当字幕在镜片中悄然浮现，语言壁垒也随之瓦解。凭借光学、AI与供应链三重突破，AR眼镜正迈向"iPhone时刻"。 站在香港铜锣湾、东京涩谷或上海南京东路，粤语、日语、英语、普通话和沪语交织起伏，勾勒出国际都市的独特音景。然而，听得懂的语言才是沟通的桥 梁，听不懂的语言却能在瞬间竖起屏障。 当下，语言障碍依旧是全球商业交流和文化传播的关键瓶颈。科技发展推动许多企业推出各类电子翻译机、翻译笔。据市场机构统计，仅翻译笔的2023年全 球市场规模，就已达到数亿美元。 但随之而来的，是在社交媒体上，关于翻译机、翻译应用的讨论频繁，准确率低、无法实时翻译等问题成为用户的主要吐槽点。 与翻译机和翻译应用相比，AR+AI眼镜的实时翻译效果开始让用户感到惊喜。 AR眼镜本身的增强现实显示能力与AI技术结合，让眼镜能够将语音或文本实时翻译成其他语言，并投影到镜片上，从而实现跨语言即时交流。 前不久，来自北京的AR眼镜老牌企业亮亮视野在韩国举办了Leion Hey2的新品发布会，现场，公司创始人兼CEO吴斐台上使用AR眼镜的提词功能进行中 文"脱稿演讲"，而台下来自全球各地的嘉宾则利用眼镜的实时翻译功能进行了长达两小时的"百人现场 ...

Industry Overview - The global language services market is experiencing unprecedented growth opportunities, with the translation industry market size estimated at approximately $69.3 billion in 2023 and projected to reach $84.9 billion by 2026 according to Nimdzi Insights [1] - CSA forecasts the market size for the same years to be $55.1 billion and $65.54 billion respectively [1] Company Profile - Liangliang Vision, a leading AR company from Beijing, has established a significant presence in the Chinese AR industry over its 11 years of technological accumulation [3] - The company has maintained the top position in shipment volume in the enterprise market for several consecutive years, serving notable clients such as China Southern Airlines and China Petroleum [3] - Liangliang Vision's industrial inspection solution was recognized alongside ChatGPT in the Harvard Business Review's 2024 Technology Trends list, highlighting its technical strength [3] Product Launch - The launch of the revolutionary Leion Hey2 AR translation glasses was showcased at a unique product release event in Seoul, South Korea, featuring a "live testing" format [3][4] - The Leion Hey2 glasses weigh only 49 grams and utilize advanced waveguide technology, achieving a lens thickness of just 0.4 mm, which is half the thickness of a credit card [4] - The glasses support real-time translation in over 100 languages with a latency of less than 0.5 seconds and a single charge lasting up to 8 hours, extendable to 96 hours with a charging case [4] User Experience - The Leion Hey2 transforms traditional translation device usage by employing a 360° sound source localization system and neural network noise reduction algorithms, maintaining a 98% recognition accuracy even in noisy environments [4] - The design allows users to naturally focus on conversation partners while translation subtitles appear 2-3 meters away, eliminating the need to look down at devices [4] Market Strategy - Liangliang Vision's strategic market positioning is evident from the success of its first consumer-grade AR subtitle glasses, Leion Hey, which sold over 30,000 units and achieved an average daily usage time of 150 minutes [6] - The Leion Hey product received the UNESCO "Global Top Ten Technology Innovation Award," establishing a strong foundation for the promotion of Leion Hey2 [6][8] Application Scenarios - Leion Hey2 addresses various cross-language communication needs across business meetings, travel, and international education, effectively serving as a "global barrier-free pass" [8][9] Future Outlook - The market response to Leion Hey2 has been enthusiastic, with over 10,000 units pre-ordered within two hours of the launch event, indicating strong market recognition [11] - Industry analysts predict that AR translation devices may become a phenomenon similar to smartphones within the next three years, driven by advancements in 5G networks and AI technology [11] - Liangliang Vision aims to become a foundational provider of global cross-language services, with its innovations reflecting the broader trend of Chinese companies transitioning from followers to leaders in the global AR industry [11]

