Group 1 - The "潮起英歌·AI数字空间体验馆" is the first AI digital experience center focused on the national intangible cultural heritage of Yingge dance, utilizing advanced technologies such as 5G, AI, VR, and XR to create an interactive cultural experience [1][2] - Visitors can immerse themselves in a 360-degree VR environment to experience live Yingge dance performances and engage with AR interactions that trigger holographic storylines [1] - The AI digital human generation system allows users to create personalized digital avatars in traditional Yingge attire within just 3 seconds, enhancing the interactive experience [1] Group 2 - The venue features an artistic installation made of 108 handcrafted hero masks, creating a visual corridor that embodies the heroic spirit of the "梁山好汉" in Yingge dance [2] - The project aims to drive cultural transmission through digital innovation, focusing on the preservation, innovative expression, and industrial development of Yingge dance culture [2]

24 年业绩高增长主要系光学棱镜及玻璃晶圆业务带动，微棱镜需求大幅提升 。 2024 年公司实现营业收入 10.34 亿元，同比 +37.08% ；归母净利润 2.21 亿元，同比 +22.58% ；扣非归母净利润 2.15 亿元，同比 +33.21% 。分业务来看：① 光学棱镜业务： 2024 年收入 6.54 亿元，同比 +59.01% 。主要系 24Q3 发 布的 iPhone16 将潜望式模组由此前一款 Pro Max 机型下沉为两款 Pro+Pro Max 机型，应用于摄像头模 组的微棱镜需求进一步扩张。② 玻璃晶圆业务： 2024 年收入 0.73 亿元，同比 +38.91% ，应用于 AR/VR 、汽车 LOGO 投影、半导体等领域的显示玻璃晶圆、衬底玻璃晶圆、深加工玻璃晶圆业务实现了稳 健发展。③ 玻璃非球面透镜业务： 2024 年收入 2.51 亿元，同比 +4.08% 。面对激烈的行业竞争，公司加 强产能储备的同时采取积极的"降本增效"措施，营收规模提升的同时实现了成本规模的收窄。 24 年毛利率 39.85% ，同比 -2.22pcts ，净利率 21.4% ，同比 -2.57pcts ...

Group 1: Financial Performance - In the 2024 annual report, the company achieved a revenue of 670 million yuan, representing a year-on-year growth of 12.2%, and a net profit attributable to shareholders of 75.63 million yuan [1] - For the first quarter of 2025, the company reported a revenue of 163 million yuan and a net profit attributable to shareholders of 20.86 million yuan [1] Group 2: Business Strategy - The company has focused on developing and operating digital media resources in high-speed rail since its establishment in 2007, covering 30 provincial-level administrative regions and signing contracts with 529 railway passenger stations, operating 4,957 digital media screens, reaching over 2 billion passengers annually [2] - The company is implementing a "dual-engine" strategy by integrating high-speed rail and urban business districts, responding to the national "Hundred Cities, Thousand Screens" policy, and has established landmark large screens in key urban areas, reaching millions of people daily [2] Group 3: Technological Integration and Social Value - The company integrates public welfare concepts into daily life through its digital media platforms, utilizing high-speed rail resources to create a public service advertising matrix, especially during peak travel seasons [3] - Advanced technologies such as AIGC, 5G, and AR are employed to enhance the effectiveness of public service communications, with projects like "TakeHome" showcasing family warmth themes through 3D technology [3] Group 4: Sustainable Development - The company is committed to sustainable development by reducing operational energy consumption through digital technologies and replacing traditional advertising materials with LED screens [4] - In 2024, the company was awarded the "Most Growth-Oriented Listed Company in Information Technology," reflecting its dual layout strategy and commitment to social responsibility [4]

Group 1: Company Overview - Crystal Optoelectronics is committed to a global, technology-driven, and open cooperation strategy, focusing on major clients and a dual circulation layout [1] - The company is advancing its production base adjustments and the construction of its Singapore operations center [1] - The automotive business is growing rapidly, with an increase in AR-HUD shipments, although price declines are impacting gross margins [1] Group 2: Market Position and Product Development - The company has achieved significant progress in mass production of reflective waveguides for AR, with future potential for expansion outside of China, although current core efforts remain domestic [1] - Crystal Optoelectronics is seeing an increase in market share for Android prisms and is optimistic about the penetration trend in long-focus photography [1] - Breakthroughs in coating filter technology are expected to capture a larger market share in the future [1] Group 3: Financial Performance and Production Plans - The non-mobile thin film optical panel business is set to enter normal production status by the end of the year, with the second phase in Vietnam expected to start mass production in the second half of this year [1] - A normal decline in gross margin is observed in Q4, with a significant year-on-year improvement attributed to new product orientation, indicating future growth potential [1] - The stable market share of micro-prism products is noted, with future growth dependent on increased penetration rates [1]

