Core Insights - The 2025 China International Service Trade Fair (CIFTIS) has commenced in Beijing, featuring a special exhibition on cultural and tourism services, showcasing innovative audiovisual technologies and immersive experiences [1] Group 1: Exhibition Highlights - The "Beijing Audiovisual" exhibition area spans nearly 600 square meters, presenting attractions such as naked-eye 3D recreations, XR immersive games, and ultra-high-definition technology showcases [1] - A key feature includes the 1:1 restoration of the Liu family courtyard from the popular drama "National Colors and Splendor," allowing visitors to experience the scene firsthand [2] - The exhibition also highlights the integration of culture, commerce, and tourism, with industry leaders like PICO and KEEP presenting new consumer experiences [2] Group 2: Technological Innovations - The ultra-high-definition audiovisual section utilizes "5G+8K" technology to provide a theater-level experience of operas, enhancing audience engagement [2] - The new emergency broadcasting section showcases Beijing's robust emergency response capabilities, featuring a comprehensive system that includes 1,437 terminal coverage points and 269 precise broadcasts during extreme weather events [3] Group 3: Interactive Experiences - The exhibition features multiple interactive zones, transforming spectators into participants, with AIGC technology bringing cultural heritage to life through short dramas [4] - An XR immersive experience area allows visitors to engage with a virtual environment, exemplified by the launch of the game "Wang Wang Mountain: You and Me Together XR," which creates an interactive adventure [4]

Core Viewpoint - The 15th China International Digital Publishing Expo highlights the integration of digital technology in the publishing industry, showcasing opportunities and challenges in the digital transformation of publishing [1][2]. Group 1: Event Overview - The expo features the theme "Integration of Digital and Reality, Winning the Future," with one main forum, four sub-forums, and over 150 various activities aimed at promoting industry exchange and cross-border cooperation [2]. - Six major exhibition areas are set up, including digital publishing zones for central and local publishing units, digital technology innovation, international cooperation, interactive experiences, and a reading exhibition [2]. - The event attracts over 600 participating companies and nearly 40 international guests from 13 countries and regions [2]. Group 2: Digital Technology Applications - The project by Zhongzhou Ancient Books Publishing House utilizes classic mythological IPs like "Shan Hai Jing" and "Journey to the West," integrating AR, VR, and MR technologies to create an immersive experience space [4]. - Visitors can use a mobile app to scan book covers and pages, revealing over 40 AR images of mythical creatures from "Shan Hai Jing" and more than 20 from "Journey to the West" [4]. - The "Long March: Heroes" VR project, created by the "Learning Power" platform, allows users to experience historical scenes from the Long March, enhancing understanding of its spirit through AI and XR technologies [6]. Group 3: Educational Impact - Students engage with traditional Chinese culture through immersive experiences, such as exploring the story of "Niulang and Zhinu" in a digital format, making learning more interactive and engaging [6]. - The Indian GBD BOOKS publisher collaborates with over 40 Chinese publishers, translating more than 200 books, and plans to translate around 40 more into English and Hindi to promote Chinese literature in India [6]. Group 4: Reading Promotion - The concurrent "Book Fragrance Henan Fourth National Reading Conference" emphasizes deepening national reading initiatives and enhancing quality of life through reading activities across Henan province [7].

Group 1 - The "Beijing Audio-Visual Exhibition" will take place from September 10 to 14, 2025, at the Beijing Service Trade Fair, focusing on the theme "Audio-Visual Without Boundaries, Enjoying the Future" [2] - The exhibition will highlight three main areas: content, technology, and security, showcasing innovations in the audio-visual industry, including ultra-high-definition technology and artificial intelligence applications [2] - The exhibition will feature an interactive and immersive experience, significantly enhanced compared to previous years, with a total display area of nearly 600 square meters [2] Group 2 - The "Premium Creation" section will focus on high-quality audio-visual content, featuring award-winning films and series, including works from major companies like Light Chaser Animation, Perfect World, iQIYI, Youku, and Tencent for the 2024-2025 period [4] - The "Cultural and Commercial Integration" section will showcase innovative audio-visual new business models, including offline courses by KEEP AI and the launch of collaborative blind boxes by 52toys and Panda Roll [4] Group 3 - The "Ultra-High-Definition Audio-Visual" section will present the latest achievements in ultra-high-definition technology, including the global first 8K distribution platform by BOE, enabling immersive viewing experiences [6] - The "Emergency Broadcasting" section will demonstrate Beijing's emergency broadcasting capabilities, featuring a comprehensive system with 1,437 terminal coverage and 269 precise broadcasts, ensuring effective communication during extreme weather events [6] Group 4 - The exhibition emphasizes interactivity and experience, featuring advanced technologies such as AI-generated digital avatars and immersive XR experiences, enhancing audience engagement [7] - The "Smart Mini Cinema" created by Perfect World will offer personalized content selection and a unique viewing experience with 4D seating and environmental simulation [7] - The intelligent simultaneous interpretation system by iFLYTEK will provide AI-powered translation services for multi-language live broadcasts, showcasing advancements in content delivery [7]

