Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Shanghai Conant Optical / Equity Bottom-Up

<ul>
<li>In 1H26, <a href="https://www.smartkarma.com/entities/shanghai-conant-optical-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:33004:1" rel="noopener">Shanghai Conant Optical (2276 HK) </a>reported revenue rise of 8% YoY buoyed by growth across segments like multifunctional lens (up 12%) and customized lens (up 37%).</li>
<li>In 1H26, the company kept up with its consistency of expanding its gross margins period after period, as margin expanded from 41% in 1H25 to 42.9% in 1H26.</li>
<li>Shanghai Conant’s demand outlook, capacity expansion plans, R&amp;D initiatives and margin strength offer a strong long term secular growth story.</li>
</ul>


In 1H26, Shanghai Conant Optical (2276 HK) reported revenue rise of 8% YoY buoyed by growth across segments like multifunctional lens (up 12%) and customized lens (up 37%).
In 1H26, the company kept up with its consistency of expanding its gross margins period after period, as margin expanded from 41% in 1H25 to 42.9% in 1H26.
Shanghai Conant’s demand outlook, capacity expansion plans, R&amp;D initiatives and margin strength offer a strong long term secular growth story.


Conant Optical (2276 HKG): 1H26 Revenue and Margins Expand; XR Lenses Growth Story Slowly Unfolding

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The MSCI EM vs.EAFE ratio (local currency) shows EM has outperformed relative to EAFE since the DXY peaked in November 2022, and also shows signs of reversing the 2-year downtrend.</li>
<li>As long as the DXY remains below $103.50-$106, we expect outperformance from EM to continue.</li>
<li>China/Hong Kong, Greece, South Africa, and Mexico stand out as attractive countries. Our top actionable Sectors include Communications, Consumer Discretionary, and Technology. We highlight 76 attractive EM stocks.</li>
</ul>


The MSCI EM vs.EAFE ratio (local currency) shows EM has outperformed relative to EAFE since the DXY peaked in November 2022, and also shows signs of reversing the 2-year downtrend.
As long as the DXY remains below $103.50-$106, we expect outperformance from EM to continue.
China/Hong Kong, Greece, South Africa, and Mexico stand out as attractive countries. Our top actionable Sectors include Communications, Consumer Discretionary, and Technology. We highlight 76 attractive EM stocks.


EM Outperformance to Continue (Vs. EAFE) -- Add on a Pullback; DXY Needs to Hold Below $106

MSCI Emerging Markets Index / Technical Analysis

We are no longer recommending an overweight to China (MSCI China) due to recent RS deterioration. Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS trends -- add exposure. MSCI EM Technology and Materials are our top two Sector overweights. Additionally, the EM Health Care Sector shows bullish price and RS inflections, making it a timely Sector to add exposure to at current levels.

We are no longer recommending an overweight to China (MSCI China) due to recent RS deterioration. Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS trends -- add exposure. MSCI EM Technology and Materials are our top two Sector overweights. Additionally, the EM Health Care Sector shows bullish price and RS inflections, making it a timely Sector to add exposure to at current levels.

Overweight EM Vs. EAFE; Dollar Weakness Continues

<ul>
<li>In 2025, <a href="https://www.smartkarma.com/entities/shanghai-conant-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:33004:1" rel="noopener">Shanghai Conant Optical (2276 HK)</a> reported revenue rise of 6% YoY to RMB 2.2M buoyed by growth of multifunctional lens (up 2%) and standardized lens (up 13%).</li>
<li>In 2025, the company kept up with its consistency of expanding its gross margins period after period, as margin expanded from 38.6% in 2024 to 42% in 2025.</li>
<li>Shanghai Conant’s robust demand outlook, capacity expansion plans, R&amp;D initiatives and margin strength offers a strong long term secular growth story.</li>
</ul>


In 2025, Shanghai Conant Optical (2276 HK) reported revenue rise of 6% YoY to RMB 2.2M buoyed by growth of multifunctional lens (up 2%) and standardized lens (up 13%).
In 2025, the company kept up with its consistency of expanding its gross margins period after period, as margin expanded from 38.6% in 2024 to 42% in 2025.
Shanghai Conant’s robust demand outlook, capacity expansion plans, R&amp;D initiatives and margin strength offers a strong long term secular growth story.