Group 1: Luxshare Precision (立讯精密) - The company stated that the impact of the US tariffs on its exports is limited, as the proportion of finished products exported to the US is relatively small [1] - Luxshare expects customers to request the relocation of products exported to the US to regions with lower tariffs, with Vietnam being a key area due to its advantages in logistics, supply chain, and talent [1] - The company believes that the competitive landscape in the consumer electronics industry will not change significantly due to tariffs, as the supply chain structure primarily depends on corporate competitiveness [1] Group 2: Crystal Optoelectronics (水晶光电) - The company is committed to a global, technology-driven, and open cooperation strategy, continuing to embrace major clients and firmly establishing a dual circulation layout [2] - Crystal Optoelectronics is advancing its production base adjustments and the construction of its Singapore operations center, with AR being identified as a third growth curve [2] - The company has achieved breakthroughs in coating filter technology and expects to capture a significant market share in the future, with the second phase of its Vietnam factory expected to commence mass production in the second half of this year [2]

以下文章来源于暗涌Waves ，作者暗涌 暗涌Waves . 钱的流向，人的沉浮。36氪旗下投资报道账号。 一家11岁公司的春天。 文 ｜ 徐牧心 编辑 ｜ 刘旌 来源｜ 暗涌Waves（ID：waves36kr） 封面来源 ｜ IC photo 西装革履的人前呼后拥地闯进办公楼里，他们有的来自地方政府，有的是渠道分销商，也有一些网红在直播。 而他们想见的人 ——Rokid 创始人祝铭明，正在工位上调试眼镜。一个月前，他正是用这副眼镜，展示了将演讲词写在镜片上的能力，一时爆火。 当天祝铭明还聊起一个细节：不久前的一个晚上，游戏科学的冯骥、宇树科技的王兴兴、 DeepSeek 的梁文锋、强脑科技的韩壁丞以及其他几位创业者来他 家里吃了一顿饭。这场饭后，几位近来大火的杭州创始人在同一块黑板上签了字，这块黑板如今正摆在祝铭明的会客室中。 Rokid 已经是整个杭州梦想小镇最炙手可热的公司之一。 但这并不是一家新公司，今年 11 岁的 Rokid 此前致力于消费级 AR 眼镜以及能源、工业、文博 to B 领域。 2014 年，祝铭明离开阿里，成立了 Rokid ，投 资方包括元璟资本、线性、复星等一线投资机构，投后 ...

Core Insights - The mobile esports industry in China is experiencing rapid growth, with the market size reaching 124.3 billion yuan in 2023 and projected to grow to approximately 139.9 billion yuan in 2024, driven by the proliferation of smartphones, advancements in mobile networks, and increasing demand for esports entertainment [1][10]. Industry Definition and Classification - Mobile esports refers to electronic sports activities conducted via mobile devices such as smartphones and tablets, characterized by low entry barriers, a large user base, and adaptability to fast-paced lifestyles [2]. Industry Chain Analysis - The mobile esports industry chain encompasses hardware, content, events, and commercialization, with upstream activities including game development and hardware supply, midstream activities involving game developers and event operators, and downstream activities focusing on user consumption and ancillary services [4]. Development History - The mobile esports industry in China has evolved significantly since its inception around 2015, marked by the rise of popular games like "Honor of Kings," leading to explosive market growth and increasing international influence [6]. Current Development Status - As of 2024, the number of esports users in China is expected to reach 490 million, a year-on-year growth of 0.42%, with a diverse range of game types catering to various user preferences [8]. Key Companies Analysis - Tencent is the industry leader with popular IPs like "Honor of Kings" and "Peacekeeper Elite," establishing a comprehensive esports ecosystem [14][15]. - NetEase, known for games like "Knives Out," emphasizes innovation and quality in esports content and event operations [18]. - Other notable companies include Perfect World, which focuses on international esports, and companies like Lilith Games and Zhongjiu Mobile, which leverage diverse game strategies to capture market share [14][15]. Future Development Trends - The mobile esports industry is moving towards a more diversified event system, incorporating various formats and combining online and offline elements to enhance audience engagement [20]. - Professionalization is increasing, with standardized roles for players, coaches, and referees, alongside the emergence of esports education to cultivate talent [21]. - The industry is also integrating with other sectors, such as tourism and cultural industries, creating new business models and enhancing the overall value of esports [22].