"哇，你看大熊猫，我都可以走到它身边了！" 记者今日获悉，在成都东郊记忆西大门内，一座XR沉浸式体验空间人气十足，逼真震撼的立体画面吸引了众多市民游客驻足，纷纷拍照打卡。 记者看到，这个XR沉浸式体验空间的核心区域呈现的"裸眼3D"，由1500余块LED硬屏、柔性屏组成，曲面透视矫正技术将8KVR沉浸式画面无缝还原 于整个空间。50余个不同地方的鲜活景致让游客仿佛置身其中，成为近期东郊记忆最火热的"打卡地"之一。 亲身体验后，众多游客表示，这种科技与文化完美融合的体验，让他们瞬间"种草"了四川。"太神奇了！我就像走进了大熊猫的家里，感觉其他观众 在'外面'，我却和大熊猫肩并肩挨在一起。"贵州来成都旅游的7岁女孩笑笑激动地说。 "我觉得像是走进了'任意门'，眼前不断变换着四川的旅游名胜地。因为时间有限，很多地方去不了，通过这个体验空间，自己能领略更多景点，有机 会一定都去实地看看。"来自安徽的游客李女士惊叹道。 据介绍，"任意门"依托先进的5G-A网络、澎湃的AI算力与前沿的XR技术，开辟了这一链接四川的数字化枢纽。它是一座文化桥梁，向世界实时传递着 成都的独特魅力——地道的川味小吃、悠扬的川剧唱腔、繁华的街道 ...

Core Insights - VITURE, an AR glasses brand founded by a Chinese team, dominates the AR glasses market in 15 European and American countries, holding a 52% market share in the U.S. [1][9] - The brand gained significant recognition during major shopping events, achieving sales leadership in multiple countries [1][12] Company Overview - VITURE was established in 2021, with headquarters in Beijing and San Francisco. The founder, Jiang Gonglue, is a Harvard graduate and a former member of the Google Glass team [3] - The first product, VITURE ONE XR glasses, raised $3 million in a month on Kickstarter, breaking the previous record held by Oculus [3][6] Product Features - VITURE ONE XR glasses support remote cloud streaming with a latency of less than 12 milliseconds on a 5G network, allowing users to enjoy a 135-inch immersive experience anywhere [4] - The glasses feature a unique electrochromic function that can change color in 0.1 seconds, blocking 99.5% of light, enhancing user experience in various environments [4] Market Performance - In 2023, VITURE ONE XR glasses were officially launched in North America, receiving widespread acclaim and multiple awards from top tech media [6] - VITURE achieved a 52% market share in the North American AR glasses market by Q4 2024, making it the leading brand in the region [9] Strategic Partnerships and Innovations - VITURE partnered with a well-known gaming peripheral brand to launch a co-branded game controller, enhancing its gaming ecosystem [6] - The company is set to introduce a new product, VITURE Pro XR glasses, in 2024, which will feature flagship-level specifications [6] Upcoming Developments - VITURE plans to launch a groundbreaking AI-driven technology in late 2024 that converts 2D digital content into 3D images, enhancing user interaction with digital content [8] - The company will participate in the upcoming Cologne Game Show, showcasing its latest AR glasses products to European players [12]

