XIAOMI(HK:01810) Huan Qiu Wang·2025-09-18 06:13Core Insights - The Chinese audio and audio recording glasses market experienced significant growth in Q2 2025, driven by the launch of new products from Xiaomi, including the Xiaomi AI glasses and Thunderbird V3, leading to a market share increase to 19.7% [3]. Market Performance - In Q2 2025, the total shipment of smart glasses in China reached 664,000 units, marking a year-on-year increase of 145.5% [2]. - The audio and audio recording glasses segment saw shipments of 514,000 units, reflecting a remarkable year-on-year growth of 256.6% [3]. - The AR/VR market in China recorded shipments of 150,000 units in Q2 2025, with a year-on-year growth of 18.7% [3]. Market Segmentation - The AR & ER category significantly contributed to the growth, achieving a market share of 76.4% with a year-on-year increase of 61.8%, while the VR & MR segment faced a decline of 36.2% [3]. - The competitive landscape is shifting, with notable performances from products like the Thunderbird Air 3S and Xreal One, while Pico experienced a decline due to a product transition period [3]. Future Projections - The Chinese smart glasses market is projected to reach 2.846 million units by 2025, representing a year-on-year growth of 116.4%, with audio and audio recording glasses expected to account for 2.202 million units, growing by 183.2% [3]. - The AR/VR device shipments are anticipated to reach 644,000 units, reflecting a year-on-year growth of 19.8% [3]. Industry Trends - Analysts predict that the second half of 2025 will see a comprehensive deepening of the smart glasses market in China, with a focus on AI ecosystem integration, channel optimization, technological collaboration, and matching of scene demands [4].