作者 | 黄楠 编辑 | 袁斯来 硬氪获悉，AI智能运动穿戴品牌「苔源MossCode」近日完成数千万元天使轮融资，本轮由XVC和清流 资本共同投资。 MossCode隶属于深圳无垠动力科技有限公司， 目前估值已达1亿美金。 融资资金将用于扩充研发团队、保障产品稳定量产，产品计划于2026年上半年正式启动欧美市场发售。 MossCode创始人倪若阳曾是红杉TMT及硬科技方向的投资人，深度参与了云鲸、正浩等出海硬件项目 的成长周期。2023年，她加入正浩担任家庭储能事业部负责人、负责开拓欧洲家庭储能业务，一年内将 团队规模从10人扩展至百人，并实现首年10亿元营收。 联合创始人马潇本硕毕业于华中科技大学电气工程专业。曾任OPPO影像旗舰产品线负责人。团队中还 有多位来自OPPO、Apple、Suunto、高驰等头部企业的核心业务人员，曾主导多款标杆级运动手表的研 发，具备了从用户洞察到硬件交付再到商业变现的完整能力闭环。 很少有人预料到，倪若阳决定创业时，会选择回归一个更个人的命题——运动健康。学生时代，她曾是 赛艇队的运动员，训练时的一次重伤与漫长康复，让她对身体状态、运动恢复拥有超越数据指标的真实 理解。 ...

Core Viewpoint - The article discusses the rapid growth and success of JiuZhi Technology, a company specializing in smart rings, highlighting its innovative products and market strategies that have positioned it as a leader in the wearable health technology sector [3][5][27]. Company Overview - JiuZhi Technology was founded in 2021 and is headquartered in Shenzhen, China, focusing on the production and sale of smart rings [4]. - The company's flagship product, RingConn Gen 2, is noted for its lightweight design (2 grams), slim profile (2 mm thick), and long battery life (up to 12 days) [4][23]. - The smart ring is the first Chinese brand to enter the international market, currently available in over 190 countries [5]. Product Development - The RingConn Gen 1 was launched in late 2022, followed by the Gen 2 in 2024, which features enhanced health monitoring capabilities, including sleep apnea detection [19][23]. - The Gen 2 model has achieved significant sales, with over $4.4 million raised during its crowdfunding campaign [23]. Market Performance - During the 2025 Double 11 shopping festival, RingConn became the top-selling product on major platforms like JD and Tmall, with sales increasing by 2215% compared to the previous year [5][31]. - The global user base for JiuZhi Technology has surpassed 300,000, indicating strong market acceptance [29]. Industry Context - The smart ring market has seen a surge in demand, with a reported 49% increase in shipments at the 2026 CES, outpacing the 6% growth of smartwatches [3]. - Competitors in the market include established brands like Oura, which holds a 74% market share, and emerging companies such as Ultrahuman and Samsung, which are also entering the smart ring space [32][33]. Future Outlook - JiuZhi Technology aims to surpass Oura in sales and market presence, focusing on continuous innovation and product iteration to maintain a competitive edge [36]. - The company is positioning itself as a leader in digital health applications, transitioning from consumer electronics to medical health solutions [27].

Core Insights - The CES 2026 has officially commenced, showcasing the latest in technology innovation, with a particular focus on AI hardware products that continue to surge in popularity [1] - The Spark Ring, a smart voice ring, has emerged as a significant highlight at CES, attracting attention from global capital markets and tech media [5] Market Opportunity - The AI wearable market is currently experiencing a structural opportunity, with the global market size reaching $43.64 billion in 2025 and expected to grow at a compound annual growth rate (CAGR) of 27.83% starting in 2026 [8] - The smart ring segment is projected to reach a market size of $41.02 billion in 2026, with approximately 60% of wearable device users preferring compact, discreet devices over bulkier wrist-worn options [8] Product Positioning - The Spark Ring fills a market gap by aligning with the trend of "screenless, low-intrusiveness" hardware, offering a unique solution that allows for productivity enhancement in a compact form factor [8] - Unlike traditional AI recording devices, the Spark Ring integrates voice input directly into a wearable format, eliminating the need for cumbersome tools and enhancing user experience [12] Founder's Insight - The founder, Tang Chang, identified a "productivity paradox" where advanced tools have become less accessible due to high interaction friction, leading to the creation of the Spark Ring as a solution to capture fleeting ideas effortlessly [9][10] Technology and Innovation - The core technology behind the Spark Ring is the Real-time Cognitive Fusion Engine, which combines voice recognition, semantic understanding, intent reasoning, and structured knowledge generation [14] - This technology allows the Spark Ring to understand user intent and automatically organize tasks, creating a seamless workflow experience [14] Future Potential - Future developments for the Spark Ring include features like a finger snap activation and the ability to control mobile apps through voice commands, positioning it as a central hub for managing daily tasks [16][18] - The Spark Ring aims to redefine productivity tools by being unobtrusive and readily available at the moment of inspiration, promoting a lighter, more efficient future [18]

