作者 | 黄昱 编辑 | 周智宇 2025年是AI应用爆发的一年，而被视作"AI大模型落地的最佳载体之一"的智能眼镜，无疑是科技行业中最"热闹"的赛道之一。 从 Meta 推动 Ray-Ban Meta 销量快速增长，到国内"百镜大战"骤然升温，从创业公司到互联网大厂、手机厂商，几乎所有人都在谈论 AI/AR 眼镜。资本的 迅速涌入，让这个曾一度沉寂的行业迅速站上风口。 然而，"百镜大战"背后，真正能形成持续出货和用户留存的产品并不多。出货量、渠道能力和技术积累，正成为分水岭，资本和资源正向少数头部公司集 中。 在这样一个时间点，2026年开年的第二个工作日，头部 AR眼镜厂商雷鸟创新宣布完成了新一轮融资，由中国移动、中国联通旗下基金联合投资。 而这也是中国主流运营商首次共同投资智能眼镜赛道。 "过去一年来，涌入智能眼镜行业赛道的投资方明显变多了。"近日，雷鸟创新创始人兼CEO李宏伟在接受华尔街见闻专访时透露，这轮融资雷鸟创新超募了 很多，是原计划的两到三倍。 同时，他指出，虽然现在投资者热情高涨，但资金仍然向头部聚拢。 Counterpoint数据显示，雷鸟创新2025年Q3季度全球市场份额达 24%，连续 ...

格隆汇12月31日丨三安光电(600703.SH)在互动平台表示，在AI/AR眼镜领域，公司的Micro LED产品正 与国内外终端厂商配合方案优化，已从技术验证迈向小批量验证阶段。 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is experiencing short-term performance pressure, with a significant decline in revenue and net profit due to increased R&D expenses, reduced government subsidies, and higher asset impairment losses [2][4] - The company is accelerating the development of emerging businesses, particularly in the AI and AR glasses sector, which is expected to become a new growth driver once production scales up [4][9] - Despite the current challenges, the long-term outlook remains positive due to the potential growth from AI/AR glasses, leading to a maintained "Buy" rating [9] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.492 billion yuan, a year-on-year decrease of 11.05%, and a net profit of -0.09 billion yuan, indicating a shift from profit to loss [1] - In Q3 2025, revenue was 597 million yuan, down 17.31% year-on-year, with a net profit of -0.15 billion yuan [2] - R&D expenses increased by 44.95% year-on-year to 115 million yuan for Q1-Q3 2025, contributing to the decline in profitability [2] Profitability Metrics - The gross margin for Q1-Q3 2025 was 13.03%, a decrease of 5.60 percentage points year-on-year, with Q3 2025 gross margin at 12.18% [3] - The operating expense ratio increased by 4.47 percentage points year-on-year to 13.25% for Q1-Q3 2025 [3] Emerging Business Development - The company is expanding its product line to include audio glasses, AR glasses, and AI glasses, aiming to meet high-quality audio-visual experience demands [4] - The annual production capacity for smart glasses exceeds 100,000 units, with expectations for significant sales growth once these products are launched [4] Financial Forecast - Revenue projections for 2025-2027 are adjusted to 2.005 billion, 2.300 billion, and 2.677 billion yuan, respectively, with a forecasted net profit of 0.01 billion, 0.68 billion, and 1.11 billion yuan [9] - The expected EPS for 2025-2027 is 0.01, 0.41, and 0.68 yuan, respectively [9]

Core Viewpoint - The article discusses the impact of the additional 100% tariffs announced by Trump on November 1, and the subsequent market reactions, highlighting the resilience of the A-share market despite short-term risks in the technology sector [2][4]. Market Performance - The Shanghai Composite Index has shown relative stability, fluctuating between 3732 and 3900 points in September and October, with two attempts to break above 3900 points that were unsuccessful [4]. - The market's cautious sentiment is attributed to uncertainties surrounding the tariffs and the incomplete release of Q3 earnings reports, leading to a preference for safer investments like banking and precious metals [4]. Home Appliance Sector Analysis White Goods - Domestic sales of white goods have been boosted by government subsidies, with retail sales reaching 316 billion yuan and a year-on-year growth of 10.3% from January to July 2025 [7]. - Air conditioning sales have been particularly strong, with a retail volume of 56.52 million units, a year-on-year increase of 16.7% [7]. - However, external sales are under pressure due to tariffs and inventory issues, with a notable decline in exports starting in May 2025 [8]. Black Goods - The black goods sector is experiencing positive domestic sales growth, with brands preparing for overseas promotional periods [9]. - Global TV panel shipments increased by 7.8% in July and 7.6% in August, indicating a recovery in procurement by Chinese brands [11]. - The domestic market is also performing well, with significant growth in online and offline sales of televisions [11]. Cleaning Appliances - The cleaning appliance segment shows high growth, with sales of robotic vacuum cleaners increasing by 54% and 88% in July and August, respectively [14]. - Major brands like Ecovacs and Roborock are leading the market, with substantial increases in market share and sales [14]. - The growth is driven by policy support, rising consumer demand, and advancements in technology [14]. Investment Opportunities - Companies in the home appliance sector are advised to focus on low-penetration products like cleaning appliances as government support wanes [16]. - If tariff disruptions are resolved, companies with strong product capabilities and established overseas production may see improved growth [16]. - Home appliance firms are also encouraged to explore diversification into emerging technologies such as AI and AR, which could provide new growth avenues [16].

