Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of 康耐特光学 (Conant Optical), which rose by 5.36% to HKD 55.05, with a trading volume of HKD 27.63 million [1] - Meta Platforms and EssilorLuxottica are reportedly discussing plans to double the production capacity of AI smart glasses by the end of this year to meet growing demand and stay ahead of competitors [1] - Meta has suggested increasing annual production capacity to 20 million units or more by the end of 2026, as sales of Ray-Ban Meta glasses begin to ramp up [1] Group 2 - According to a report from Cathay Securities, global shipments of smart glasses are expected to grow by 110% year-on-year in the first half of 2025, indicating a sustained high growth rate [1] - The inclusion of smart glasses in national subsidies is anticipated to generate additional market growth [1] - 华创证券 (Huachuang Securities) notes that 康耐特光学 is deeply engaged in the eyewear manufacturing industry, with both domestic and international sales progressing, and structural upgrades are expected to enhance profitability [1] Group 3 - 康耐特光学 has established partnerships with several leading 3C companies to develop smart glasses, indicating promising growth potential [1] - The firm expects its net profit attributable to shareholders to reach RMB 560 million, 700 million, and 870 million for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 41, 34, and 27 times [1]

Group 1 - The core viewpoint of the report highlights the significant presence of Chinese companies at CES 2026, with 16 out of 23 exhibitors in the AI glasses category being from China, indicating a strong market focus and innovation in this sector [1][3] - The CES 2026 event showcased approximately 4,300 companies from over 160 countries, with Chinese exhibitors accounting for about 22% of the total, second only to the United States [2] - The report emphasizes the shift in AI development from "digital intelligence" to "physical AI," marking a trend towards deeper integration of AI with hardware [2] Group 2 - Several Chinese smart glasses companies made notable announcements at CES, including Thunderbird's launch of the X3Pro Project eSIM glasses, which support independent functions like calls and real-time AI translation [3] - ByteDance's "Doubao" AI glasses are set to enter the shipping phase, with plans for multiple configurations, including a no-screen version expected to launch in Q1 2026 [3] - Alibaba's Quark glasses sold out of new inventory by December 23, and an OTA upgrade was implemented on December 31, enhancing features like payment and translation [3] Group 3 - The industry trend indicates a focus on lightweight designs, with mainstream products now weighing between 30-50 grams, aiming to return to everyday accessory status [4] - The integration of multimodal technologies is driving AI from passive responses to proactive services, encompassing audio, visual, and tactile experiences [4] - AI glasses are evolving into independent smart terminals capable of functions like calls, internet connectivity, and complex AI computations [4] Group 4 - Global smart glasses shipments are projected to grow by 110% year-on-year in the first half of 2025, maintaining a high growth trajectory [5] - The inclusion of smart glasses in national subsidy programs is expected to provide additional market growth opportunities [5] - A recent policy announcement by the National Development and Reform Commission and the Ministry of Finance includes smart glasses in a new consumer subsidy initiative, which is anticipated to drive further demand [5] Group 5 - Recommended stocks in the sector include Kangnait Optical (02276), Doctor Glasses (300622), and Aishide (002416), with Tianyin Holdings (000829) also mentioned as a relevant stock [6]

