On March 3, Daoming Optics declared its intention to invest 30 million yuan of its own capital to increase the capital of Hefei Shoujing Technology Co., Ltd. (hereinafter referred to as "Shoujing Technology"), thereby acquiring an 11% equity stake.

According to the announcement, on February 27, Daoming Optics inked an agreement with multiple entities, including natural person Hu Ting, Shanghai Kejing Information Technology Partnership, and Hefei Gaotou Kezhuan Venture Capital Partnership. Under this agreement, Daoming Optics will subscribe to 299,625 yuan of newly increased registered capital in Shoujing Technology for 30 million yuan.

Upon completion of the transaction, Shoujing Technology's registered capital will rise to 2.723867 million yuan, and Daoming Optics will emerge as a significant strategic shareholder, with the privilege to nominate one director to participate in corporate governance.

Daoming Optics explicitly stated in the announcement that this investment is aimed at solidifying its presence in the AR smart terminal sector and fostering technological synergy with its wholly-owned subsidiary, Hangzhou Daoming Innovation New Materials, in the realms of optical design and ultra-precision machining of key optical components.

From a business standpoint, the synergistic benefits are evident. Daoming Optics has a long-standing involvement in functional films and polymer synthetic materials, boasting technological prowess at the material level, particularly in optical films. Shoujing Technology, on the other hand, specializes in core technologies for AR smart terminals, offering comprehensive services that span from display modules and spatial positioning modules to complete machine solutions. The two entities complement each other across different segments of the AR industry chain—Daoming Optics provides foundational materials and precision machining capabilities, while Shoujing Technology contributes system integration and terminal application expertise.

The allocation of funds further underscores this strategic direction. According to the announcement, all the additional capital will be earmarked for the project titled "an annual production line of 25,000 sets of AR glasses optical modules." In the cost structure of AR glasses, optical modules have consistently been the core segment with the highest technological barriers and the greatest added value. If the two parties can achieve technological harmony in ultra-precision machining and optical design, they are poised to cultivate differentiated competitiveness in vertical fields such as industrial inspection, security, and education.

In terms of financial performance, Shoujing Technology reported revenues of 12.9185 million yuan and 15.9225 million yuan in 2024 and 2025, respectively, with corresponding net losses of 4.7179 million yuan and 4.644 million yuan. The company has experienced losses for two consecutive years, and its revenue scale has remained at the ten-million-yuan level.

At present, Shoujing Technology is still in the nascent stages of business expansion, with a relatively modest overall revenue scale and has yet to establish a stable profit model. There may also be risks associated with failing to achieve the anticipated investment returns. Nevertheless, under these circumstances, Daoming Optics opted to exchange 30 million yuan for an 11% equity stake, clearly not driven by short-term financial gains.

Currently, the optoelectronic industry is evolving towards intelligent interaction capabilities. As the next-generation human-computer interaction interface, the core technology of augmented reality—optical display systems—is on the cusp of transitioning from the laboratory to mass production. Traditional optical material manufacturers can no longer sustain high gross margins by relying solely on basic products such as film materials and glass. Extending towards modularization and systematization has become an imperative choice.

Daoming Optics' investment in Shoujing Technology at this juncture is essentially leveraging capital to proactively secure core technologies and production line resources for AR optical modules. Once AR glasses experience a market surge, teams with mass production capabilities for optical modules and system design experience will become invaluable assets.

Regarding Daoming Optics' investment in Shoujing Technology, several points within the optical industry warrant scrutiny. Firstly, technological synergy necessitates profound integration at the governance level. Daoming Optics' appointment of a director to Shoujing Technology signals its intent to achieve substantive integration in areas such as research and development pace and product definition. Mere financial investment is unlikely to yield industrial value; it also demands intervention at the governance level to further ensure the realization of synergistic effects.

Secondly, the value of the industry chain is concentrating towards the upstream core components and downstream applications. Midstream processing and manufacturing enterprises are under pressure to transform, and vertical integration towards materials, components, and modules has emerged as a viable breakthrough path. Daoming Optics' expansion from functional films to AR optical modules epitomizes this trend.

Thirdly, AR technology has already demonstrated its application value in scenarios such as industrial maintenance and remote collaboration. Although Shoujing Technology is still relatively small in scale, its technological accumulation serves as a "technology radar" for Daoming Optics. AR optical companies deeply entrenched in niche scenarios still possess the potential to be re-evaluated by industrial capital.

Overall, the collaboration between Daoming Optics and Shoujing Technology represents a quintessential union of industrial capital and cutting-edge technology teams. This investment underscores the urgency for traditional optical companies to upgrade to high-value-added fields and also hints that the AR optical track may witness more profound involvement from industrial capital.