Core Insights - The global language services market is projected to reach $53.91 billion in 2024, increasing to $61.87 billion in 2025, and potentially exceeding $90.82 billion by 2029, with China's market expected to grow by 20% to approximately 198.2 billion RMB in 2024 [1][2]. Company Overview - Liangliang Vision, a Chinese AR company, has been actively entering the billion-dollar language services market, leveraging its 11 years of experience in augmented reality technology [1][3]. - The company has developed smart glasses that have been implemented in various B2B scenarios, including manufacturing, healthcare, security, and logistics [1][3]. Product Launch and Features - The company launched the Leion Hey2 AR translation glasses in Seoul, capable of real-time translation in over 100 languages within 0.5 seconds, targeting diverse scenarios such as international meetings and travel [2][5]. - The Leion Hey2 weighs 49 grams and can operate continuously for 8 hours, with a portable case extending its battery life to 96 hours, achieving a balance in the "lightweight-performance-endurance" triangle [7][9]. Market Strategy - Liangliang Vision aims to consolidate its leading position in the enterprise market while strategically expanding into the global consumer market with the Leion series [5]. - The company has received significant investment from various institutions and has established a strong market presence, holding approximately 60% of the professional AR device market share in China [3][4]. Technological Innovation - The company has accumulated over 270 AR-related patents, covering critical areas such as optical design and AI algorithms, creating a robust technological moat [9]. - The integration of AI capabilities into AR devices has enabled large-scale applications in sectors like healthcare and security, enhancing the overall user experience [9]. Future Outlook - The AR glasses market is expected to grow rapidly, with the potential for AR devices to become as ubiquitous as smartphones, driven by increasing demand for cross-language communication and smart assistant applications [9].

日前，亮亮视野在韩国首尔举行发布会，正式发布AR翻译眼镜Leion Hey2。该产品以突破性的技术表 现，在轻量化、翻译性能和续航能力之间实现了难得的平衡。整机重量仅49克，支持100多种语言的实 时翻译，单机续航达8小时，搭配眼镜盒可实现96小时续航，树立了消费级AR设备新标杆。 亮亮视野 Leion Hey2亮相在法国Vivatech展会 值得关注的是，亮亮视野已经展现出全球化布局的战略眼光。前代产品Leion Hey曾获得联合国教科文 组织(UNESCO)评选的"全球十大科技创新奖"，新一代产品Leion Hey2韩国首尔发布，进一步彰显了公 司的国际化运营能力。这种全球化战略不仅有助于分散市场风险，更能充分把握不同区域的语言服务需 求。据悉，Leion Hey2近期还亮相法国Vivatech展会，和AWE美国洛杉矶展会，持续扩大国际影响力。 全球语言服务市场正迎来爆发式增长。据QYR(恒州博智)统计及预测，2023年全球机器翻译市场销售额 达5.42亿美元，预计2030年将达到12.22亿美元，年复合增长率(CAGR)为12.5%(2024-2030)。在这一快 速扩张的赛道中，亮亮视野旗下消费级品牌 ...

证券研究报告 2025 年 06 月 13 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3402.66 | 0.01 | | 深证成指 | 10234.33 | -0.11 | | 创业板指 | 2067.15 | 0.26 | | 科创 50 | 977.97 | -0.30 | | 北证 50 | 1424.38 | -0.25 | | 沪深 300 | 3892.20 | -0.06 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 654713 | 512111 | 12.07 | 1.25 | | 深证成指 | 226271 | 184517 | 20.06 | 2.12 | | 创业板指 | 58408 | 46189 | 27.19 | 3.78 | | 科创 50 | 33774 | 22095 | 52.83 | 4.07 | | 北证 5 ...