Conant Optical (2276 HKG): Revenue Rise, Margins Expand in 2025; XR Lenses To Pave Way For Future

Equity Capital Markets

Shanghai Conant Optical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-conant-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:33004:1" rel="noopener">Shanghai Conant Optical (2276 HK)</a> (2276 HK) announced the placement of 27M shares for subscription at HK$52 per share.</li>
<li>Company intends to use the proceeds majorly for construction of production line of XR supporting business, R&amp;D initiatives and working capital purpose.  </li>
<li>Given the current market price at which the stock is trading, the placement looks attractive. We continue to remain bullish on the name and the placement seems an opportune moment.</li>
</ul>



Shanghai Conant Optical (2276 HK) (2276 HK) announced the placement of 27M shares for subscription at HK$52 per share.
Company intends to use the proceeds majorly for construction of production line of XR supporting business, R&amp;D initiatives and working capital purpose.  
Given the current market price at which the stock is trading, the placement looks attractive. We continue to remain bullish on the name and the placement seems an opportune moment.


Conant Optical (2276 HK) Placement: Robust Outlook, Margin Strength Makes Growth Optics Clearer

Taiwan

Pegavision Corp is a result of a joint venture by Pegatron Corp and Kinsus Corp. The Company manufactures and sells soft contact lenses and other ophthalmic medical devices. Pegavision operates in Taiwan.

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Pegavision Corp (6491 TT)

Conant Optical (2276 HKG): 1H26 Revenue and Margins Expand; XR Lenses Growth Story Slowly Unfolding

In 1H26, Shanghai Conant reported revenue rise of 8% YoY to RMB 1.2B. Demand outlook, expansion plans, R&D initiatives and margin strength offer a...

Tina Banerjee

EM Outperformance to Continue (Vs. EAFE) -- Add on a Pullback; DXY Needs to Hold Below $106

EM vs. EAFE ratio (local currency) shows EM has outperformed relative to EAFE since the $DXY peaked in November 2022. If the DXY remains below...

Vermilion Research

Overweight EM Vs. EAFE; Dollar Weakness Continues

Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS...

Vermilion Research

Conant Optical (2276 HKG): Revenue Rise, Margins Expand in 2025; XR Lenses To Pave Way For Future

Shanghai Conant Optical (2276 HK) sees revenue rise in 2025, driven by growth in multifunctional and standardized lens. Expanding gross margins...

Tina Banerjee

Conant Optical (2276 HK) Placement: Robust Outlook, Margin Strength Makes Growth Optics Clearer

Shanghai Conant Optical (2276 HK) places 27M shares at HK$52/share for XR production line, R&D, and working capital. The placement is an opportune...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

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Conant Optical (2276 HKG): 1H26 Revenue and Margins Expand; XR Lenses Growth Story Slowly Unfolding

In 1H26, Shanghai Conant reported revenue rise of 8% YoY to RMB 1.2B. Demand outlook, expansion plans, R&D initiatives and margin strength offer a...

Tina Banerjee

EM Outperformance to Continue (Vs. EAFE) -- Add on a Pullback; DXY Needs to Hold Below $106

EM vs. EAFE ratio (local currency) shows EM has outperformed relative to EAFE since the $DXY peaked in November 2022. If the DXY remains below...

Vermilion Research

Overweight EM Vs. EAFE; Dollar Weakness Continues

Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS...

Vermilion Research

Conant Optical (2276 HKG): Revenue Rise, Margins Expand in 2025; XR Lenses To Pave Way For Future

​Shanghai Conant Optical (2276 HK) sees revenue rise in 2025, driven by growth in multifunctional and standardized lens. Expanding gross margins...

Tina Banerjee

Conant Optical (2276 HK) Placement: Robust Outlook, Margin Strength Makes Growth Optics Clearer

​Shanghai Conant Optical (2276 HK) places 27M shares at HK$52/share for XR production line, R&D, and working capital. The placement is an opportune...

Tina Banerjee

Shanghai Conant Optical (2276 HK) sees revenue rise in 2025, driven by growth in multifunctional and standardized lens. Expanding gross margins...

Shanghai Conant Optical (2276 HK) places 27M shares at HK$52/share for XR production line, R&D, and working capital. The placement is an opportune...