The AI glasses track is fiercely competitive with many contenders vying for dominance, as listed companies chase the trend of "GPT on the bridge of the nose."

With the rapid development of large model technology and the enticing performance of blockbuster products like Meta Ray-Ban smart glasses with massive shipments, in 2024, AI glasses will spark a new wave of smart glasses.

As a new blue ocean in the smart wearable market, AI glasses have attracted major tech giants like Apple, Samsung, and Amazon to invest. Domestically, manufacturers such as Huawei and Meizu are also actively deploying AI glasses. Recently, Baidu released the native AI glasses—Xiaodu AI Glasses—equipped with a Chinese large model, adding fuel to this hot track. The AI glasses boom is surging, and listed companies in the industry chain are eager to seize the opportunity at this windfall.

In the capital market, the concept of AI glasses has garnered significant attention. Since late September, AI glasses concept stocks have risen consecutively for three months. Recently, these stocks have been active, with several hitting daily limit-ups, including Zhuoyi Technology.

Despite the hot track, the AI glasses industry may still be on the verge of explosion. Western Securities’ research report indicates that 2025 is expected to become the year of AI glasses’ breakout. According to WellsennXR data and forecasts, starting in 2025, AI smart glasses will rapidly penetrate traditional glasses sales, which are expected to maintain steady growth. By 2035, sales could reach 1.4 billion pairs.

New products from various manufacturers emerge one after another, and the “Hundred Glasses Battle” begins

The earliest AI glasses can be traced back to 2012 when Google launched Google Glass. However, due to underwhelming market performance, Google suspended sales of the consumer version in 2015. Afterward, Meta and Ray-Ban collaborated in September 2021 to launch the first-generation smart glasses Ray-Ban Stories, but by February 2023, only about 300k pairs had been sold.

In September 2023, Meta and Ray-Ban unveiled the second-generation Meta Ray-Ban, weighing less than 50g, with a starting price of $299. The product became a hit, especially after adding AI features in April 2024, leading to a rapid increase in sales. According to IDC data, in Q4 2023 and Q1 2024, Meta Ray-Ban shipped 360k and 100k units respectively; by Q2 2024, shipments exceeded 1 million units.

The popularity of Meta Ray-Ban has ignited market enthusiasm for AI glasses, prompting domestic manufacturers to follow suit.

In May this year, Huawei held its summer full-scenario new product launch, officially releasing Huawei Smart Glasses 2 Square Sunglasses, priced at 2,299 yuan. The product runs on Huawei HarmonyOS 4 and is integrated with Huawei’s Pangu AI large model. In August, Hive Technology launched the Jiehuan AI Audio Glasses. In September, Meizu released the AI+AR smart glasses “StarV Air2,” featuring a tech-fashion look, with an AI system capable of real-time translation, voice recognition, and smart assistant functions.

Since November, domestic manufacturers have been intensively announcing AI glasses-related news, revealing a “battlefield.”

First, Baidu announced at the 2024 Baidu World Conference its native AI glasses—Xiaodu AI Glasses—equipped with a Chinese large model, featuring first-person shooting, walk-and-ask, object recognition encyclopedia, audio-visual translation, and smart memo functions, expected to launch in the first half of 2025.

Subsequently, Recar Technology released Looktech AI smart glasses on November 16; on November 18, Rokid launched the AI+AR glasses RokidGlasses, integrating Alibaba’s Tongyi Qianwen large model algorithm; on November 20, Shanjie Technology announced a multi-million RMB Series A funding round, and plans to jointly launch the first domestically produced AI shooting glasses with LOHO and iFlytek on December 19.

Notably, according to Wellsenn Information, Samsung Electronics also finalized an AI smart glasses project plan in early November, equipped with Google Gemini large model, with products scheduled for release in Q3 2025.

AI glasses concept is hot, and industry chain listed companies are racing to seize the opportunity

Mobile phone manufacturers and internet giants are entering the AI glasses track, pushing the industry’s heat to new heights. Industry chain listed companies are also eager to act, aiming to take the lead at this opportunity.

From the composition of AI glasses, the display lenses are undoubtedly a key component, involving major industries such as optics, displays, and chips. Listed companies like Crystal-Optech and Sunny Optical Technology can supply critical optical components like lenses and waveguides; companies like Hengxuan Technology and Rockchip provide SoC chips for computing and processing.

Leyard stated on investor interaction platforms that its optical motion capture technology can be used for positioning and 4D gesture tracking accuracy verification and testing in AI glasses. It has already supplied products to many domestic and international AR/VR glasses manufacturers.

In sensors, Well Electronics revealed that its image sensors excel in small size and low power consumption, highly matching the needs of AR, VR, and AI glasses. Additionally, its LCOS products, with high resolution, compact form, low power, and low cost, will support AR, VR, and emerging markets like AI glasses in terms of economic adaptability and scheme feasibility.

GoerTek, Lixun Precision, and Huacheng Technology, among others, leverage their strong assembly capabilities to become important manufacturers of smart glasses.

