Core Viewpoint - The article highlights the upcoming IPO of Shiya Technology, a leading provider of micro-display solutions, emphasizing its role in promoting domestic alternatives in the XR hardware sector and its potential for capitalizing on the growing XR market [1]. Group 1: Market Position and Technology - XR technology is revolutionizing user interaction by integrating virtual and real-world experiences, moving from flat to spatial interaction [2]. - Major tech companies like Apple, Meta, and Huawei are investing heavily in XR, indicating its emergence as the next computing platform after smartphones [7]. - Silicon-based OLED micro-displays are identified as the essential visual core for XR devices, offering advantages such as lightweight design, high resolution (over 3000 PPI), low latency (under 1ms), and wide color gamut [7][8]. - The market for silicon-based OLED displays has been dominated by foreign companies like Sony and Samsung, but there is a growing need for innovation to meet the high-performance demands of XR applications [8]. Group 2: Company Development and Achievements - Founded in 2016, Shiya Technology focuses on high-performance silicon-based OLED products, overcoming traditional technology limitations [9]. - The company has established the world's first 12-inch silicon-based OLED micro-display production line, positioning itself as one of the few companies with comprehensive self-research capabilities [9]. - According to a report, Shiya Technology is projected to capture 35.2% of the global market share for silicon-based OLED products in XR devices by 2024, ranking second globally and first domestically [11]. Group 3: R&D and Competitive Edge - Shiya Technology has built a strong technical barrier through a top-tier R&D team and significant investment in research, with R&D personnel constituting 31.02% of its workforce [12]. - The company has maintained high R&D expenditure, with amounts reaching 23.7 million yuan in 2022, and has secured 267 patents, establishing a robust technological moat [13]. - Innovations such as strong micro-cavity technology and high-efficiency OLED structures have allowed Shiya Technology to exceed the performance of competitors like Sony [14]. Group 4: Financial Performance and Growth Potential - Shiya Technology's revenue has shown steady growth, with a compound annual growth rate of 21.27% from 2022 to 2024, and a significant increase of 54.67% in the first nine months of 2025 [16]. - The company anticipates revenues of 469 million yuan, 2.26 billion yuan, and 3.73 billion yuan from 2025 to 2027, indicating a potential for exponential growth [18]. - The company is also extending its service offerings to include strategic product development and optical systems, enhancing customer loyalty and pricing power [19]. Group 5: Market Trends and Future Outlook - The rise of AI is expected to significantly boost the XR market, with silicon-based OLED displays being crucial for presenting AI-generated content [20]. - The global silicon-based OLED market is projected to grow at a compound annual growth rate of 94.11%, reaching 67.93 billion yuan by 2030 [20]. - Shiya Technology plans to raise 2.01 billion yuan through its IPO to expand production capacity and enhance R&D, addressing the current supply-demand imbalance [22][23]. - Overall, Shiya Technology is positioned to lead in the AI-driven XR industry, contributing to the advancement of China's new display industry [24].

