Core Insights - The AR Alliance has announced that Sony Group Corporation has joined as an associate member, enhancing the collaborative efforts in the augmented reality (AR) ecosystem [1] - The AR Alliance aims to foster innovation and development in AR hardware by providing a neutral environment for organizations of all sizes to collaborate [2][4] - The Chair of The AR Alliance emphasized the vast potential of the AR market and the importance of collaboration among member companies to advance the global AR supply chain [3] Company and Industry Overview - The AR Alliance includes founding members such as STMicroelectronics, META, Essilor Luxottica, Corning, and Qualcomm, promoting a non-competitive and supportive environment for all organizations [4] - Sony Group Corporation is recognized as a creative entertainment company with a strong technological foundation, spanning various sectors including gaming, music, electronics, and financial services [6]

EARNINGS PRESENTATION July 31 | 2025 FORWARD LOOKING STATEMENTS & OTHER INFORMATION This document contains forward-looking statements. within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company's representatives may also make forward-looking statements orally or in writing from time to time. Statements in this document that are not historical facts, including, stateme ...

招股书显示，Ambiq的平台号称能将能耗降低至传统芯片的五分之一。这家由Arm(ARM.US)支持的公 司的芯片技术正在推动AI算力从数据中心向智能手表、健身追踪器等可穿戴设备迁移，这些设备的电 力限制此前曾成为AI功能发展的障碍。 Ambiq首席技术官Scott Hanson表示："公司发展的第一阶段是帮助客户延长设备电池寿命，但我们真正 的价值主张在于，在保持相同电池续航的同时，新增此前无法实现的AI功能。"他补充称，Ambiq技术 的其他潜在应用包括将大型语言模型(LLMs)嵌入到增强现实(AR)和虚拟现实(VR)眼镜等设备中。 Ambiq客户群相对集中。根据招股书，今年第一季度，该公司最大客户贡献了38%的收入，但未披露该 客 户 身 份 。 第 一 季 度 中 占 销 售 额 10% 以 上 的 最 终 客 户 包 括 Garmin(GRMN.US) 、 谷 歌 母 公 司 Alphabet(GOOGL.US)以及另一位未公开的客户。根据招股书，在截至3月31日的三个月内，Ambiq的净 亏损为830万美元，营收为1570万美元;而2024年同期的净亏损为980万美元，营收为1520万美元。 智通财 ...

Group 1 - Red 6 partners with Northrop Grumman on the Beacon initiative to enhance military flight training through advanced augmented reality technology [1][2] - The collaboration focuses on integrating Red 6's Advanced Tactical Augmented Reality System (ATARS) into the Beacon platform, which aims to provide realistic training scenarios for military aviators [1][2] - The Beacon program is designed to foster collaboration across the industry, allowing third-party partners to test new autonomous solutions in a simulated environment [2] Group 2 - Red 6's ATARS is the first outdoor, airborne augmented reality training system, offering realistic synthetic flight training experiences with low-latency performance and multi-player support [3] - Northrop Grumman is a leading aerospace and defense technology company, committed to providing innovative solutions that address complex challenges in military operations [4]

Core Insights - MicroCloud Hologram Inc. has announced a significant investment of up to $200 million in Bitcoin and cryptocurrency-related securities derivatives, reflecting its strategic vision for future business expansion in the cryptocurrency sector [1][2][3] - The company currently holds approximately $394 million in cash reserves, with plans to allocate these funds towards technology development in areas such as Bitcoin-related blockchain, quantum computing, quantum holography, and AI-powered AR [1][5] - Cumulative investment income from these initiatives has reached $35.96 million, indicating the company's commitment to maintaining a strong financial position while enhancing shareholder value [1][3] Investment Strategy - The purchase of Bitcoin and its derivatives is part of HOLO's capital reserve strategy aimed at enhancing financial stability and long-term growth potential through diversified investments [2][3] - The allocated funds will primarily target cryptocurrencies with significant market influence and growth potential, contributing to the diversity and risk resilience of HOLO's overall asset portfolio [3] Technology Development Focus - MicroCloud is dedicated to providing advanced holographic technology services, including high-precision holographic LiDAR solutions and holographic digital twin technology [5] - The company plans to invest over $400 million in cutting-edge technology sectors, including Bitcoin-related blockchain development, quantum computing, quantum holography, and AI and AR technologies [5]

