Group 1 - The core viewpoint of the report is that 康耐特光学 is expected to see a profit increase of no less than 30% in 2025, driven by the sales growth of 1.74 refractive index lenses and other multifunctional products [1] - The company benefits from economies of scale and improved automation levels, alongside an optimized financing structure that enhances returns and reduces financing costs [1] - 中金 is optimistic about 康耐特光学's ability to maintain its advantage in the 1.74 refractive index lens market and to lead in the consumer-grade smart glasses market [1] Group 2 - 中金 has raised its profit forecasts for 2025 and 2026 by 3% each, now projecting profits of 566 million and 701 million respectively, and has introduced a profit forecast for 2027 at 916 million [1] - Considering the upward adjustment in performance and improved sector risk appetite, 中金 has increased the target price by 12% to HKD 65, corresponding to price-to-earnings ratios of 40 times and 30 times for 2026 and 2027 respectively [1] - The rating of "outperforming the industry" is maintained by 中金 [1]

Group 1: Major Developments - 康耐特光学 (02276) and 歌尔光学 plan to establish a joint venture to expand the application market for customized lenses in AI/AR/VR/MR glasses [1] - 圣贝拉 (02508) and 云迹科技 signed a strategic cooperation framework agreement to explore the deep integration and application of artificial intelligence and robotics in high-demand home care scenarios [1] - KKCG Maritime intends to initiate a voluntary conditional partial public acquisition offer to acquire 15.4% of 法拉帝 (09638) shares [1] - 远大医药 (00512) announced that the new drug application for the innovative radiolabeled drug TLX591-CDx has been accepted by the China National Medical Products Administration [1] - 艾美疫苗 (06660) received approval to conduct clinical trials for a 20-valent pneumococcal polysaccharide conjugate vaccine [1] - 中国东方航空股份 (00670) sold the 凯迪克大厦 in Shanghai and related assets to 东航置业 for approximately 134 million yuan [1] - 佑驾创新 (02431) signed a memorandum of understanding with India's leading automotive parts manufacturer STL [1] - 南山铝业国际 (02610) plans to develop electrolytic aluminum and related raw materials and supporting businesses [1] Group 2: Financial Performance - 顺丰控股 (06936) reported a total revenue of 27.339 billion yuan from its express logistics, supply chain, and international businesses in December, representing a year-on-year increase of 3.41% [2] - 美丽田园医疗健康 (02373) issued a profit warning, expecting adjusted net profit for 2025 to be no less than 380 million yuan, a year-on-year increase of at least 40% [2] - 中国太平 (00966) issued a profit warning, anticipating a year-on-year increase of approximately 215% to 225% in shareholder profit for the 2025 fiscal year [2] - 吉宏股份 (02603) issued a profit warning, expecting a net profit attributable to shareholders of approximately 273 million to 291 million yuan for 2025, a year-on-year increase of 50% to 60% [2] - 兖煤澳大利亚 (03668) reported a fourth-quarter coal sales volume of 10.8 million tons, a year-on-year increase of 4% [2] - 兖矿能源 (01171) reported a fourth-quarter commodity coal production of 46.51 million tons, a year-on-year increase of 4.4% [2] - 深圳控股 (00604) projected a total contract sales amount of approximately 13.311 billion yuan for 2025, a year-on-year decrease of 21.55% [2] - 上海石油化工股份 (00338) issued a profit warning, expecting a net loss attributable to shareholders of approximately 1.289 billion to 1.576 billion yuan for 2025, indicating a shift from profit to loss [2] - 上海石油化工股份 (00338) reported gasoline sales revenue of 24.656 billion yuan for 2025 [2]

