王文鑒先生 獨立非執行董事： 馮華君先生 陳剛先生 湯蕙儀女士 SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED 舜 宇 光 學 科 技（ 集 團 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2382.HK） 董事名單及其角色與職能 自二零二五年十一月一日起，舜宇光學科技（集團）有限公司（「本公司」）的董事 （「董事」，各為一名「董事」）會（「董事會」）成員載列如下： 執行董事： 王錟炯先生 （主席） 王文杰先生 倪文軍先生 非執行董事： 1 董事會設立四個委員會。自二零二五年十一月一日起，各董事在該等委員會中所 擔任的職位載列如下： | 委員會 | | | | 策略及 | | --- | --- | --- | --- | --- | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | 發展委員會 | | 王錟炯先生 | | | | 主席 | | 王文杰先生 | | | | 成員 | | 倪文軍先生 | | 成員 | | 成員 | | 王文鑒先生 | | | 成員 | 成員 | | 馮華君先生 | 成員 | | 主席 | 成員 | ...

SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED 舜 宇 光 學 科 技（ 集 團 ）有 限 公 司 （於開曼群島註冊成立的有限公司） 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表明概不會就本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 （股份代號：2382.HK） 董事會主席及執行董事辭任； 委任董事會主席； 董事調任；及 董事委員會成員變更 董事會謹此宣佈以下事項自二零二五年十一月一日起生效， 董事會主席及執行董事辭任 舜宇光學科技（集團）有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」，各為一名「董事」）會（「董事會」）謹此宣佈，葉遼寧先生（「葉先生」）辭 任董事會主席、執行董事以及董事會策略及發展委員會（「策略及發展委員會」）主 席，自二零二五年十一月一日起生效（「辭任」），其後會擔任董事會的顧問。彼辭 任的原因為，彼將於明年年初達到退休年齡，一方面希望為自己預留更多時間做 退休前準備，另一方面為保證本集團的營運正常及順利過渡予新 ...

Core Insights - The highest short-selling ratios were observed for China Resources Beer (80291) and JD Health (86618), both at 100%, followed by JD Group (89618) at 93.32% [1][2] - The top three companies by short-selling amount were Xiaomi Group (01810) at 2.156 billion, Alibaba (09988) at 2.038 billion, and Tencent Holdings (00700) at 1.552 billion [1][3] - JD Group (89618) had the highest deviation value at 43.55%, indicating significant short-selling activity compared to its historical average [1][2] Short-Selling Ratios - China Resources Beer (80291) and JD Health (86618) both recorded a short-selling ratio of 100% [2] - JD Group (89618) had a short-selling ratio of 93.32% [2] - Other notable companies included Anta Sports (82020) at 87.40% and BYD Company (81211) at 81.07% [2] Short-Selling Amounts - Xiaomi Group (01810) led with a short-selling amount of 2.156 billion, followed by Alibaba (09988) at 2.038 billion and Tencent Holdings (00700) at 1.552 billion [3] - Other significant amounts included Meituan (03690) at 1.461 billion and SMIC (00981) at 1.335 billion [3] Deviation Values - JD Group (89618) had the highest deviation value at 43.55%, indicating a significant difference from its average short-selling ratio [2][3] - Other companies with notable deviation values included SenseTime (80020) at 31.62% and China Resources Beer (80291) at 31.60% [2][3]

Core Viewpoint - The stock price of Sunny Optical has shown rebound momentum after finding solid support at 76.7 HKD, currently trading at 79.73 HKD, indicating a critical decision point for the stock [1] Technical Analysis - The stock is currently at a key decision point, with a resistance level at 84.5 HKD and a strong support at 70.2 HKD, providing clear risk reference for short-term operations [1] - The RSI is at 46, suggesting there is still ample room for upward movement, while multiple technical indicators signal a buy, including momentum oscillators and bullish power indicators [1] - However, MACD and Bollinger Bands maintain sell signals, indicating that the medium to long-term trend has not fully reversed [1] - The stock is oscillating between MA30 (83.32 HKD) and MA60 (81.09 HKD), which will be important references for short-term trends [1] - The 5-day volatility is at 7%, with a 55% probability of an upward movement, raising questions about whether Sunny Optical can break through the 83.32 HKD resistance in the short term [1] Derivative Products Performance - Recent performance of warrants related to Sunny Optical has shown significant leverage effects, with various products recording returns exceeding the underlying stock's 1.34% increase [3] - On October 20, warrants from Societe Generale and HSBC achieved approximately 6% gains, while JPMorgan's warrants reached a 7% return [3] Product Selection Strategy - For bullish investors, two warrants are highlighted: Societe Generale's warrant (13939) with a leverage of 6.9 times and a strike price of 89.5 HKD, and another from Barclays (15410) offering 7.7 times leverage with a strike price of 89.55 HKD [6] - For those preferring bull certificates, JPMorgan's (65073) and Barclays' (64719) products provide over 7 times actual leverage, suitable for higher risk tolerance investors [6] Bearish Strategy and Risk Management - Cautious investors can consider bearish tools, such as HSBC's put warrant (21077) and JPMorgan's put warrant (20409), both offering around 3.2 times leverage [8] - JPMorgan's bear certificate (65062) provides the highest leverage among similar products at 6.1 times, with a redemption price of 92 HKD [8] Short-term Product Considerations - Short-term products expiring in December are noted for their high leverage, potentially reaching 7 to 8 times, but they also carry significant time value decay risks [10][11] - Investors are advised to consider longer-term products expiring in April, which offer lower time value decay and are generally safer [13]