Core Insights - MicroCloud Hologram Inc. has announced a significant investment of up to $200 million in Bitcoin and cryptocurrency-related securities derivatives, reflecting its strategic vision for future business expansion in the cryptocurrency sector [1][2][3] - The company currently holds approximately $394 million in cash reserves, which will be allocated towards derivatives and technology development in advanced fields such as Bitcoin-related blockchain, quantum computing, quantum holography, and AI-powered AR [1][3] - The cumulative investment income from these initiatives has reached $34.67 million, indicating the company's commitment to maintaining a strong financial position while creating long-term value for shareholders [2][3] Investment Strategy - The purchase of Bitcoin and its derivatives is part of the company's capital reserve strategy aimed at enhancing financial stability and long-term growth potential through diversified investments [2][3] - The allocated funds will primarily target cryptocurrencies with significant market influence and growth potential, as well as related securities derivatives, to diversify and strengthen the overall asset portfolio [3] Future Development Plans - MicroCloud plans to invest over $400 million in cutting-edge technology sectors, including Bitcoin-related blockchain development, quantum computing, quantum holography, and AI and AR technologies [5]

Core Viewpoint - The AI glasses industry is on the verge of a significant breakthrough, potentially marking the next "iPhone moment" in technology, where AI glasses could transform daily life and communication [2][3]. AI Glasses Definition and Classification - AI glasses are innovative wearable devices that integrate artificial intelligence with traditional eyewear, enhancing functionality and practicality [3]. - They can be categorized into five types based on integrated technologies or hardware, all aimed at improving user efficiency and experience [3]. Market Growth and Projections - The global shipment of AI glasses is expected to reach 20 million units by 2028, driven by rapid advancements in AI and AR technologies [9]. - In September 2023, Meta and Ray-Ban launched the Ray-Ban Meta AI smart glasses, achieving over 2 million units shipped, indicating a surge in the smart glasses market [9]. Industry Landscape and Key Players - Numerous manufacturers are entering the AI glasses market, focusing on the deep integration of AI models and AR technology, leading to a diverse range of lightweight products [14]. - Notable brands include Bose, Huawei, Xiaomi, and Rokid, each offering various AI glasses tailored to different functionalities [15]. Consumer Insights and Market Potential - The AI glasses market shows significant potential, with nearly 61% of surveyed consumers having purchased or planning to purchase smart glasses, indicating a strong market foundation [25]. - Consumers exhibit a high interest in AI glasses, particularly in the mid-price range of 2000-3000 RMB, aligning with their income levels [27]. User Preferences and Purchase Behavior - Functionality is the primary consideration for consumers when purchasing AI glasses, with audio playback, photography, and AI interaction being key features [32]. - Users show a willingness to invest in AI glasses, with over 50% of existing users owning at least one pair, and many expressing interest in upgrading their devices [28]. Challenges and Concerns - Potential buyers express concerns regarding pricing, functionality, and privacy, which could hinder market growth [34]. - Interest consumers are particularly focused on the integration of multiple functions and the overall user experience [34]. Supply Chain and Technological Advancements - The AI glasses market is driven by hardware performance breakthroughs, domestic production increases, and the expansion of manufacturer ecosystems [42]. - Key technological advancements include improved battery life, lightweight materials, and enhanced display technologies, which are crucial for product adoption [42]. Retail and Marketing Strategies - Offline experiences play a crucial role in consumer conversion, while online ecosystems and customized services enhance sales [45]. - The integration of experiential marketing and retail channel consolidation is essential for driving sales in the AI glasses market [45]. Future Trends - The AI glasses industry is expected to evolve towards technological innovation, functional integration, and collaborative ecosystem development to meet consumer demands [47].

