Group 1 - The core point of the article is that AAC Technologies (02018.HK) has announced the acquisition of shares and other equity securities of Dispelix Oy, a leading company in AR diffraction waveguide technology, with the transaction expected to be completed in the first half of 2026, making Dispelix a subsidiary of AAC Technologies [2][6] Group 2 - Dispelix is a Finnish company focused on AR display solutions based on diffraction waveguides, with core technologies including single-layer waveguide design, high light transmittance, and high-contrast optical architecture, as well as semiconductor process-compatible technologies for large-scale production [5] - AAC Technologies and Dispelix have established a long-term strategic partnership, leveraging Dispelix's expertise in waveguide design and manufacturing alongside AAC Technologies' experience in optics, precision manufacturing, and system-level integration, potentially achieving synergistic effects [5] - Both companies have collaborated with several leading original equipment manufacturers (OEMs) to develop the next generation of AR devices and are also working with top global mobile terminal ecosystem builders on next-generation XR reference design hardware platforms [5] Group 3 - AAC Technologies primarily provides perception experience solutions, with divisions including acoustic products, speaker electromagnetic transmission and precision components, optical products, PSS automotive and consumer acoustic products, sensors and semiconductor products, and other product divisions [5] - According to the mid-2025 performance report, AAC Technologies achieved revenue of 13.32 billion yuan in the first half of the year, representing a year-on-year increase of 18.4%, with net profit reaching 876 million yuan, a significant year-on-year growth of 63.1%, and a gross margin of 20.7%, down 0.8 percentage points year-on-year, while the net profit margin was 6.6%, an increase of 1.8 percentage points [5]

Core Viewpoint - The collaboration between Guangfeng Technology and Gudong Intelligent has led to the launch of an innovative "LCoS (Silicon-based Liquid Crystal) + PVG Waveguide" optical solution for AR glasses, marking a significant advancement in the industry [1] Group 1 - Guangfeng Technology and Gudong Intelligent held a joint press conference at the CIOE, introducing the first "one-to-two" AR glasses optical solution in the industry [1] - A strategic cooperation agreement was signed along with a procurement order for 10,000 units [1] - The end-user price of AR glasses utilizing this solution is reduced to the range of 1,500 to 2,000 yuan [1]

Core Viewpoint - The launch of the "LCoS (Silicon-based Liquid Crystal) + PVG Waveguide" optical solution for AR glasses marks a significant milestone in the industry, breaking multiple technical bottlenecks and enhancing user experience, while potentially disrupting the current pricing structure of AR glasses, bringing the end product price down to the range of 1500-2000 yuan [2][13]. Group 1: Technological Breakthroughs - The solution features a "single optical engine driving dual display" architecture, utilizing one optical engine to independently deliver light to each eye, achieving independent dual-eye display [3]. - The collaboration between Guangfeng Technology and Gudong Intelligent has resulted in breakthroughs in optical performance, cost control, and power management, addressing the traditional dilemma of high performance equating to high costs in AR glasses [3][10]. Group 2: Product Launch - Guangfeng Technology introduced two LCoS AR optical engines, the Dragonfly G1 and Rainbow C1, which provide superior display effects and user experiences for AR glasses [5]. - The Dragonfly G1 features a single-eye resolution of 640x200, a field of view (FOV) of approximately 25°, and a compact size of about 0.35cc, enhancing comfort and portability [6]. - The Rainbow C1 offers RGB full-color capabilities with resolutions of 640x480 or 960x720, a FOV of about 30°, and a size of approximately 0.8cc, suitable for various AR applications [7]. Group 3: User Experience Enhancements - The new optical solution overcomes multiple industry challenges, improving design, display, and wearability aspects [10]. - The innovative "one-to-two" design places the optical engine centrally in the frame, allowing for a thinner design and functional expansion while optimizing the layout to eliminate discomfort during wear [10][12]. Group 4: Cost Advantages - The LCoS + PVG waveguide combination offers a lower-cost alternative to the expensive Micro LED + diffraction waveguide solutions, making AR glasses more accessible to consumers [13]. - The optical display system accounts for about 40% of AR glasses' costs, and the "one-to-two" solution significantly reduces material costs by halving the number of optical engines required [13]. - Gudong Intelligent's innovations in material and production processes have drastically reduced costs, with the waveguide's price dropping to 10-30 USD, representing a 60%-90% decrease compared to imported solutions [13]. Group 5: Production Capacity - Both companies have established a robust capacity assurance system to support large-scale production, with Guangfeng Technology's production line ready for 500,000 units of LCoS AR optical engines [14]. - Gudong Intelligent has developed a complete supply chain for optical materials and modules, creating the world's first 200,000-piece PVG waveguide production line, reducing reliance on foreign suppliers [14].