中国智能眼镜制造商XReal近期完成1亿美元新一轮融资，估值超过10亿美元。 1月9日，XReal联合创始人兼CEO徐驰在接受彭博电视采访时透露，完成了新一轮融资1亿美元，来 自"供应链合作伙伴"及其他未披露的支持者。 本周在拉斯维加斯CES展会上，XReal发布了两款新眼镜产品，包括一款升级的入门级产品，并宣布扩 大与谷歌母公司Alphabet的合作关系。徐驰表示，双方合作的Android XR智能眼镜项目正按计划推进。 这一融资时机正值智能眼镜领域竞争白热化。Meta凭借其AI赋能的Ray-Ban眼镜领跑市场，苹果预计今 年将推出首款智能眼镜产品，而多家公司在CES上展示了可穿戴设备的不同形态方案。 与谷歌协同开发产品 XReal与谷歌的合作项目定于2026年推出。徐驰在采访中解释双方分工： 我们非常擅长制造光学模块和芯片。谷歌则擅长构建AI和操作系统。 他强调，最佳的眼镜硬件将来自协作，而非单一公司试图包揽所有环节。 华尔街见闻提及，去年12月9日，谷歌正式发布Android XR平台。发布会上，谷歌展示了与XReal合作 开发的Project Aura，这是首款搭载Gemini的AI眼镜，计划于202 ...

智通财经APP获悉，Facebook与Instagram母公司Meta Platforms(META.US)在一篇最新发布的博客文章中表示，由于库存限制以及美国市场前 所未有的强劲需求，该公司正在大幅推迟其"Ray-Ban Display"AI智能眼镜的国际市场扩张进程。 随着ChatGPT横空出世全面引爆全球AI大浪潮，扎克伯格领导下的Meta试图全面整合AI软硬件生态体系，进而一举成为AI大模型、以智能体 为主的AI应用软件以及AR+AI智能眼镜领域的最强大领军者，尤其是大举押注智能眼镜将是最前沿人工智能技术的最佳端侧载体。 Meta创始人兼首席执行官马克·扎克伯格正加倍押注于智能手机这一被普遍认为最合适AI智能载体之外的"端侧AI"未来，即押注AI智能眼镜 乃"后智能时代的AI入口"，扎克伯格计划将先进AI大模型与智能化可穿戴设备完美融合，并且力争在"后智能时代"挑战苹果(AAPL.US)在包 括iPhone与轻便型可穿戴设备在内的广泛消费电子领域的绝对主导地位。毫无疑问的是，带微型屏幕的"Ray-Ban Display"AI智能眼镜已经成 为Meta迈向真正"增强现实(AR)+AI"智能眼镜宏大蓝图的 ...

XREAL 和 VITURE，两家智能 AR 眼镜企业因专利纠纷，在欧盟对簿公堂。 近日，德国慕尼黑第一地区法院就这起 AR 眼镜专利侵权案件作出一审判决。法院认定 VITURE 相 关 AR 眼镜产品所采用的光学技术方案，侵犯了 XREAL 持有的欧洲发明专利EP3754409B1。宣布 判决的同时，法院也发布了针对 VITURE 相关系列产品在德国的临时禁售令。这意味着，在未来数 月内，VITURE涉及此光学专利的产品将缺席德国这一欧洲最大的消费电子市场。该禁令不仅影响相 关已售出的老款产品补货，也可能影响基于类似光学技术的新品中的一部分产品在欧洲的上市。 关于专利的有效性，临时禁令中第81段 过去一年，舆论对智能眼镜的讨论更多聚焦在应用上，尤其是眼镜如何与大模型 AI 结合。但实际 上，智能眼镜在硬件层面，也有着很深的技术纵深。此次的专利诉讼和裁定，揭开了产品表象之下， 更深处的技术和知识产权冰山。 后智能手机时代，眼镜、耳机等可穿戴硬件往往具备高度的微型化、集成化、定制化的特征，常需要 更多独创性的设计，来实现产品功能，也更容易涉及专利和侵权诉讼。随着市场的发展、成熟，可以 预见，类似的专利争端不会减 ...

