Core Viewpoint - The core viewpoint of the article emphasizes that the success of AR glasses hinges on creating a compelling reason for users to wear them, particularly targeting gamers with a portable large-screen experience [3][6]. Company Overview - VITURE, founded in 2021, has quickly become a leading player in the AR glasses market, selling hundreds of thousands of units in the U.S. by the end of 2024, capturing over half of the market share [3][5]. - The company has a small team of just over a hundred people, focusing on quality over quantity in hiring [5]. Product Development and Strategy - The founder, Jiang Gonglue, believes that the first principle of creating smart glasses is that users do not inherently need them, thus requiring a strong value proposition [3][15]. - VITURE's strategy involves targeting gamers, providing a portable large-screen experience for gaming on the go, which is seen as a compelling reason for users to adopt AR glasses [3][15]. - The company has received multiple design awards for its innovative approach, including moving computing units to a neckband to reduce the weight of the glasses [4][22]. Market Insights - The AR and VR market has struggled to gain mainstream acceptance, with global sales projected at 10 million units in 2024, far behind smartphones and smartwatches [6][10]. - The industry has been characterized by high expectations and a disconnect from actual user needs, leading to unsustainable business models [9][10]. Technological Innovations - VITURE utilizes BirdBath optical technology for its AR glasses, which is currently more practical than emerging technologies like waveguide optics, despite some criticism [8][9]. - The company has developed a real-time 2D to 3D conversion feature that enhances user experience without relying on cloud computing, showcasing its integration of software and hardware [19][20]. Future Outlook - Jiang envisions a future where AR glasses could serve as the primary device for interaction, combining the largest interface with the best mobility [14][33]. - The potential market for VITURE's products is estimated at 10-15 million units annually, primarily driven by the gaming community [16]. Challenges and Considerations - The company faces challenges in ensuring that its products meet user needs and expectations, particularly in a market that has seen many failures due to misalignment with consumer demand [9][10]. - Jiang emphasizes the importance of achieving product-market fit (PMF) before scaling resources, a lesson learned from industry peers [3][40].

Company Insights - National Integrated Circuit Industry Investment Fund reduced holdings in two major chip foundries, SMIC and Hua Hong, selling 65.9772 million shares and 6.333 million shares respectively [3] - SMIC reported a net profit increase of 166.5% in Q1 2025, while Hua Hong's net profit decreased by 89.73% despite revenue growth [3] - Huawei's investment in Qianxun Smart is part of its strategy to expand in the humanoid robot sector, indicating a growing trend in the industry [9] - Huawei's HarmonyOS is entering a new phase with its debut on computers, potentially reshaping the global operating system market [10] - Apple is making progress in developing smart glasses chips, with expectations for the product to hit the market within two years, indicating a growing market for AI glasses [11] Industry Trends - The humanoid robot industry is entering a phase of diversification, with significant applications in industrial settings, suggesting investment opportunities in domestic component manufacturers [9] - The global smart glasses market is projected to ship 12.05 million units by 2025, reflecting an 18.3% year-on-year growth, highlighting the increasing adoption of AI-driven devices [11]

Core Insights - The rise of AI glasses is being driven by major brands and startups, with Chinese manufacturers leading the charge in the emerging market [1][3] - A strategic partnership has been formed between "致敬未知" and Star Vision to launch a new AI sports shooting glasses product, set to be mass-produced in June [1][3] - The global outdoor sports market is projected to reach $129.1 billion by 2032, indicating significant growth potential for AI sports glasses [4] Company Developments - "致敬未知" was founded in 2022 by Wu Dezhou, a former partner at Smartisan Technology and a key figure in the success of Huawei's Honor brand [3][4] - The new AI sports shooting glasses will feature functionalities such as first-person perspective recording, Bluetooth audio, and real-time communication, targeting outdoor sports enthusiasts [3][5] - The collaboration aims to integrate traditional eyewear with cutting-edge technology, enhancing user experience and reducing operational burdens [5][6] Market Trends - The global smart glasses market is expected to see a 210% year-on-year increase in shipments in 2024, with sustained growth projected through 2029 [6] - The outdoor sports participant base is anticipated to reach 1.5 billion by 2025, highlighting a growing consumer base for related products [4][6] - The competition in the AI glasses market is intensifying, with major players like Xiaomi and Huawei entering the fray alongside startups [6]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **smart eyewear industry** and its evolution, highlighting the competitive landscape and key players involved in the market [1][2][12]. Key Companies Discussed 1. **Bosch Eyewear** - Traditional eyewear retail chain listed on the Shenzhen Stock Exchange since March 2017. - Focused on regions like South China and Jiangxi, with a relatively lower presence in North and East China [3]. - Operates mainly through direct stores, with improving performance in shopping centers and medical stores [4]. - Maintains a gross margin of 60%-70% and a net profit margin around 10% [4]. 2. **Mingyue (明月)** - Holds a market share of 8.9% in the domestic market, ranking third. - Revenue growth over the past five years at a CAGR of 7.9%, with a profit growth rate of 22.5% [6]. - Gross margin increased from 50% to 60%, and net profit margin improved from 15% to 25% [7]. 3. **Kangnate Optical (康奈特光学)** - Focuses on overseas markets, with over 70% of revenue from international sales. - Limited exposure to U.S. lawsuits, with only about 10% of revenue from the U.S. market [8]. - High-end product ratio is increasing, with gross margin projected to rise to 22% by 2024 [9]. - Revenue and profit are nearly equal to the combined totals of Mingyue and Bosch, indicating strong fundamentals [9]. Market Dynamics - The smart eyewear market is experiencing rapid growth, driven by technological advancements and increasing consumer acceptance [21]. - The industry is characterized by a fragmented competitive landscape, with a CR10 of less than 10% in China compared to 35% in the U.S. [15]. - The global myopia rate is rising, which is expected to drive demand for eyewear products, including functional lenses [14]. Technological Innovations - The evolution of smart eyewear is marked by significant technological advancements, including the integration of augmented reality (AR) and artificial intelligence (AI) [25]. - The industry is expected to replicate the growth trajectory of wireless earbuds, with potential for triple annual growth rates in shipments and penetration rates from 2025 to 2028 [21]. Risks and Challenges - Potential risks include slower-than-expected development of smart eyewear, technological iterations not meeting expectations, and intensified competition within the industry [26]. Conclusion - The overall investment outlook for the eyewear industry, particularly smart eyewear, remains positive, with key players like Kangnate Optical and Bosch Eyewear positioned to benefit from the anticipated market growth [11][12].

