● 本报记者 罗京 在第四届全球数字贸易博览会上，一副重量不足50克、形态近乎普通眼镜的乐奇AI+AR眼镜，让佩戴 者眼前实时浮现信息窗口，引得观众惊叹；不远处，秋果计划科技有限公司的展台上，观众们排队体验 Wigain Omnision XR智能眼镜的实时翻译和购物功能。一批AI智能眼镜产品正悄然改变人机交互的边 界。 业内人士表示，随着ChatGPT-4o及豆包视觉模型的发布，多模态AI加速落地，语音、视频及图片等交 互方式有望刷新市场对于AI能力的认知。AI与AR眼镜产品具备透视能力，同时，设备搭载摄像头、麦 克风及扬声器等多种传感器，可实现素材实时获取，有望成为多模态AI终端的更优选择。 解锁多元场景体验 成立于2021年的秋果计划，今年是第三次参加数贸会。在本届数贸会上，秋果计划展出了旗下首款融合 人工智能能力的全彩碳化硅光波导XR眼镜。据介绍，该款眼镜将视场角由行业AI眼镜的30°提升到 50°，升级视野，实现大屏体验；自研的绿洲系统让眼镜摆脱了手机，成为独立智能终端；融入智能体 Wigain，整合购物、翻译、社交等多元功能。 此外，数字技术、VR技术带来的娱乐消费新场景同样受到观众欢迎。时空精灵 ...

● 本报记者 罗京 在第四届全球数字贸易博览会上，一副重量不足50克、形态近乎普通眼镜的乐奇AI+AR眼镜，让佩戴 者眼前实时浮现信息窗口，引得观众惊叹；不远处，秋果计划科技有限公司的展台上，观众们排队体验 Wigain Omnision XR智能眼镜的实时翻译和购物功能。一批AI智能眼镜产品正悄然改变人机交互的边 界。 业内人士表示，随着ChatGPT-4o及豆包视觉模型的发布，多模态AI加速落地，语音、视频及图片等交 互方式有望刷新市场对于AI能力的认知。AI与AR眼镜产品具备透视能力，同时，设备搭载摄像头、麦 克风及扬声器等多种传感器，可实现素材实时获取，有望成为多模态AI终端的更优选择。 解锁多元场景体验 成立于2021年的秋果计划，今年是第三次参加数贸会。在本届数贸会上，秋果计划展出了旗下首款融合 人工智能能力的全彩碳化硅光波导XR眼镜。据介绍，该款眼镜将视场角由行业AI眼镜的30°提升到 50°，升级视野，实现大屏体验；自研的绿洲系统让眼镜摆脱了手机，成为独立智能终端；融入智能体 Wigain，整合购物、翻译、社交等多元功能。 "Wigain Omnision XR眼镜能够将手机、电脑的功能与应用 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company demonstrates confidence in its operations through mid-term dividends and continues to strengthen its AI layout [5] - The company reported a revenue of 6.935 billion yuan in the first half of 2025, a year-on-year increase of 5.06%, with a net profit attributable to shareholders of 384 million yuan, down 6.03% year-on-year [6] - The company plans to distribute a cash dividend of 3.60 yuan per 10 shares (including tax), with a dividend payout ratio exceeding 65%, reflecting a solid financial position and the ability to sustain profitability [6] Financial Performance - Revenue forecast for 2023 to 2027 is as follows: 13.447 billion yuan (2023), 15.587 billion yuan (2024), 18.840 billion yuan (2025E), 21.735 billion yuan (2026E), and 24.997 billion yuan (2027E) with growth rates of 16.05%, 15.92%, 20.87%, 15.37%, and 15.01% respectively [5] - The company’s innovative display products achieved a revenue of 899 million yuan in the first half of 2025, a year-on-year increase of 39.16%, with a shipment volume growth of 48.05% [6] - The smart interactive display products generated a revenue of 1.995 billion yuan, up 9.81% year-on-year, while smart TVs reported a revenue of 3.634 billion yuan with a gross margin of 11.88% [6] Profitability and Valuation - The forecasted net profit attributable to shareholders for 2025 to 2027 is 1.021 billion yuan (2025), 1.243 billion yuan (2026), and 1.453 billion yuan (2027), with year-on-year growth rates of 22.48%, 21.72%, and 16.94% respectively [7] - The current price-to-earnings (P/E) ratios are projected to be 15.91 (2025), 13.07 (2026), and 11.18 (2027) [7] - The company is actively enhancing its AI layout, venturing into AI glasses and companion robots, indicating a focus on innovation and market adaptation [6]