Group 1 - The Hong Kong stock market saw a collective rise in Apple-related stocks, with notable increases in several companies [1] - Hongteng Precision experienced an 8.06% increase, reaching a latest price of 5.900 and a total market capitalization of 43.091 billion [2] - Weishi Jiajie rose by 6.26%, with a latest price of 10.010 and a total market capitalization of 14.312 billion, marking a year-to-date increase of 102.51% [2] Group 2 - Gaoweidian increased by 5.04%, with a latest price of 33.760 and a total market capitalization of 29.303 billion, reflecting a year-to-date increase of 19.29% [2] - Lens Technology saw a rise of 2.92%, with a latest price of 26.760 and a total market capitalization of 141.409 billion, showing a year-to-date increase of 48.09% [2] - Fuzhikang Group increased by 2.39%, with a latest price of 18.830 and a total market capitalization of 14.739 billion, achieving a year-to-date increase of 104.67% [2]

Group 1 - The core viewpoint indicates that Apple-related stocks in Hong Kong have collectively declined, with significant drops in companies such as 富智康集团 (5.5% down) and others like 鸿腾精密 and 丘钛科技 (over 4% down) [1] - Renowned Apple analyst 郭明錤 from 天风国际 has reported that the demand for iPhone Air is lower than expected, leading the supply chain to reduce shipments and production capacity [1] - The supply chain's production capacity is expected to shrink by over 80% by Q1 2026, with some components anticipated to cease production by the end of 2025 due to the inability to find new market segments [1] Group 2 - Specific stock performance includes 富智康集团 at 18.240 with a decline of 5.49%, and other companies like 丘钛科技 at 14.090 (down 4.28%) and 蓝思科技 at 25.880 (down 4.01%) [2] - Other notable declines include 比亚迪电子 (3.58% down), 高伟电子 (3.40% down), and 舜宇光学科技 (2.32% down) [2] - The overall trend reflects a challenging environment for Apple-related stocks, driven by reduced demand and production adjustments in the supply chain [1][2]

Core Insights - The AI glasses market is rapidly evolving, with major players like Meta and Apple competing to launch innovative products, indicating a significant shift in consumer technology [3][4] - China is emerging as a leader in the AI glasses supply chain, with over 80% of global manufacturers based in the country, showcasing its competitive advantages in cost, efficiency, and technology integration [6][7][9] Market Trends - In the first half of 2025, global AI glasses shipments reached 4.065 million units, a year-on-year increase of 64.2%, with projections indicating shipments could exceed 40 million units by 2029 [6][15] - Companies like GoerTek, Crystal Optoelectronics, and Sunny Optical are identified as key players in the AI glasses sector, with significant stock price increases reflecting market optimism [6][8] Supply Chain Dynamics - The Chinese supply chain's strength lies in its comprehensive integration of components, including optics, chips, and sensors, which are critical for AI glasses production [7][8][9] - The transition from OEM to JDM models among Chinese manufacturers signifies a shift towards greater innovation and collaboration with international brands [11][12] Future Outlook - Experts predict that 2027 could be a pivotal year for AI glasses, potentially marking a moment akin to the "iPhone moment" for the industry, driven by advancements in AI and user interaction technologies [4][16] - Challenges remain, including improving user experience, reducing weight, and enhancing battery life, which are crucial for widespread adoption [18][19]