Consumer Behavior - Oura Ring user chose the middle finger size with the intention of switching to the index finger if they lost weight [1] - The Oura Ring became loose, indicating weight loss [1]

Core Viewpoint - Pebble has re-entered the wearable technology market with the Pebble Index 01 ring, a device that does not require charging and serves as an external memory for users, allowing them to record thoughts and reminders easily [4][19]. Group 1: Product Features - The Pebble Index 01 is designed to be lightweight, waterproof, and dustproof, with a battery life of up to two years without needing a charge [4][19]. - It features a simple design with no screen or vibration motor, consisting of a single button, a small LED light, and a microphone [13]. - The device allows users to record audio notes by pressing the button and speaking, with recordings stored locally and transmitted to the Pebble app for transcription [15][17]. Group 2: Market Position and Background - Pebble was a pioneer in the smartwatch market before being acquired by Fitbit in 2016, and it aims to differentiate itself from competitors by focusing on a niche product rather than entering the saturated smartwatch market [6][8]. - The Pebble Index 01 is priced at $75 during pre-sale, with a planned increase to $99 upon official release, making it an affordable option compared to traditional smartwatches [19][23]. Group 3: User Experience and Challenges - The product is designed for users who prefer a straightforward, offline method of recording thoughts, contrasting with the complexity of modern smartwatches and voice assistants [21]. - There may be challenges in user adoption, as the device requires users to develop a new habit of using a ring for voice recording instead of their smartphones [21].

Core Insights - The article discusses the significance of Heart Rate Variability (HRV) as a health indicator, emphasizing its role in monitoring stress, recovery, and overall heart health [1][2][3] - It highlights the differences in HRV measurement methods between consumer devices like Apple Watch and Oura Ring, focusing on their respective algorithms and accuracy [25][26][27] Group 1: Understanding HRV - HRV is defined as the variation in time intervals between consecutive heartbeats, reflecting the autonomic nervous system's regulation of the heart [4][6] - The article explains that a higher HRV indicates better adaptability and resilience of the body, while a lower HRV may signal stress or health issues [7][9] - It outlines the two primary algorithms used in consumer devices: SDNN (Standard Deviation of Normal-to-Normal intervals) and RMSSD (Root Mean Square of Successive Differences), each serving different purposes in health monitoring [10][14][27] Group 2: HRV Measurement Techniques - The article details the differences between medical-grade ECG measurements and consumer-grade PPG technology, noting that PPG measures pulse rate variability rather than true HRV [21][23] - It presents a study ranking various consumer devices based on their accuracy in measuring HRV during sleep, with Oura Ring performing particularly well [22][23] - The article emphasizes the importance of consistent measurement conditions for accurate HRV tracking, recommending specific times and states for measurement [24] Group 3: Practical Applications of HRV - HRV is recognized as a sensitive but non-specific biomarker, useful for indicating potential health issues but not for diagnosing specific conditions [16][17] - The article discusses the implications of HRV in disease monitoring, with studies linking low HRV to increased mortality risk and cardiovascular events [17][18] - It also highlights the role of HRV in optimizing training regimens and lifestyle adjustments, suggesting that daily HRV tracking can inform exercise intensity and recovery needs [19][20] Group 4: Consumer Device Comparison - Oura Ring is designed with a focus on sleep and recovery, utilizing a higher sampling frequency and a comprehensive scoring system that incorporates multiple health metrics [26][27] - In contrast, Apple Watch offers a more general health monitoring experience with lower HRV sampling frequency and less interpretative guidance [26][27] - The article warns against directly comparing HRV values across different devices due to variations in algorithms and measurement techniques [23][24]

