此次体验活动的记者代表来自亚太、非洲、拉美、阿拉伯、中东欧等地区。Leion Hey2除实时翻译与可视化字幕外，还具备佩戴轻便、交互自然等特点，现 场吸引大批记者试戴后纷纷点赞，成为"模数世界"展区的明星产品。 转自：新华财经 9月29日，来自全球91个国家的记者代表团走进北京经开区"模数世界"展示空间，现场体验亮亮视野（LLVISION）消费级AR翻译眼镜Leion Hey2。凭借"连 续、及时、抬头"的实时翻译体验，AR翻译眼镜为跨语言交流场景提供了低打扰、可视化的最新选择。在为北京文化论坛、IASP世界大会独家提供AR翻译 技术服务之后，亮亮视野AR翻译眼镜逐渐成为北京文化科技新符号。 作为我国最早专注于AR眼镜领域的高科技企业，亮亮视野集中呈现了AR+AI领域的最新成果，为北京建设国际科技创新中心提供了可感知、可验证的样 本，代表AR领域"北京队"折射出中国在新质生产力上的加速突破。随着亮亮视野AR翻译眼镜频繁亮相外交、科技与文化舞台，这一"中国创造"既体现自主 技术实力，也正在连接不同文明、增进彼此理解，进一步提升中国文化的国际影响力与软实力。（邵群） 编辑：湛玮琦 "文化交流需要科技赋能，才能让理 ...

Core Insights - The global VR headset shipments are expected to decline by 14% year-on-year in the first half of 2025 due to continued weak demand in the consumer market [1] - Meta maintains a dominant position in the VR market, holding approximately 80% market share in the first half of 2025 [1] - The AR smart glasses market is projected to experience significant growth, with a compound annual growth rate (CAGR) of 69% from 2024 to 2027, driven by increased investments from major tech companies [1] VR Headset Market - The overall competitive landscape in the VR market remains stable, with few new product launches from major OEMs [1] - Meta continues to lead the market significantly, indicating a strong brand presence and product acceptance [1] AR Smart Glasses Market - Global AR smart glasses shipments increased by 50% year-on-year in the first half of 2025, signaling a recovery in market sentiment [3] - Birdbath technology-based AR smart glasses dominate the market with a 78% share, while waveguide technology-based glasses account for about 17% [3] - The average selling price of waveguide AR glasses is approximately 27% higher than that of more mature Birdbath products [3] Key Products and Innovations - Xreal One is the best-selling model among Birdbath technology products in the first half of 2025, followed by RayNeo Air 3s and RayNeo Air 3 [7] - RayNeo Air 3s features a competitive price of approximately $269 and significant improvements in optical systems [7] - Even Realities G1, a waveguide technology product, has shown strong sales despite its higher price point of $599 due to its lightweight and stylish design [7] Competitive Landscape - Xreal and RayNeo together hold over 60% of the global AR smart glasses market share in the first half of 2025 [8] - RayNeo surpassed competitors in Q2 2025 with multiple new product launches, including the RayNeo Air 3s and RayNeo X3 Pro [8] - Upcoming products like Xreal One Pro and Rokid Glasses are expected to enhance competition in the AR market [9] Future Outlook - The AR smart glasses market is anticipated to become more competitive in the second half of 2025, with new product launches expected to reshape market dynamics [9] - Notable upcoming products include Meta Ray-Ban Display and Alibaba's Quark "AR+AI" glasses, which are expected to increase the market share of waveguide products [9]

