HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Frontera Therapeutics - The Promising Gene Therapy Pipeline and the Concerns Behind

Pre-IPO Suzhou Zelgen Biopharmaceuticals (A/H Listing)- Valuation Relies on Innovative Drug Pipeline

Pre-IPO Suplay - The Business Model, Peer Comparison and the Outlook

Equity Capital Markets

<ul>
<li>XREAL is one of the earliest companies to achieve commercial mass production of consumer-grade AR eyewear. Sales volume of high-end products soared, which drove the upgrading of overall profit structure.</li>
<li>Compared with peers, XREAL has long adhered to "spatial display" strategy, focusing on audio-visual and portable large screens. It failed to enter the AI glasses market in a timely manner.</li>
<li>The neutral scenario is P/S of 12-15x.Based on 2026 forecast, market value is RMB10.8 – 13.5 billion. Such valuation requires market recognition of XREAL's scarcity and Project Aura's growth expectations.</li>
</ul>


XREAL is one of the earliest companies to achieve commercial mass production of consumer-grade AR eyewear. Sales volume of high-end products soared, which drove the upgrading of overall profit structure.
Compared with peers, XREAL has long adhered to "spatial display" strategy, focusing on audio-visual and portable large screens. It failed to enter the AI glasses market in a timely manner.
The neutral scenario is P/S of 12-15x.Based on 2026 forecast, market value is RMB10.8 – 13.5 billion. Such valuation requires market recognition of XREAL's scarcity and Project Aura's growth expectations.


Pre-IPO XREAL - Thoughts on Valuation and the Outlook

XREAL Ltd

Pre-IPO XREAL - Thoughts on Valuation and the Outlook