Group 1 - The core viewpoint of the articles highlights the strong performance of 康冠科技 in the first half of 2025, with significant revenue growth and improvements in cash flow, particularly in the innovative display products segment [1][2] - The company reported a total revenue of 6.935 billion yuan, with a non-GAAP net profit of 346 million yuan, reflecting a year-on-year growth of 10.62% [1] - Innovative display products generated revenue of 899 million yuan, marking a 39.16% increase year-on-year, with shipment volume rising by 48.05% [1] Group 2 - The innovative display products now account for 12.95% of the company's total revenue, achieving a milestone of surpassing 10% for the first time since being reported separately [1] - The gross margin for this segment increased by 1.14% year-on-year, indicating a successful combination of volume and profit growth [1] - The company is leveraging AI technology to enhance the performance of its innovative display products, with collaborations with 火山引擎 and the introduction of AI-powered products like the KTC AI interactive glasses [1][2] Group 3 - 康冠科技 announced a mid-year profit distribution plan for 2025, proposing a cash dividend of 3.6 yuan per 10 shares, which is expected to exceed 65% of the net profit attributable to shareholders for the first half of 2025 [2] - This marks the company's first mid-year cash dividend since its listing, in addition to its annual dividends [2]

Investment Rating - The industry investment rating is "Increase" [6] Core Viewpoints - The report highlights the release of DeepSeek-V3.1, which significantly upgrades its technical architecture and optimizes parameter precision to adapt to domestic chips, promoting the development of domestic computing power chips and the AI industry [16][33] - KTC's launch of the new KTC AI interactive glasses is seen as a positive development for edge-side investment opportunities, with the product gaining consumer recognition [17][33] - Google's Pixel 10 series emphasizes AI integration, indicating a recovery in the consumer electronics industry and presenting investment opportunities within the related supply chain [18][33] - The introduction of direct-write lithography equipment by Hefei Chip Microelectronics Equipment Co., Ltd. marks a significant breakthrough in the domestic supply chain, reinforcing confidence in domestic alternatives [19][33] Summary by Sections 1. Core Viewpoints and Investment Recommendations - The report recommends focusing on domestic computing power opportunities following the release of DeepSeek's new version [20] - It suggests investing in edge-side technologies due to the launch of KTC's AI glasses [20] - The consumer electronics sector is highlighted for its recovery potential, particularly with Google's new AI-integrated products [20] - The report emphasizes the importance of domestic supply chains, particularly with the introduction of new lithography equipment [20] 2. Market Review - The A-share Shenwan Electronics Index rose by 8.95%, outperforming the CSI 300 Index by 4.77 percentage points [21][24] - The semiconductor sector led the gains with a 12.26% increase, while the components sector lagged with a 1.68% increase [24][26] 3. Industry News - DeepSeek's V3.1 release marks a new phase in China's AI industry, focusing on domestic chip compatibility [33] - KTC's AI glasses are designed for comfort and functionality, supporting various AI features [33] - Google's Pixel 10 series showcases enhanced AI capabilities, reinforcing its commitment to integrating AI into consumer products [34] - The successful introduction of direct-write lithography equipment supports the domestic semiconductor packaging industry [34]