Group 1 - Meta showcased its latest advancements in wearable technology at the 2025 Connect conference, introducing three major product lines including the flagship Meta Ray-Ban Display, which signifies the transition of "AI on the face" from concept to reality [1] - The second-generation Ray-Ban Meta smart glasses aim to create a mass-market AI eyewear, featuring an 8-hour battery life, support for 3K ultra HD video recording, and a new "conversation focus" function [1] - The Oakley Meta Vanguard, designed for sports enthusiasts, introduces a new category of "smart sports" products with an IP67 waterproof and dustproof design, deeply integrated with Garmin and Strava ecosystems [1] Group 2 - Aiwai Electronics, a leading Chinese chip provider, offers comprehensive chip solutions that support Meta's innovative products, serving as a long-term core partner [1] - Aiwai's 3-channel RGB LED driver chip provides precise light control for the Ray-Ban series, supporting 256 levels of current adjustment per LED and ensuring smooth dimming effects even at low brightness [2] - The chip's ultra-low power design significantly extends device battery life, with shutdown mode consuming less than 1μA and standby mode less than 10μA [2] Group 3 - Aiwai's Hall switch series addresses the challenge of detecting the opening and closing of charging cases in wearable devices, featuring a compact 0.8mm×0.8mm package for high reliability in space-constrained applications [2] - The LCD bias driver chip from Aiwai provides an efficient power solution for the Quest series TFT-LCD panels, achieving over 85% efficiency at output currents greater than 40mA [2] - Aiwai's tactile feedback chip delivers a noise-free, strong vibration experience for VR controllers, supporting rapid activation at 1ms [2] Group 4 - The AI glasses market is accelerating towards mass consumer adoption, with companies like Samsung and Apple planning to launch similar products by 2026 [3] - Global shipments of AI/AR glasses are expected to exceed 70 million units by 2030, creating a hardware market worth hundreds of billions [3] - Aiwai Electronics has developed a comprehensive chip solution covering perception, computation, connectivity, and energy management, achieving international advanced performance levels [3]

Core Insights - Meta has defined the AI glasses sector with the launch of the mass-produced Orion, marking a significant milestone in the industry [1][4] - The Meta Ray-Ban Display is the first commercially available AR glasses from Meta, showcasing a leap from concept to market-ready product [4][11] Product Launch - The Meta Ray-Ban Display features a right-eye full-color single display with a resolution of 600x600 pixels, a 20-degree field of view, and a refresh rate of 90Hz [7] - The glasses include a UV detection feature that automatically adjusts the display brightness based on environmental conditions [7] - The device is powered by the Qualcomm Snapdragon AR1 Gen 1 chip, maintaining similar computational capabilities as previous models [7] - A gesture wristband is included, allowing users to control functions through muscle signals, enabling actions like music navigation and volume adjustment [7][9] - The Meta Ray-Ban Display is priced at $799 and will be available for purchase starting September 30 [11] Additional Features - The glasses support real-time video calls and messaging through platforms like WhatsApp, Messenger, and Instagram, enhancing user interaction [9] - A real-time transcription and translation feature is integrated, making it suitable for travel scenarios [12] Other Product Updates - The third generation of Ray-Ban Meta glasses offers double the battery life of its predecessor and improved camera specifications, including a 12MP camera capable of 3024x4032 pixel photos [17][18] - The Oakley Meta Vanguard, a high-end sports AI glasses model, supports 3K video recording and integrates with Garmin and Strava for enhanced sports tracking [22][25] Industry Vision - Meta's overarching goal in the AR space is to create exceptional eyewear that enhances personal intelligence and information accessibility [31]

Core Viewpoint - Company Sanan Optoelectronics (三安光电) is advancing in the AI/AR glasses sector with its Micro LED products moving from technical validation to small batch verification, indicating a significant step towards commercialization [1][3]. Group 1: Micro LED Development - The company is collaborating with domestic and international terminal manufacturers to optimize solutions for Micro LED products [1]. - Micro LED technology has successfully transitioned from technical validation to small batch verification, showcasing progress in product development [1]. Group 2: Silicon Carbide (SiC) Products - The company is closely working with domestic and international terminal manufacturers and optical component manufacturers for its silicon carbide optical substrate products [1]. - Small batch deliveries of SiC optical lenses have been made to multiple clients, indicating a growing market presence [1]. - The optical parameters and surface profile of the SiC products are reportedly at the forefront internationally, suggesting a competitive edge [1]. Group 3: Future Growth Opportunities - New applications in AI/AR glasses and other fields are expected to become a new growth driver for the company's silicon carbide business [1].

Core Viewpoint - Company is committed to strengthening collaboration with high-quality enterprises both domestically and internationally, while accelerating the expansion and application of emerging fields such as AI/AR glasses, data centers and servers, intelligent driving in automobiles, and satellite communications [1] Group 1 - Company is advancing the application of silicon carbide substrates in AI/AR glasses and thermal management solutions, with research on thermal management silicon carbide materials already in the sample delivery phase [1]

Core Insights - The chairman of Sanan Optoelectronics, Lin Zhiqiang, announced that the company's Micro LED products for AI/AR glasses have progressed from technical validation to small batch validation [1] - The silicon carbide optical substrate products are collaborating closely with domestic and international terminal manufacturers and optical component manufacturers, with small batch deliveries already made to multiple clients [1] - The optimization of optical parameters is ongoing, and new applications in AI/AR glasses and other fields are expected to become a new growth point for the company's silicon carbide business [1]

Core Insights - The chairman of Sanan Optoelectronics, Lin Zhiqiang, announced that the company's Micro LED products for AI/AR glasses have progressed from technical validation to small batch validation [1] - The silicon carbide optical substrate products are collaborating closely with domestic and international terminal manufacturers and optical component manufacturers, with small batch deliveries made to multiple clients [1] - The optimization of optical parameters is ongoing, and new applications in AI/AR glasses and other fields are expected to become a new growth point for the company's silicon carbide business [1]