Investment Rating - The investment rating for 康耐特光学 (2276.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on expected profit growth and market performance. Core Insights - The company forecasts a net profit growth of no less than 30% for 2025, driven by increased sales of high-refractive index lenses and multifunctional products, enhanced competitive advantages through scale effects and automation, and improved financing structure leading to higher returns and lower costs [1]. - The report highlights an expected steady recovery in North American revenue, supported by an increase in the proportion of high-refractive index lenses and high-value-added products, as well as successful establishment of production bases in Japan and Thailand [2]. - The smart glasses segment is anticipated to see significant growth, with cumulative revenue reaching approximately 10 million yuan by the end of August, and further expansion expected in 2025 and 2026 as production scales up [3]. Financial Projections - The company is projected to achieve total revenue of 2,341 million yuan in 2025, with a year-over-year growth rate of 14%, and a net profit of 567 million yuan, reflecting a 32% increase [4]. - For the years 2025 to 2027, the expected net profits are 5.7 billion yuan, 6.9 billion yuan, and 8.9 billion yuan, with corresponding P/E ratios of 46.8X, 38.3X, and 29.6X [3][4]. - Key financial metrics indicate a gross margin improvement, with projections of 39.96% in 2025 and 41.47% in 2027, alongside a net profit margin of 24.20% in 2025 [4].

Core Viewpoint - 康耐特光学 and 歌尔光学 have entered into a joint venture agreement to develop and produce specialized lenses and optical components for AIARVR MR glasses, indicating a strategic move into the growing augmented and virtual reality market [1][2] Group 1: Joint Venture Details - The joint venture will focus on the research, production, and sales of custom lenses, waveguide eyepieces (including myopia correction and non-correction types), and electrochromic and eye-tracking optical components [1] - The initial registered capital of the joint venture is set at $1 million (approximately 7.8 million HKD), with 朝日镜片 contributing $300,000 (approximately 2.34 million HKD) for a 30% stake, while 歌尔光学 will invest $700,000 (approximately 5.46 million HKD) for a 70% stake [1] Group 2: Additional Capital Injection - By June 30, 2026, the joint venture will receive an additional capital injection of $2 million (approximately 15.6 million HKD), with 歌尔光学 contributing $1.4 million and 朝日镜片 contributing $600,000 [2] - After this additional funding, the ownership stakes will remain at 30% for 朝日镜片 and 70% for 歌尔光学 [2]

Core Viewpoint - 康耐特光学 and 歌尔光学 have established a joint venture to develop and sell customized lenses and optical components for AI, AR, VR, and MR glasses, indicating a strategic move into the growing smart eyewear market [1] Group 1: Joint Venture Details - The joint venture agreement was signed on January 19, 2026, between 康耐特光学's wholly-owned subsidiary 朝日镜片 and 歌尔光学 [1] - The initial registered capital of the joint venture is set at 1 million USD (approximately 7.8 million HKD), with 朝日镜片 contributing 300,000 USD (approximately 2.34 million HKD) for a 30% stake, while 歌尔光学 will invest 700,000 USD (approximately 5.46 million HKD) for a 70% stake [1] - An additional capital increase of 2 million USD (approximately 15.6 million HKD) is planned before June 30, 2026, with 歌尔光学 contributing 1.4 million USD and 朝日镜片 contributing 600,000 USD, maintaining their respective ownership percentages [1]

Group 1 - The core point of the article is that 康耐特光学 (02276.HK) has announced a joint venture with 歌尔光学 to develop customized lenses for AI, AR, VR, and MR glasses, aiming to enhance supply chain collaboration and optimize R&D and production capabilities [1][2] - The joint venture will focus on the research, production, and sales of customized lenses, waveguide eyepieces (including myopia correction and non-correction types), and electrochromic and eye-tracking optical components specifically for clients outside Greater China [1][2] - The establishment of the joint venture is driven by the rapid development and strong demand for optical lenses in the AI, AR, VR, and MR markets, which is expected to provide synergistic effects for product development and sales [2] Group 2 - 康耐特光学 has been seeking opportunities to diversify its product line and explore potential markets, indicating a strategic move towards innovation and market expansion [2] - The collaboration with 歌尔光学 leverages each party's production expertise and business knowledge, highlighting the importance of partnerships in the evolving optical lens market [2] - The joint venture aligns with the global development strategy of both companies, aiming to enhance their industry positioning and expand their reach in the customized lens market for advanced eyewear technologies [1][2]