Financial Performance - In the first half of 2025, the company achieved revenue of approximately 6.935 billion CNY, a year-on-year increase of 5.06% [2] - Net profit reached 384 million CNY, with a non-recurring net profit of 346 million CNY, reflecting a growth of 10.62% [2] - Basic earnings per share were 0.55 CNY, and net cash flow from operating activities was 800 million CNY, up 180.43% [2] - The overall gross margin increased by 0.32% compared to the same period last year [2] Business Segment Performance - Innovative display products generated revenue of 899 million CNY, a year-on-year increase of 39.16%, with shipment volume up 48.05% [2] - Smart interactive display products achieved revenue of 1.995 billion CNY, growing by 9.81% year-on-year [3] - Smart TVs generated revenue of 3.634 billion CNY, with a gross margin of 11.88%, reflecting a year-on-year growth of 2.61% [3] International Expansion - The company's export revenue ratio increased to 87.95% during the reporting period [10] - KTC brand sales during the 2025 Amazon Prime Day surged by 381%, with GMV increasing by 348% [12] - FPD brand's overseas sales grew by 220% in 2025, particularly in the Japanese market, where sales increased by 166% [12] Cash Flow and Dividends - Operating cash flow improved significantly, reaching 800 million CNY, a growth of 180.43% due to reduced cash outflows [13] - The company announced a mid-term dividend plan, proposing a cash dividend of 3.60 CNY per 10 shares, amounting to a total of 253 million CNY, which is 65.76% of the net profit attributable to shareholders [4][14] Innovation and Product Development - The company is focusing on AI technology to enhance the value of innovative display products, with applications in various sectors including education and healthcare [5] - New product lines, such as the KTC AI interactive glasses, are being developed to cater to local market needs and are positioned as a domestic alternative to international competitors [9] - The company is exploring the development of a companion robot aimed at the elderly market, with various product forms under consideration [7]

Group 1 - KTC brand under Kangguan Technology launched several new products, including KTC AI interactive glasses, the latest esports monitor 25M1, and new AI smart all-in-one and portable screens, enhancing consumer smart interaction experiences [1][2] - The KTC AI interactive glasses feature Qualcomm Snapdragon AR1 chip, weighing only 39g, and support prescription lens replacement, catering to various user vision needs [1] - The glasses support multi-modal interaction through a comprehensive partnership with Volcano Engine's Doubao model, offering features like AI flash memory, AI multi-modal interaction, and AI translation [1] Group 2 - The new esports monitor 25M1 boasts FHD 400Hz refresh rate, designed for high-refresh users, ensuring smooth gaming experiences without motion blur or tearing [2] - KTC's new portable and desktop smart screens integrate AI capabilities, enabling touchscreen, AI voice, and gesture controls, enhancing user interaction [2] - KTC announced a strategic partnership with Volcano Engine to integrate Doubao model across its mobile screen products, boosting AI interaction capabilities and promoting the development of smart interaction technology [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The KTC AI interactive glasses have been officially launched at a starting price of 1499 yuan, with a promotional price of 999 yuan for the first 500 customers [2][3] - The global smart glasses market is expected to see significant growth, with a projected shipment of 1.568 million units in 2024, representing a year-on-year increase of 119% [4] - The company is positioned as a leader in the global smart display industry, with a stable revenue growth trajectory and a strong competitive advantage [5] Financial Projections - Revenue is expected to reach 176 billion yuan in 2025, with a year-on-year growth of 12.8%, and projected net profit of 9.7 billion yuan, reflecting a growth of 16.5% [6][8] - The earnings per share (EPS) is forecasted to be 1.39 yuan in 2025, with a price-to-earnings (PE) ratio of 18 times [6][8] - The company anticipates a steady increase in revenue and net profit over the next three years, with net profit expected to reach 14.2 billion yuan by 2027 [6][8]