2H24 分产品来看，精密零组件产品收入87.4 亿（yoy-11.2%/hoh+38.6%）,毛利率20.8% （yoy+0.4pp/hoh-1.6pp），主因声学传感器等产品性能升级，产品价值量和盈利能力有所提升。智能声 学整机产品收入135.1 亿（yoyyoy-9.5%/hoh+5.6%），毛利率9.1%（yoy+0.7pp/hoh-0.7pp），主营智能 无线耳机份额修复，营收规模和盈利能力均有所改善；智能硬件产品收入373.5 亿（yoy +27.1%/hoh+88.2%），毛利率9.1%（yoy+0.5pp/hoh-0.1pp）。 公司下半年计提资产减值损失5.57 亿元（去年同期2.43 亿），拖累利润率。 25 年展望：盈利能力改善，关注VR 业务复苏进展25 年，我们预计1）公司在智能耳机行业增长带动 下，智能声学整机收入同比增长6%，且毛利率继续改善预计回到9.9%，2）根据IDC，预计25年全球 VR 出货量下滑12%至650 万台，同时PS5 进入产品周期末尾，我们认为将拖累公司智能硬件产品收 入，但与Meta、小米合作的AI 眼镜和XR 产品预计从25 年开始逐渐成为公司增长的新驱 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.26 RMB [7][8] Core Views - The company reported a revenue of 100.95 billion RMB for 2024, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 2.67 billion RMB, reflecting a significant year-on-year growth of 144.93% [1] - The growth in revenue is driven by improvements in the revenue scale and profitability of acoustic sensors, XR, wireless earphones, and wearable products [1] - The company anticipates that AI glasses and AR headsets will become new growth drivers in 2025, despite a projected decline in VR/PS5 industry shipments [1][3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 31.31 billion RMB, representing a year-on-year increase of 27% and a quarter-on-quarter increase of 7% [1] - The gross profit margin for 2024 was reported at 11.1%, an increase of 2.1 percentage points year-on-year [1] - The company recorded an asset impairment loss of 4.12 billion RMB in Q4 2024, primarily due to aging inventory and the impairment of old production line equipment [1] Product Line Performance - In the second half of 2024, the precision components segment generated revenue of 8.74 billion RMB, a year-on-year decrease of 11.2% but a quarter-on-quarter increase of 38.6% [2] - The smart acoustic products segment reported revenue of 13.51 billion RMB, down 9.5% year-on-year but up 5.6% quarter-on-quarter, indicating a recovery in market share [2] - The smart hardware segment saw a revenue increase of 27.1% year-on-year, reaching 37.35 billion RMB, with a gross margin of 9.1% [2] 2025 Outlook - For 2025, the company expects a 6% year-on-year increase in smart acoustic product revenue, with a gross margin improvement to 9.9% [3] - The overall revenue is projected to decline by 4% to 96.87 billion RMB, while net profit is expected to grow by 23% to 3.29 billion RMB [3][4] - The company is adjusting its expectations for VR global shipments, forecasting a 12% decline to 6.5 million units, which may impact smart hardware revenue [3][4] Valuation and Estimates - The estimated net profits for 2025, 2026, and 2027 are 3.29 billion RMB, 3.81 billion RMB, and 4.28 billion RMB respectively, with downward adjustments of 18% and 13% for 2025 and 2026 [4] - The company is assigned a PE ratio of 31.13x for 2025, reflecting its potential in AI glasses and AR products, with a target price maintained at 29.26 RMB [4]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed. Core Insights - The company, Jiahe Intelligent, is focusing on the development of AI and AR glasses, indicating a strategic shift towards smart hardware and technology innovation [20][23]. - The global market for AI smart glasses is projected to grow significantly, with an expected increase in sales from 234,000 units in 2024 to 550,000 units in 2025, representing a growth of 135% [22]. - The domestic market for AI smart glasses is still in its early stages, with only 5,000 units sold in China in 2024, highlighting substantial growth potential [21][22]. Summary by Sections 1. Basic Research Information - The research was conducted on Jiahe Intelligent in the consumer electronics sector on March 14, 2025, with participation from various investment institutions [13]. 2. Detailed Research Institutions - Multiple investment firms participated in the research, including Debang Fund, Dingcheng Investment, Guotou Securities, and others [14][15]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved. 4. Main Content Information - The company discussed the successful integration of AI in smart glasses, particularly highlighting the RayBan Meta collaboration as a significant market entry point [20]. - The company aims to enhance its capabilities in AI/AR glasses, leveraging its experience in eyewear production and technology [23]. - Jiahe Intelligent is actively collaborating with various suppliers in the AI/AR glasses supply chain to improve product offerings and market reach [25].