e a e .. a . e a Da - a . e - . P t 12 1 b r t 99 / 1 the 201 the results of r - 1 ) i . - t 2017 - - MENT PRODUCTION i ----- i r r r th last . ed of r E . r and the state 0 10 r @ t - TV . . ille tal b (8) - 1 and 5 e 16 200 在科技飞速发展的当下，AI眼镜与智能汽车的融合已成为行业发展的新趋势。各大车企纷纷跨界布局，开启了"眼镜+车机"的生态新纪元。 其中，车企推出的AI眼镜，包含AI助手，通过芯片与硬件，实现了诸多实用功能。用户不仅可以通过语音问答获取信息，还能实时查看车辆状态，实 现对车辆的远程控制，还能获取车辆信息、导航指引以及多媒体娱乐等功能，实现了更加沉浸式的智能化驾驶体验。 有行业人士认为，车企的跨界布局，标志着它们正从交通工具制造商向"出行生态构建者"和"AI科技公司"转型。通过AI眼镜与智能汽车的融合，车企能 够为用户提供更加全面、便捷的出行服务，打造全场景智能生活体验。 ...

Limitless 在去年发布了 AI 可穿戴硬件 Limitless Pendant 。这是一枚 AI 吊坠，售价为 99 美元 （约合人民币 699 元）。 发布不到五天，创始人 就 宣布 这款 AI 吊坠销量突破 2 万台，其中大部 分用户来自中国和美国。 详情请戳视频 以上就是本期全部内容，如果您想了解更多 最新 企业 动态， 欢迎登录 睿兽分析 查看，解锁 赛道 图谱 以及 行业报告 。 后脚 Meta 就收购了人工智能可穿戴设备初创公司 Limitless ，收购金额暂未披露，收购完成后 Limitless 团队将整体并入 Meta 。 扎克伯格前脚表示计划削减元宇宙 30% 的资源投入，将节省下来的资金用于 AI 眼镜与可穿戴设备 等。 ...

文 | 深毒商业 "风停了。" 12月3日，前魅族高管、如今的怒喵科技创始人李楠，在自己的微博上扔下了一颗重磅炸弹。 他直言不讳地指出，根据公司最新的调研，AI眼镜赛道中被众人追捧的几大核心功能:导航、支付、甚 至是听起来酷炫无比的肌肉电流腕带GUI控制，通通都是"伪需求"。 李楠微博 "简而言之，带显示的所有应用都是伪需求，"李楠的结论如同一把锋利的解剖刀，精准地刺向了当下AI 眼镜行业最核心的产品逻辑。 舆论瞬间哗然。因为就在一年前，几乎是同样的时间点，在极客公园那场名为「IF2025创新大会」的舞 台上，聚光灯下的李楠还是AI眼镜最狂热的"鼓吹者"。 他直言AI眼镜是一个"三年100倍的新赛道"，市场规模将达万亿级别，甚至呼吁所有从业者抓紧时间， 兑现这个巨大的风口。 从"三年百倍"的狂热追捧者，到"全是伪需求"的冷静批判者，李楠的态度在短短一年内发生了180度的 大转弯。 这不仅仅是一个科技圈"大嘴"的自我否定，更折射出整个AI眼镜行业在经历了一年的喧嚣与狂奔后，所 面临的冰冷现实与深层困境。 风口真的停了吗？还是说，这场风，从一开始就吹错了方向？ 01 从"百倍赛道"到"伪需求"， 李楠看见了什么？ ...