Market Overview - On December 22, the Shanghai Composite Index rose by 0.69%, the CSI 300 increased by 0.95%, the STAR 50 climbed by 2.04%, the CSI 1000 went up by 1.07%, the ChiNext Index surged by 2.23%, and the Hang Seng Index gained 0.43% [4][5] - The best-performing sectors on December 22 were telecommunications (+4.28%), comprehensive (+2.63%), electronics (+2.62%), non-ferrous metals (+2.38%), and retail (+1.37%). The worst-performing sectors included media (-0.61%), banking (-0.52%), beauty and personal care (-0.45%), light industry manufacturing (-0.45%), and textiles and apparel (-0.4%) [5] - The total trading volume for the entire A-share market on December 22 was 1.8822 trillion yuan, with a net inflow of 3.125 billion Hong Kong dollars from southbound funds [5] Important Recommendations Zhaowei Electromechanical (003021) - The company is a leader in micro transmission systems, with growth opportunities in humanoid robots, XR, and automotive electronics. Projected revenues for 2025-2027 are 1,897.64 million, 2,408.98 million, and 3,137.44 million yuan, with revenue growth rates of 24.47%, 26.95%, and 30.24% respectively. Net profit is expected to be 283.70 million, 404.12 million, and 529.02 million yuan, with growth rates of 26.03%, 42.45%, and 30.91% [6][9] - Catalysts include the release of a new generation of dexterous hands and new XR headsets from leading manufacturers [6][9] Weike Technology (301196) - The company is positioned as a leader in precision injection molding, with a stable main business and collaborations with leading clients to enhance the value of its MPO segment and humanoid robots. Projected revenues for 2025-2027 are 2,274 million, 2,801 million, and 3,329 million yuan, with growth rates of 25.0%, 23.2%, and 18.8% respectively. Net profit is expected to be 278 million, 355 million, and 456 million yuan, with growth rates of 26.2%, 27.6%, and 28.3% [7][11] - Key drivers include the rapid growth of the new energy sector and the demand for AI computing power [10][11] Leshush (02698) - The company focuses on the African market for baby pants and sanitary products, leveraging product strength and localized operations to build a solid competitive advantage. Projected revenues for 2025-2027 are 540 million, 650 million, and 760 million USD, with growth rates of 19%, 19%, and 18% respectively. Net profit is expected to be 110 million, 130 million, and 160 million USD, with growth rates of 14%, 22%, and 19% [12][13] - Catalysts include the increasing penetration of baby pants and sanitary products in emerging markets [12][13] Key Insights Food and Beverage Industry - The report indicates a somewhat pessimistic market outlook for the food and beverage sector, primarily due to significant pressures on the liquor industry this year. However, it suggests that there are investment opportunities in the liquor sector for the upcoming year, particularly as performance expectations may have bottomed out [14][15] - The report emphasizes the importance of monitoring inventory turning points and the potential for new consumption trends to continue despite recent adjustments [14][15]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6] Core Insights - The company is a leader in micro drive systems, with a customized business model that creates brand value barriers. From 2017 to 2024, revenue grew from 550 million to 1.53 billion yuan, with a compound annual growth rate (CAGR) of 15.7%, and net profit increased from 49 million to 225 million yuan, with a CAGR of 24.3% [1][5] - The humanoid robot market is expected to see significant growth, with demand projected to reach 1.772 million units by 2030, creating a market space of 56.8 billion yuan for dexterous hands, of which the hollow cup motors and gear sets will account for about half, corresponding to a market space of 28.4 billion yuan [2][50] - The XR (Extended Reality) sector is anticipated to become a next-generation consumer electronics phenomenon, with shipments of XR headsets expected to reach 124 million units by 2028. The company's micro drive systems are core components in XR headsets, positioning it to benefit from this growth [3][25] - In the automotive electronics sector, the company has established long-term partnerships with major clients like Bosch and BYD, with revenue in this area growing from 192 million to 633 million yuan from 2019 to 2023, achieving a CAGR of 34.75% [4][33] Summary by Sections Micro Drive Systems - The company has been deeply engaged in micro drive systems for over 20 years, expanding its downstream market applications. It transitioned from producing precision injection parts to integrated products and customized solutions, now serving various industries including automotive electronics, communication devices, and robotics [15][20] - The micro drive systems are essential components in various industries, characterized by their miniaturization, high precision, and reliability, with a broad market demand [20][22] Humanoid Robots - The company focuses on dexterous hands, positioning itself in the core components like motors and gearboxes. It has launched self-developed dexterous hand products, aiming to provide