Core Viewpoint - The AR industry is currently in a pre-iPhone era, facing multiple challenges, but is expected to reach its transformative "iPhone moment" between 2027 and 2028, marking a significant shift in smart glasses technology [3][5]. Group 1: Industry Development - The integration of AI and AR is anticipated to create a "golden decade" for AI terminals, driven by four key industry accelerators: AI multimodal understanding, AI long-term memory, hardware and supply chain, and agent ecosystem collaboration [5]. - Shanghai's action plan aims for the smart terminal industry to exceed 300 billion yuan by 2027, with a focus on developing leading consumer terminal brands and enhancing smart glasses capabilities [6]. Group 2: Company Positioning - XREAL has maintained the largest global market share in AR for four consecutive years, with a 38% share in 2024, indicating that one in three AR glasses sold globally is from XREAL [7]. - The company aims to leverage its new global headquarters in Shanghai to enhance collaboration with top-tier enterprises and achieve significant sales growth, targeting a million-unit sales milestone for its products [7][10]. Group 3: Technological Innovation - The combination of AI and AR is reshaping terminal forms, moving from single-function devices to proactive intelligent systems, and fostering ecosystem collaboration [8]. - XREAL is focused on overcoming optical limitations and reducing device weight to meet the demand for lightweight, all-day wearable smart glasses for a potential user base of 500 million [10]. Group 4: Strategic Collaborations - XREAL's partnership with Google for the Project Aura smart glasses represents a significant integration of Chinese AR technology with international platforms, with over 90% of components sourced from China [9][10]. - The company is committed to continuous innovation across the entire technology stack, from optics to algorithms, positioning itself as a leader in the next generation of computing platforms [10].