中国汽车供应链：日益多元化的汽车供应链-ARAI 眼镜-China Auto Supply Chain_ The increasingly diversified auto supply chain

Summary of Conference Call Notes Industry Overview - Industry: China Auto Supply Chain - Emerging Fields: The auto supply chain is diversifying into areas such as humanoid robotics, AI server liquid cooling, and AR/AI glasses, indicating a significant shift in focus and investment opportunities [2][5] Key Companies and Developments 1. Kedali - New Application: Expanded the application of battery structural parts from electric vehicles (EV) to AI glasses - Pricing: Custom-shaped battery structural parts for AI glasses command a higher price, valued at over Rmb10 per pair - Revenue Potential: Expected significant increase in shipments in 2026, potentially generating a few hundred million Rmb in revenue [3][5] 2. Shuanghuan - Product Expansion: Extending the application of its intelligent actuator into AR/AI glasses - Functionality: The actuator will be used for focusing adjustment modules, meeting requirements for both linear and rotational adjustments - Engagement: Currently engaging with leading AR/AI glasses manufacturers [4][5] Sector Implications - Diversification: The auto supply chain's diversification into emerging fields is expected to gradually yield returns as these sectors commercialize [5] Risks to the Sector - Demand Fluctuations: Potential dampening of demand for auto parts due to lower auto production - Price Pressure: Automakers may pass price pressures onto parts suppliers due to squeezed earnings from slowing car sales - Competition: Intensified competition could lead to price pressures - Cost Inflation: Rising raw material costs may increase auto part costs - Consolidation Risks: Worse-than-expected sector consolidation and product recalls due to quality issues are also concerns [8]