【招银国际】Global AI glasses: Ray-Ban Meta upbeat in 1H25,Xiaomi 500k target and Quark Glasses launch-250731（4页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 31 Jul 2025 CMB International Global Markets|Equity Research|Sector Update Technology Technology-Global AI glasses:Ray-Ban Meta upbeat in 1H25,Xiaomi 500k target and Qua

2、rk Global AI glasses:Ray-Ban Meta upbeat in 1H25,Xiaomi 500k target and Quark Glasses launch We reiterate our positive view on the booming AI glasses cycle,and we believe ongoing strength of Ray-Ban Meta glasses(+200%in 1H25),Xiaomi AI glasses bullish shipment target of 500k,strong product pipeline(

3、Meta/Xiaomi/Rokid/RayNeo/Quark)and improving ecosystem with more AI features/use cases will continue to pave wave for the AI glasses supply chain into 2H25E.Looking ahead,global/China smart glasses market is set to continue robust growth of 43%/121%YoY in 2025,based on IDC.As more tech players are e

4、ntering the AI smart glass market,we expect cost optimization and more gen-AI use cases will continue to drive demand in the next few years.Overall,we believe the tech supply chain will benefit from ongoing AI glasses cycle,including major tech brands(Xiaomi/TCL),optics players(Q-tech/O-Film),speake

5、rs/MEMS mic(AAC Tech),structural components(Luxshare/Lens/Lingyi/Everwin/TK),OEMs(Luxshare/Lens/Huaqin),customized lenses(Conant),and display(BOE/TCL).Ray-Ban Meta tripled sales in 1H25;Xiaomi to target 5mn shipment by 2027.We expect global AI glass market is poised for stronger growth in 2H25E,evid

6、enced by accelerating momentum for market leader,Ray-Ban Meta(sales up 200%YoY in 1H25),Xiaomis bullish AI glasses shipment target of 500k(link)and smartglass capacity expansion(10mn by 2026)by global largest eyewear company,EssilorLuxottica.In addition,Xiaomis mgmt.targeted its AI glasses shipment