Core Insights - The Chinese consumer-grade XR market is experiencing structural differentiation in the first half of 2025, with the AR market continuing to grow while the VR market remains sluggish due to a lack of content ecosystem and new product releases [1] XR Market Overview - In the first half of 2025, the overall XR sales reached 261,000 units, representing a 9% quarter-on-quarter growth, primarily driven by the launch of new AR glasses [1] - The domestic consumer-grade VR market is in a downturn, with VR device sales at 75,000 units, marking a three-year low, attributed to insufficient investment in VR content and no major new product launches [3] - Conversely, the domestic consumer-grade AR device sales reached 186,000 units, showing a 35% year-on-year increase and a 28% quarter-on-quarter increase, supported by new product launches and government subsidies [3] - The forecast for the entire year predicts a total of 606,000 units sold in the domestic consumer-grade XR market, a 6.5% increase compared to the previous year, mainly driven by AR devices [3] Brand Trends - In the VR device market, the brand landscape remains stable, with PICO holding a 46% market share, followed by Meta at 28% and Goovis at 7%. Despite market challenges, leading manufacturers maintain their shares through cost control and ecosystem integration [4] - In the AR device market, competition is intensifying, with Thunderbird Innovation leading at 35% market share, followed by XREAL at 22%. Starry Sky Meizu ranks third due to effective policy adaptation and a comprehensive marketing strategy [4] Technology Trends - In the VR device market, Fast LCD screen sales share has rebounded to 87%, while Micro OLED screens remain focused on high-end products [5] - In the AR device market, Micro OLED screens account for 87% of sales, with Sony dominating the market. Domestic manufacturers like Visionary Technology have seen a 30 percentage point increase in market share through deep collaborations [5] - Waveguide technology maintains a stable 13% sales share, with significant breakthroughs allowing manufacturers to reduce costs by 40% and introduce products with a field of view exceeding 50 degrees [5] Investment and Financing Situation - In the first half of 2025, there were 37 global XR financing deals amounting to 44.5 billion yuan, a decrease of 34 deals compared to the previous year, but with an increase of 33.5 billion yuan in total funding, indicating a trend of capital concentration towards leading projects [7] - The AR/VR investment landscape is characterized by four trends: capital centralization, core technology focus, ecological scene development, and regional clustering [7] - The shift from speculative investment to substantial technological breakthroughs and commercialization is evident, with domestic advancements in Micro LED and silicon-based OLED becoming key factors in reshaping the global supply chain [7]

Core Viewpoint - The implementation plan for the construction of the Xi'an Industrial Innovation Center aims to strengthen the integration of technological and industrial innovation, fostering new productive forces in the region [1][2]. Group 1: Overall Strategy and Objectives - The plan emphasizes the development of key industries and strategic emerging industries, focusing on core enterprises and relying on industrial chains and educational resources [1]. - The goal is to create an innovation center that integrates model innovation, technological breakthroughs, talent aggregation, achievement transformation, and enterprise incubation [1]. Group 2: Key Areas of Focus - The innovation center will focus on industries such as large aircraft, commercial vehicles, photovoltaics, semiconductors, energy (oil and gas), power distribution, passenger vehicles, biomedicine, new materials, low-altitude economy, drones, aerospace propulsion, artificial intelligence, and XR [2]. - Tasks include building an innovation ecosystem that deeply integrates technological and industrial innovation, addressing industry needs, and fostering high-growth technology enterprises [2]. Group 3: Operational Framework - The operational model of the innovation center will be enterprise-led, with collaboration from educational institutions, diverse investments, military-civilian integration, and achievement sharing [1][2]. - The center will be established through collaboration between the municipal science and technology bureau and other relevant departments, utilizing methods like "ranking for leadership" [2]. Group 4: Support and Coordination - A working group composed of municipal departments, district governments, and state-owned platform companies will be formed to address key challenges in the construction process [3]. - The plan calls for enhanced city-district collaboration to provide necessary support and services for the operation of the innovation center [3].

Investment Rating - The report does not explicitly state an investment rating for the XR industry Core Insights - The XR industry is expected to enter a growth phase post-2025, following a period of adjustment from 2022 to 2024 [14] - The macro environment presents both opportunities and challenges, with technological innovation and regulatory frameworks being key factors [20][22] - The XR market is experiencing a significant divergence, with VR/MR device sales declining while AR devices show strong growth [54] Part 1: Industry Development Background and Macro Environment - The XR industry has undergone various phases, including a growth phase expected to start in 2025 [14] - The macroeconomic environment is complex, with factors such as economic recovery and technological integration influencing the industry [20][22] - Different countries are providing varying levels of support for XR technology, with the US leading in talent and technology support [25][30] Part 2: Market Size and Development Status - The global XR device shipment is projected to be 731 million units in 2024, a decrease of 10.3% year-on-year [52] - The XR market is showing a clear split: VR/MR devices are declining, while AR devices are expected to grow by 37% in 2024 [54] - In China, the XR market is also facing challenges, with a total sales volume of 53.6 million units in 2024, down 12.5% year-on-year [55] Part 3: Technology Development and Product Trends - Multiple technology routes are being explored in the XR market, with display technology being a critical focus [125] - Micro-OLED has emerged as the mainstream display technology for AR devices, with significant market share growth expected [137][140] - The XR market is characterized by a variety of product forms and functionalities, with a trend towards lightweight and user-friendly designs [141] Part 4: Operating Systems, Industry Applications, and Case Studies - Major XR operating systems are primarily based on Android, with companies like Meta and Apple leading the way in developing proprietary systems [152] - The XR ecosystem is evolving, with a focus on low-latency rendering and multi-modal interaction capabilities [152] - The report highlights the competitive landscape of XR operating systems, emphasizing the importance of ecosystem integration and developer engagement [159]

以下文章来源于硬氪 ，作者张子怡 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 俞文超也会思考这个问题。他当然不会自大到完全归因为判断力——这很重要——但在宇树的崛起中，时运必不可少。 无论如何，第一次见到王兴兴时，俞文超想象不到，眼前这个清瘦的年轻人，在 4 年后会和任正非、王传福坐在同一排，成为某种标杆和象征。 宇树的老股，如今是一级市场上最热门、最昂贵的收购标的之一。投资人私下里都清楚：这家公司离上市不会太远。如果谁争到一张入门券，大概率稳赚 不赔。 回到 2021 年秋天，俞文超决定投资宇树时，它充其量有些热度，远谈不上抢手。 作为敦鸿创始合伙人的俞文超，已经经手过一连串明星项目，包括已经上市的极米、虹软科技和成为独角兽的当贝。他也参与过技术厉害却卖不出去的公 司。但这些成绩都讲不出什么戏剧化的故事，所以在圈子外，俞文超和敦鸿资产没太多名气。 宇树在 2025 年之前，也同样面目模糊。牛年春晚，宇树的四足机器狗出现在舞台，俞文超开始注意到这家公司。不过，机器狗和刘德华的那曲短暂的共 舞，很快被封锁在家的人们扔到脑后。 那一年最狂热的投资，发生在大消费赛道：墨茉点心局靠着 14 家门店，半年 ...