AI 眼镜行业 20250412 摘要 Q&A 智能眼镜行业的现状及未来发展趋势如何？ 智能眼镜行业正在经历一系列积极变化，并加速进入大众消费时代。谷歌和苹 果早期的探索虽然未能完全打开市场，但 Meta 与 Ray-Ban 合作推出的 Ray-Ban Stories 解决了许多功能性和重量问题，成为划时代产品。国内市场在最近两 年也呈现出百花齐放的竞争格局。技术创新成果催生代表性作品，继而成为爆 品，推动市场规模快速增长。随着 AI 模型的发展、光学显示技术迭代以及近视 • 博士眼镜自 2019 年起与华为、Rocket、雷鸟创新等智能眼镜品牌合作，截 至 2024 年半年度拥有 530 家门店，计划通过可转债扩展至 700 家以上，主 要布局华南和江西地区，直营店为主，毛利率超 60%，净利率约 10%。 • 明月镜片作为国产镜片龙头，国内市场份额第三，销售量占比 12.4%，销 售额占比 8.9%。过去五年收入 CAGR 为 7.9%，规模净利 CAGR 为 22.5%，毛 利率从 50%升至 60%，净利率从 15%升至 25%，并积极关注智能眼镜前沿技 术。 • 康耐特光学主要面向海外市场，海外收入 ...

Investment Rating - Maintain "Buy" rating for the optical industry [5] Core Insights - The optical upgrade trend is clear, opening multiple growth opportunities across various sectors [12] - The smartphone market is experiencing a recovery, with camera hardware upgrades becoming a key innovation direction [12] - The automotive sector is entering an era of equal access to intelligent driving, with a significant increase in demand for cameras and Lidar [2] - AI smart glasses are becoming a focal point for AI interaction, with a projected significant increase in sales [3] - The robotics sector is expanding with the integration of multiple visual sensors, indicating new opportunities in the optical field [4] Summary by Sections Smartphones - The global smartphone shipment is expected to reach 1.22 billion units in 2024, a 7% year-on-year increase, marking a rebound after two years of decline [12][18] - The demand for periscope lenses in smartphones is projected to grow from 46 million units in 2024 to 80 million units by 2026 [12] - The high-end smartphone camera module market is showing strong growth, with a 16% increase in shipments for mid-to-high-end modules [12][13] Automotive - China's new energy vehicle sales are projected to reach approximately 13.8 million units in 2024, a 46% year-on-year increase [2][14] - The penetration rate of new energy vehicles is expected to exceed 55% by 2025, surpassing traditional fuel vehicles for the first time [2] - The demand for automotive cameras is increasing, with an average of 7 cameras per vehicle expected by 2025 [15] Smart Glasses - Global sales of AI smart glasses are projected to reach 5.5 million units in 2025, a 135% increase from 2024 [3][16] - The integration of cameras in AI smart glasses is crucial for providing intelligent interaction experiences [3] Robotics - The Chinese machine vision market is expected to grow to 39.5 billion yuan by 2028, with a compound annual growth rate of approximately 17.5% from 2024 to 2028 [4][17] - The integration of multiple visual sensors in robotics is becoming increasingly important, with various companies adopting advanced visual systems [4][17]

INMO AIR3是全球首个实现1080P分辨率的一体式AR眼镜，INMO GO2是全球首款同传 翻译眼镜。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据 IPO 早 知 道 消 息 ， 影 目 科 技 于 2024 年 11 月 29 日 正 式 发 布 了 两 款 全 新 智 能 眼 镜 产 品 ： INMO AIR3、INMO GO2，分别在办公影音娱乐全场景、同传无感翻译领域实现了技术与体验的全面突 破。 其中，INMO AIR3搭载了影目科技自研的"IMAR光学显示引擎"，延续并优化了影目在全球唯一实 现量产的阵列光波导技术路线。这一技术突破将复杂的光学系统集成于单片镜片中，彻底解决了传统 BB光学成像方式遮挡用户视线的问题，实现了完全无阻碍的自然AR视觉体验。同时， INMO AIR3 与索尼半导体解决方案公司合作，实现了1920×1080的突破性分辨率 ，使其 成为全球首个实现 1080P分辨率的一体式AR眼镜 。 而 INMO GO2作为全球首款专为商务场景设计的智能翻译眼镜， 具有 "快、准、稳"三大核心优势 ——一方面，INMO GO2 搭载行 ...