Core Viewpoint - The article discusses the rise of smart rings, particularly the Oura Ring, highlighting its market success, competitive landscape, and the focus on sleep monitoring as a key feature [5][12][25]. Market Overview - Oura Health, a Finnish company, has sold approximately 3 million rings in the past year, with a valuation nearing $11 billion, doubling from $5 billion last year [5]. - Since 2015, Oura Ring has sold 5.5 million units and is projected to reach $1 billion in revenue by 2025, holding about 80% market share [6]. Competitive Landscape - New entrants like Dreame Ring from Zhiwei and Ultrahuman from India are emerging, with the latter expected to generate $64 million in revenue for the 2024 fiscal year [8]. - Chinese brand RingConn has become a top seller domestically and ranks second globally, recently completing a significant funding round [8]. - Major consumer electronics companies, including Samsung and Reebok, are also entering the smart ring market, indicating a potential replication of the smartwatch market dynamics [10]. Product Differentiation - Smart rings are lighter (3-6 grams) compared to smartwatches (40-70 grams) and smart bands (20-50 grams), making them more comfortable for long-term wear [13]. - The primary focus for most smart ring brands is on sleep monitoring, addressing pain points of traditional wrist-worn devices [14][15]. Technological Features - Oura Ring utilizes advanced sensors to monitor various health metrics, including heart rate and body temperature, providing users with health scores related to sleep quality and recovery [15]. - Other brands, like Ultrahuman and RingConn, are also focusing on specific sleep-related features, such as metabolic health analysis and sleep apnea monitoring [16]. Competitive Strategies - The competition is shifting from merely providing accurate data to offering understandable and actionable insights for users [23]. - Oura's dual business model of hardware and subscription services has proven effective, with about 20% of its revenue coming from subscriptions [25]. - RingConn is exploring the professional medical market, having received regulatory approval for its devices [27]. Ecosystem Integration - The article emphasizes the importance of ecosystem connectivity, suggesting that smart rings can serve as a hub for personal health management [28]. - The unique form factor of rings allows for seamless integration with other devices, enhancing their value proposition in the health tech landscape [27].

Core Insights - The Oura Ring, produced by Finnish company Oura Health, has become a popular health-monitoring smart ring, with a valuation nearing $11 billion after selling approximately 3 million rings in the past year, doubling its valuation from $5 billion last year [1][3] - The smart ring has gained traction among celebrities, becoming a symbol of style and personality, with notable users including Elon Musk, Mark Cuban, and LeBron James [1] - The market for smart rings is becoming competitive, with new entrants like Dreame Ring from Zhiwei and Ultrahuman from India, as well as established brands like Samsung and Reebok entering the space [3][5] Market Dynamics - Oura Ring has sold 5.5 million units since 2015 and is projected to reach $1 billion in revenue by 2025, holding approximately 80% market share [1] - The competition is expected to mirror the smartwatch market, where startups pave the way for larger companies to enter [5] - The current period is crucial for smart ring companies to solidify their positions before major players like Apple potentially enter the market [6] Product Features and Differentiation - Smart rings, including Oura, are lighter (3-6 grams) compared to smartwatches (40-70 grams) and smart bands (20-50 grams), making them more comfortable for long-term wear, especially during sleep [7] - Oura Ring is designed for sleep monitoring, addressing pain points of traditional wrist-worn devices, such as discomfort during side sleeping and screen light interference [7] - Oura Ring incorporates advanced sensors to monitor various health metrics, including heart rate and body temperature, and provides health scores based on complex algorithms [7][14] Competitive Landscape - Other brands are focusing on niche sleep-related features, such as Ultrahuman's emphasis on sleep and metabolic health and RingConn's clinical-grade sleep apnea monitoring [8][10] - The competition is shifting from merely accurate data collection to providing understandable and actionable insights for users [13] - Oura's dual business model of hardware and subscription services has proven effective, with 20% of its revenue coming from subscriptions [14] Strategic Moves - Oura has made strategic acquisitions, such as Dreamset, to enhance its personalized sleep solutions and has expanded into the enterprise market with "Oura for Business" [14] - RingConn has achieved medical device certification, positioning itself in the professional healthcare market for sleep disorder management [14] Ecosystem Integration - The small size and continuous contact of smart rings with the body provide unique advantages for integration with other health devices, enhancing their value proposition [15] - The future of smart rings is evolving towards becoming central hubs for personal health management, emphasizing brand accumulation and ecosystem connectivity [15]

