Core Viewpoint - Lens Technology (06613) shares surged over 8%, reaching a new high of HKD 33.32, driven by news of Apple's shift in focus from the Vision Pro lightweight headset to AI-driven smart glasses development, aiming to catch up with Meta's lead in the sector [1] Company Performance - Lens Technology reported revenue of CNY 1.647 billion from smart headsets and wearable devices, marking a year-on-year increase of 14.74% [1] - The company achieved significant breakthroughs in core processes such as waveguide lens yield optimization and high-precision automated assembly [1] - Revenue from other smart terminal businesses reached CNY 364 million, showing a substantial year-on-year growth of 128.20% [1] Industry Developments - Apple has paused its plans for the Vision Pro lightweight headset, reallocating resources to the development of AI-driven smart glasses [1] - Meta is expected to launch the next generation of Ray-Ban AI glasses in September, which will feature new AR display capabilities [1] - Lens Technology is set to be the exclusive supplier of three core components for Meta's upcoming AI glasses, with production already underway [1]

Summary of the Conference Call for Lens Technology (蓝思科技) Company Overview - Lens Technology is a leading player in the consumer electronics and automotive sectors, focusing on glass and metal structural components for various applications, including smartphones, computers, and smart vehicles. Key Financial Highlights - Revenue growth from 37 billion in 2020 to nearly 70 billion in 2024, with a compound annual growth rate (CAGR) of 17.3% driven by the recovery of the consumer electronics market and supply chain integration [2][8] - Net profit for 2024 is projected to reach 3.6 billion, a year-on-year increase of nearly 20% [2] - In 2024, smartphone and computer-related business revenue is expected to be 57.8 billion, accounting for 83% of total revenue, with a gross margin of approximately 15% [2][10] Business Segments Consumer Electronics - Main products include glass covers and metal frames, with a strong partnership with Apple since 2006, establishing a significant competitive advantage [3] - The glass cover business remains stable, while the smart wearable segment is experiencing rapid growth [8] Automotive and Smart Cockpit - The smart automotive and cockpit business has become the second growth curve for the company, contributing 8.5% to total revenue in 2024 [4][17] - The Chinese smart cockpit market is expected to grow from 74 billion in 2022 to over 100 billion by 2025, with increasing penetration rates [4][14] - The company is actively involved in the development of ultra-thin laminated glass and has partnered with Samsung for foldable screen technology [4][12] Emerging Technologies - Lens Technology is expanding into smart wearables and robotics, forming strategic partnerships to enhance its capabilities in these areas [6][19] - The company has successfully entered the humanoid robot sector and is collaborating with Linban Technology to produce AI glasses [19] Market Trends and Future Outlook - The company anticipates significant innovation and growth in the glass sector, particularly with the upcoming release of Apple's foldable screen product in 2026 [12] - Revenue projections for 2025-2027 are 92.1 billion, 115.5 billion, and 137.7 billion respectively, with net profits of 5.3 billion, 6.5 billion, and 7.8 billion [4][20] - The smart cockpit market is expected to see increased demand due to consumer preferences for intelligent automotive experiences, with penetration rates in lower-priced vehicles expected to rise [15][14] Additional Insights - The company has a global production footprint with nine R&D and manufacturing bases, ensuring capacity to meet international demand [9] - The metal structural components business, bolstered by the acquisition of Kesheng Keli, is projected to benefit from the growing AI hardware market [13] - The company is well-positioned to capitalize on the increasing demand for smart automotive components, having established partnerships with over 30 major automotive manufacturers [17] This comprehensive overview highlights Lens Technology's robust growth trajectory, strategic positioning in emerging markets, and optimistic future outlook across its diverse business segments.

Core Viewpoint - In the first half of 2025, the company reported significant growth in revenue and net profit, indicating strong performance across various business segments [2][3]. Financial Performance - The company achieved operating revenue of 32.96 billion yuan, a year-on-year increase of 14.18% [3]. - Net profit attributable to shareholders was 1.14 billion yuan, up 32.68% compared to the same period last year [3]. - The net profit excluding non-recurring gains and losses reached 940 million yuan, reflecting a growth of 41.85% [3]. - Basic earnings per share were 0.23 yuan, an increase of 35.29% year-on-year [3]. - Net cash flow from operating activities was 4.33 billion yuan, up 28.43% [3]. - Total assets at the end of the reporting period were 77.25 billion yuan, a decrease of 4.64% from the end of the previous year [3]. Business Segments - Revenue from smartphone and computer-related businesses was 27.19 billion yuan, growing by 13.19% [2]. - The company maintained its leading position in the market for glass, ceramics, sapphire, and metal components, successfully preparing for the mass production of several flagship smartphones [2]. - Revenue from the smart automotive and cockpit segment reached 3.17 billion yuan, increasing by 16.45% [4]. - The company leveraged its vertical integration and global capacity layout to enhance its smart cockpit product matrix [4]. - Revenue from smart wearables and headsets was 1.65 billion yuan, reflecting a growth of 14.74% [5]. - The company achieved breakthroughs in core processes for optical lenses and assembly for smart wearables, leading to large-scale deliveries [5]. - Other smart terminal businesses generated revenue of 364 million yuan, a significant increase of 128.2% [5].

