Investment Rating - The report maintains a "Recommended" rating for key companies in the AR glasses and optical technology sector, including GoerTek, Dongmu Co., Jingyan Technology, Tonglian Precision, and Guangfeng Technology [4]. Core Insights - The 2025 CIOE (China International Optoelectronic Exposition) showcased significant advancements in AR technology, with leading companies like JBD, GoerTek, and Luxshare Precision presenting breakthroughs in Micro LED, optical waveguides, and AR optics [1][2]. - Guangfeng Technology and Gudong Intelligent launched a new AR solution that redefines the industry pricing structure, featuring the innovative "LCoS + PVG optical waveguide" technology, which enhances light efficiency by 300% and achieves over 90% transmittance [2][3]. - The report emphasizes the continuous evolution of AR glasses technology, highlighting the importance of display, optics, assembly, and components in the industry [3]. Summary by Sections Event Overview - The 2025 CIOE was held on September 10 in Shenzhen, gathering top global optoelectronic technology and industry trends [1]. - Key exhibitors included JBD, GoerTek, and Luxshare Precision, showcasing cutting-edge products and technologies [1][2]. Technological Breakthroughs - JBD introduced the "Hummingbird II" color light engine, featuring a self-developed 0.1-inch Micro LED micro-display capable of full-color display in a compact size [1]. - GoerTek presented several new products in AR and VR, focusing on lightweight designs and high display performance [2]. - Guangfeng Technology's new AR optical solution supports a large field of view and ensures user comfort during prolonged use [2][3]. Investment Recommendations - The report suggests monitoring companies involved in various segments of the AR technology supply chain, including: - Optical waveguides: GoerTek, Luxshare Precision, Sunny Optical Technology, Crystal Optoelectronics, and Lantech Optical [3]. - Micro LED: HC Semitek, Zhaochi Co., Sanan Optoelectronics, Qianzhao Optoelectronics, and Jucan Optoelectronics [3]. - LCoS: OmniVision Technologies and Guangfeng Technology [3]. - SiC: Tianyue Advanced [3]. - MIM components: Dongmu Co., Jingyan Technology, and Tonglian Precision [3].

Core Viewpoint - The collaboration between Guangfeng Technology and Gudong Intelligent has led to the launch of an innovative "LCoS + PVG waveguide" AR optical solution, marking a significant advancement in the AR glasses industry and enabling mass production at a more accessible price point [1][2]. Group 1: Cost Advantages - The new solution addresses the high cost of traditional AR glasses by utilizing a single optical engine to drive dual displays, significantly reducing material costs and assembly complexity [3]. - The optical display system accounts for approximately 40% of the overall cost of AR glasses, and the new approach allows for a reduction in the end-user price to the range of 1500-2000 yuan, compared to the current average of over 3000 yuan [3][4]. Group 2: Product Launch - Guangfeng Technology introduced two LCoS AR optical engines, the Dragonfly G1 and Rainbow C1, which provide superior performance and support the new AR glasses solution [4]. Group 3: Performance Enhancements - The Dragonfly G1 features a resolution of 640x200, a field of view of approximately 25°, and a compact size of about 0.35cc, enhancing comfort and portability while maintaining low power consumption [5]. - The Rainbow C1 offers RGB full-color capabilities with resolutions of 640x480 or 960x720, a field of view of about 30°, and a compact design of approximately 0.8cc, suitable for various AR applications [7]. Group 4: User Experience Improvements - The new solution overcomes eight major industry challenges, enhancing design flexibility, display quality, and user comfort [8]. - The innovative design allows for a more ergonomic structure by relocating the optical engine to the center of the glasses, freeing up space for other components and improving aesthetics [9]. - The solution supports a curved lens design that better fits the natural contours of the human face, enhancing comfort and visual appeal [10]. Group 5: Efficiency and Production - The new optical design improves light coupling efficiency, reducing energy loss and ensuring better brightness and display quality [10][11]. - The compact design of the optical engine contributes to a lighter overall product, addressing the industry's demand for lightweight AR glasses [11]. - The assembly process is simplified, leading to higher production yields and the potential for cost reductions through the use of plastic frames instead of metal [14].

