2025年12月26日，深圳见证了两场科技盛事的同步举行。 星宸科技（301536）2025开发者大会暨产品发布会聚焦端侧智能技术创新，全面展示智慧视觉、车载、 AIoT等领域最新产品与技术成果。 "智创未来·技领全球"2025机器人技能大赛则汇聚了全球顶尖机器人技术，以真实产业需求为导向，历 经严格评审打造兼具专业性与创新性的行业盛会。 在这两场重要的行业活动中，新智联软件以其创新的"AI双屏交互"产品和技术，成为了链接两大盛会、 展示智能交互未来的焦点。 携手星宸科技打造新一代"AI双屏交互"底座 12月26日，星宸科技2025开发者大会暨产品发布会在深圳举办。主题聚焦 端侧智能技术创新与生态共 建 ，全面展示智慧视觉、车载、AIoT等领域最新产品与技术成果。 大会设置一场主论坛、两场专题分论坛以及全景生态展区，主论坛聚焦行业热点与产品创新，分论坛环 节则深入具体场景，联合生态伙伴，系统展示【AIoT+智慧视觉+车载电子】全场景解决方案。大会还 特设了百人工程师训战营(训练实战营)，将深度聚焦开发实战并开展实操教学。 在星宸科技开发者大会上，新智联作为LCD智能投影仪头部方案商及单芯双屏异显技术专家，不仅 ...

Investment Rating - The report assigns a "Buy" rating for the company, Conant Optical (02276.HK), indicating a positive outlook for investment [1]. Core Insights - Conant Optical is a leading global manufacturer of lenses, with significant growth potential in the smart glasses market. The company has established a strong position in the resin lens sector and is expanding its international presence [11][70]. - The lens industry is experiencing steady growth, driven by increasing demand for corrective lenses among children and the elderly, as well as the rising popularity of smart glasses. The market for high-refractive lenses is expected to grow significantly [30][40]. - The company has a robust business model, with a mature sales network covering over 90 countries, and is well-positioned to benefit from the upcoming boom in the smart glasses sector [11][70]. Summary by Sections 1. Company Overview - Conant Optical is a leading resin lens manufacturer in China, with production bases in Shanghai, Jiangsu, and Japan. The company has been actively expanding its smart glasses business and has established partnerships with several global technology giants [11][70]. - The company has a concentrated shareholding structure, with the founder holding 44.33% and GoerTek as the second-largest shareholder with 20.03%. This collaboration is expected to enhance the company's capabilities in the XR (Extended Reality) sector [13]. 2. Industry Growth - The global lens market is projected to grow from $4.5 billion in 2020 to $6.2 billion by 2024, with a CAGR of 8.3%. The Chinese lens market is also expanding, with sales expected to reach 20.72 billion yuan by 2024, reflecting a CAGR of 11.5% [31][35]. - The demand for functional lenses, such as blue light blocking and anti-fatigue lenses, is increasing due to changing consumer needs. The market for high-refractive lenses is still underdeveloped in China, presenting significant growth opportunities [46]. 3. Financial Performance - The company has demonstrated strong revenue growth, with a CAGR of 17.2% from 2020 to 2024, and net profit growth at a CAGR of 35.2% during the same period. The gross margin has improved from 35.0% in 2020 to 41.0% in the first half of 2025 [18][26]. - The company's revenue for 2023 is projected at 1.76 billion yuan, with net profit expected to reach 327.02 million yuan, indicating a solid financial outlook [1]. 4. Smart Glasses Market Potential - The smart glasses market is at a critical turning point, with major tech companies like Alibaba and Amazon entering the space. The demand for smart glasses is expected to surge, with global shipments projected to reach 20 million units by 2028 [59][61]. - Traditional lens manufacturers are well-positioned to benefit from this trend, as the need for high-refractive lenses in smart glasses increases. The integration of advanced technologies in smart glasses is expected to enhance the value of lens products [66][67].

作者｜黄楠 编辑｜袁斯来 MOVA TPEAK负责人陈一君筹备新品发布会时拄着拐杖。 办公室里，拐杖的"笃笃笃"声来回反复，他没办法站立很长时间。半个月前，陈一君脚踝粉碎性骨折，员工们以为他必须休养一段时间，没想到几天后，他 拄着拐杖来上班了。 陈一君平时会与同事开玩笑，压迫感不强，但只要涉及产品，就会进入另一种状态。 他在意耳勺弧度0.1mm的尺寸变化，甚至耳机与耳屏接触面精确到克数的压力值。陈一君清楚，在厮杀惨烈的赛道，市场只会给新品牌一次机会。不做到这 样的程度，根本没有突围的可能性。 2023年，陈一君在一家大厂负责OWS（开放式耳机）业务。彼时市场已是一片红海，头部有华为、JBL等凭资源与渠道占据核心份额，韶音、Oladance、 Cleer 等创新公司亦竞争激烈，腰部和尾部还有华强北大量白牌。耳机是种"快消品"，大多数用户花两三百元买一副，用几个月便丢弃换新。 "但越是这样，机会可能越藏在细节里。"陈一君向硬氪分享了一个直观例子，全球不同人种、不同性别的耳型差异显著，但多数产品仍采用标准化的耳挂设 计。"很多人觉得耳机创新到天花板，但光是'戴得舒服'这件事，就还有太多功课可做。"陈一君说。 202 ...