Core Viewpoint - Future Health Technology Co., Ltd. is preparing for an IPO in Hong Kong, aiming to raise funds for enhancing its health technology R&D capabilities, brand building, and multi-channel marketing [1][11]. Company Overview - Future Health is a leading company in the smart wearable health device sector in China, known for its massage device brand "SKG" [1][2]. - The company has focused on smart wearable health devices since 2016, utilizing medical-grade technologies such as medium-frequency pulse and transcutaneous electrical nerve stimulation (TENS) [2]. Financial Performance - For the first three quarters of 2025, the company reported a profit of 106 million yuan, with a revenue of 878 million yuan, reflecting a year-on-year growth of 16.22% in revenue and 24.92% in profit [5]. - The company’s revenue for the years 2022, 2023, and 2024 was 904 million yuan, 1.046 billion yuan, and 1.045 billion yuan respectively, with corresponding profits of 119 million yuan, 127 million yuan, and 135 million yuan [4]. Product Segmentation - The core product, neck and shoulder relief wearable devices, accounted for over 40% of revenue but saw a decline in revenue by 1.85% year-on-year in the first three quarters of 2025, generating 385 million yuan [6]. - Revenue from fitness recovery and shaping devices surged by 122.8% year-on-year, reaching 200 million yuan, increasing its revenue share to 23% [6]. R&D and Marketing Expenditure - R&D expenditure as a percentage of revenue decreased from 9.1% in 2022 to 6.6% in the first three quarters of 2025, while sales and marketing expenses increased from 18.2% to 22.6% during the same period [8]. Dividend Distribution - The company has a history of high dividend payouts, distributing 199 million yuan to shareholders in the first nine months of 2025, following previous distributions of 50 million yuan and 30 million yuan in 2022 and 2023 respectively [11].

Core Viewpoint - The company SKG is attempting to capitalize on the wearable health technology market, but faces significant challenges in revenue growth, profitability, and financial management as it prepares for its IPO in Hong Kong [1][12]. Group 1: Market Position and Growth Potential - SKG is the leading company in China's smart soothing wearable device industry, with a projected market share of 21.5% in 2024 [1]. - The global wearable health device market is expected to grow at a compound annual growth rate (CAGR) of 13.8%, reaching $79.5 billion by 2029, while the Chinese market is projected to reach 61.5 billion yuan in 2024, expanding at a CAGR of 15.9% [2]. Group 2: Financial Performance - SKG's revenue from 2022 to 2024 is reported as 904 million yuan, 1.046 billion yuan, and 1.045 billion yuan, indicating a slight decline in 2024 despite industry growth [2]. - The adjusted net profit decreased from 137 million yuan in 2022 to 123 million yuan in 2023, a drop of 10.2%, with a slight recovery to 126 million yuan in 2024, primarily due to cost-cutting measures rather than revenue growth [2][3]. Group 3: Profit Distribution and Debt Management - SKG has distributed a total of 280 million yuan in cash dividends from 2022 to 2024, with a dividend payout ratio of 57.3%, including an aggressive payout of 199.4% of net profit in the first three quarters of 2025 [4]. - The company's interest-bearing bank loans increased from 70.17 million yuan at the end of 2022 to 180 million yuan by September 2025, indicating a growing reliance on debt for operational funding [5]. Group 4: Product Structure and Innovation - SKG's revenue is heavily reliant on a single product category, the neck massager, which accounted for over 50% of total revenue from 2022 to 2024, with minimal growth observed [8]. - The company's research and development (R&D) expenses have decreased from 82.16 million yuan in 2022 to 79.18 million yuan in 2024, with the R&D expense ratio declining from 9.1% to 7.6% during the same period [9][10]. Group 5: Sales Model and Brand Reputation - SKG's sales model is primarily distributor-driven, which has led to challenges in channel management and brand reputation, with over 500 complaints related to product quality and safety issues reported [11]. - The company's marketing expenses have significantly outpaced R&D spending, raising concerns about the sustainability of its growth strategy [10].