comprehensive solutions in the humanoid robot market [2][39] - AI advancements are accelerating the humanoid robot industry, with significant opportunities for domestic manufacturers to participate in this growing field [39][42] XR (Extended Reality) - The XR industry is entering a rapid development phase, with major manufacturers entering the market. The company's micro drive systems are widely used in XR headsets, enhancing its growth potential in this sector [3][25] Automotive Electronics - The automotive electronics sector is undergoing a technological revolution, with increasing penetration rates and vehicle value. The company has capitalized on the growth of smart vehicles and established long-term relationships with key automotive clients [4][33] - Revenue from automotive electronics has significantly increased, with a notable 66% growth in 2022, and it now accounts for 52.5% of total revenue [4][33] Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 1.899 billion, 2.409 billion, and 3.137 billion yuan from 2025 to 2027, with net profits of 284 million, 404 million, and 529 million yuan respectively. The current stock price corresponds to a price-to-earnings (P/E) ratio of 87, 61, and 46 for the respective years [5][9]

Core Viewpoint - The company, Visionox Technology Co., Ltd., is set to undergo an IPO review on December 24, 2025, by the Shanghai Stock Exchange, aiming to enhance its R&D capabilities and production capacity for silicon-based OLED microdisplays, which are critical hardware for AI-era smart terminals [1][2]. Group 1: Company Overview - Visionox Technology has achieved a breakthrough in silicon-based OLED core technology, leading to international recognition and filling a domestic industry gap, making it the second-largest globally and the largest in China for microdisplay solutions [1][2]. - The company is recognized as the first in China to achieve large-scale production of silicon-based OLED microdisplays and possesses unique core technologies such as strong microcavity structure and full-color stacked OLED [2][3]. Group 2: Market Position and Competition - The microdisplay industry, particularly in high-performance silicon-based OLED, has been dominated by foreign companies like Sony and eMagin, but Visionox has disrupted this monopoly with its advanced technology [3]. - Visionox's products have achieved leading performance metrics, including a contrast ratio of up to 600,000:1 and a DCI-P3 color gamut coverage exceeding 99%, positioning the company favorably against traditional competitors [3]. Group 3: Strategic Partnerships and Ecosystem - Visionox has established itself as a core supplier for major tech companies, including ByteDance and Lenovo, indicating a strong market presence and collaborative product development [4]. - The company is involved in creating a comprehensive ecosystem by providing integrated solutions that include display chips, microdisplays, and optical systems, enhancing its competitive edge [5]. Group 4: Financial Performance and Future Outlook - According to a report, Visionox ranks second globally and first domestically in the shipment of silicon-based OLED products for XR devices, holding a market share of approximately 35.2% [5]. - The company anticipates continued revenue growth driven by the increasing demand for high-performance microdisplays, with expectations to achieve profitability by 2026 [8]. - Visionox aims to leverage its technological strengths to capture a larger market share in both XR and traditional professional markets, aspiring to become the leading global provider of microdisplay solutions [8].

Company Overview - Shiya Technology is a leading global provider of micro-display overall solutions, with its core product being silicon-based OLED micro-displays [1] - The company has developed a full-stack self-research capability covering "chip design - micro-display - optical system - XR integrated solutions" [1] - Shiya Technology has established strong customer stickiness through strategic product development services, deeply engaging in product definition and standard setting with key clients [1] Intellectual Property and Revenue - As of June 30, 2025, the company holds a total of 120 domestic invention patents and 60 overseas invention patents, showcasing significant industrialization of core technologies [1] - All main business revenue during the reporting period is derived from core technology products, indicating a focused revenue stream [1] Customer Base and Future Deliveries - The company has a solid customer base, having achieved mass production and delivery with industry leaders such as ByteDance and Lenovo [1] - Long-term cooperation agreements with key strategic customers are expected to enable stable deliveries in the millions annually starting from 2026, driving revenue growth [1] Industry Outlook - The demand for silicon-based OLED displays is rapidly increasing, driven by the explosion of the AI industry and the accelerated adoption of XR devices [2] - According to a Frost & Sullivan report, the global silicon-based OLED market is projected to grow at a compound annual growth rate of over 94%, potentially reaching nearly 68 billion yuan by 2030 [2] - National policies, including the "14th Five-Year Plan" and the "Action Plan for the Integration of Virtual Reality and Industry Applications," explicitly support the development of this technology, providing strong momentum for the industry [2] IPO and Funding Utilization - Shiya Technology plans to use the funds raised from its IPO primarily for capacity expansion and cutting-edge technology research and development [2] - The company aims to accelerate the strategic transformation of display terminals towards AI XR and is committed to fostering domestic equipment and material suppliers to promote a diversified upstream supply chain [2]