多轮会场实测显示，设备采用近眼显示技术，将字幕叠加于佩戴者视线前方，既不打断与对方的目光接 触，也不破坏自然观感，还可减少对同传耳机等传统听觉设备的依赖，已在海外课堂、跨语言会议、出 境旅行等场景中落地应用。业内观察人士指出，AR翻译眼镜正从"概念演示"走向大型国际会议"主会场 实战"，可作为传统同传耳机的低干扰补充方案，为跨语言交流提供"可视化同传字幕"。在严苛场景 下，本土AR+AI硬件表现出成熟稳定的性能，为北京建设国际科技创新中心提供了扎实的实践案例支 撑。 "文化交流需要科技赋能，才能让理解超越语言壁垒。"亮亮视野创始人兼CEO吴斐表示，AR翻译眼镜 是用科技打破语言壁垒，让世界的交流更高效、更自然、更平等，这与2025北京文化论坛主题非常契 合。亮亮视野愿与各国伙伴一道，将AR翻译眼镜从"沟通工具"升级为"文明互鉴的桥梁"，让文化科技 创新更好地造福人类。 Leion Hey2 是亮亮视野(LLVISION)推出的新一代消费级AR字幕翻译眼镜，它突破了AR眼镜在轻量、性 能与续航之间的"不可能三角"困境：整机仅 49 克；支持 100 余种语言，实时翻译延迟低于 500 毫秒； 单机续航可达 8 ...

Group 1 - The first season of the documentary program "Specialized and Innovative Research Institute" premiered on Beijing TV, featuring the AR company Liangliang Vision, showcasing its advancements in the "AR+AI" field [1] - Liangliang Vision has maintained a high R&D investment intensity of 60% and has been the leader in China's enterprise-level AR market for several consecutive years [3] - The company emphasizes a "technology for good" philosophy, particularly in the field of accessibility technology, exemplified by its innovative "AR subtitle glasses" which won the "Top Ten Global Technology Innovations" award from UNESCO [3] Group 2 - Liangliang Vision will represent China at the "Everyone Enjoys Accessibility: Building an Inclusive Future" exhibition in Geneva in 2025, attracting attention from multiple UN ambassadors and major media outlets [5] - The AR subtitle glasses developed by Liangliang Vision convert real-time speech into AR subtitles, facilitating communication for users with disabilities [5] - The program "Specialized and Innovative Research Institute" aims to explore the innovative processes of Liangliang Vision, showcasing the development and market application of its new AR translation glasses, LeionHey2 [5]

Core Insights - Water Crystal Optoelectronics has successfully transitioned to a technology-driven company, emphasizing its shift from manufacturing to technology innovation [3] - The company reported a revenue of 3.02 billion yuan and a net profit of 501 million yuan for the first half of 2025, reflecting a year-on-year growth of 13.77% and 17.35% respectively, demonstrating strong resilience in a volatile consumer electronics market [2] - The company is focusing on AR and AI technologies as key growth drivers, with significant investments in R&D and partnerships with major clients [4][5] Financial Performance - In the first half of 2025, the company achieved an operating income of 3.02 billion yuan, a year-on-year increase of 13.77%, and a net profit of 501 million yuan, up 17.35% [2] - The gross margin for Q2 reached 30.91%, an increase of 2.96 percentage points quarter-on-quarter, while the net profit margin was 18.9%, up 3.3% [2] - The net cash flow from operating activities was 280 million yuan, a significant increase of 36.2% quarter-on-quarter [2] Strategic Initiatives - The company is focusing on building a "dual circulation" operational system to enhance resilience against geopolitical risks, with an emphasis on global expansion and diversified customer structures [6] - The "Fifteen" strategic plan has been initiated to achieve a healthier balance between domestic and international sales, reducing customer concentration risk [7] - Investments are being directed towards new project production equipment and the construction of production bases in Vietnam, Taizhou, and Linhai, with capital expenditures expected to remain within 10%-15% of revenue [2] Technological Advancements - The company is actively involved in the development of AR/VR core modules and has entered the NPI phase for several projects utilizing GWG technology [3] - Water Crystal Optoelectronics has established a presence in the AR field with a new office in Seattle, marking a significant step in its AR strategy [5] - The company is enhancing its capabilities in AI, focusing on visual perception and intelligent sensing, and has developed 3D module capabilities for integration into AI applications [5]

