iPhone诞生十周年之际，苹果掏出了iPhone X，凭借全面屏的设计，奠定了未来十年智能手机造型的雏形；但下一个十周年，iPhone可能不会是那个爆款， 取而代之的是一款能挂在胸口上的AI设备。 The Information透露，苹果正在秘密研发一款AI设备，整体造型设计类似于Airtag，拥有麦克风、摄像头，能被使用者佩戴在胸口上，定位是全天候的私 人AI助手。从设计到定位，这款AI设备都指向一款曾让世界震惊，却消失得无影无踪的AI PIN。 AI PIN在2023年首次展出，2024年4月开始向订购者发送产品，原计划发售10万台，最终仅售出约1万台。而海外媒体爆料称，AI PIN首批交付的产品里，出 现不少使用问题，退货率高居不下。也就是说，实际上留在用户手里的AI PIN远没有1万台。 由于销量不佳，AI PIN的设计公司Humane在2025年初宣布该产品停止销售，并且公司也进行分拆，部分团队被收入惠普旗下。一台号称能改变未来人们生 活方式的「AI First」产品，不到两年时间就彻底消亡。 卖不动其实并不是AI PIN最大的问题，其实很多初创公司推出的第一代产品往往销售成绩都不怎么样，但还是能 ...

Summary of Han's Laser Technology Conference Call Company Overview - **Company**: Han's Laser Technology (002008.SZ) - **Industry**: PCB (Printed Circuit Board) and IT Equipment Key Points IT Business Outlook - **Revenue Projections**: IT revenue, primarily from Apple, is expected to reach Rmb2.5 billion in 2025, reflecting a growth of approximately 17% year-over-year (YoY) [1] - **Future Growth**: Anticipated revenue growth of at least 30% YoY in 2026 due to the launch of iPhone 18, Apple's first foldable phone [1] - **Long-term Optimism**: Continued optimism into 2027 with potential new iPhone launches, including an all-glass model to celebrate the 20th anniversary of the iPhone [1] PCB Business Outlook - **Revenue Growth**: PCB revenue is projected to reach at least Rmb5.0 billion in 2025, with further growth to Rmb7.0 billion to Rmb10.0 billion in 2026 [1][3] - **Key Customers**: Victory Giant Technology (VGT) is expected to contribute Rmb1.0 billion to Rmb1.5 billion in revenue in 2025, up from Rmb300 million to Rmb400 million in 2024 [3] - **Emerging Customers**: Other Chinese PCB makers like Founder and Kinwong are expected to become customers for AI PCB equipment [3] Equipment Demand Insights - **Current Demand**: No notifications received from Apple supply chain companies regarding increased equipment demand for iPhone 17, but potential demand revision could occur in Q4 2025, estimated at Rmb100 million to Rmb200 million [2] - **Future Equipment Design**: Equipment design for iPhone 18 is expected to start in Q4 2025, with final demand expected to be confirmed by March 2026 [2] - **Drivers of Demand**: Increased demand for laser welding equipment driven by VC heat dissipation, camera upgrades, and the adoption of ultra-thin glass [2] Competitive Landscape - **Product Development**: Han's Laser is developing ultrafast laser drilling equipment to improve PCB drilling efficiency, targeting smaller vias compared to competitors [3] - **Market Position**: Despite competition from Mitsubishi Electric, Han's Laser aims to enhance its market position through improved product offerings [3] Financial Metrics - **Current Share Price**: Rmb42.590 as of September 24, 2025 [5] - **Target Price**: Rmb45.000, indicating an expected share price return of 5.7% and a total return of 6.1% [5][15] Risks - **Downside Risks**: Key risks include fewer-than-expected Apple orders, increased competition affecting margins, potential weakening of auto sales impacting high-power laser demand, and the emergence of substitute technologies [16] Conclusion - **Investment Outlook**: The conference call reinforced a bullish outlook for Han's Laser Technology, driven by strong anticipated growth in both IT and PCB segments, alongside strategic product developments and customer expansions [1][3][15]