Core Viewpoint - The collaboration between Guangfeng Technology and Gudong Intelligent has led to the launch of an innovative "LCoS + PVG waveguide" AR glasses optical solution, which is expected to significantly reduce the price of AR glasses to the range of 1500 to 2000 yuan, facilitating mass production in the industry [1][6]. Group 1: Product Launch and Features - Guangfeng Technology introduced two LCoS AR light engines, the Dragonfly G1 and Rainbow C1, which enhance display quality and user experience [2][3]. - 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, optimizing comfort and portability [2]. - The Rainbow C1 supports both single and dual-eye AR displays with resolutions of 640x480 or 960x720, a FOV of about 30°, and a compact size of approximately 0.8cc, making it suitable for various AR applications [3]. Group 2: Technological Innovations - The "one-to-two" solution utilizes Gudong Intelligent's fourth-generation PVG holographic waveguide technology, achieving a 300% improvement in optical efficiency and over 90% transmittance [4]. - This innovative design allows for a central placement of the light engine in the glasses frame, enhancing the overall design and user comfort while eliminating common issues like the rainbow effect and light leakage [4][5]. Group 3: Cost Advantages - The combination of LCoS and PVG waveguide technologies significantly reduces costs compared to traditional Micro LED and diffraction waveguide solutions, making AR glasses more affordable [6]. - The "one-to-two" approach reduces the number of light engines required, cutting material costs and allowing for a final product price between 1500 and 2000 yuan, which is substantially lower than the current average of over 3000 yuan for consumer-grade AR glasses [6]. Group 4: Production Capacity - Guangfeng Technology has established a production line capable of producing 500,000 LCoS AR light engines, ensuring a robust supply for large-scale production [7]. - Gudong Intelligent has developed a comprehensive supply chain for optical materials and modules, including a production line for PVG waveguides, which enhances production efficiency and reduces reliance on foreign suppliers [7].

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].

Core Viewpoint - The collaboration between Guangfeng Technology and Gudong Intelligent has led to the launch of an innovative "LCoS + PVG waveguide" AR glasses optical solution, which is expected to significantly enhance user experience and reduce product prices to the range of 1500-2000 yuan, facilitating mass production in the industry [1][2]. Group 1: Technological Breakthroughs - The new solution features a "single optical engine driving dual display" architecture, allowing one optical engine to independently deliver images to both lenses, overcoming the traditional high-cost barrier in AR glasses [3]. - The introduction of two LCoS AR optical engines, Dragonfly G1 and Rainbow C1, enhances display quality and user experience [5]. - The Dragonfly G1 optical engine has a single-eye resolution of 640x200, a field of view of approximately 25°, and a power consumption of about 100mW for dual-eye use, improving comfort and portability [7]. - The Rainbow C1 optical engine supports both single and dual AR display solutions with resolutions of 640x480 or 960x720, and a field of view of about 30°, suitable for various applications [8]. Group 2: User Experience Enhancements - The solution addresses multiple industry challenges by optimizing design, display, and wearability, including a lightweight design that alleviates discomfort during prolonged use [12]. - Improvements in optical and grating design eliminate issues like rainbow effects and light leakage, enhancing image clarity and contrast [15]. Group 3: Cost Advantages - The LCoS + PVG waveguide combination significantly reduces costs compared to traditional Micro LED + diffraction waveguide solutions, making AR glasses more affordable [16]. - The optical display system accounts for about 40% of AR glasses' costs, and the new "one-to-two" approach reduces the number of optical engines needed, cutting material costs [16]. - The cost of the self-developed GDPA3 optical material is only 1/10 of imported products, and the production efficiency has improved by 100 times, reducing the cost of waveguides to 10-30 USD [16]. Group 4: Production Capacity - Guangfeng Technology has established a production line capable of supplying 500,000 LCoS AR optical engines, while Gudong Intelligent has built a complete supply chain for optical materials and modules, ensuring robust production capabilities [17].