来自立讯的内部人士透露，夸克的工作人员上个月就已经密集在盯出货，"他们在我们的工厂内新增了 一条组装产线。"至格科技创始人孟祥峰称："我们正加紧生产来自夸克AI眼镜的大笔光波导片订单，新 购买的设备都已投入使用。" 新浪科技讯 12月11日下午消息，近日，夸克AI眼镜市场需求超预期，线上线下"一机难求"。据夸克AI 眼镜的核心供应商及内部人士披露，目前夸克AI眼镜已新增一条产线，产能将从下周陆续释放。 夸克AI眼镜的一位内部人士也透露，团队目前最大的目标是明年1月能够充分释放产能，赶上春节消费 热潮。 今年11月，夸克AI眼镜正式发布了S1、G1两个系列共六款单品，S1系列最低到手价为3799元，G1最低 到手价1899元起，这也是搭载千问的首款硬件。对阿里而言，这是千问首次走出屏幕，进入物理世界。 来自立讯的内部人士透露，夸克的工作人员上个月就已经密集在盯出货，"他们在我们的工厂内新增了 一条组装产线。"至格科技创始人孟祥峰称："我们正加紧生产来自夸克AI眼镜的大笔光波导片订单，新 购买的设备都已投入使用。" 夸克AI眼镜的一位内部人士也透露，团队目前最大的目标是明年1月能够充分释放产能，赶上春节消费 热潮 ...

Core Viewpoint - 康耐特光学's stock has increased by over 4%, reaching HKD 57.35, with a trading volume of HKD 30.97 million, following the launch of the Quark AI glasses equipped with the Qianwen assistant [1] Group 1: Product Launch - The Quark AI glasses, featuring the Qianwen assistant, were officially launched on November 27, enhancing the connection between the digital and physical worlds [1] - The Qianwen assistant integrates core services from Alibaba's ecosystem, including Alipay, Gaode Map, Taobao, Fliggy, and Alibaba Travel, providing users with assistance in real-world tasks [1] Group 2: Company Positioning - 康耐特光学 is the exclusive lens supplier for the Quark AI glasses, marking a significant expansion in its domestic market presence [1] - According to Dongfang Securities, the retail price of Quark lenses includes a 13% tax and profit margin, suggesting that Alibaba may not have a high markup on the lens business, which could lead to better profitability for optical companies [1]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of 康耐特光学 (Conant Optical), which increased by 4.27% to HKD 57.35, with a trading volume of HKD 30.97 million [1] - On November 27, the first smart hardware, Quark AI glasses, equipped with the Qianwen assistant, was officially launched, enhancing the connection between the physical world and digital services [1] - The Qianwen assistant integrated into the Quark AI glasses connects with key Alibaba ecosystem services such as Alipay, Gaode Map, Taobao, Feizhu, and Alibaba Travel, indicating its capability to assist users in real-world tasks [1] Group 2 - 康耐特光学 is the exclusive lens supplier for the Quark AI glasses, marking a significant expansion in its domestic market presence [1] - According to Dongfang Securities, the retail price of Quark lenses includes a 13% tax and profit margin, suggesting that Alibaba may not have a high markup on the lens business, which could lead to better profitability for optical fitting companies [1]

Core Insights - The breakthrough development of AI technology is driving the smartphone market into the "smart agent era," leading to a surge in demand for specialized and adaptable device maintenance solutions [1][2] - Zhaoxin Co., Ltd. (002256), with 30 years of experience in fine chemical engineering, has launched several AI smartphone-specific maintenance products, leveraging its self-developed AI formula assistance system to integrate technical advantages with practical value [1] Group 1 - AI smartphones have seen a 40% increase in internal component density compared to traditional phones, resulting in more precision gaps that accumulate dust, oil, and sweat, which can lead to performance issues [2] - Zhaoxin's screen cleaner is developed with "AI adaptation" as the core logic, using a skin-friendly formula that effectively removes stubborn stains like fingerprints and dust, ensuring clear screen visibility for AI sensors [1][2] - The company is transitioning from traditional fine chemicals to the AI smart hardware maintenance sector, aiming to establish a comprehensive "cleaning—maintenance—protection" solution [2] Group 2 - Zhaoxin's new cleaning agents utilize industrial-grade technology with low surface tension eco-friendly formulas, allowing for deep cleaning of micro-gaps without disassembly, featuring quick-drying and residue-free properties [2] - The company plans to continue deepening technological innovation and expanding its product matrix in line with the evolving trends of AI smart hardware, targeting the growing market in the cleaning and maintenance of advanced AI devices [2]

