Conant Optical surges 17% in two days as XR revenue skyrockets 1,475%

Hong Kong — Conant Optics (02276.HK) continued its upward momentum on September 22, rising over 8% for the second consecutive trading day. As of press time, the stock was trading at HKD 47.86, representing a daily gain of 8.97%. Over the past two sessions, the stock has accumulated a gain of 17.2%, reversing a recent trend of consolidation and pullback, with market attention significantly increasing.

Key Developments

Qidong Base Transformation

On September 12, the company held an inauguration ceremony for its Qidong base. The former wholly-owned subsidiary, Jiangsu Lantu Glasses, was officially renamed Jiangsu Conant Intelligent Technology Co., Ltd., with business registration updated to include:

• Wearable smart device manufacturing
• Virtual reality device manufacturing
• Optical technology R&D

The company previously acquired the remaining 51% equity to achieve 100% ownership. The Qidong base, Conant's largest production facility, currently serves as the core global delivery hub for traditional resin lenses. Going forward, it will undergo transformation to support XR Phase 2 and Phase 3 production lines, establish dedicated precision processing lines for XR lenses, and handle process validation and volume ramp-up for AR/AI eyewear optical components. The base plans a total supporting factory area of no less than 100,000 square meters, aiming to build an integrated XR optical manufacturing platform covering R&D, pilot production, and mass production.

Business Overview

Conant Optics is a global leader in resin lenses, with core operations spanning:

• Standard resin lenses
• Defocus function lenses
• Customized prescription lenses

In recent years, the company has entered the AI smart eyewear optical components赛道 and has become an optical partner for multiple AI eyewear brands.

Financial Highlights

In the first half of 2026, the emerging XR business emerged as the standout performer:

• XR revenue: RMB 50.5 million
• Year-on-year growth: 1,475.3%

The company has secured supply chain positions with multiple domestic and international smart eyewear clients and continues to expand production capacity in preparation for large-scale manufacturing.

Industry Context

• Traditional resin lens market: Entering a phase of stock competition, with slowing growth and competition concentrated in high-value-added segments such as high refractive index, customization, and functional lenses.
• XR smart eyewear industry: Transitioning from prototype development to small-scale mass production, driving rapid demand growth for upstream components including optical lenses and assembly.

Analyst Views

Several institutions have recently issued bullish reports:

• Huaxin Securities noted that Conant's XR business surged year-on-year in the first half. The company has made multiple strategic moves around XR, including:
• January 2026: Formed a joint venture with Goertek Optics
• February 2026: Raised funds through strategic placement to expand production lines
• April 2026: Acquired 51% equity in Jiangsu Lantu Glasses and initiated Phase 2/3 XR production line planning

Huaxin Securities is optimistic about the company's long-term value, which appears to support the recent strong stock rebound.

Cautious Perspectives

Some analysts remain cautious, noting that the current price increase may represent a phase rebound during an oversold period. Key risks include:

• Smart eyewear remains in early industrialization stages, with terminal shipment uncertainty
• XR lens order fulfillment may fall short of expectations
• Short-term revenue contribution from XR remains limited

Additionally, XR optical technology paths are diverse—including waveguide, resin, and thin-film solutions. If mainstream technology shifts, existing production lines could face depreciation pressure. The traditional lens industry remains highly competitive, with raw material price volatility continuing to impact gross margins. Driven by sector sentiment, the stock's short-term volatility may increase, with potential pullback risk after gains are realized.

Hong Kong Top 100 Assessment

Under the evaluation framework of the 13th Hong Kong Top 100, Conant Optics demonstrates strong competitive advantages as an optical hard-tech manufacturer:

• A rare global resin lens leader listed in Hong Kong
• Complete lens R&D and manufacturing capabilities
• Mature domestic and international sales networks
• Stable profitability from traditional core business
• Proactive positioning in the XR smart eyewear optical segment with realized revenue

The 13th Hong Kong Top 100 selection process has fully commenced, with candidate registration now open. Whether Conant Optics will gain recognition from the Hong Kong Top 100 Research Center's judging panel and successfully enter the candidate list remains a point of market interest.