Core Insights - The AI glasses market is rapidly evolving, with major players like Meta and Apple competing to launch innovative products, indicating a significant shift in consumer technology [1][10] - China's supply chain plays a crucial role in the global AI glasses industry, with over 80% of manufacturers based in China, highlighting its dominance in the supply chain [4][5] - The industry is expected to reach a pivotal moment around 2027, where AI glasses may replace smartphones, marking a potential "iPhone moment" for the sector [2][14] Industry Trends - The global AI glasses market is projected to ship 4.065 million units in the first half of 2025, reflecting a year-on-year growth of 64.2%, with expectations to exceed 40 million units by 2029 [3] - Companies like GoerTek, Crystal Optoelectronics, and Sunny Optical are identified as key players in the AI glasses sector, with significant stock price increases since April 2023 [3][4] - The integration of core technologies such as optics, chips, sensors, and AI algorithms is essential for the AI glasses supply chain, with optics being a stronghold for Chinese manufacturers [3][4] Supply Chain Dynamics - China's supply chain advantages stem from a complete ecosystem that includes components like cameras, optical coatings, and assembly, with over 50% global market share in key areas [4][5] - The collaboration between Meta and various Chinese manufacturers underscores the reliance on Chinese suppliers for stable and reliable components [4][5] - The density and efficiency of suppliers in regions like the Pearl River Delta and Yangtze River Delta contribute to China's competitive edge in the AI glasses supply chain [5] Technological Evolution - The transition from OEM to JDM models indicates a shift in Chinese companies from passive roles to active participants in design and manufacturing [6][7] - Continuous investment in R&D, with companies like Sunny Optical committing nearly 7% of revenue annually, reflects a long-term strategy to enhance technological capabilities [7][8] - The industry is witnessing a transformation in interaction methods, with AI expected to significantly improve user experience and potentially replace traditional devices [10][15] Future Outlook - The anticipated breakthrough in AI glasses is expected to occur around 2027, with advancements in spatial computing and optical display technologies [14] - Challenges such as interaction experience, computing power, battery life, and weight remain critical barriers to widespread adoption [14][15] - The industry's goal is to reduce the weight of AR glasses to a more consumer-friendly range, with ongoing efforts to enhance comfort and usability [14][15]

Core Insights - The AI glasses market is rapidly evolving, with major players like Meta and Apple competing to launch innovative products, indicating a significant shift in consumer technology [1][10] - China is emerging as a key player in the global AI glasses supply chain, with over 80% of manufacturers based in the country, showcasing its competitive advantages in cost, efficiency, and technology [1][5][6] Market Trends - The global AI glasses market is projected to see a shipment volume of 4.065 million units in the first half of 2025, representing a year-on-year growth of 64.2% [4] - By 2029, the market is expected to exceed 40 million units, highlighting the increasing demand for AI glasses [4] Company Performance - Companies like GoerTek, Crystal Optoelectronics, and Sunny Optical Technology have seen significant stock price increases, with GoerTek's stock nearly doubling since April, reflecting investor confidence in the AI glasses sector [4][5] - GoerTek is reportedly securing orders for Meta's next-generation AI glasses, while Crystal Optoelectronics and Sunny Optical are recognized for their expertise in optical core technologies [4][5] Supply Chain Dynamics - China's supply chain capabilities are characterized by a comprehensive integration of components, including cameras, optical waveguides, MEMS, and batteries, with over 50% global market share in key areas [5][6] - The ability of Chinese manufacturers to deliver high-quality products at competitive prices is a crucial factor in the success of AI glasses [6][7] Technological Advancements - The industry is witnessing a shift from OEM (Original Equipment Manufacturer) to JDM (Joint Design Manufacturer) models, allowing Chinese companies to play a more active role in product design and innovation [7][8] - The integration of AI technology is expected to revolutionize user interaction with devices, potentially leading to a significant breakthrough akin to the "iPhone moment" for AI glasses by 2027 [10][14] Future Outlook - Experts predict that by 2027, AI glasses could replace smartphones as the primary device for interaction, contingent on advancements in technology and user experience [10][14][15] - Challenges such as interaction experience, computing power, battery life, and weight remain critical hurdles that need to be addressed for widespread adoption [15]

Core Insights - Apple-related stocks have shown strong performance, with notable increases in share prices for companies such as Highgreat Electronics (5.42%), Q Technology (4.96%), and BYD Electronics (3.46%) [1] Sales Performance - According to Counterpoint Research, the sales of the iPhone 17 series in the first 10 days after launch in China and the US are 14% higher compared to the iPhone 16 during the same period [1] - The base model iPhone 17 has performed particularly well in the Chinese market, while the high-end iPhone 17 Pro Max has seen the strongest demand growth in the US [1] Product Comparison - The new ultra-thin iPhone Air, although targeting a smaller audience and generating less buzz than the base iPhone 17, has already surpassed the sales of the previous "Plus" model it replaced [1]