Core Viewpoint - The company, Shihua Technology, emphasizes its focus on functional electronic materials primarily applied in consumer electronics, AI smart hardware, automotive electronics, and medical electronics, with significant revenue contributions from specific sectors [1] Group 1 - The company has been deeply engaged in the application scenarios of consumer electronics, AI smart hardware, and display panels for many years [1] - The revenue contribution from these sectors is relatively higher compared to others [1]

Core Viewpoint - Anker Innovations is experiencing revenue growth but faces significant challenges with cash flow, inventory, and reliance on a single sales channel, prompting a move towards a Hong Kong IPO to enhance its international brand image and global strategy [1][2][3]. Financial Performance - Anker Innovations reported a revenue of 21.02 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.79% [6][12]. - Despite revenue growth, the company faced negative operating cash flow, with a total cash outflow of 866.5 million yuan for the first three quarters, a decline of 152.38% year-on-year [5][12]. - The company's total liabilities reached 9.913 billion yuan, with a debt-to-asset ratio of 49.52%, significantly up from 21.75% at the time of its 2020 IPO [12]. Operational Challenges - Anker Innovations has been impacted by a large-scale recall of power banks due to safety concerns, with over 2.38 million units recalled since 2025, leading to estimated direct costs between 432 million and 557 million yuan [10][11]. - The company has increased its inventory to 6.147 billion yuan, a 90.11% rise from the end of 2024, due to proactive stocking in anticipation of sales [6][12]. - The reliance on Amazon for revenue is significant, with nearly 50% of total revenue coming from the platform in 2025, raising concerns about the impact of potential policy changes on cash flow [15]. Strategic Initiatives - Anker Innovations is pursuing a Hong Kong IPO to raise approximately 500 million USD (about 3.9 billion HKD) to support its global expansion and product development [2][4]. - The company aims to diversify its product offerings beyond charging devices to include energy storage, robotics, and other high-tech products, although these new ventures have not yet proven profitable [13][17]. - The management plans to use the funds raised from the IPO for R&D, global strategy advancement, and operational costs, despite ongoing cash flow challenges [24][26]. Market Position and Future Outlook - Anker Innovations has established itself as a leading cross-border brand, initially gaining recognition through its success on Amazon [2][17]. - The company faces a critical juncture where it must address quality control and supply chain management issues to maintain its brand reputation and ensure long-term sustainability [26][27]. - The upcoming IPO could serve as a pivotal moment for Anker Innovations, determining whether it can emerge as a genuine global brand or become another inflated growth story lacking substance [26].

Core Insights - The focus of competition is not only on speed but also on certainty [1] - Tmall remains the primary battleground for 3C digital products during the Double 11 shopping festival, showcasing significant brand performance [2][6] - New product launches are the main driver of growth for 3C digital brands, with Tmall being the key platform for these launches [3][10] Group 1: Tmall's Dominance in 3C Digital Products - Tmall's 3C digital category achieved a transaction share of 40.2%, leading among all e-commerce platforms [3] - During the Double 11 event, over 80 brands, including Apple, achieved sales exceeding 100 million yuan within the first hour [2] - Tmall's strategy of supporting premium and original brands has solidified its position as the leading platform for new product launches [14][34] Group 2: The Role of Flash Sales - Flash sales have emerged as a significant growth driver for smartphone and digital brands, with a monthly user base of 300 million [16][18] - Brands like Huawei and Lenovo have successfully integrated their physical stores with Tmall's flash sales, resulting in substantial sales growth [20][21] - The introduction of flash sales has transformed consumer purchasing behavior, leading to increased visibility and sales opportunities for brands [23] Group 3: Rise of AI Smart Hardware - The AI hardware sector, particularly AI glasses, is experiencing rapid growth, with a projected shipment of 4.065 million units in the first half of 2025, marking a 64.2% increase [25] - Tmall's data indicates that the AI glasses category saw a 25-fold increase in sales during Double 11, positioning it among the top three trending categories [27] - The integration of AI technology in consumer electronics is reshaping the competitive landscape, moving beyond traditional mobile devices [26][30] Group 4: Strategic Shift Towards Quality Growth - Tmall's recent strategy emphasizes returning to brand-centric growth, moving away from price wars and focusing on high-quality user engagement [35][36] - The 88VIP membership program is highlighted as a crucial asset for driving stable growth, with members spending nine times more than non-members [36][37] - This strategic pivot marks the beginning of a new era for Tmall, focusing on sustainable and quality-driven growth in the consumer market [38]