Investment Rating - Industry Rating: Recommended [6] Core Insights - Eye tracking is expected to become one of the core interaction methods for XR glasses, enabling "gaze as interaction" for intelligent control [4][22] - The integration of eye tracking technology with XR glasses enhances user experience through various functionalities such as gaze point rendering, identity verification, convergence adjustment, interpupillary distance adjustment, refractive correction, human-computer interaction, virtual socializing, and health monitoring [2][22] - Major manufacturers are rapidly deploying eye tracking technology, with notable products like Apple's Vision Pro and Meta's Aria Gen 2 incorporating this feature, indicating a trend towards broader adoption across entertainment, medical, industrial, and educational sectors [2][41] Summary by Sections Eye Tracking Technology - Eye tracking utilizes sensors like infrared cameras to capture and analyze eye movement information, converting physiological characteristics into computable data for real-time gaze direction and fixation point measurement [10][12] - The primary eye tracking methods include pupil-corneal reflection, retinal imaging, 3D model reconstruction, and MEMS-based techniques [10][11] Eye Tracking in XR Glasses - Eye tracking enhances XR devices by providing new interaction methods, significantly improving user experience [22] - The technology allows for gaze point rendering, which optimizes system resources by rendering high-resolution images only in the user's focal area, thus improving performance and reducing power consumption [24] - Eye tracking can also facilitate automatic adjustments for interpupillary distance and refractive correction, enhancing comfort and usability for diverse users [27][28] Key Manufacturers - Tobii, a leader in eye tracking technology, has developed multiple products and partnerships, achieving eye tracking precision of 0.6° and collaborating with major companies like HTC and Sony [3][54] - Seveninvensun has introduced the aGlass VR eye tracking module and the AI smart glasses prototype "Xiao Qi," featuring low power consumption and high precision [3][71] - GoerTek has launched high-precision AR smart glasses with an average accuracy of 0.5° and a response delay of less than 3ms [3][74] Investment Recommendations - Eye tracking is poised to accelerate penetration in XR glasses, enhancing user experience and presenting investment opportunities in companies like Tobii, Seveninvensun (not publicly listed), and GoerTek, as well as camera module suppliers like Juguang Technology and OmniVision [4][78]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of approximately 1.084 billion RMB for the first half of 2025, representing a year-on-year increase of 11%. The net profit attributable to shareholders was about 273 million RMB, up 30.7% year-on-year, with a net profit margin of 25.2% [2]. - The growth in revenue is driven by the increased sales of high-refractive and multifunctional products, with standardized lens revenue rising by 20% year-on-year [3]. - The company is expanding its overseas production capacity, with new production bases in Japan and Thailand expected to commence operations in the second half of 2025 [3]. - The AI smart glasses market is experiencing rapid growth, with global sales increasing by 222% year-on-year in Q2 2025. The company is well-positioned to capitalize on this trend through ongoing domestic and international collaborations [4]. Summary by Sections Performance Review - For the first half of 2025, the company achieved a revenue of approximately 1.084 billion RMB, a year-on-year increase of 11%. The net profit attributable to shareholders was around 273 million RMB, reflecting a growth of 30.7% year-on-year, with a net profit margin of 25.2% [2]. Operational Analysis - The revenue from standardized lenses reached 513 million RMB, up 20% year-on-year, accounting for 47.3% of total revenue. Functional lenses generated 382 million RMB, an increase of 8.8%, while customized lenses saw a decline of 4.9% to 185 million RMB due to tariff impacts [3]. - The company reported a gross margin of 41%, an increase of 1.8 percentage points year-on-year, benefiting from a higher proportion of high-end lenses [3]. XR Layout and Market Potential - The AI smart glasses industry is in a critical phase of "technological breakthroughs and market expansion," with global sales expected to reach 12.8 million units in 2025, a year-on-year increase of 26% [4]. - The company is actively pursuing international collaborations, with some overseas projects entering mass production preparation [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 540 million RMB, 660 million RMB, and 820 million RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 25.5%, 22.6%, and 23.8% [5].

