GTHT has released a research report stating that AI glasses, due to the integration of more electronic components, feature a substantially larger industrial chain across upstream and downstream segments. The smart glasses industry chain is expected to enter a phase of rapid growth, with related companies poised to benefit from an upward cycle. XR startups frequently collaborate with traditional eyewear manufacturers. Driven by technological breakthroughs and new product launches, sales of AI glasses in China are experiencing rapid sequential growth. The firm recommends leading domestic lens brand Mingyue Optical Lens Co.,Ltd. (301101.SZ) and Impulse (002899.SZ). GTHT's primary views are as follows:
Ray-Ban Meta initiates a new cycle for smart glasses products. On September 28, 2023, MetaConnect 2023 commenced, marking the official launch of the new Ray-Ban Meta smart glasses, a collaboration between Meta and EssilorLuxottica. Equipped with speakers, cameras, and other components, Ray-Ban Meta shows improvements over the previous generation Ray-Ban Stories in image and video quality, audio performance, and wearability. On the software side, Ray-Ban Meta integrates Meta's self-developed large language model, Llama 3. Furthermore, Ray-Ban Meta features live streaming capabilities and seamless integration with Meta's social platforms like Facebook and Instagram, opening up new application scenarios.
The supply chain possesses consumer electronics attributes, with cross-industry acceleration in full-chain layout. Compared to the traditional eyewear industry chain, the AI glasses supply chain is significantly larger in scale and involves a greater number of participants due to the incorporation of more electronic components. The supply chain primarily includes hardware suppliers for chips, optical display sensors, audio, Bluetooth, etc., software suppliers for large models, and ODM/OEM manufacturers. On the brand and channel side, it mainly involves terminal brand owners and traditional eyewear brands. According to Tuoluo Research, companies entering the market (those that have released, unveiled, or demonstrated related products) mainly consist of five types of players: smartphone manufacturers, internet companies, XR firms, traditional eyewear manufacturers, and 3C companies. Among them, XR startups often partner with traditional eyewear manufacturers, accounting for a relatively high proportion of 45% due to the strong relevance of the wearable device business. Other 3C companies also show significant interest in AI glasses, comprising 21%. Internet and smartphone manufacturers, leveraging their mature industries, account for 18% and 16% of the entering companies, respectively.
Driven by technological breakthroughs and new products, China's AI glasses sales are growing rapidly quarter by quarter. According to Wellsenn data, domestic AI glasses sales reached 210,000 units in Q3 2025, a sequential increase of approximately 200%. Sales were primarily driven by models such as Xiaomi's AI Glasses, Lenovo's Thunderbird V3, Meizu's StarVAir2, MYVU, and unofficially channeled Ray-Ban Meta smart glasses. The launch of Xiaomi's AI Glasses in June 2025, followed by the release of the new generation Rokid Glasses, Baidu's Xiaodu AI Glasses, Alibaba's Quark AI Glasses, and Li Auto's Livis, among other major domestic new products, highlights key points including product feature upgrades and improved system software compatibility. 1) Xiaomi AI Glasses: According to XRVision, total sales of Xiaomi AI Glasses are projected to exceed 300,000 units by the end of 2025, with ongoing OTA optimizations for camera algorithms and the addition of live streaming support. 2) Alibaba's Quark AI Glasses, with a high starting price (S1 model starting at RMB 3,999), are driving hardware breakthroughs. Per Cailian Press, pre-orders for the first batch exceeded 5,000 units, selling out immediately upon listing across multiple channels, pushing the delivery cycle out to 45 days, with resale prices on secondary markets reaching over RMB 6,000. 3) Ray-Ban Meta: According to Wellsenn information, global sales reached 1.12 million units in Q3 2025, a sequential increase of nearly 50%. Risk warnings include potential shortfalls in product market promotion and intensifying industry competition.
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