和手表、眼镜等产品不同，智能戒指尚未在大众消费市场风 靡，供应链端已然感受到了寒气与内卷，国内硬件圈被激起层 层涟漪。 作者：钱玉娟 封图：图虫创意 东莞某智能制造工厂厂长吴庆常站在工厂的流水线旁，听着客户采购拿着计价器在那核算，数字一 般会被精确到"分"。 "现在一枚智能戒指的加工利润，常常只有5毛到1块钱。"吴庆的工厂与多家厂商合作生产智能指 环等产品，"放在三年前，这（利润）根本不敢想。" 吴庆回忆，2022年，全球智能戒指巨头Oura凭借高价及订阅模式在全球规模出货，国内供应链还 处于观望状态。彼时工厂生产一枚智能戒指的出厂价能维持在180元-190元，经品牌溢价后，终 端售价可达800元—900元，工厂的加工利润也颇为可观。 随着Oura的持续火爆和中国品牌RingConn的异军突起，一切都变了。 和手表、眼镜等产品不同，智能戒指尚未在大众消费市场风靡，供应链端已然感受到了寒气与内 卷，国内硬件圈被激起层层涟漪。"一旦有厂商的单款硬件出货超过50万件，就会像神话一样传遍 整个供应链。"不只是吴庆，一众同行蜂拥而上，深圳几家原本生产非品牌智能手表的制造企业， 纷纷转做起了白牌智能戒指。 毛利低至5毛/ ...

Core Insights - The profit margins for smart ring manufacturing have drastically decreased, with current profits ranging from 0.5 to 1 yuan per unit, compared to much higher margins three years ago [2][4] - The rise of brands like Oura and RingConn has intensified competition in the smart ring market, leading to a saturation of the supply chain and a significant drop in profitability for manufacturers [3][4] - The market for smart rings is characterized by low barriers to entry, allowing many manufacturers to quickly replicate successful products, resulting in a "bloodbath" of competition [6][10] Industry Trends - The monthly shipment volume of smart rings in Shenzhen has reached approximately 800,000 units, with one factory accounting for about 1/9 of this total [4] - Many manufacturers are shifting focus to white-label smart rings, which offer lower profit margins but quicker returns [4][5] - The emergence of numerous similar products with identical functionalities has led to a significant reduction in average selling prices, with some products dropping below $10 [8][10] Competitive Landscape - Companies like Gyges Labs are attempting to differentiate themselves by focusing on innovative features, such as AI recording capabilities, rather than competing in the saturated health monitoring segment [9][10] - Major tech companies, including OPPO and ByteDance, are entering the smart ring market, although their current offerings have not yet achieved significant market traction [11][12] - The anticipated entry of larger players like Apple is expected to reshape the market dynamics, with many manufacturers currently adopting a wait-and-see approach [12][13] Market Opportunities - The smart ring market is projected to grow, with increasing interest from both consumers and manufacturers, particularly in health monitoring and payment functionalities [12] - The potential for smart rings to serve as entry points for broader ecosystems is being explored, particularly by companies like Ant Group [12] - The market is expected to see a shift towards more defined product offerings that cater to specific user needs, rather than generic products [12]