Summary of the Conference Call for Sunny Optical Technology Group Co., Ltd. Industry Overview - The automotive lens market has significant growth potential, with an expected average of 4.3 cameras per vehicle by 2025, and over 10 cameras in new energy vehicles [2][3] - The XR (Extended Reality) sector shows mixed performance, with weak demand in the VR market but strong performance in smart glasses, particularly driven by a major North American client launching four smart glasses in September 2025 [2][5] - The smartphone market is saturated, with expected shipment volumes in 2025 remaining flat or showing low single-digit growth [2][6] Key Points and Arguments Automotive Sector - Sunny Optical's shipments in the automotive market grew nearly 28% from January to November 2025, driven by the increasing demand for Advanced Driver Assistance Systems (ADAS) [3] - The company has developed ADAS products with 17 to 18 million pixels, positioning itself as a technology leader [2][3] - Future trends include miniaturization and self-cleaning features for automotive lenses, with expectations of over 20% revenue growth in automotive lenses and modules by 2025 [2][4] XR Sector - The smart glasses market is expected to see an increase in the number of cameras per device, potentially exceeding 10, as applications and functionalities expand [2][5] - Despite the VR market's underperformance, the XR-related business revenue is expected to remain stable compared to the previous year [2][5] Smartphone Sector - The company is focusing on high-end product lines, anticipating a 5% to 10% revenue growth in smartphone lenses and modules, with average selling prices (ASP) and gross margins improving [2][6] - The ASP is projected to achieve double-digit growth for the year, with module gross margins expected to be between 8% and 10% [6] Collaboration and Strategic Initiatives - Sunny Optical collaborates with GoerTek in the waveguide segment, focusing on AR technology, although the AR market's slow development has not yet translated into significant performance improvements [2][7] - The partnership involves resource concentration through asset swaps and capital increases, with specific roles still under discussion [7] Future Business Guidance - The company is optimistic about future developments across its business segments, although specific guidance is not yet available due to budget considerations [7][8] - The company is exploring emerging automotive business areas such as LiDAR and HUD smart headlights, with a significant project in LiDAR exceeding 1.5 billion RMB in the first half of 2025 [3][8] Production and Supply Chain - The production capacity is primarily domestic, with a focus on improving utilization rates, especially in smartphone modules, which are expected to reach 80-90% in the second half of 2025 [11] - Geopolitical factors have limited impact on production and supply chains, with existing production bases in Vietnam and India allowing flexibility to meet international client demands [12][10] Financial Considerations - The company is considering increasing dividend payouts and share buyback plans, balancing these with R&D investments and operational funding [14] Additional Important Insights - The company has seen a doubling in revenue from wave-speed hybrid lenses in the first half of 2025, indicating strong market demand for high-end products [13] - The company is prepared to respond quickly to expansion needs, with existing facilities ready for equipment procurement [11]

Group 1 - The conference titled "Embracing the Transformation of Vision, Building the Future of Near-Eye Display" was held in Fuzhou High-tech Zone, focusing on the near-eye display industry and its future developments [2][4] - The event was organized by several institutions including Fuzhou University and various industry associations, gathering over 300 participants from academia and industry to discuss key themes such as high pixel density displays and optical modules [4][6] - Fuzhou University has established a comprehensive innovation system in the new display field, achieving significant breakthroughs in areas like Micro-LED and quantum dot displays, and aims to address industry challenges through collaboration [6][8] Group 2 - The Fujian Provincial Science and Technology Department emphasized that near-eye display technology is a critical area for systemic innovation and is essential for developing a modern industrial system in the province [8] - The Fuzhou High-tech Zone is well-positioned