2025年，当VR头显逐渐成为"过气网红"，智能眼镜赛道却焕发"第二春"，再次热闹起来，尤其近期大厂入局的动作更是吸引了爆发式关注。 阿里巴巴近日正式开售夸克Quark AI眼镜S1，集成千问大模型，支持实时翻译、支付和互联网搜索等功能，正式进军消费级智能可穿戴设备市场。 昨日，理想汽车发布首款Livis AI眼镜，配合"理想同学"语音指令，实现用智能眼镜联动遥控理想汽车，包括空调开启、方向盘加热、尾门控制等操作。 一、智能眼镜赛道2025年融资"热"起来了 根据IT桔子数据，截至12月1日，全球智能眼镜赛道2025年内共记录36起融资事件，融资总额估算统计约43.67亿元，涉及26家创业企业，覆盖从上游零部 件、中游行业解决方案提供商到终端品牌（占比过半）的产业链环节。 | 公司名称 | | 轮次 | 融资金 | 投资方 | 时间 | | --- | --- | --- | --- | --- | --- | | | | | 额 | | | | | Gyges Labs | Pre-A | 未透露 | 璀璨资本 | 2025-11 | | | | નદ્દે | | Granite Asia | | | | ...

Core Insights - The article discusses the disparity between the promises made by companies in the AI and AR glasses industry and their actual capabilities, highlighting a potential bubble in the market driven by inflated claims and unfulfilled orders [2][3][5] Group 1: Market Dynamics - A Shenzhen-based AI glasses company announced significant funding and projected order growth, but faced delivery delays and customer dissatisfaction, indicating a disconnect between claims and reality [2][3] - The "hundred glasses war" is characterized by numerous players claiming large orders, but the actual sales figures are often much lower, leading to skepticism among investors [5][6] - The industry is seeing a surge of interest from major tech companies like Huawei and Xiaomi, as well as platforms like Alibaba and Tencent, all seeking new entry points into the consumer electronics market [2] Group 2: Order and Sales Discrepancies - Reports indicate that actual shipments of smart glasses are significantly lower than claimed, with one company stating a shipment of only 20,000 units despite claiming much higher figures [6][10] - Suppliers reveal that many companies are inflating their order numbers, with some using framework contracts to misrepresent sales figures, leading to a lack of trust in reported data [7][10] - High return rates in the smart glasses market, often exceeding 40%, further complicate the reliability of sales data, as many products fail to meet consumer expectations [10][19] Group 3: Investment Sentiment - Investors are becoming increasingly cautious about the smart glasses sector, with some opting to invest in upstream suppliers rather than direct competitors in the hardware space [9][17] - The article highlights a trend where investors prefer to back niche markets within the smart glasses industry, such as gaming or outdoor sports, rather than general-purpose devices that face stiff competition from larger tech firms [17][18] - The overall sentiment in the investment community is one of skepticism, with many believing that the current excitement around smart glasses may not be sustainable [18][19] Group 4: Product Development Challenges - The integration of multiple components in smart glasses, such as chips and sensors, poses significant challenges in terms of weight, power consumption, and user comfort, leading to products that are often seen as "half-finished" [13][14] - Many companies are struggling to achieve the necessary balance between functionality and user experience, with current products often falling short of consumer expectations [14][19] - The article emphasizes that the technology behind smart glasses is still evolving, and many products are not yet ready for mass adoption due to performance and usability issues [12][14]