directly with consumers, utilizing diversified channels to shorten the path to individual end customers, thereby enhancing profitability [2] Smart Glasses Development - The company is actively developing a second growth curve through smart glasses, with demand for lenses in AI and AR glasses, although AR glasses face technological limitations and have not yet achieved significant sales [3] - The company collaborates with leading tech and consumer electronics firms to develop customized lenses for XR products and has acquired land in Thailand for building a production base for XR product lenses [3] - The company forecasts revenues of 2.328 billion, 2.657 billion, and 2.963 billion yuan for 2025-2027, with net profits of 561 million, 672 million, and 777 million yuan respectively, driven by lens demand growth and strategic partnerships in the smart glasses sector [3]