Core Insights - Smart rings are emerging as a high-end product tier within the wearable ecosystem, providing health and wellness tracking in a more discreet and lightweight manner, complementing smartwatches and bands [2][7] - The global smart ring market is rapidly growing, with shipments expected to exceed 4 million units in 2025, highlighting its significant rise within the broader wearable ecosystem [2][7] Market Leadership - Oura remains the market leader, holding a 74% market share in the first half of 2025, followed by Ultrahuman and Samsung at 9% each, and RingConn at 5% [7] Growth Drivers - The rapid growth of smart rings is driven by consumer demand for simpler, integrated health solutions and manufacturers' diversification strategies [7][8] - A significant portion of consumers, particularly younger users, report digital fatigue and prefer a more streamlined experience, which smart rings provide [7][8] User Adoption - A survey indicates that 43% of respondents do not own a wearable band, with 51% having no plans to purchase one, presenting an opportunity for smart rings to attract these potential users [8] Health Tracking Capabilities - Smart rings excel in tracking sleep, stress, recovery, and women's health due to their closer skin contact and ability to measure indicators like skin temperature more accurately [10][11] - Advanced AI technology enables smart rings to interpret subtle physiological changes and provide personalized health guidance [11] Complementary Role - Smart rings complement existing wearable devices by focusing on continuous health and sleep monitoring, while smartwatches handle activity and fitness tracking, enhancing the overall value of manufacturers' ecosystems [13] Business Model - Smart rings offer a unique monetization approach, focusing on health and sleep tracking, allowing manufacturers to implement subscription or premium service models linked to data insights [16] - Oura's subscription revenue supports ongoing R&D and software updates, enhancing user loyalty through personalized health data [16] Market Penetration Strategies - To broaden appeal, manufacturers need to effectively communicate the value of smart rings in improving health, utilizing social media, KOL partnerships, and new retail channels [17] Challenges and Opportunities - The market is concentrated with clear leaders, presenting opportunities for other manufacturers to innovate and differentiate their products [18] - The true potential of smart rings lies in their integration within a broader health ecosystem, working alongside other devices to generate comprehensive health insights [18][19] Future Outlook - With ongoing advancements in hardware, software, and AI, smart rings are poised to define the next wave of proactive health management, potentially reshaping personal health technology [19]

Core Insights - Wearable Devices Ltd. is conducting a technical roadshow in China due to increased interest from top-tier consumer-electronics manufacturers in integrating its Mudra neural band interface into next-generation AI eyewear platforms [1][2][4] - The industry is experiencing a strategic shift towards neural-band-driven interaction models, enhancing Wearable Devices' position as a preferred technology partner for companies developing augmented reality (AR) and AI wearable products [3][4] Company Overview - Wearable Devices specializes in AI-powered touchless sensing wearables, with products like the Mudra Band and Mudra Link that enable intuitive control of digital devices through gestures [5][6] - The company operates through a dual-channel model, focusing on direct-to-consumer sales and enterprise collaborations, providing advanced input solutions for immersive environments [6][7] Market Trends - There is a growing movement in the industry towards neural-band input for smart glasses, indicating significant potential for collaboration and joint development opportunities in the future [3][4] - The demand for neural-band interfaces has reached an inflection point, with major manufacturers in China planning to incorporate these technologies into their 2026-2027 product roadmaps [4]

Group 1 - The AI glasses industry is experiencing significant activity this year, with major companies like Xiaomi, Huawei, and Meizu launching new products, while startups like Shanjiji quickly form and dissolve [2] - Rokid's founder, Zhu Mingming, views Xiaomi's AI glasses as a typical supply chain product and a benchmark for the industry, while Quark's AI glasses are still in the pre-sale stage and not yet in mass production [2] - Despite the influx of new entrants, the competitive landscape is not yet a zero-sum game, with startups having advantages in technology accumulation and speed, as evidenced by Rokid's sales performance during the Double 11 shopping festival [2] Group 2 - Zhu Mingming perceives a greater threat from low-cost competitors in Huaqiangbei, highlighting a product priced at 99 yuan that includes various AI features, which could lead to a price war detrimental to brands lacking negotiation power [3] - Rokid is focusing on producing display-equipped AI glasses and has announced a partnership with Bolon for production, where Bolon handles design and branding while Rokid focuses on technology and R&D [3] - The current actions of major companies are seen as exploratory, but in two years, competition is expected to intensify, necessitating a focus on ecosystem development, brand loyalty, and reputation building [4] Group 3 - IDC forecasts that global smart glasses shipments will reach 12.8 million units by 2025, with a 26% year-on-year growth, and the Chinese market is expected to exceed 2.75 million units, growing by 107% and leading globally [4]