Market Performance - The main board led the gains with notable increases in stocks such as Yuyin Co. (+10.05%), Tianrongxin (+10.01%), Zhuoyue Technology (+10.00%), Jishi Media (+10.00%), and Kesen Technology (+9.99%) [1] - The ChiNext board saw significant growth with stocks like Beixin Source (+19.97%), Chuangyitong (+15.01%), and Meiri Interactive (+13.62%) [1] - The Sci-Tech Innovation board also performed well, with Sanwei Xinan (+20.01%), Xin'an Century (+11.00%), and Meidike (+7.25%) leading the way [1] - Active sub-industries included SW Games III (+1.64%) and SW General Publishing (+1.58%) [1] Domestic News - Shanghai Xiangyao Display Technology Co., Ltd. successfully completed a financing round of several hundred million RMB, aimed at developing MicroLED micro-display technology and expanding production capacity to meet the growing demand in the global AR+AI terminal market [1] - Chip equipment manufacturer Chip Micro announced significant market breakthroughs with its wafer-level and board-level direct-write lithography equipment, securing purchase orders from several leading domestic packaging and testing companies [1] - Vivo's Vision Exploration Edition was unveiled, featuring a Micro-OLED dual 8K display with 94% DCI-P3 color gamut coverage and professional-grade color accuracy [1] - A report from KISTEP indicated that China has surpassed South Korea in semiconductor storage technology, although Samsung and SK Hynix still maintain a leading position globally [1] Company Announcements - Century Dingli reported a total operating income of 128 million RMB for H1 2025, a decrease of 6.87% year-on-year, but a net profit increase of 160.47% to 9 million RMB [2] - Lante Optics achieved an operating income of 577 million RMB in H1 2025, a year-on-year increase of 52.54%, with a net profit of 103 million RMB, up 110.27% [2] - Xintong Electronics reported an operating income of 448 million RMB for H1 2025, a 10.85% increase year-on-year, with a net profit of 50 million RMB, up 5.83% [2] - Boch Electronic's H1 2025 operating income reached 1.103 billion RMB, a 24.89% year-on-year increase, with a net profit of 640 million RMB, up 30.32% [2] Overseas News - TrendForce research indicates that with the release of NVIDIA's GB200 NVL72 server in 2025, the penetration rate of liquid cooling technology in AI data centers is expected to rise from 14% in 2024 to 33% in 2025 [2] - According to South Korean customs data, the export value of South Korean memory chips reached 21.329 billion USD in Q2 2025, a year-on-year increase of 20.7% and a quarter-on-quarter increase of 31.8% [2] - AMD has announced the discontinuation of the B650 chipset, with motherboard manufacturers no longer able to procure it, leading to a phase of inventory clearance [2] - Google has launched the Pixel 10 series in the U.S. market, eliminating physical SIM card slots in favor of eSIM technology, allowing for the simultaneous use of two eSIMs [2]

Group 1: Event Overview - The 2025 World Artificial Intelligence Conference (WAIC 2025) took place in Shanghai from July 26 to 28, featuring over 800 companies and an exhibition area exceeding 70,000 square meters, showcasing more than 3,000 cutting-edge exhibits, including over 40 large models and 60 intelligent robots [1][2] - The event highlighted China's advancements in artificial intelligence, with a focus on humanoid robots, AI terminals, and innovative technologies [1] Group 2: Humanoid Robots - Humanoid robots have become a competitive focus in the international tech arena, with numerous domestic companies presenting their latest products at WAIC, including Yushu Technology and Zhiyuan Robotics [2][3] - Yushu Technology showcased the G1 humanoid robot, which performed a combat demonstration, and the B2 quadruped robot, designed for industrial applications [2] - Zhiyuan Robotics presented a variety of robots capable of performing tasks such as package sorting and industrial operations, demonstrating significant advancements compared to previous years [3] Group 3: AR/AI Glasses - Smart glasses emerged as a major highlight at WAIC, with brands like XREAL, Rokid, and Li Weike Technology unveiling new products [5][7] - XREAL introduced the XREAL One Pro, featuring a self-developed optical engine and a wide field of view, aiming to replace smartphones as the next computing terminal [6] - Rokid Glasses showcased their capabilities in object recognition and real-time translation, marking a significant step in making AR+AI technology user-friendly [7][8] - Li Weike Technology presented three new models of smart glasses, emphasizing AI translation and recording features, indicating a growing trend in the smart glasses market [8]