Among traditional glasses brands, Dr. Glasses began exploring the smart glasses track in 2022. It has established partnerships with industry AI glasses brands such as Thunderbird Innovation, Rokid, and Meizu, providing lens fitting services and sales channels. In August, Dr. Glasses and Thunderbird Innovation jointly established a joint venture. According to Thunderbird Innovation, the two will collaborate on R&D, sales, marketing, and service for new-generation AI glasses, with the first model expected to launch by late 2024.

Recently, several listed companies have disclosed their latest plans in AI glasses.

Jingwang Electronics stated that its HDI/Anylayer, flexible and rigid combined boards, flexible boards, and similar substrates can be used in AI smart glasses. The company closely follows the trend of terminal intelligence, actively participates in related scheme discussions and pre-research, preparing for future product expansion.

Huanxu Electronics introduced that AI glasses require lightweight, compact, and aesthetically unique designs, which SiP module technology can meet with advantages. Its SiP modules are already used in similar products for clients. Its wireless communication SiP modules are also applicable to AI glasses, with mass production planned for 2025.

Tianjian Co. recently stated that it has open audio technology, spatial audio technology, and other technical reserves, with the capacity to produce various headphones and smart glasses with sound and light-electronic features. The company continues to monitor AI technology development and applications, planning related business layouts based on market demand, its own business, and technological needs. Due to confidentiality, it cannot disclose OEM or potential client information for AI glasses.

“Currently, our company has signed cooperation agreements with several domestic and international eyewear brands in the AI glasses category. Our products are still in prototype and optimization stages, not yet mass-produced. The market is in its early development phase, consumer habits need cultivation, and market expansion still faces uncertainties,” Yidao Information said.

On November 25, Yingqu Technology stated on the investor platform that it is actively conducting pre-research on AI glasses-related products. On November 26, Xingchen Technology announced that it has invested R&D resources into AI glasses chips and is engaging with some clients, planning to launch products in 2025. The company’s low-power technology, industry-leading ISP visual effects, and advanced SOC capabilities, accumulated in security and outdoor scenarios without network or power, will be applied to AI glasses.

As various companies enter the scene, the AI glasses concept stocks have repeatedly surged in the secondary market this year.

In mid-August, AI glasses concept stocks experienced a surge in limit-ups, with several stocks hitting daily limit-ups. Dr. Glasses, from August 13 to August 16, consecutively hit four “20CM” limit-ups, with over 107% increase in four days; on August 16, Yashiguang Electronics hit four consecutive limit-ups. Since late September, the concept stocks have risen for three consecutive months, with 65 of 68 AI glasses stocks on Dongcai’s list seeing gains.

Recently, AI glasses concept stocks continued to rally. On November 28, Zhuoyi Technology hit a limit-up during trading, closing up 5.28%; Zhongke Laxun rose over 10%, Mingyue Lenses over 6%, with Dr. Glasses, Yidao Information, Juxin Technology, and Hengxuan Technology also climbing.

2025 is expected to be the year of AI glasses’ explosion

Although many manufacturers are actively deploying AI glasses, the industry may still be on the cusp of explosion. Industry insiders generally believe that 2025 could be the breakout year for AI glasses.

Zhongyin Securities’ research report suggests that recent entrants into AI glasses have strong hardware and software definition capabilities, and with the ecosystem centered around smartphones, their involvement will accelerate the industry trend: on one hand, improving application scenarios and hardware design; on the other, better expanding the interaction experience with mature application ecosystems (such as calling apps), enhancing practicality. AI glasses are expected to become a new type of hardware terminal from “0 to 1,” with 2025 likely being the release time for major new products.

“AI glasses are still in early development, but industry enthusiasm is rising, and the potential is large,” Zhongyin Securities noted.

Western Securities’ report believes that with the integration of multimodal interaction large models, the interaction mode of AI glasses will shift from “hardware serving users” to “large models serving users.” Multimodal large models can understand voice, images, and other input methods, enabling more efficient and streamlined human-computer interaction, thus increasing user acceptance.

From the industry chain perspective, Guangda Securities’ report states that since AI smart glasses currently do not require displays, removing upstream AR optical display and optical components, the upstream technology development is mature, and all segments of the domestic industry chain are highly developed and complete. AI glasses are poised for a breakout moment.

According to Wellsenn XR data and forecasts, global glasses sales will be about 1.56 billion pairs in 2023; in ten years, sales are projected to reach around 2 billion pairs; starting in 2025, AI smart glasses will rapidly penetrate traditional glasses sales amid steady growth; by 2029, annual sales could reach 55 million pairs; by 2035, sales may reach 1.4 billion pairs.

However, according to Yin Hang, an analyst at Zhongguancun Online’s Smart PC and Hardware division, the development of AI glasses faces significant challenges.

“Technologically, as AI applications deepen, the demand for chip performance increases. The addition of real-time computing and cloud AI also makes battery life a new challenge. In terms of comfort, although AI glasses have greatly improved compared to headsets, there is still room for further enhancement.”

Yin Hang believes that the long-term development of AI glasses depends on technological progress and innovation. Large models play a crucial role. They are the underlying force driving the development of niche AI glasses fields. Their diversification and hardware optimization directly impact the application ecosystem and user experience of AI glasses. Future AI glasses will need not only powerful local computing power but also compatibility with multiple devices, supporting diverse development paths.