Core Viewpoint - Zepp Health Corp. has experienced significant revenue growth, reporting a 78.5% increase in Q3, but anticipates a slowdown to approximately 40% in the current quarter, raising questions about its sustainability in the wearables market [2][12]. Financial Performance - Revenue for Zepp Health in Q3 reached $75.8 million, up from $42.5 million a year earlier, marking a substantial year-on-year growth [11]. - The company achieved breakeven on an adjusted operating basis for the second consecutive quarter, with a small actual operating loss of $900,000 [15]. - The gross margin improved to 38.2% in Q3, although it remains lower than Garmin's 60% [14]. Market Position and Competitiveness - Zepp's stock has increased over tenfold since July, indicating a potential shift from being undervalued to gaining investor attention [2][3]. - The company is positioned at the low end of the market with its Amazfit-brand products, which are priced significantly lower than competitors like Garmin [6]. - Despite the stock's recent performance, it still trades at a modest price-to-sales ratio of 3.98, compared to Garmin's 7.39 [4]. Product Development and Strategy - Zepp has distanced itself from its previous reliance on Xiaomi, with only about 5% of sales now coming from Xiaomi products [10]. - The company is focusing on improving product designs and user-friendliness to compete more effectively with established brands like Garmin and Fitbit [8][17]. - The Amazfit T-Rex 3 Pro, released in September, has received positive reviews, although some critiques highlight usability issues [6][7]. Future Outlook - Zepp forecasts a revenue increase of 40% in Q4, projecting sales between $82 million and $86 million, which is lower than the previous quarter's growth rate [12]. - The company aims to achieve profitability in Q4, building on its recent revenue growth and cost control measures [15][16].

Financial Data and Key Metrics Changes - Zepp Health reported a revenue increase of 78.5% year-over-year, reaching $75.8 million in Q3 2025, meeting the upper end of previous guidance [3][12] - Gross margin was reported at 38.2%, a decrease from 40.6% in Q3 2024, primarily due to lower pricing on entry-level products and promotional discounts [13][14] - Operating expenses remained stable at $28.6 million, accounting for 37.7% of sales, with a focus on maintaining cost management [15][17] - The company achieved operating break-even in Q3 2025, a significant improvement compared to an adjusted operating loss of $11.3 million in Q3 2024 [17] Business Line Data and Key Metrics Changes - The launch of the Amazfit T-Rex 3 Pro in September was a highlight, contributing to strong sales alongside the Balance 2 and Helio Strap [3][12] - Entry-level models, including Bip 6 and Active 2, maintained steady sales across global channels, reinforcing Amazfit's strong market positioning [6][12] - The Helio Strap faced supply constraints due to memory chip issues and typhoon-related shipment delays, impacting availability [21][22] Market Data and Key Metrics Changes - North America is estimated to account for approximately 15%-20% of total shipments, with a dual-sourcing strategy mitigating tariff impacts [24] - The company is experiencing strong demand signals for its new products, particularly during the holiday season [30] Company Strategy and Development Direction - Zepp Health is focused on a multi-tier product strategy, enhancing brand visibility while balancing R&D investments with marketing spending [4][10] - The acquisition of Wide AI's core assets aims to integrate women's wellness analytics into the Amazfit ecosystem, enhancing personalized coaching experiences [6] - The company plans to continue expanding its online presence while also addressing offline channel opportunities as supply constraints are resolved [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth, anticipating Q4 revenue between $82 million and $86 million, representing 38%-45% year-over-year growth [19] - Despite a challenging macroeconomic environment, the strategic focus on sports tech and a holistic health ecosystem is yielding positive results [9][10] Other Important Information - The company has retired $64.5 million of debt since the beginning of 2023, optimizing its capital structure [18] - Zepp Health maintained its share-buyback program, reflecting confidence in long-term fundamentals and growth trajectory [19] Q&A Session Summary Question: Supply constraints on Helio Strap - Management acknowledged supply constraints due to memory chip issues and typhoon-related delays, impacting availability [21][22] Question: North America shipment percentage and tariff impact - Management confirmed North America accounts for approximately 15%-20% of shipments, with minimal tariff impact due to dual-sourcing strategies [24] Question: Product launches in Q3 and Q4 - The only new product launched in Q3 was the T-Rex 3 Pro, with the 44 mm version launched in Q4 [25][30] Question: Holiday season demand and product performance - Management reported positive signals for holiday season demand, with T-Rex 3 Pro performing well compared to previous models [30][31] Question: Channel strategy for 2026 - Management highlighted growth in online channels, particularly through Amazon and their own website, while also planning to expand offline presence as supply issues are resolved [34][35] Question: Q4 top-line guidance assumptions - Management expects a strong holiday season, aiming to increase average selling prices while managing discounting selectively [41][42] Question: Future product roadmap and launches - Management indicated a consistent pace of new product launches, with plans for two to three new products each quarter [44][45]