for the near-eye display industry due to its rich innovation resources and favorable policy environment, aiming to strengthen cooperation between academia and industry [10] - Industry representatives highlighted the importance of collaboration among government, universities, and enterprises to enhance policy, technology, and market integration, thereby improving overall competitiveness [21] Group 3 - Keynote speakers at the conference included academicians and industry leaders who discussed various topics such as XR development trends, low-power OLED materials, and the intersection of AI and Micro-OLED technologies [13] - A session focused on the structural changes in the near-eye display market, noting that while VR demand is under pressure, AR devices are experiencing growth due to their lightweight and practical advantages, particularly in the Chinese market [17] - The conference featured sub-forums on Micro-LED, optical technologies, and system integration, promoting technology alignment and industry collaboration [17]

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][5][10]. Core Views - The upcoming spring market is expected to be driven by performance catalysts in January, particularly in AI computing and storage chains. The electronics sector has shown a weak performance recently due to factors such as reduced government subsidies and supply shortages in storage [1][5]. - The report emphasizes a positive outlook for the electronics industry, recommending patience in allocation and focusing on companies involved in self-controlled manufacturing and overseas AI computing and storage industries [1][5]. - The report highlights the rapid approval of several hard technology-themed funds, which may accelerate the sector's rebound [1]. Summary by Sections Market Trends - The Shanghai Composite Index fell by 0.34%, while the electronics sector rose by 2.63%, with electronic chemicals increasing by 6.99%. The Hang Seng Tech Index and Philadelphia Semiconductor Index saw declines of 0.43% and 3.58%, respectively [1][11]. Key Recommendations - The report recommends focusing on companies such as Aojie Technology, Jiangbolong, Shengyi Technology, Demingli, Lens Technology, Luxshare Precision, Lante Optics, Hengxuan Technology, Lanke Technology, and SMIC [1][5]. Company Performance - Broadcom reported a revenue of $18.02 billion for Q4 FY2025, with semiconductor solutions contributing $11.07 billion. The company expects Q1 revenue to be around $19.1 billion, with AI chip revenue projected to double to $8.2 billion [2]. - Horizon is accelerating the arrival of smart cars and general robotics, with high-level autonomous driving entering a price range of 130,000 to 150,000 [3]. Industry Developments - The Trump administration has approved the export of NVIDIA H200 chips to China, imposing a 25% national security fee, which may temporarily alleviate computing power shortages for domestic cloud vendors [4]. - The report notes that the data center power supply is evolving towards an 800V DC architecture, with silicon carbide and gallium nitride expected to replace silicon-based devices [8].

Core Viewpoint - Google is re-entering the smart glasses market with a focus on integrating its AI model, Gemini, into user experiences rather than merely replicating smartphone functionalities [2] Product Overview - Google introduced two types of smart glasses: a "screenless assistant" model that features a lightweight frame with built-in speakers, microphones, and cameras, allowing users to interact with Gemini for information about their surroundings [3] - The second model, "display AI glasses," incorporates a display within the lenses to provide augmented reality features, enabling users to see digital information in real-world contexts, such as navigation prompts or translation subtitles [3] Integration with XR Ecosystem - Google emphasized the importance of seamless hardware integration into daily life, aiming for a balance between weight, style, and immersion for users [4] - Updates to the broader Android XR ecosystem were announced, including a "PC Connect" feature that allows users to connect headsets to Windows computers, similar to Apple's Vision Pro capabilities [4] - A "travel mode" was introduced for business travelers to stabilize visual experiences during flights, along with a "Likeness" feature that generates realistic digital avatars for video calls [4] Future Developments - Google previewed "Project Aura," a wired XR headset developed in collaboration with startup XREAL, designed for practical daily use cases, such as viewing recipe videos while cooking or accessing step-by-step visual guides during repairs [5]

就在最近，有关苹果可穿戴设备「下一章」的消息陆陆续续传出。不同于 Vision Pro 的厚重，这款被外界称为Apple AI Glasses（或 Apple Glass）的新 品，可能会彻底改变我们对「智能眼镜」的刻板印象。如果按照供应链和分析师的预测，我们最早可能在 2025 年底听到它的官方预告，并在 2026 年或 2027 年正式与大家见面。 今年 Vision Pro M5 发售的时候，大家的新鲜劲儿维持了多久？ 无论实际体验如何，作为目前「空间计算」领域硬件性能断档领先的存在，Vision Pro 系列还是用两代硬件产品，成功完成了苹果在 XR 领域秀肌肉的任 务。 Apple Vision Pro 是目前业内算力最强的 XR 设备｜图片来源：Apple 但同时也留下了一个显而易见的遗憾：它太重了，重到无法成为我们日常生活的一部分。只要一说起苹果的穿戴设备，人们依然更愿意戴上 AirPods，而 不是把一台 iPad 绑在脸上。 近日，根据 9to5Mac 等多家外媒的报道，苹果内部代号为「Project Atlas」的项目已经悄然启动，这标志着苹果对智能眼镜赛道的探索已经从「构想」进 入了「实 ...