Summary of Conant Optical Fireside Chat with Chairman Company Overview - **Company**: Conant Optical (2276.HK) - **Market Cap**: HK$25,892 million (US$3,325 million) [4] - **Current Price**: HK$53.95 [4] - **Target Price**: HK$65.00, indicating an expected share price return of 20.5% and a total return of 21.1% [4] Industry Insights - **Industry**: AI Glasses and Optical Lenses - **Core Product**: AI glasses' RX lenses, which integrate consumer electronic features and require advanced manufacturing processes [2][3] Key Takeaways Positive Outlook - Management is optimistic about 2026 being a year of continuous growth driven by AI glasses [1] - Conant is positioned as one of the few capable suppliers of RX lenses as optical modules, with over 30 AI glasses projects in progress [1][2] Product Development and Manufacturing - Conant has 30+ AI glasses projects, with some already in the EVT (Engineering Validation Test) stage [1][6] - New products are expected to launch in 2027-2028, with a commitment to ramping up production in Japan and Thailand [1][4] - The company has invested approximately RMB 100 million for clean room facilities to produce 1-2 million pairs of lenses annually, and US$4 million for testing machines [2] Market Growth Expectations - The AI glasses market is anticipated to grow rapidly, particularly in China, with expectations for significant user experience improvements [3] - Management believes the manufacturing supply chain will be fully established by 2027, with the AI glasses market potentially taking off by 2028 or earlier [3] Competitive Advantage - Conant can handle over 7 million SKUs, demonstrating its capability in large-scale, automated customized production [7] - The company has strong R&D capabilities and is likely to be a key supplier for major customers in North America [7] Geopolitical and Supply Chain Management - R&D and manufacturing are primarily conducted in China, with a new factory in Thailand expected to begin production by late 2026 or early 2027 [8] - Management is confident that resin supply from Japanese suppliers will remain unaffected by geopolitical tensions [8] C2M Business Outlook - Demand for C2M (Customer to Manufacturer) is resilient, although supply constraints exist. A third customization production line added in 2025 is expected to drive growth [9] Risks - The stock is rated as high risk due to market fragmentation, small market cap, and low liquidity [11] - Key risks include geopolitical uncertainties, potential demand disappointments for AI glasses, and supply constraints [11] Conclusion - Conant Optical is positioned to benefit significantly from the growth of the AI glasses market, with a strong product pipeline and manufacturing capabilities. However, investors should be aware of the associated risks in a fragmented and competitive landscape.

Summary of 康耐特光学 Conference Call Company Overview - 康耐特光学 is a leading resin lens manufacturer globally, ranked second in sales and covering over 90 countries and regions [2][6] - The company has a strategic investment from 歌尔股份, holding approximately 20% of shares, enhancing its position in the AI glasses supply chain [2][6] Industry Insights - The AI glasses market is expected to grow significantly, with 康耐特光学 projected to capture a 30% market share, increasing average selling prices to 300-400 RMB and achieving a net profit margin of 30-35% [2][3] - The global market for AI glasses could reach 600 million units, corresponding to a market size of 2 trillion RMB [4][15] Financial Performance - From 2018 to 2024, 康耐特光学's revenue is expected to grow at a CAGR of 16%, with net profit growing at 33%, reaching 430 million RMB by 2024 [2][7] - The company’s gross margin is projected to increase from 35% in 2020 to 41% by 2025, with net profit margin rising from 12% to 25% [7] Product and Market Strategy - High refractive index lenses are a key driver for profitability, with 康耐特光学 being the only domestic producer of 1.74 refractive index lenses, holding a 50% market share [2][8][10] - The company employs a C to C to N customization model, achieving a 60% gross margin on customized lenses, which currently represent 19% of total sales [2][13] Competitive Landscape - 康耐特光学 benefits from a cost advantage over imported brands while maintaining quality, allowing it to capture significant market share in high refractive index lenses [10][11] - The company is positioned to respond quickly to market demands and expand its market share through overseas production facilities in Japan and Thailand [4][14][21] Future Growth Potential - The company’s valuation is currently around 460 billion RMB, with potential for 2-3x growth, driven by the AI glasses market and new national subsidy policies [4][5] - The expected increase in net profit from AI glasses could elevate the profit margin to 30-35%, with a potential revenue increase of 1.2 billion RMB from XR business [22] Key Risks and Considerations - The company faces competition from global leaders like 依视路, which may limit its market share growth despite its technological advantages [21] - The impact of tariffs on overseas markets has been noted, but the establishment of production facilities abroad is seen as a mitigating factor [14] Conclusion - 康耐特光学 is well-positioned to capitalize on the growing AI glasses market, with strong financial performance, innovative product offerings, and strategic international expansion plans. The company’s unique capabilities in high refractive index lenses and customization are expected to drive future growth and profitability [2][3][4][22]

Core Viewpoint - 康耐特光学's stock price surged over 5%, reaching a historical high of 58.65 HKD, driven by the inclusion of smart glasses in the national subsidy policy [1] Company Summary - 康耐特光学 is a leading lens manufacturer actively developing a second growth curve in smart glasses [1] - The company has established partnerships with several top 3C companies to expand its smart glasses offerings, indicating strong growth potential [1] Industry Summary - The National Development and Reform Commission and the Ministry of Finance have included smart glasses in the 2026 national subsidy policy, which is expected to stimulate consumer demand [1] - According to Huachuang Securities, smart glasses priced over 3300 RMB can fully benefit from the national subsidy, potentially lowering product prices and increasing market penetration [1]