Core Viewpoint - 康耐特光学 has entered into a joint venture agreement with 歌尔光学 to develop and sell custom lenses and optical components for AI, AR, VR, and MR glasses, indicating a strategic move into the growing smart eyewear market [1] Group 1: Joint Venture Details - The joint venture will focus on the research, production, and sales of custom lenses, waveguide eyepieces (including myopia correction and non-correction types), and electrochromic and eye-tracking optical components [1] - The initial registered capital of the joint venture is set at 1 million USD (approximately 7.8 million HKD), with 康耐特光学 and 歌尔光学 contributing 300,000 USD (approximately 2.34 million HKD) and 700,000 USD (approximately 5.46 million HKD) respectively, representing 30.0% and 70.0% of the joint venture's capital [1] - An additional capital increase of 2 million USD (approximately 15.6 million HKD) is planned before June 30, 2026, with 歌尔光学 contributing 1.4 million USD and 康耐特光学 contributing 600,000 USD, maintaining their respective ownership stakes [1]

Core Viewpoint - 康耐特光学 and 歌尔光学 have established a joint venture to develop and sell customized optical components for AI, AR, VR, and MR glasses, aiming to leverage their strengths and enhance supply chain collaboration [1][2]. Group 1: Joint Venture Details - The joint venture will focus on the research, production, and sales of customized lenses, waveguide eyepieces (including myopia correction and non-correction types), and electrochromic and eye-tracking optical components [1]. - The joint venture will primarily serve clients outside the Greater China region [1]. Group 2: Market Context and Strategic Intent - The collaboration is driven by the rapid development and strong demand for optical lenses in the AI, AR, VR, and MR markets [2]. - The partnership aims to optimize research and production capabilities and expand the application market for customized lenses in the AI, AR, VR, and MR sectors [1][2].

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） 關連交易 成立合資企業 合資協議 董事會欣然宣佈，於2026年1月19日（交易時段後），朝日鏡片（本公司直接全資附屬 公司）與歌爾光學訂立合資協議，據此將成立合資企業以從事應用於AI╱AR╱VR╱ MR眼鏡領域之智慧眼鏡專用定製鏡片、光波導目鏡（含近視矯正型與非矯正型光波導 元件）以及電致變色與眼球追蹤功能目鏡對應光電元件之研發、生產及銷售業務。 上市規則的涵義 於本公告日期，歌爾股份間接持有本公司約20.03%已發行股份，因此為本公司主要股 東。歌爾光學為歌爾股份於上市規則的定義下的聯繫人。因此，根據上市規則第十四 A章，歌爾光學為本公司的關連人士。就此，根據上市規則第十四A章，訂立合資協 議及其項下擬進行之交易構成本公司的關連交易。 ...

Core Viewpoint - Citigroup's research report indicates that Connet Optical has issued a positive profit forecast, expecting a net profit growth of no less than 30% year-on-year by 2025, aligning with the bank's prediction of a 30% increase [1] Group 1: Growth Drivers - Key growth factors include the increased sales contribution from 1.74 refractive index lenses and other multifunctional products, expanded economies of scale, enhanced automation levels, reduced financing costs, and improved capital returns [1] Group 2: Earnings Forecast Adjustments - Citigroup has raised its earnings per share forecasts for Connet Optical for the years 2025 to 2027 by 3%, 1%, and 1% respectively, reflecting higher contributions from the 1.74 refractive index lens products and lower financing costs [1] Group 3: Target Price and Rating - The target price for Connet Optical has been increased from HKD 65 to HKD 70, with a reiterated "Buy/High Risk" rating, as the company is identified as a major beneficiary in the artificial intelligence glasses market [1] Group 4: Short-term Catalysts - Short-term catalysts include the upcoming launch of Amazon's AI glasses and related supply chain updates [1]