On June 16th, Biyi Shares announced that its AR glasses assembly line, located at the China-Italy Smart Manufacturing Base, has successfully secured its first batch of trial production orders, marking the entry of this manufacturing enterprise, which originally started as a contract manufacturer of small smart home appliances, into the AR/AI smart glasses market.

Amid the increasingly fierce competition in the 'AR Glasses Race,' the key highlight of Biyi Shares' move lies in its strategic investment and partnership with Lipai Optical, an optical technology collaborator.

Founded in 2012, Lipai Optical is a leading supplier of augmented reality near-eye display modules in the industry and a high-tech enterprise integrating R&D, production, and sales. Since its inception, the company has focused on waveguide display technology and is one of the few domestic enterprises with intellectual property rights layout (translated as 'layout' here for contextual meaning) in geometric waveguide modules. Its core team has years of industry experience in optics and AR.

The optical modules independently developed by Lipai Optical are characterized by their lightweight design, compact size, and excellent display performance, widely used in police, security, industrial, educational, medical, and other fields. The company possesses fully independent geometric waveguide intellectual property rights and innovative mass production processes, forming systematic solutions for geometric waveguide mass production and yield control.

Public information reveals that Lipai Optical has achieved an annual production capacity of 1 million AR geometric waveguide units and established a standardized advanced production line, making it one of the main domestic suppliers of AR waveguide modules.

In terms of technology, geometric waveguides and diffractive waveguides are the two mainstream optical solutions for AR glasses. Lipai Optical's unique value lies in its self-developed two-dimensional pupil expansion technology and molecular bonding process, providing core optical support for lightweight, high-definition, and high-transmittance AR glasses.

Biyi Shares' cooperation with Lipai Optical began at the capital level. In May 2024, Biyi Shares participated in Lipai Optical's Series B financing; in October 2025, Biyi Group led another round of financing for Lipai Optical.

After the two rounds of investment, Biyi Shares and Biyi Group hold 4.72% and 3.87% stakes in Lipai Optical, respectively. According to Biyi Shares' January 2025 announcement, its initial stake after the first investment was 5.3764%, which was later diluted to the current level due to Lipai Optical's capital increase and share expansion.

Image sourced from Qichacha

Despite the relatively small stake, the two parties have established a strategic partnership, engaging in in-depth collaboration in technology adaptation, capacity coordination, and terminal applications. For Biyi Shares, Lipai Optical's geometric waveguide modules are key technical components for its AR glasses business; for Lipai Optical, Biyi Shares' precision manufacturing and large-scale production management capabilities facilitate the terminal application of its optical modules. The complementarity of their industrial resources provides a practical foundation for the collaborative model of 'core optical technology + complete machine assembly manufacturing.'

From the perspective of production line construction progress, Biyi Shares' AR glasses project completed all production line construction in October 2025, covering the entire process from optical module adaptation, core component assembly, system debugging, to finished product inspection, meeting the high-precision and high-consistency production requirements of consumer-grade AR glasses.

The first batch of trial production orders came from Singaporean brand CYBERSIGHT's outdoor HUD smart display glasses, Zenith Pro. According to Biyi Shares, the production line operated stably during the trial production, with product yields reaching industry high standards, initially verifying the company's manufacturing capabilities and quality control in the high-end consumer electronics sector.

From an industry perspective, Biyi Shares' entry into AR complete machine manufacturing coincides with the scaling phase of the waveguide industry. According to IDC statistics, global smart glasses shipments (including audio, camera, and other types) reached 14.773 million units in 2025, a year-on-year increase of 44.2%; among them, the penetration rate of waveguide solutions in lightweight models continued to rise, driving demand for waveguide modules.

IDC's latest data shows that global smart glasses shipments reached 3.566 million units in the first quarter of 2026, a year-on-year increase of 130.1%; among them, AR/VR segment shipments reached 1.318 million units, a year-on-year increase of 85.9%.

Against this industrial backdrop, the synergistic effect between Biyi Shares' manufacturing capabilities and Lipai Optical's optical technology is transitioning from a collaborative concept to mass production verification.

For Lipai Optical, Biyi Shares' complete machine assembly line provides an important terminal application channel for its optical modules while also promoting its transition from an optical component supplier to an industrial role capable of collaborating on complete machine solutions.

Biyi Shares stated that AR/AI smart glasses are becoming an important direction in the consumer electronics sector. The company will adhere to an innovation-driven strategy, continue to increase investment in high-end manufacturing, and seize opportunities in consumer electronics upgrades.

This may mark a crucial step for geometric waveguide technology to transition from large-scale production of optical components to collaborative mass production of complete machine solutions. The future looks promising.