Group 1 - The core viewpoint of the news is that AAC Technologies is accelerating the commercialization of AR technology through the acquisition of Finnish waveguide company Dispelix, enhancing its capabilities in AI and perception integration [1][2]. - The acquisition of Dispelix is expected to be completed in the first half of 2026, making it a wholly-owned subsidiary, and aims to leverage both companies' strengths in optical design and manufacturing [2]. - AAC Technologies is collaborating with leading OEMs to develop next-generation AR devices and is working with major mobile ecosystem builders to advance XR reference design hardware platforms [2]. Group 2 - The company is empowering the "Doubao AI Phone" by providing core hardware support, facilitating the evolution from a "tool" to an "intelligent agent" [3]. - The Doubao AI Phone, developed in collaboration with ZTE, features advanced voice interaction capabilities and aims to create a natural and trustworthy smart interaction experience [3]. - AAC Technologies is enhancing its optical and XR layout through the acquisition of Dispelix, which will support the development of next-generation AI phones and wearable devices [3]. Group 3 - AAC Technologies is collaborating with Alibaba on the Quark AI Glasses S1, which features a high-precision microphone system designed to improve voice interaction experiences [4]. - The innovative microphone system includes a 5-microphone array and bone conduction technology, reducing size by 25% and power consumption by 50%, while achieving a high signal-to-noise ratio [4]. - This collaboration aims to provide users with a seamless interaction experience in various environments, enabling precise command execution [4]. Group 4 - The investment outlook for AAC Technologies is positive, with projected revenues of 32.2 billion, 36 billion, and 40 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the same years [5].

Group 1 - The company has signed a final agreement to acquire Finnish AR diffraction waveguide technology leader Dispelix Oy, aiming to accelerate the commercialization of AR waveguide technology in consumer and enterprise wearable devices [1] - The acquisition is expected to be completed in the first half of 2026, with Dispelix becoming a wholly-owned subsidiary, enhancing the company's capabilities in optical, precision manufacturing, and system-level integration [1] - The collaboration with Dispelix, established since 2022, aims to leverage both parties' strengths to develop next-generation AR devices and support global commercialization efforts [1] Group 2 - The company has partnered with ZTE to launch the "Doubao AI Phone," which features advanced voice interaction capabilities, marking a shift from a "tool" to an "intelligent agent" [2] - The Doubao AI Phone utilizes self-developed high-performance X-axis linear motors and dual speaker systems to enhance user interaction experiences [2] - The company is also collaborating with leading firms to provide diverse perception solutions for next-generation AI phones and wearable devices, focusing on "AI + perception" innovations [2] Group 3 - The company has co-created a high-precision pickup system for Alibaba's Quark AI glasses S1, featuring a 5-microphone array and bone conduction technology to improve voice interaction [2] - The Quark AI glasses S1 are designed to offer a lightweight experience and advanced features, enhancing user interaction in various environments [2] - The innovative audio solution reduces size by 25% and power consumption by 50%, ensuring clear communication even in noisy settings [2] Group 4 - The company projects revenues of 32.2 billion, 36 billion, and 40 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the same years [2]

Group 1 - Company signed a final agreement to acquire shares and other equity securities of Finnish AR diffraction waveguide technology leader Dispelix Oy, with the transaction expected to be completed in the first half of 2026, making Dispelix a wholly-owned subsidiary [1][3] - The acquisition stems from a long-term strategic partnership established in 2022, aiming to deepen synergies between Dispelix's expertise in waveguide design and manufacturing and the company's strengths in optics, precision manufacturing, and system-level integration [1][3] - The collaboration will leverage the company's global presence and key customer resources to accelerate the commercialization of AR waveguide technology in consumer and enterprise wearable devices [1][3] Group 2 - The company has already partnered with several leading OEM clients to develop the next generation of AR devices and is collaborating with top mobile terminal ecosystem builders to advance XR reference design hardware platforms [1][3] - Following the acquisition, Dispelix's products will enhance the company's XR product portfolio and solution capabilities, helping to solidify their global market leadership in diffraction optics [1][3] - This move is also a significant step for the company to expand into new product areas and create new growth engines [1][3] Group 3 - The company is also involved in the launch of the "Doubao AI phone" in collaboration with ZTE, which supports voice and side button wake-up methods, simulating human operations to complete complex tasks across applications [2][4] - This collaboration aligns with the trend of AI functionality transitioning from software to integrated hardware and software solutions, enhancing user experience [2][4] - The company aims to continue driving innovation across multiple fields by focusing on "AI + perception" and providing diverse perception solutions for the next generation of AI phones and wearable devices [2][4]