Financial Performance - The company reported total revenue of approximately RMB 32.96 billion for the first half of 2025, representing a year-on-year increase of about 14.18% [1] - Gross profit was approximately RMB 4.305 billion, up by about 17.82% year-on-year [1] - Net profit attributable to shareholders was approximately RMB 1.143 billion, reflecting a year-on-year increase of about 32.68% [1] - Earnings per share were RMB 0.23, with a cash dividend of RMB 1.00 per 10 shares (including tax) [1] Business Segments - Revenue from the smartphone and computer segment reached RMB 27.185 billion, growing by 13.19% year-on-year [1] - The company maintained its leading position in the market for glass, ceramics, sapphire, and metal components, successfully preparing for the mass production of several flagship smartphones [1] - The personal computer business benefited from a market demand recovery, with both production and sales increasing in the first half of the year [1] Automotive and Smart Devices - Revenue from the smart automotive and cockpit segment was RMB 3.165 billion, marking a year-on-year increase of 16.45% [2] - The company leveraged its vertical integration capabilities and global production layout to deepen its technology and market penetration in smart cockpit products [2] - Key product lines such as central control modules, intelligent B/C pillars, and wireless charging modules achieved significant volume growth, with mass deliveries already realized [2] - The ultra-thin laminated car window glass is positioned as a strategic innovation, successfully integrated into the mass production systems of leading domestic car manufacturers [2] - Revenue from smart headsets and wearable devices was approximately RMB 1.6466 billion, up by 14.74% year-on-year [2] - The company has full-stack solution capabilities for optical lenses, structural components, and assembly of smart wearable devices, achieving breakthroughs in core processes [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 Lens Technology Co., Ltd. 藍 思 科 技 股 份 有 限 公 司 （ 於中華人民共和國註冊成立的股份有限公司） （股份代號：6613） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 茲載列藍思科技股份有限公司（「本公司」）於深圳證券交易所網站(www.szse.cn) 及巨潮資訊 網(www.cninfo.com.cn)刊登的公告如下，僅供參閱。 承董事會命 藍思科技股份有限公司 董事長 周群飛 香港，2025年8月25日 於本公告日期，本公司董事會成員包括執行董事周群飛女士、鄭俊龍先生及饒橋兵先生；及獨立非執行董事 萬煒女士、劉岳先生、田宏先生及謝志明先生。 蓝思科技股份有限公司 2025 年半年度报告摘要 证券代码：300433 证券简称：蓝思科技 公告编号：定 2025-004 蓝思科技股份有限公司 本半年度报告摘要来自半年度报告全文， ...

Core Viewpoint - The implementation opinion aims to enhance the supply capacity of quality consumer goods in Sichuan, targeting a revenue of 1.2 trillion yuan for large-scale consumer goods enterprises by 2027, alongside the establishment of various product standards and categories [1]. Group 1: Innovation and Technology - The focus is on strengthening core technologies such as computing terminal chips and distributed operating systems, with an emphasis on developing ultra-high-definition smart TVs, laser projection devices, and smart speakers [2]. - The initiative promotes the integration of AIoT technology to create smart home platforms and accelerate the intelligent upgrade of household appliances like TVs, refrigerators, and air conditioners [2]. - There is a push for the development of wearable products such as smartwatches and VR/AR devices, forming an innovation chain from core components to smart terminals and ecological scenarios [2]. Group 2: Digital Product Supply - The plan emphasizes the software and animation industry, accelerating the development of generative AI products and applications, including large model applications and AI content generation tools [2]. - It aims to enhance the maturity of immersive technologies like VR, AR, and mixed reality, targeting high-performance digital devices such as smart headsets and interactive equipment [2]. Group 3: High-End Product Supply - The initiative encourages continuous iteration of new energy vehicle products and services, guiding enterprises to upgrade and develop suitable products for market demand [3]. - There is a focus on upgrading core components such as display panels, smart sensors, and electronic parts to enhance the supply capacity of high-end electronic products [3]. - The plan includes the establishment of a "green channel" for innovative product research and development, aiming to shorten the approval cycle for new products [3].

