康耐特光学：创新引领蜕变，科技改变视界【国联民生轻工&中小盘】 传统镜片量价齐升，高端化趋势显著； 智能眼镜：智能眼镜新品频出，"百镜大战"激发市场活力，智能眼镜高速发展元年已至。 深耕高端化中的"质价比"产品，相较国外品牌价格优势显著。 收购日本朝日光学吸纳1.74折射率产品生产技术，在1.74镜片量产能力、专利技术等方面均具优势。 C2M模式下公司强大定制化能力铸造护城河，能够生产共计700万种SKU镜片产品。 公司于2021年布局AI/AR眼镜镜片相关业务，与多个全球领先的科技和消费电子企业合作研发相关产品。 2024年公司树脂镜片销量排名全球第二，2018-2024年营收/净利润CAGR为15.8%/32.7%，量价齐升驱动收入增 长，产品结构优化驱动盈利能力改善。 传统镜片量价齐升，高端化趋势显著； 智能眼镜：智能眼镜新品频出，"百镜大战"激发市场活力，智能眼镜高速发展元年已至。 < 康耐特光学：创新引领蜕变，科技改变视界【国联民生轻工&中小盘】 2024年公司树脂镜片销量排名全球第二，2018-2024年营收/净利润CAGR为15.8%/32.7%，量价齐升驱动收入增 长，产品结构优化驱动盈利能力 ...

Core Viewpoint - The company is experiencing a gradual increase in the shipment of battery products for AI glasses, indicating a positive trend in its emerging business related to AI/AR technology [2] Group 1 - The company has confirmed that its new business layout, including AI/AR glasses, is entering a phase of成果转化 (results transformation) [2] - The company encourages stakeholders to monitor official announcements for specific operational performance details [2]

Core Viewpoint - Li Auto announced the launch of its AI glasses, Livis, which will be unveiled on December 3, showcasing seamless integration with vehicle systems [2] Group 1: Product Features - Livis AI glasses feature multiple color options, dual cameras for object recognition and video recording, and a microphone for music recognition [2] - The glasses can project real-time vehicle data such as battery level, range, and navigation information onto the lenses, and allow remote control of vehicle functions like opening electric sliding doors and pre-conditioning the cabin [2] Group 2: Market Context - Li Auto's entry into the AI glasses market follows Xiaomi's launch of its own AI glasses on June 26, which were positioned as a next-generation personal smart device [2] - Xiaomi's AI glasses sold 31,000 units in the first week, capturing 12% of the overall AI/AR market share, indicating strong demand and market potential for such products [2] - The collaboration between AI glasses and automotive ecosystems is highlighted, suggesting potential synergies for companies with established automotive operations [2]

Core Viewpoint - The company has successfully integrated its high-performance power management chips into Meta's supply chain for smart glasses, indicating a strong market presence and ongoing demand for its products [1] Group 1: Product Development and Market Presence - The company's products are currently being utilized by multiple domestic and international brands, including Meta, Thunderbird, and Yijing, in their AI/AR smart glasses [1] - The company remains optimistic about the market prospects for AI/AR smart glasses and plans to continuously monitor market trends [1] Group 2: Strategic Partnerships - The company aims to expand its product categories to deepen collaboration with downstream clients and end customers [1]

Core Insights - iHuman Inc. will present at NobleCon21 on December 3rd, 2025, showcasing its tech-powered intellectual development products aimed at enhancing child upbringing experiences for parents and children [1][2]. Company Overview - iHuman Inc. is a leading provider of tech-powered intellectual development products in China, focusing on making child upbringing easier for parents and transforming intellectual development into an enjoyable journey for children [3]. - The company has nearly three decades of experience in the parenthood industry, combining superior original content, advanced technology, and research capabilities to empower parents [3]. - iHuman offers a comprehensive suite of innovative products, including self-directed apps, interactive content, and smart devices, aimed at developing children's abilities in speaking, critical thinking, independent reading, and creativity [3]. - The company leverages advanced technologies such as 3D engines, AI/AR functionality, and big data analysis to enhance the experience for both parents and children [3]. Event Details - Interested investors can attend the presentation at a discounted rate using the code [IHNOBLECON], and a high-definition video webcast will be available the following day on Noble Capital Markets' website and Channelchek [2].