Core Viewpoint - The report from Zhongyou Securities highlights that AAC Technologies (02018) has fully acquired the Finnish optical waveguide company Dispelix, accelerating the commercialization of AR technology. The company is also empowering the "Doubao AI phone" and Quark AI glasses with its core hardware, promoting the evolution of AI interaction towards an integrated software and hardware approach, thereby strengthening its "AI + perception" strategy. The rating remains "Buy" [1][6]. Group 1: Acquisition of Dispelix - AAC Technologies has signed a final agreement to acquire shares and other equity securities of Dispelix Oy, a leader in AR diffraction waveguide technology, with the transaction expected to complete in the first half of 2026, making Dispelix a wholly-owned subsidiary [7][8]. - The acquisition stems from a long-term strategic partnership established in 2022, aiming to deepen synergies between Dispelix's expertise in waveguide design and manufacturing and AAC's strengths in optics, precision manufacturing, and system-level integration [7][8]. - The collaboration will leverage AAC's global presence and key customer resources to accelerate the global commercialization of AR waveguide technology in consumer and enterprise wearable devices [8]. Group 2: Empowering Doubao AI Phone - On December 1, ByteDance's Doubao launched the engineering prototype of the Doubao AI phone, the nubia M153, which supports voice and side button wake-up methods, simulating human operations to complete complex tasks across applications [2][8]. - AAC Technologies plays a crucial role by providing high-performance X-axis linear motors and dual speaker systems, enhancing the natural and trustworthy smart interaction experience [2][8]. - This collaboration aligns with the trend of AI functionality transitioning from software to an integrated software and hardware approach, further strengthened by the acquisition of Dispelix [2][8]. Group 3: Quark AI Glasses S1 - Alibaba launched its first self-developed flagship dual-display AI glasses, the Quark AI glasses S1, on November 27, 2025, focusing on a super AI assistant experience with a lightweight design [4][9]. - The Quark team collaborated with AAC Technologies to create a high-precision pickup system featuring a 5-microphone array and bone conduction technology, reducing size by 25% and power consumption by 50% [4][9]. - This innovative system achieves a signal-to-noise ratio (SNR) of 77dB, enabling precise voice capture while minimizing noise interference, thus enhancing user interaction in various environments [4][9]. Group 4: Financial Projections - The company is projected to achieve revenues of 32.2 billion, 36 billion, and 40 billion yuan, and net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the years 2025, 2026, and 2027 respectively, maintaining a "Buy" rating [5][10].

中邮证券发布研报称，瑞声科技(02018)全资收购芬兰光波导企业Dispelix，加速AR技术商业化。同时， 公司以其核心硬件赋能"豆包AI手机"与夸克AI眼镜，在X轴线性马达、声学系统及创新拾音方案等领域 提供关键支持，推动AI交互向软硬一体演进，强化"AI+感知"布局。维持"买入"评级。 中邮证券主要观点如下： 收购Dispelix，加速AR光波导商业化 投资建议 该行预计公司2025/2026/2027年分别实现收入322/360/400亿元，归母净利润分别为25/30/33亿元，维 持"买入"评级。 风险提示 有关智能手机市场的风险，对若干主要客户的依赖风险，因不可预见事件及供应链困难造成的生产中断 风险，经营、技术过时以及环境、社会及管治考量风险，流动性及利率风险，外汇风险，全球贸易摩擦 风险。 以核心硬件赋能豆包AI手机，助力实现从"工具"到"智能代理"的进化 12月1日，字节跳动豆包与中兴通讯合作推出搭载豆包手机助手技术预览版的工程样机nubia M153并发 售，这款首批面向大众的"豆包AI手机"支持语音、侧边键等唤醒方式，可模拟人类操作完成跨应用复杂 任务，实现从"工具"到"智能代理"的跨代 ...