Core Viewpoint - The article highlights the launch of the XR immersive film "The Remarkable Oracle Bone Script: The Prince's Glory" by the Henan Daily, which aims to bring ancient Chinese culture to life through modern technology, specifically targeting the Hong Kong audience as part of the "Chinese Culture Festival 2025" [2]. Group 1: Event Overview - The exhibition "The Remarkable Oracle Bone Script" opened on July 11 at the Hong Kong Central Library, featuring an XR immersive film that showcases the ancient Shang Dynasty civilization [2]. - The film allows participants to interact with virtual artifacts, such as oracle bones, enhancing their understanding of Chinese history and culture [2][3]. Group 2: Audience Engagement - The strong interactivity of the XR film has captivated audiences, with visitors expressing amazement at the immersive experience, such as "sailing on the river" and exploring the world of oracle bones [2][4]. - Young people in Hong Kong are particularly drawn to the experience, with students expressing a desire for more opportunities to engage with Chinese cultural heritage [4]. Group 3: Cultural Impact - The "Remarkable Oracle Bone Script" initiative has achieved over 8 billion views through various media platforms over the past year, indicating significant interest in the cultural content [2]. - The project aims to transform oracle bones from historical artifacts into "digital life forms," creating a bridge between ancient and modern cultural expressions [2].

Group 1: Apple’s Smart Glasses Strategy - Apple is preparing to enter the smart glasses market with a roadmap for its Vision product line, planning to release the Vision Pro with M5 processor in Q3 2025 and the Vision Air smart glasses in 2027, which will focus on photography, audio, and AI features [1][2] - The company is also exploring a wired version of Vision Pro that connects to a Mac, indicating a strong ambition in the smart glasses and head-mounted display sector [2] - Apple is employing a brainstorming approach to combine different products, aiming for innovation and strengthening its overall product capabilities in the smart glasses market [2] Group 2: Meta’s Smart Glasses Development - Meta has successfully launched smart glasses in collaboration with Ray-Ban and is increasing investment to introduce more styles, including a high-end version named Hypernova expected to be released by the end of the year [3] - The Hypernova glasses will feature a screen and a controller called Ceres, which allows for gesture recognition, enhancing user interaction [3] - The market for smart glasses is evolving rapidly, with more brands entering the space, positioning head-mounted devices as the next major trend in consumer electronics [3] Group 3: WIMI’s Technological Advancements - WIMI, a leading AR+AI technology company, is strategically positioning itself in the smart glasses sector through technology development and ecosystem collaboration [4] - The company has developed a dynamic real-time rendering engine that lowers the barrier for AR content creation and enhances capabilities like gesture and facial recognition [4] - WIMI's MicroLED optical module and diffraction waveguide technology provide lightweight and high-performance display solutions, enabling features like 3D content overlay and real-time translation in AI smart glasses [4] Group 4: Industry Trends and Future Outlook - The smart glasses market is experiencing explosive growth driven by advancements in AI and XR technologies, with various companies expanding their applications into this field [5] - The competition in the smart glasses sector, referred to as the "battle of a hundred glasses," is intensifying as internet giants, smart hardware manufacturers, and traditional eyewear companies all seek to enter the market [5] - This competitive landscape is expected to empower various sectors, including office work, film, and gaming, as smart glasses become more prevalent [5]

Group 1: Overview of SoReal Theme Park - SoReal theme park, located in Shijingshan District, Beijing, has transformed a century-old blast furnace into a space exploration-themed sci-fi park, attracting nearly one million visitors in its first year of operation in 2024 [1][3] - The park integrates advanced technologies such as AI, AR, VR, and 5G to create immersive experiences, blending culture, entertainment, and education [2][3] Group 2: Technological Integration - The park utilizes 5G and XR technologies to enhance visitor experiences, allowing for virtual interactions and immersive storytelling [2][3] - SoReal aims to combine technology and culture, creating a unique aesthetic experience that resonates with visitors [2][3] Group 3: Economic Impact - The sci-fi industry in Beijing has seen significant growth, with over 780 sci-fi enterprises generating approximately 48 billion yuan in total revenue by 2024 [7][8] - The Shijingshan District has established itself as a hub for sci-fi enterprises, contributing to the local economy with a projected income of 15.3 billion yuan from the sci-fi industry in 2024 [8] Group 4: Cultural and Technological Development - The integration of culture and technology is emphasized in the "14th Five-Year Plan for Cultural Development," promoting the modernization of cultural production and dissemination [5] - The Shijingshan District is focusing on building a modern industrial system that combines cultural and technological elements, enhancing its economic landscape [8][11] Group 5: Future Prospects - The company plans to expand its offerings with new projects, including the "SoBattle" esports module, aiming to establish a thousand physical stores by 2025 [4] - The ongoing development of the sci-fi industry in Beijing is supported by government initiatives to foster innovation and technological advancement [6][10]