Financial Data and Key Metrics Changes - Zepp Health reported a revenue increase of 78.5% year-over-year, reaching $75.8 million, meeting the upper end of previous guidance [12][3] - Gross margin was reported at 38.2%, a decrease from 40.6% in Q3 2024, influenced by product mix and pricing strategies [14][11] - Operating expenses remained stable at $28.6 million, accounting for 37.7% of sales, compared to 44.4% in the previous quarter [16][15] - The company achieved operating break-even in Q3 2025, a significant improvement from an adjusted operating loss of $11.3 million in Q3 2024 [18] Business Line Data and Key Metrics Changes - The launch of the Amazfit T-Rex 3 Pro contributed significantly to revenue growth, alongside continued strong performance from Balance 2 and Helio Strap [13][3] - Entry-level models, including Bip 6 and Active 2, maintained steady sales across global channels, reinforcing Amazfit's strong market positioning [6][4] - The T-Rex product line showed strong margin performance, helping to offset the impact of discounts on entry-level products [14][9] Market Data and Key Metrics Changes - The company noted that North America accounts for approximately 15%-20% of total shipments, with a dual-sourcing strategy mitigating tariff impacts [23] - Inventory levels increased slightly to prepare for upcoming product launches and the peak consumer electronics season in Q4 [18][11] Company Strategy and Development Direction - Zepp Health is focused on a multi-tier product strategy, enhancing brand visibility while maintaining operational discipline [4][3] - The acquisition of Wide AI's core assets aims to integrate women's wellness analytics into the Amazfit ecosystem, enhancing personalized coaching experiences [6][5] - The company is committed to expanding its online presence while also planning to increase offline channel reach once supply constraints are resolved [30][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for Q4, expecting revenue between $82 million and $86 million, representing 38%-45% year-over-year growth [10][20] - The macroeconomic landscape has impacted performance, but the company is focused on long-term supply chain optimizations and inventory management [11][10] - Management highlighted a positive demand signal for new products and a strong product pipeline heading into the holiday season [26][25] Other Important Information - The company received the RED Network Security MB certificate, reflecting its commitment to user privacy and product safety [7] - Zepp Health has retired $64.5 million of debt since the beginning of 2023, optimizing its capital structure [20] Q&A Session Summary Question: Can you provide more details on the supply constraints for the Helio Strap? - Management indicated that supply constraints were due to memory chip issues affecting the entire industry and typhoon-related shipment delays [22] Question: What is the current contribution of North America to total shipments? - Management confirmed that North America accounts for approximately 15%-20% of total shipments, with minimal tariff impact due to a dual-sourcing strategy [23] Question: How has the T-Rex 3 Pro performed compared to previous models? - The T-Rex 3 Pro has received positive feedback and is performing better than the T-Rex 3 at launch, indicating strong market acceptance [26] Question: What are the plans for channel growth in 2026? - Management noted that both online and offline channels present significant growth opportunities, with a focus on expanding online presence while resolving supply issues for offline channels [30][29] Question: What are the assumptions behind the Q4 revenue guidance? - The guidance is based on expectations of a strong holiday season, with efforts to increase average selling prices through new product launches [33]

Zepp Health Earnings Presentation Third Quarter 2025 Investor Relations 4 November 2025 Table of Contents Adjusted Operating Expenses 2 Empowering Health, Inspiring Joy 3Q25 Financial and Operating Results 01 05 02 Revenue 03 3Q25 Gross Margin 04 3Q25 Revenue and Gross Margin Trend Net Income/ Earnings Performance 06 Liquidity Position 07 08 Business Outlook 3Q25 Financial and Operating Results $75.8 Million Revenue • Meeting upper end of guidance range Units Shipped 0.8 Million 3Q24 0.7 Million 0.0 Million ...