Summary of Perfect Corp Conference Call Company Overview - **Company Name**: Perfect Corp - **Ticker Symbol**: PERF - **Market Capitalization**: $175 million with 101 million shares outstanding at $1.75 per share [3] - **Cash Position**: $170 million with no debt [3] - **Founded**: 2015, based in Taipei, Taiwan [3] - **Employee Count**: Approximately 410, with about half in R&D [3] - **Revenue Distribution**: 50% from the US, 25% from the EU, and 20% from Japan [3] Business Model - **B2B and B2C Segments**: - B2B: Provides beauty and fashion software solutions to major brands (e.g., Estée Lauder, Shiseido) [3][5] - B2C: Offers apps available on iOS and Android, focusing on virtual try-on and photo/video editing [3][5] - **Revenue Shift**: - B2B revenue was approximately 75%-80% at the end of 2022, projected to drop to about 30% by the end of 2025 due to faster growth in B2C [5][29] Financial Performance - **Revenue Growth Guidance**: Expected growth of 13%-14.5% for the year, with a positive outlook for surpassing this guidance [26] - **Operating Income**: First positive operating income of $500,000 reported in the third quarter [27] - **Net Income**: Approximately $5 million with margins around 10% [28] - **Subscriber Count**: 940,000 paying subscribers, primarily from developed countries [11] - **Average Selling Price (ASP)**: Increased by $20 due to the introduction of a premium model [9] Technology and Innovation - **Focus on GenAI**: GenAI technology for photo and video editing is a key growth driver [4][20] - **Patents**: Over 55 patents related to their technology [13] - **AI Integration**: Plans to embed AI agents in all apps by 2026, focusing on personalized beauty and fashion advice [18] Market Dynamics - **B2B Challenges**: Financial pressures on brand clients due to macroeconomic factors have slowed B2B growth [5][6] - **B2C Growth**: Rapid growth in B2C driven by changing consumer habits, especially during the pandemic [5] - **Competitive Landscape**: Limited large competitors in the B2B space, with many smaller players in the B2C segment [34] Strategic Initiatives - **M&A Activity**: Recent acquisition of Wannabe, enhancing virtual try-on capabilities for luxury brands [21] - **API Business Growth**: Increased interest from non-beauty companies integrating Perfect Corp's API for virtual try-on solutions [26] Customer Engagement - **User Demographics**: 75%-80% of users are female, primarily in their teens to 20s [34] - **Retention Rate**: High retention rate of over 90% for B2B clients [12][25] Future Outlook - **Growth Avenues**: Continued focus on GenAI technology, skincare analysis, and virtual try-on for accessories [30] - **Potential for Dividends or Buybacks**: Management is considering options based on cash availability [30] Key Risks - **B2B Revenue Dependency**: Slower growth in B2B could impact overall revenue if not offset by B2C growth [6][29] - **Market Competition**: Potential for larger players to enter the market or acquire the company [34] This summary encapsulates the key points discussed during the conference call, highlighting the company's current status, market dynamics, financial performance, and future strategies.