Core Insights - The article discusses the rapid growth and valuation of the smart ring industry, particularly focusing on the success of the Oura Ring, which has seen its valuation soar from $5.2 billion to $11 billion in less than a year due to increased demand and innovative features [5][27]. Market Growth - The global smart ring market is projected to grow from $2.67 billion in 2023 to $4.46 billion in 2024, reaching $34.87 billion by 2032 [5][7]. - The U.S. smart ring market revenue is expected to reach $9.04 million by 2029 [5]. Company Performance - Oura Ring's sales have surged, with cumulative sales surpassing 5.5 million units by September 2025, with significant growth occurring in 2025 alone [8][19]. - The company achieved $500 million in revenue in 2024, with projections to double this figure to over $1 billion in 2025 [19][26]. Leadership and Strategy - The appointment of Tom Hale, a former president of SurveyMonkey, marked a pivotal moment for Oura, leading to a strategic shift towards AI-driven health management [9][18]. - Hale's strategy focuses on transforming Oura from a sleep tracking device to a proactive health management platform, integrating personal health data with healthcare providers [18]. Product Features - Oura Ring utilizes advanced sensors to monitor various health metrics, providing users with scores for readiness, sleep quality, and activity levels [22][23]. - The introduction of the "Health Panels" feature allows users to schedule lab tests and receive results directly through the app, enhancing the platform's functionality [24]. Business Model - Oura has shifted from a one-time hardware sales model to a dual revenue stream of hardware sales and subscription services, with a monthly fee of $5.99 for full access to data analysis [26]. - The revenue structure is healthy, with approximately 80% coming from hardware sales and 20% from high-margin subscription services, leading to an annual recurring revenue (ARR) of $144 million by 2024 [26]. Competitive Landscape - The smart ring market is becoming increasingly competitive, with major tech companies like Samsung entering the space with products like the Galaxy Ring, which integrates more ecosystem features [30][31]. - Emerging brands such as Ultrahuman Ring and RingConn are also targeting similar markets, indicating a growing interest in smart health monitoring devices [33].

Core Insights - The smart ring market is experiencing significant growth, highlighted by Oura's recent $900 million funding round, raising its valuation to $11 billion, more than doubling from the previous year [1][15] - Oura has sold 5.5 million rings since 2015, with 3 million sold last year alone, generating $500 million in revenue, projected to reach $1 billion by 2025 [1][15] - Major brands like Reebok and Chasing have entered the smart ring market, indicating a shift towards health technology [1][2] Market Dynamics - Smart rings offer advantages over traditional fitness bands, such as smaller size, convenience, and more reliable data from finger-based sensors [2] - The market is evolving with various companies adopting unique strategies to differentiate their products [3][12] Company Strategies - Oura focuses on health, particularly sleep monitoring, integrating various health metrics into a single platform, and emphasizing data accuracy [3][4][6] - Reebok positions its smart ring as a training aid, emphasizing real-time feedback on training and recovery rather than just health metrics [8][10] - Chasing emphasizes user interaction, offering features like gentle wake-up vibrations and health monitoring without the need for constant app checking [12][14] Business Model Evolution - The smart ring industry is transitioning from hardware sales to a data-centric business model, with companies like Oura implementing subscription services for ongoing health insights [15][16] - Oura's model includes a one-time device purchase and a monthly subscription for app access, with 20% of its revenue coming from subscriptions [16] - Reebok's smart ring includes a year of fitness app membership, promoting a "hardware + content + service" approach [16] B2B Opportunities - Companies are exploring enterprise-level health collaborations, with Oura and Reebok forming partnerships to integrate their products into corporate wellness programs [17][18] - The shift towards B2B services enhances customer lifetime value and allows for data accumulation, positioning smart rings as essential tools for health management [18] Future Outlook - The smart ring industry is moving towards a model that emphasizes insights over mere data collection, with advancements in AI and sensor technology enhancing their capabilities [19]