Investment Rating - The report maintains a "Buy" rating for Lingyi, with a 12-month price target of Rmb11.40, indicating an upside potential of 28.1% from the current price of Rmb8.90 [18][13]. Core Insights - Lingyi's revenues are expected to grow by 23% year-over-year in 2Q25, reaching Rmb11.5 billion, driven by new project contributions and improved seasonality in the second half of 2025 [1][3]. - The gross margin (GM) is projected to improve to 15.7% in 2Q25, up from 15.2% in 1Q25, although still below the 2022/2023 levels of 20.7% and 19.9% respectively [1][3]. - Lingyi's diversification into foldable phones, servers, and AI/AR glasses components is expected to increase revenue contributions to 14% and 18% in 2025 and 2026 respectively [1][2]. Revenue and Earnings Estimates - Revenue estimates for 2025 remain unchanged at Rmb54.5 billion, with net income expected to grow by 43% year-over-year [3][9]. - Earnings revisions indicate a decrease in net income estimates by 11% for 2025, primarily due to lower GM from the automotive and server segments [3][7]. - The report anticipates a compound annual growth rate (CAGR) of 21% in revenues from 2025 to 2027 [3][9]. Financial Metrics - The report projects gross margins to expand from 15.8% in 2024 to 16.6% and 18.2% in 2025 and 2026 respectively [3][11]. - Operating profit margins (OPM) are expected to improve from 6.0% in 2025 to 8.1% in 2027 [3][11]. - The net margin is forecasted to increase to 4.6% and 5.7% in 2025 and 2026 respectively [3][11]. Market Position and Competitive Landscape - Lingyi is expanding its business in foldable phones, servers, robotics, and AI/AR glasses components to reduce concentration risk and capture a larger market share [2][3]. - The company has established partnerships to provide comprehensive manufacturing solutions, which are expected to lower the bill of materials (BOM) costs for clients [2][3]. Valuation - The target price of Rmb11.4 is based on a target P/E multiple of 21.2x 2026E EPS, reflecting a positive correlation between P/E and EPS growth among peers [11][17]. - Lingyi is currently trading at a P/E of 17x for 2026E, which is considered attractive [13][17].

Product & Technology - Snap has been investing in glasses for over 11 years, even before Snapchat had a chat feature, seeing a huge opportunity to help people experience the world and technology simultaneously [1] - The company's vision for AR glasses is to make computers wearable, integrating technology into people's lives without forcing them to choose between technology and living in the moment [2][3] - Specs are positioned as a wearable computer with smartphone capabilities, differentiating them from feature phone smart glasses which are more like AirPods with a camera [5] Market Positioning & Pricing - The company acknowledges the need to help people try and experience specs, as they represent a fundamentally new type of computing experience [4] - Specs will be more expensive than Meta smart glasses and Ray-Ban smart glasses, but offer significantly more capabilities [6] - The company aims to address consumer exhaustion from looking at screens and offer a new and different computing experience [4] Challenges & Opportunities - A key challenge is positioning specs against existing smart glasses, which are not as capable [5] - The company sees an opportunity to differentiate specs by highlighting their smartphone-like capabilities compared to the limited functionality of smart glasses [5]

Core Insights - Snap Inc. and RWS Global have announced a partnership aimed at enhancing fan engagement at sporting events globally, starting with the World Aquatics Championships and the British & Irish Lions Tour [1][2] - The partnership will integrate Snap's augmented reality (AR) lenses with RWS Global's PV4 software, which is designed for centralized video and graphics playback, to create a seamless fan experience [1][3] Event Details - The collaboration will debut at two major sporting events: the World Aquatics Championships in Singapore from July 11 to August 3, 2025, and the British & Irish Lions Tour in Australia on July 19, July 26, and August 2 [2] - The "Snapchat Cam" will be utilized at these events, allowing for unique lens effects that enhance fan interaction and create branded experiences for sponsors, potentially increasing revenue for event hosts [2] Company Background - RWS Global is recognized as a leader in creating live moments across sports and entertainment, producing over one million engaging experiences daily [3][7] - Snap Inc. focuses on leveraging technology, particularly through its camera capabilities, to improve communication and enhance user experiences [5] Future Prospects - The partnership aims to revolutionize fan engagement by utilizing AR technology to create immersive experiences at sports venues, building on previous collaborations at the Paris 2024 Olympic and Paralympic Games [3][4]