光帆科技成立于2024年10月，由前小米自研手机及汽车OS负责人、89号员工董红光离职创办，主打面向 下一代人机交互的AI可穿戴硬件及通用 AI Agent。 01 中国创业公司领跑海外巨头，定义AI耳机新范式 " 估值迈进10亿元，光帆科技全球首款带摄像头AI耳机或将引爆行 业。 " 作者丨 齐铖湧 编辑丨 代聪飞 雷峰网从知情人处获悉，AI明星创业公司光帆科技，近期连续完成多轮融资，估值将进一步增长到10亿 元。与此同时，光帆科技将抢先OpenAI、苹果、Meta等巨头，于明日正式发布其首款AI硬件产品： 全球 首个搭载摄像头的 AI耳机。 成立一年，光帆科技已经连续完成多轮融资，估值迈进"10亿元俱乐部"。 关于其首款产品，整个研发过程相对保密。雷峰网从多渠道获悉，光帆科技即将发布的是一款集成视觉摄 像头、多模态感知的AI智能耳机。AI耳机只是一个起点，以此作为起点，光帆科技或将深度融合环境感知 与多设备联动技术，为用户提供即时、主动、情境感知的AI服务体验。 关于定价，光帆科技尚未对外透露任何信息。 从成本和产品生态位上考量，业内人士预测会在2000元档位。 此前在接受媒体采访时，光帆科技创始人董红光 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：杨红卜 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：资本秘闻 来源：资本秘闻 前次创业板IPO撤单后，未来穿戴健康科技股份有限公司（以下简称"未来穿戴"）于近日递表港交所， 欲冲击港交所上市。 据悉，自2016年，未来穿戴一直深耕智能可穿戴健康设备领域。财务数据显示，2022—2024年以及2025 年前三季度，未来穿戴实现营业收入分别约为9.04亿元、10.46亿元、10.45亿元、8.78亿元；对应实现归 属净利润分别约为1.19亿元、1.27亿元、1.35亿元、1.06亿元。 深交所官网显示，未来穿戴曾冲击创业板上市，公司IPO于2022年6月27日获得受理，不过，2023年8月 2日，公司IPO撤单，冲A折戟。 前次创业板IPO撤单后，未来穿戴健康科技股份有限公司（以下简称"未来穿戴"）于近日递表港交所， 欲冲击港交所上市。 据悉，自2016年，未来穿戴一直深耕智能可穿戴健康设备领域。财务数据显示，2022—2024年以及2025 年前三季度，未来穿戴实现营业收入分别约为9.04亿元 ...

据悉，自2016年，未来穿戴一直深耕智能可穿戴健康设备领域。财务数据显示，2022—2024年以及2025 年前三季度，未来穿戴实现营业收入分别约为9.04亿元、10.46亿元、10.45亿元、8.78亿元；对应实现归 属净利润分别约为1.19亿元、1.27亿元、1.35亿元、1.06亿元。 深交所官网显示，未来穿戴曾冲击创业板上市，公司IPO于2022年6月27日获得受理，不过，2023年8月 2日，公司IPO撤单，冲A折戟。 北京商报讯（记者 马换换 李佳雪）前次创业板IPO撤单后，未来穿戴健康科技股份有限公司（以下简 称"未来穿戴"）于近日递表港交所，欲冲击港交所上市。 ...

Core Viewpoint - SKG Health Technologies Co., Ltd. is attempting its third IPO journey by submitting an application to the Hong Kong Stock Exchange after previous failures in 2022 and 2024, aiming to become the largest massage equipment company in the Hong Kong market if successful [2]. Group 1: Company Overview - SKG, established in 2007 and headquartered in Shenzhen, focuses on developing wearable health products such as neck, eye, and waist massagers, holding over 21% market share in China's small massage device market for five consecutive years [4]. - The company has faced criticism regarding product effectiveness, research investment, marketing strategies, and significant dividends distributed to its controlling shareholders [4][11]. Group 2: Financial Performance - For the first three quarters of 2025, SKG's sales and marketing expenses rose to 22.6%, while R&D investment decreased to 6.6%, indicating a trend of prioritizing marketing over research [11][14]. - Revenue from smart wearable devices was 630 million yuan, a slight increase of 0.2% year-on-year, with core products like neck massagers seeing a revenue decline of 1.85% [14]. Group 3: Market Position and Future Prospects - The fitness recovery and shaping equipment line generated 200 million yuan in revenue, a 122.8% year-on-year increase, contributing to a gross margin of 50.2% for the first three quarters of 2025 [17]. - The global market for smart wearable devices is projected to grow from $4.5 billion in 2019 to $8.4 billion in 2024, with expectations to reach $17.8 billion by 2029 [18]. - SKG aims to enhance its technological innovation and product differentiation to strengthen its market position, focusing on areas like medical electronics and digital therapy [19].

Core Viewpoint - Future Wearable has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] Company Summary - Future Wearable holds a 21.5% market share in China's smart soothing wearable device market in 2024, ranking first among domestic companies [1] - The company also ranks first globally in the smart soothing wearable device market with a 4.1% market share [1] - Since 2016, the company has focused on smart wearable health devices, utilizing innovative medical-grade technologies such as medium-frequency pulse and transcutaneous electrical nerve stimulation (TENS) [1] - The product offerings include diverse smart soothing wearable devices, post-exercise recovery and shaping devices, smart health watches, and health home products [1] Industry Summary - The global smart wearable health device market is projected to grow from $41.7 billion in 2024 to $79.5 billion by 2029, with a compound annual growth rate (CAGR) of 13.8% [1] - The Chinese market is expected to increase from 615 billion RMB in 2024 to 1,283 billion RMB by 2029, with a CAGR of 15.9% [1]