Core Insights - Apple is secretly developing at least seven head-mounted devices, including three Vision series products and four smart glasses products [1] - No new head-mounted devices are expected to be launched in 2026, with multiple products planned for release starting in 2027 [1] - The smart glasses, similar to Ray-Ban, are projected to have a shipment volume of 3 to 5 million units in 2027, potentially driving the overall smart glasses market to exceed 10 million units that year [1] Vision Series Products - The Vision Pro M5 version is expected to begin mass production in Q3 2025, with an estimated shipment of 150,000 to 200,000 units, featuring an upgraded M5 processor while maintaining other specifications [3] - The Vision Air, set for mass production in Q3 2027, will have a new design that reduces weight by over 40% compared to Vision Pro, utilizing plastic instead of glass and magnesium alloy to achieve this [3] - A second-generation Vision Pro is anticipated to begin production in H2 2028, featuring a new design, reduced weight, and lower pricing, powered by a Mac-level processor [3] Smart Glasses Roadmap - The smart glasses, resembling Ray-Ban, are expected to start mass production in Q2 2027, with shipments projected to reach 3 to 5 million units or more [4] - These smart glasses will offer various frame and lens material options, with features including audio playback, camera, video recording, and AI environmental awareness, but will not have display capabilities [4] - Advanced XR glasses are planned for production in H2 2028, supporting voice control and gesture recognition, utilizing LCoS with waveguide display technology [4] Display Accessory Project - A previously undisclosed display accessory project, initially planned for mass production in Q2 2026, has been paused since Q4 2024 for reassessment and specification adjustments [5] - The accessory was designed to connect to Apple devices for display content, featuring Birdbath optical technology and electrochromic dimming as key selling points [5] - The project was paused due to competitive disadvantages, such as its weight of 120-130 grams compared to competitors' sub-100 grams [5] Market Dynamics - Before Apple launches its display-capable smart glasses, multiple brands are expected to release similar products to capture early market share [6] - Current technology and design improvements are necessary, suggesting that these early products may remain niche for the next two years [6]

Core Viewpoint - Apple is not expected to launch any new head-mounted devices in 2026, with plans to release multiple products starting in 2027, viewing head-mounted devices as a key trend in consumer electronics [1] Product Roadmap - **Vision Series**: - Vision Pro M5 version is planned for mass production in Q3 2025, with an expected shipment of 150,000 to 200,000 units, upgrading the processor from M2 to M5 while keeping other specifications unchanged [1] - Vision Air is set for mass production in Q3 2027, featuring a new design that is over 40% lighter than Vision Pro and will use Apple's latest iPhone processor at a significantly lower price [2] - A second-generation Vision Pro is expected to enter mass production in 2028, featuring a completely new design and a Mac-level processor [3] - **Smart Glasses Series**: - Apple’s smart glasses, similar to Meta's Ray-Ban, are planned for mass production in Q2 2027, with an expected shipment of 3 to 5 million units or more, supporting voice control, gesture control, audio playback, video recording, and AI environmental awareness [4] - XR glasses are scheduled for mass production in 2028 [5] Competitive Advantage and Challenges - Apple’s competitive advantage in the Vision series and smart glasses stems from its strong hardware development capabilities and ecosystem integration, while the main challenges lie in AI-driven systems and software [1]