Summary of Perfect Corp (NYSE: PERF) FY Conference Call - November 19, 2025 Company Overview - Perfect Corp is a software company focused on beauty and fashion, founded in 2015 and based in Taipei, Taiwan - Current share price is approximately $1.75 with a market cap of $175 million and $170 million in cash, no debt [1][25] - The company has around 410 employees, with about half in R&D [1][12] Revenue Breakdown - Revenue distribution: approximately 50% from the US, 25% from the EU, and 20% from Japan [2] - Business model includes B2B (providing software solutions to major brands) and B2C (consumer apps available on iOS and Android) [2][3] - Shift in revenue sources: B2B accounted for 75%-80% of revenue at the end of 2022, projected to drop to about 30% by the end of 2025 due to faster growth in B2C [3][36] Growth Drivers - GenAI technology for photo and video editing is a key growth driver for both B2B and B2C segments [3][8] - B2C apps have seen significant growth due to changing consumer habits, especially during the pandemic [4] - The introduction of a premium model for B2C apps has increased average selling price (ASP) by approximately $20 [7] B2B Segment Challenges - B2B growth has slowed due to financial pressures on brand clients from macroeconomic factors like inflation and interest rates [4][5] - Retention rate for B2B clients is over 90%, but cross-selling has become challenging due to client financial constraints [11][22] B2C Segment Insights - B2C apps have approximately 940,000 paying subscribers, primarily from developed countries [9] - Monetization model includes a freemium approach with various subscription options ranging from $5 to $70.99 annually [6][7] - Despite a slight decrease in the number of paid subscribers, ASP continues to grow [28] Technology and Innovation - The company holds over 55 patents and has developed technology in-house for over a decade [12] - Future plans include embedding AI agents in all apps by 2026 to enhance user experience [16][19] Financial Performance - Guidance for revenue growth is between 13%-14.5% for the year, with expectations to surpass this [25] - Operating cash flow is positive, with a net income of about $5 million and margins around 10% [26][27] - The company has increased its workforce by about a third over the past two years to support technology development [26] Market Position and Competition - The company is a leader in the B2B beauty and fashion software market, with limited large competitors [34] - There is potential for M&A activity, as seen with past interest from companies like Alibaba and L'Oréal [30][34] Future Outlook - Continued focus on GenAI technology and skincare analysis, with plans for potential dividends or buybacks depending on management decisions [28][29] - The company aims to leverage its existing data and technology to enhance both B2B and B2C offerings [35] Key Takeaways - Perfect Corp is positioned for growth in the beauty and fashion tech space, with a strong emphasis on AI-driven solutions - The shift from B2B to B2C revenue highlights changing consumer preferences and market dynamics - Financial health appears stable, with positive cash flow and strategic plans for future growth and innovation [25][26][27]

Group 1 - The core viewpoint of the article is that Liard (300296.SZ) is collaborating with Rokid to explore innovative experiences in cultural tourism scenarios using AR technology [2] - Rokid is recognized as a pioneer in the AI/AR glasses field, having developed mature AR products with applications in cultural tourism [2] - Liard has extensive experience in the cultural tourism and exhibition markets, having built a strong customer base over the years, which will help meet the growing demand for immersive interactive experiences [2]

Core Insights - Biyi Co., Ltd. has established a strategic partnership with LiPai Guangjing to enhance its capabilities in the micro-display and optical waveguide sectors, which are crucial for AI/AR glasses [2] - The company has set up an AR glasses assembly line in the China-Italy Smart Home Industrial Park and is moving towards small-batch verification and market collaboration for its smart wearable products [2] Company Developments - Biyi Co., Ltd. is leveraging its manufacturing capabilities to push forward the development of smart wearable products [2] - The strategic cooperation with LiPai Guangjing aims to integrate assembly processes and technology advantages to strengthen product offerings in the AI/AR market [2]

Core Viewpoint - Biyi Co., Ltd. (603215.SH) has established a strategic partnership with Li Pai Guang Jing to enhance its capabilities in the micro-display and optical waveguide sectors, which are crucial for AI/AR glasses [1] Group 1: Company Developments - Biyi Co., Ltd. has laid out an assembly line for AR glasses in the Sino-Italian Smart Home Industrial Park [1] - The company aims to advance its smart wearable products from small-batch verification to market collaboration [1] - The strategic cooperation with Li Pai Guang Jing focuses on integrating assembly capabilities with technological advantages in micro-displays [1] Group 2: Industry Insights - The partnership is positioned to leverage technological strengths in the AI/AR glasses market, indicating a growing trend in smart wearable technology [1] - The collaboration highlights the importance of component manufacturing in the development of advanced wearable devices [1]