Group 1 - The core viewpoint of the news is that the company is accelerating the commercialization of AR technology through the acquisition of Finnish waveguide company Dispelix, enhancing its capabilities in AI and perception technology [1][2] - The acquisition of Dispelix is expected to be completed in the first half of 2026, making it a wholly-owned subsidiary, and aims to deepen the synergy between the two companies, leveraging Dispelix's expertise in waveguide design and manufacturing [2] - The collaboration with leading OEM clients to develop the next generation of AR devices and the partnership with major mobile ecosystem builders will strengthen the company's position in the global market for diffraction optics [2] Group 2 - The company is empowering the "Doubao AI phone" with core hardware, facilitating the evolution from a "tool" to an "intelligent agent," showcasing advancements in AI interaction [3] - The collaboration with ZTE to launch the Doubao AI phone prototype demonstrates the integration of high-performance linear motors and dual speaker systems to enhance user experience [3] - The company is also focusing on multi-sensory solutions for next-generation AI phones and wearable devices, continuing to innovate in the "AI + perception" space [3] Group 3 - The Quark AI glasses S1, launched by Alibaba, features a high-precision pickup system co-created with the company, addressing industry pain points in voice interaction [4] - The innovative microphone array and bone conduction technology provide significant advantages in size reduction and power consumption, enhancing the user experience in various environments [4] - The advanced algorithms implemented in the Quark AI glasses ensure low false wake rates, allowing for seamless interaction in noisy settings [4] Group 4 - The company is projected to achieve revenues of 32.2 billion, 36 billion, and 40 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 2.5 billion, 3 billion, and 3.3 billion yuan [5]

Core Viewpoint - AAC Technologies (瑞声科技) shares rose nearly 3%, currently trading at HKD 38.28 with a transaction volume of HKD 71.1751 million, following the launch of Alibaba's first self-developed flagship dual-display AI glasses, Quark AI Glasses S1, which emphasizes a super AI assistant experience [1] Group 1: Product Development and Collaboration - Alibaba's Quark AI Glasses S1 features a high-precision audio pickup system developed in collaboration with AAC, consisting of 5 high-performance microphones and 1 bone conduction microphone [1] - The AI phone, Doubao, utilizes AAC's high-performance X-axis linear motor and dual speaker system to enhance immersive voice and tactile interaction experiences [1] - AAC has previously collaborated with multiple overseas large model and smart terminal companies to explore innovative paths for "AI + terminal" applications [1] Group 2: Business Expansion - In addition to its traditional strengths in acoustic and haptic devices, AAC is expanding its business boundaries by providing optical waveguides, high-end cooling systems, and other perception solutions for AI phones, XR wearable devices, and new forms of smart hardware [1]

Core Viewpoint - AAC Technologies (瑞声科技) shares rose nearly 3%, currently up 2.08% at HKD 38.28, with a trading volume of HKD 71.175 million, following the launch of Alibaba's first self-developed flagship dual-display AI glasses, Quark AI Glasses S1, which emphasizes a super AI assistant experience [1] Group 1: Product Development - Alibaba's Quark AI Glasses S1 features a high-precision audio pickup system developed in collaboration with AAC, consisting of 5 high-performance microphones and 1 bone conduction microphone [1] - The AI phone, Doubao, utilizes AAC's self-developed high-performance X-axis linear motor and dual speaker system to enhance immersive voice and tactile interaction experiences [1] Group 2: Strategic Collaborations - AAC has reportedly collaborated deeply with several overseas large model and smart terminal companies to explore innovative paths for "AI + terminal" applications [1] - In addition to its traditional strengths in acoustic and haptic devices, AAC is expanding its business boundaries by providing optical waveguides, high-end cooling systems, and other perception solutions and core products for AI phones, XR wearable devices, and new forms of smart hardware [1]

消息面上，据瑞声科技官微消息，近日，阿里巴巴正式推出其首款自研旗舰双显AI眼镜——夸克AI眼 镜S1，主打超级AI助理体验。夸克团队与AAC瑞声科技(以下简称为AAC)深度共创关键的拾音技术：5 颗高性能麦克风(MIC)+ 1颗骨传导麦克风(VPU)，组成5麦克风阵列+骨传导的创新高精度拾音系统。据 悉，为提升语音交互和触感交互的沉浸感体验与精准度，豆包AI手机采用瑞声科技自研的高性能X轴线 性马达及双扬声器系统，为其提供核心感知能力支撑。 值得一提的是，据行业消息人士透露，瑞声科技此前已与海外多家大模型及智能终端企业深度协作，共 同探索"AI + 终端"的创新落地路径。除传统优势的声学、触觉器件外，公司还向AI手机、XR可穿戴设 备及全新形态智能硬件，输出光波导、高端散热系统等感知方案与核心产品，持续拓宽业务边界。 智通财经APP获悉，瑞声科技(02018)涨近3%，截至发稿，涨2.08%，报38.28港元，成交额7117.51万港 元。 ...