Core Viewpoint - 康耐特光学's stock has risen over 6% amid the upcoming 2025 World VR Industry Conference, indicating positive market sentiment towards the company and the AI glasses sector [1] Industry Overview - The 2025 World VR Industry Conference will be held from October 19 to 20 in Nanchang, focusing on major tech companies like Huawei, Apple, Alibaba, Xiaomi, and Lenovo, as well as leading AR glasses innovators such as XREAL, Rokid, and Thunder Innovation [1] - The industry is still in the early stages of demand expansion, with a focus on tracking breakthrough products and volume release schedules from major manufacturers [1] Company Insights - 康耐特光学 is strategically positioned in the high-potential AI glasses market, which is expected to exceed 100 billion yuan by 2029, with AI+AR glasses becoming the main growth driver [1] - The company is integrating "hard technology + soft ecology" to address core challenges in the commercialization of waveguide AR glasses, with progress in multiple R&D projects alongside leading global tech and consumer electronics firms [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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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） 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 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 ...

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） 就截至2024年12月31日止年度報告的補充公告－ 有關受限制股份單位計劃的詳情 茲提述本公司截至2024年12月31日止年度之年度報告（「2024年年報」）。除非文義另有 所指，否則本公告所用詞彙與2024年年報所賦予者具有相同涵義。 除2023年年報及2024年年報披露的資料外，本公司董事（「董事」）會（「董事會」）謹此向 本公司股東及潛在投資者提供下列有關本公司受限制股份單位計劃的資料。 誠如2024年年報第21頁所示，本集團分別於2023年12月18日採納受限制股份單位計劃 （「2023股份獎勵計劃」）及2025年1月20日採納第二次受限制股份單位計劃（「2025股份獎 勵計劃」）。該等計劃提供獎勵以挽留及鼓勵獲選參與者為本集團 ...

Core Viewpoint - 康耐特光学 is a leading resin lens manufacturer in China, with significant growth in revenue and market position, driven by increasing demand for eyewear and innovative technologies [1][2][3][4] Company Overview - 康耐特光学 was established in 1996 and is headquartered in Shanghai, with production bases in Shanghai, Jiangsu, and Japan [1] - The company ranks fifth globally in resin lens sales for 2023 and first among Chinese manufacturers in terms of production volume for 2024 [1] - The projected revenue for 2024 is 2.06 billion RMB, representing a 17% year-on-year growth [1] - Revenue breakdown for 2024 includes standard lenses (44%), functional lenses (37%), and customized lenses (19%) [1] - For the first half of 2025, revenue is expected to reach 1.084 billion RMB, showing an 11% year-on-year increase [1] Industry Trends - The eyewear market is experiencing growth in both volume and price due to rising myopia and presbyopia rates, as well as increased functional demands [2] - In China, the average number of lenses purchased per 100 people is projected to rise from 8.6 in 2019 to 10.0 in 2024, and further to 13.6 by 2029 [2] - Average spending on lenses per person in China is expected to increase from 21.2 RMB in 2019 to 27.1 RMB in 2024, reaching 38.3 RMB by 2029 [2] - Global lens manufacturers' sales are projected to grow to 8.2 billion USD by 2029, with a compound annual growth rate (CAGR) of approximately 5.8% from 2024 to 2029 [2] - China's lens sales are expected to reach 29.75 billion RMB by 2029, with a CAGR of about 7.5% during the same period [2] Competitive Advantages - 康耐特光学 leverages high refractive index technology and a C2M (Customer to Manufacturer) customization model to establish core competitive barriers [3] - The company has over 7 million SKUs covering refractive indices from 1.499 to 1.74 and is the first in China to mass-produce 1.74 high refractive index resin lenses [3] - The C2M model allows for 24-hour custom delivery, with a new production base in Thailand expected to enhance global capacity by 2026 [3] - The company is positioned to benefit from the growing AI eyewear market, with a significant increase in global and Chinese smart eyewear shipments [3] - 康耐特光学 has developed core technologies for ultra-thin lenses and waveguide plates, collaborating with leading consumer electronics companies [3] Financial Projections - The projected net profits for 康耐特光学 from 2025 to 2027 are 570 million RMB, 710 million RMB, and 880 million RMB, respectively [4] - The company's price-to-earnings (PE) ratios for 2025-2027 are estimated at 34x, 27x, and 22x, which are below the average PE of comparable companies [4] - The company's PEG ratios for 2025 and 2026 are also lower than the average of comparable firms, indicating potential for growth [4] - The company is expected to maintain a strong market position and expand its market share due to the robust growth of the eyewear lens market and its technological advantages [4]

Investment Rating - The report gives Conant Optical a "Buy" rating for its initial coverage [5]. Core Viewpoints - Conant Optical is a leading manufacturer of resin lenses in China, with a strong global presence and a focus on AI glasses business development [1][4]. - The company is expected to benefit from the growing demand for both traditional and smart eyewear, driven by increasing near-sightedness and aging populations [2][4]. - Conant's competitive advantages include high refractive index technology and a C2M (Customer-to-Manufacturer) customization model, which enhance its market position [3][4]. Company Overview - Conant Optical was established in 1996 and is headquartered in Shanghai, with production bases in Shanghai, Jiangsu, and Japan [1]. - The company ranks first among Chinese resin lens manufacturers by production volume and fifth globally by sales revenue [1][37]. - In 2024, the company is projected to achieve revenue of 2.06 billion RMB, a year-on-year increase of 17.1% [1][6]. Market Trends - The eyewear market is experiencing a volume and price increase due to rising near-sightedness and presbyopia rates, as well as growing functional demands [2][38]. - In China, the per capita purchase of lenses is expected to rise from 8.6 pairs per 100 people in 2019 to 10.0 pairs in 2024, with spending increasing from 21.2 RMB to 27.1 RMB per person [2][49]. - The global lens manufacturing market is projected to grow to 8.2 billion USD by 2029, with a compound annual growth rate (CAGR) of approximately 5.8% from 2024 to 2029 [2][50]. Business Segments - Conant's revenue is derived from three main segments: standard lenses (44%), functional lenses (37%), and customized lenses (19%) for 2024 [1][20]. - The functional lens segment is expected to see significant growth, with a 32.4% increase in revenue compared to the previous year [20]. Technological Advantages - The company has developed a high refractive index lens technology, being the first in China to mass-produce 1.74 refractive index resin lenses [3][61]. - Conant's C2M model allows for 24-hour customization and delivery, enhancing operational efficiency and customer satisfaction [3][64]. AI Glasses Market - The global smart glasses market is witnessing rapid growth, with a 116.1% year-on-year increase in shipments in China [4][72]. - Conant is positioned to capitalize on this trend due to its advanced optical technologies and partnerships with leading consumer electronics companies [4][70]. Financial Projections - The company is expected to achieve net profits of 566 million RMB, 712 million RMB, and 876 million RMB for the years 2025, 2026, and 2027, respectively [5][6]. - The projected P/E ratios for 2025, 2026, and 2027 are 34x, 27x, and 22x, indicating a favorable valuation compared to peers [5][6].

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 ...