Market Overview - The main board led the gains with notable stocks such as Dashij Smart (+10.14%), Yuanwanggu (+10.05%), and Zhongke Jincai (+10.01%) [1] - The ChiNext board saw significant increases with Hanbo High-tech (+20.00%) and Chengmai Technology (+20.00%) [1] - The Sci-Tech Innovation board was led by Diao Wei (+20.00%) and Chip Origin (+13.39%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+3.72%) and SW Robotics (+2.27%) [1] Domestic News - Aibang ARAI glasses were introduced by Kangguan Technology, featuring multi-modal interaction and AI capabilities [1] - Anno Logic Technology commenced a semiconductor packaging project aimed at upgrading its production capabilities, targeting an annual output of 10 billion chips [1] - Jingjia Micro announced a 220 million yuan investment in Chengheng Micro to enhance its smart computing business [1] - Huahai Qingke completed a strategic investment in Suzhou Bohongyuan, focusing on high-precision grinding and polishing equipment for compound and optical materials [1] Company Announcements - Zhongjing Electronics reported a total revenue of 1.618 billion yuan for H1 2025, a year-on-year increase of 21.29%, with a net profit of 18 million yuan, up 125.05% [3] - Dazhu CNC announced a revenue of 2.382 billion yuan for H1 2025, reflecting a 52.26% year-on-year growth, and a net profit of 263 million yuan, up 83.82% [3] - Lite Optoelectronics reported a revenue of 292 million yuan for H1 2025, a year-on-year increase of 18.84%, with a net profit of 126 million yuan, up 36.74% [3] - Luwei Optoelectronics achieved a revenue of 544 million yuan for H1 2025, a 37.48% increase year-on-year, with a net profit of 106 million yuan, up 29.13% [3] Overseas News - The global DRAM market reached a record high of 32.101 billion USD in Q2 2025, with SK Hynix holding a 38.2% market share [4] - TrendForce predicts that the penetration rate of foldable phones will rise from 1.6% in 2025 to over 3% by 2027, driven by Apple's upcoming products [4] - Samsung's Project Moohan headset received FCC certification, featuring a custom AndroidXR OS and Snapdragon XR2+ Gen2 chip for enhanced graphics [4] - NVIDIA is accelerating its entry into the humanoid robot market, with plans for production lines in collaboration with Foxconn [4]

Core Viewpoint - Shenzhen Kangguan Technology Co., Ltd. (Kangguan Technology) launched several new products, including KTC AI interactive glasses, esports monitor 25M1, and a new form of portable screen, emphasizing the integration of AI technology with diverse smart hardware to enhance user experience [2][3]. Product Launch Highlights - KTC AI interactive glasses feature a lightweight design at only 39g, powered by Qualcomm Snapdragon AR1 chip, and support prescription lens replacement. It includes a Sony IMX681 12MP wide-angle lens, HDR photography, EIS stabilization, and a dual stereo sound system with a full-array microphone for high-definition audio and video recording [2]. - The glasses have a built-in 173mAh battery for 4 hours of daily use, and with a 3000mAh charging case, total battery life can reach 32 hours [2]. - The glasses utilize AI capabilities through collaboration with Volcano Engine's Doubao model, offering features like AI flash memory for real-time information storage via voice or touch, AI image recognition for identifying plants and exhibits, and AI translation supporting 16 languages in both dialogue and simultaneous translation modes [3]. Esports and Smart Screen Innovations - The esports monitor 25M1 continues the Master Series design, featuring FHD 400Hz refresh rate to eliminate motion blur and tearing, providing an ultra-smooth experience for high-speed gaming [3]. - The new portable and desktop smart screens in the "随心屏" family integrate AI capabilities, supporting touch, voice, and gesture controls, allowing seamless connection with mobile devices and cross-device control [3]. Strategic Partnerships - Kangguan Technology announced a strategic partnership with Volcano Engine, integrating the Doubao model into its entire range of mobile screen products, showcasing the company's strength in hardware design and AI technology integration [3].