Group 1 - XREAL showcased its latest flagship product, XREAL One Pro, at the WAIC 2025, featuring the world's first self-developed X Prism optical engine and a wide field of view of 57° [1] - The XREAL One Pro is designed to be a versatile "all-ecosystem spatial screen," compatible across devices and suitable for various scenarios, driven by self-developed chips and optics [1] - The product has already gained popularity in major global markets and is set to launch in China, responding to local user demand after its overseas success [1] Group 2 - XREAL's founder and CEO, Xu Chi, believes XR devices could replace smartphones as the next-generation terminal, with Chinese companies positioned to lead this transition [2] - The newly established AI exhibition area at WAIC integrates AI with AR, utilizing XREAL's 6DoF spatial positioning technology to create seamless digital and real-world interactions [2] - Founded in 2017, XREAL has become a leading company in the AR glasses sector, focusing on mixed reality technology and production [2] Group 3 - Since its establishment, XREAL has completed 10 rounds of financing, raising over $300 million, with notable investors including Alibaba, Kuaishou, and Sequoia China [3] - In May, Pudong Venture Capital Group made a strategic investment of 200 million yuan in XREAL, prompting the company to relocate its headquarters to Pudong [4] - The integration of AI and spatial computing is emerging as a strategic focal point in the tech revolution, with AR and AI becoming key trends at WAIC 2025 [4] Group 4 - The global AR market is undergoing a deep evolution driven by AI and spatial understanding, with the Chinese supply chain maturing and costs decreasing, facilitating the transition from concept validation to consumer adoption [4]

Core Viewpoint - The article emphasizes the emergence of AR+AI as a new interface for daily life, showcasing XREAL's innovations in smart glasses and immersive experiences that integrate these technologies into everyday activities [2][11]. Product Launch and Features - XREAL showcased its flagship product, the XREAL One Pro, at WAIC 2025, featuring the world's first self-developed X Prism optical engine, achieving a 57° ultra-wide field of view and 3 milliseconds ultra-low latency [6][10]. - The X Prism optical solution significantly enhances visual clarity and eliminates common issues like ghosting and reflections, providing a pure imaging experience regardless of lighting conditions [8][10]. Market Reception and Strategy - The XREAL One Pro has gained popularity in major global markets, including Europe, Japan, and the U.S., and is now being launched in China, responding to local consumer demand [10]. - XREAL aims to establish itself as a core player in the AR industry by leveraging its self-developed chips and optical technologies, positioning itself as a key technology enterprise in Shanghai [21]. Integration of AI and AR - XREAL's AI exhibition area demonstrates the practical applications of AI in enhancing AR experiences, allowing users to interact with their environment in meaningful ways [11][13]. - The "AR+AI 6DoF Interactive Experience House" at WAIC serves as a prototype for future living, showcasing seamless integration of digital content with real-world environments [15][16]. Industry Trends - The convergence of AI and spatial computing is identified as a strategic focal point for the next technological revolution, with a new trillion-dollar market emerging [21]. - The article highlights the maturation of China's AR supply chain and the decreasing costs of core components, facilitating the transition of AR hardware from concept to consumer adoption [21].

Group 1 - Meta has acquired nearly 3% of Essilor's shares for approximately €3 billion (about ¥25.2 billion) and may consider increasing its stake to around 5% [1] - The investment reflects the importance of lens manufacturers in the smart glasses supply chain, as lenses are the only non-standard component in smart glasses [1] - The lens industry has high profit margins, and customized lens solutions for smart glasses are expected to further enhance the pricing power of lens companies [1] Group 2 - The industry is experiencing significant catalysts, with new product launches from companies like Oakley and Xiaomi, and upcoming releases from Meta [2] - The company anticipates a more than 30% year-on-year increase in net profit due to strong sales of high-refractive index and functional products [2] - The company is expanding its global production capacity, with a customized lens production line in Japan expected to be operational by July 31, which may mitigate potential tariff risks [2] Group 3 - The company has partnered with several leading 3C brands to develop smart glasses, with support from its second-largest shareholder, GoerTek, validating its R&D and delivery capabilities [3] - Projected net profits for the company are estimated to be ¥560 million, ¥700 million, and ¥860 million for the years 2025-2027, with corresponding PE ratios of 31, 25, and 20 [3] - A target price of HK$54.5 is set for 2026 based on a relative valuation method, maintaining a "strong buy" rating [3]