Group 1 - 康耐特光学 (02276) saw a morning increase of over 5%, reaching a new historical high of 58.65 HKD, with a current price of 58.05 HKD and a trading volume of 24.53 million HKD [1] - The National Development and Reform Commission and the Ministry of Finance recently announced the 2026 national subsidy policy, which includes smart glasses for the first time [1] - According to Huachuang Securities, smart glasses priced over 3,300 RMB can fully enjoy the national subsidy, which is expected to lower product prices and stimulate consumer demand [1] Group 2 - The company is a leading lens manufacturer and is actively cultivating a second growth curve in smart glasses [1] - 康耐特光学 is deeply engaged in the eyewear manufacturing industry, with both domestic and international sales progressing, and structural upgrades are expected to enhance profitability [1] - The company has partnered with several leading 3C companies to develop smart glasses, indicating promising growth potential [1]

Core Viewpoint - 康耐特光学's stock price surged over 5%, reaching a new historical high of 58.65 HKD, driven by the inclusion of smart glasses in the national subsidy policy [1] Group 1: Company Performance - 康耐特光学's stock is currently trading at 58.05 HKD with a trading volume of 24.53 million HKD [1] - The company is recognized as a leading lens manufacturer and is actively developing a second growth curve in smart glasses [1] Group 2: Industry Insights - The National Development and Reform Commission and the Ministry of Finance have included smart glasses in the 2026 national subsidy policy, allowing products priced over 3,300 RMB to qualify for full subsidies [1] - The introduction of subsidies is expected to lower product prices and stimulate consumer demand, leading to an anticipated increase in smart glasses penetration rates next year [1] - 康耐特光学 is collaborating with several leading 3C companies to expand its presence in the smart glasses market, indicating strong growth potential [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12月31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: 2026年1月7日 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 479,925,000 | | 0 | | 479,925,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 479,925,000 | | 0 | | 479,925,000 | 第 2 頁 共 10 頁 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [15]. Core Insights - The report emphasizes the importance of exploring supply chain opportunities from the demand side, particularly in the context of the upcoming CES event, which is expected to showcase a variety of new smart glasses products [3][9]. - The report highlights that 2026 is anticipated to be a year of significant growth for smart glasses, driven by supportive policies and supply upgrades, with a focus on enhancing product features and user experience [9]. Industry Overview - The light industry manufacturing sector comprises 164 listed companies with a total market capitalization of approximately 1,094.55 billion and a circulating market value of about 934.63 billion [6]. - The absolute performance of the industry over the past 12 months has been 32.9%, while the relative performance compared to the benchmark has been 5.8% [7]. Key Company Forecasts and Valuations - 康耐特光学 (Kangnait Optical) is projected to have an EPS of 1.18, 1.45, and 1.81 for 2025E, 2026E, and 2027E respectively, with a strong buy rating [4]. - The PE ratios for 康耐特光学 are forecasted to be 41.05, 33.26, and 26.64 for the same years, indicating strong growth potential [4]. Upcoming Events - The 2026 International Consumer Electronics Show (CES) is scheduled from January 6 to 9, showcasing over 50 exhibitors in the AI glasses segment, with significant product launches expected from various companies [9].

Core Viewpoint - 康耐特光学's stock price increased by over 6% in early trading, reflecting positive market sentiment driven by developments in the smart glasses sector at CES 2026 and government support for the industry [1] Group 1: Market Developments - At CES 2026, smart glasses emerged as a focal point, with over 50 manufacturers showcasing their products, including leading companies like 雷鸟创新, Rokid, 影目, VITURE, and XREAL [1] - 阿里巴巴 is set to present its first self-developed AI glasses, the Quark AI Glasses S1, at CES 2026, indicating a significant entry into the smart glasses market [1] Group 2: Government Policy - The National Development and Reform Commission and the Ministry of Finance announced a policy for 2026 that includes large-scale equipment upgrades and a trade-in program for consumer goods, with smart glasses being included for the first time in national subsidies [1] - 东方证券 believes that the inclusion of smart glasses in national subsidies signals strong governmental support for the integration of artificial intelligence and consumer products, which will lower consumer barriers and accelerate market education [1]