Core Viewpoint - The 21st China (Shenzhen) International Cultural Industries Fair emphasizes the integration of technology and culture, showcasing how technological innovations are transforming the cultural industry and creating new opportunities for production and consumption [1][2]. Group 1: Cultural Production and Innovation - The fair highlights the role of AI in accelerating the production processes of cultural products, such as promotional materials for literature and games, significantly reducing the time required for creation [2]. - Tencent's mixed model technology is being utilized to enhance the entire cultural content production chain, aiming to showcase Chinese stories globally [2][3]. - 37 Interactive Entertainment has integrated AI deeply into its business, with AI-generated videos accounting for nearly 80% of domestic and 70% of overseas distribution, demonstrating AI's strong content production capabilities [3]. Group 2: Cultural Consumption Experience - Robotics and VR technologies are being increasingly used in cultural tourism, enhancing visitor engagement and creating unique experiences [4][5]. - The introduction of humanoid robots in tourist attractions serves as a cultural ambassador, providing historical insights and enhancing visitor interaction [4]. - Innovative projects like VR experiences in cultural settings are being developed to upgrade traditional tourism offerings, providing immersive experiences that resonate with local culture [5]. Group 3: Cultural Transmission and Preservation - The use of technology, such as AI and VR, is broadening the channels for cultural dissemination and creating more engaging experiences for audiences [6]. - Initiatives like the "Digital Renewal of Chinese Opera Culture" leverage AI for restoring classic performances, ensuring the preservation of traditional arts [7]. - The integration of traditional cultural elements with modern technology is evident in various exhibits, showcasing a commitment to cultural confidence through technological advancement [7].

Core Insights - The brain-computer interface (BCI) sector is experiencing unprecedented growth driven by technology and capital, offering hope for patients with paralysis and signaling the potential for a new industrial revolution [1] - The first batch of flexible high-throughput semi-invasive wireless fully implanted BCI systems has been successfully implanted, showing over 98% efficiency in neural signal collection [1] - The market is witnessing significant capital interest, exemplified by Neuralink's successful $650 million Series E funding round, raising its valuation to $9 billion [8] Industry Development - Clinical validation is identified as a major bottleneck in the BCI technology's progress, with the need for solid clinical efficacy evidence before widespread commercialization [3][4] - Various BCI companies are actively conducting clinical trials, with a focus on enhancing system integration and expanding large-scale clinical validation efforts [3] - Cities like Beijing and Shanghai are implementing plans to accelerate the construction of clinical trial platforms to facilitate the conversion of technological achievements into practical applications [3] Application Scenarios - Semi-invasive and invasive BCI technologies are primarily focused on the medical field, providing potential recovery solutions for patients with paralysis, ALS, blindness, and deafness [5] - Non-invasive BCI technologies are gradually entering commercial use in medical rehabilitation, while also expanding into education, safety, and entertainment sectors [5][6] Capital Dynamics - The BCI industry is attracting significant capital investment due to its potential to revolutionize memory storage and human-machine interaction [8] - In addition to Neuralink, domestic companies are also securing substantial funding, with Shanghai Jieti Medical Technology completing a Series B funding round of 350 million yuan [8] - A-share listed companies are adopting dual strategies in invasive and non-invasive BCI technologies, with various firms actively developing related products and technologies [9] Industry Collaboration - The BCI industry is in a growth phase, with talent being a critical asset, necessitating collaboration across disciplines such as biomedicine, psychology, and computer science [9] - There is a call for enhanced communication and cooperation among industry players to build a complete and efficient industrial ecosystem, fostering the growth of the BCI sector [9]

Core Viewpoint - The company achieved a revenue of 69.897 billion yuan in 2024, representing a year-on-year increase of 28.27%, with a net profit of 3.624 billion yuan, up 19.94% year-on-year, slightly below previous profit expectations due to increased asset impairment provisions [1] Group 1: Financial Performance - In Q1 2025, the company reported a revenue of 17.063 billion yuan, a year-on-year increase of 10.10%, and a net profit of 429 million yuan, up 38.71% year-on-year [1] - The company’s comprehensive gross margin decreased by 0.70 percentage points to 15.89% in 2024, primarily due to the increased revenue share from assembly business and challenges in the automotive electronics segment [2] - The company forecasts net profits of 5.308 billion yuan, 6.433 billion yuan, and 7.767 billion yuan for 2025, 2026, and 2027 respectively, with slight downward adjustments from previous estimates [4] Group 2: Business Segments - The company’s revenue from smartphones, computers, smart cars, smart headsets, and other smart terminals in 2024 was 57.75 billion yuan, 5.93 billion yuan, 3.49 billion yuan, and 1.41 billion yuan respectively, with significant growth in assembly business [2] - The company is focusing on multiple new fields including foldable screens, AI glasses, automotive electronics, and robotics, which are expected to drive strong growth [3][4] - The company has established deep collaborations with leading clients in the robotics sector, developing various structural components and modules [3] Group 3: Market Outlook - The company is optimistic about the growth of its consumer electronics business driven by new product launches from major North American clients and increased market share in Android products [1] - The company maintains a target price of 29.4 yuan and a buy rating, reflecting confidence in its strategic positioning in emerging AI terminal markets [4]