In-Depth Analysis of Investment Opportunities in the Billion-Dollar AI Sports & Health Hardware Industry Chain

I have collected abundant materials, and now I will provide you with a systematic and comprehensive analysis.

The AI sports & health hardware market is experiencing unprecedented explosive growth. According to Mordor Intelligence data, the global sports AI market boasts a compound annual growth rate (CAGR) of

, and is projected to exceed by 2030; the global sports technology market is expected to reach by 2026[1][2]. This growth is mainly driven by the following factors:

1. Consumption Upgrade and Enhanced Health Awareness
   : Global consumers have significantly increased their emphasis on health management in the post-pandemic era
2. Increased Maturity of AI Technology
   : Breakthroughs in large model technology have endowed AI hardware with stronger intelligent capabilities
3. Strong Policy Support
   : The Chinese government has included smart wearables and fitness equipment in the consumer goods trade-in subsidy program, offering a subsidy of
   15% of the product’s selling price
   for smart glasses, with a maximum subsidy of RMB 500 per unit[3]
4. Prominent Cost-Effectiveness
   : AI hardware is replacing personal trainer services that cost over $100 per hour, offering significant cost advantages

As one of the world’s largest AI hardware industrial bases, China has significant competitive advantages in the AI sports & health hardware sector:

• Supply Chain Advantage
  : Over 400 tech enterprises from Shenzhen account for approximately 1/3 of Chinese exhibitors, close to 1/10 of the total global exhibitors[4]
• Leading Technological Innovation
  : RayNeo holds a
  24%
  share of the global AR glasses market (Q3 2025)[5]
• Diverse Application Scenarios
  : Covering multiple segments such as smart fitness mirrors, sports sensors, AI glasses, and smart exoskeletons

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Panorama of the AI Sports & Health Hardware Industry Chain
├── Upstream: Core Components and Technical Support
│   ├── Sensors (Motion, Biometric, Environmental Sensing)
│   ├── Chips (AI Computing, Power Consumption Control, Communication)
│   ├── Optical Modules (Waveguide, MicroLED, Display)
│   ├── Batteries and Power Management
│   └── Software Algorithms (Motion Recognition, AI Coach, Data Analysis)
│
├── Midstream: Equipment Manufacturing and Integration
│   ├── Consumer-Grade Wearable Devices
│   ├── Smart Fitness Equipment
│   ├── Professional Sports Equipment
│   └── Medical Rehabilitation Equipment
│
└── Downstream: Applications and Services
    ├── B-end (Gyms, Schools, Medical Institutions)
    ├── C-end (Individual Consumers)
    └── Platform Services (Data Analysis, Cloud Services, Content Ecosystem)

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: A core component of smart wearable devices, directly determining product performance

:

• Actions Semiconductor (688608)
  : Leading wearable SoC chip provider, has been adopted by multiple AI glass brands[6]
• OmniVision Group (603501)
  : Leading image sensor enterprise, exclusive supplier of eye-tracking modules for Xiaomi AI glasses[3]
• BIWIN Storage (688525)
  : Core target for edge-side AI storage, its ePOP products have been adopted by Meta, Google, Xiaomi, Rokid, RayNeo, etc.[3]
• Chipsea Technology
  : Its pressure touch products are applied to Alibaba Quark AI glasses[7]

:

• AI hardware has continuously increasing requirements for sensor accuracy and power consumption
• Huge space for domestic substitution; reliance on imported high-end sensors remains high
• Benefiting from the rapid growth of shipments of smart glasses and smart fitness equipment

: Domestic AI glasses shipments reached in 2025, representing a year-on-year growth of over 120%[7]

:

• RayNeo
  : Completed Series C financing in November 2025 and raised over
  RMB 1 billion
  in January 2026, holding a leading global market share[7]
• Rokid
  : Orders for its Leqi AI glasses reached
  300,000 units
  , becoming the first display-equipped smart glasses to achieve large-scale commercialization[7]
• XREAL
  : Completed approximately RMB 200 million in strategic financing in April 2025, and relocated its headquarters to Pudong, Shanghai[7]
• INMO Technology
  : Completed over RMB 150 million in Series B2 financing in 2025[7]

:

• Has been included in the 2026 consumer goods trade-in subsidy program
• Giants such as Alibaba, Huawei, and Xiaomi have intensively entered the market
• Scenarios are expanding from entertainment to rigid demand areas such as office work, navigation, and payment

: Strong demand for personalized fitness guidance

:

• Ledong Tianxia (Beijing) Sports Technology
  : Independently developed an AI intelligent detection module; traditional equipment can be intelligently upgraded by installing this module, and the network supports tens of thousands of people competing online simultaneously[8]
• Saipu Fitness
  : AI serves as a “backstop” for all coaches, raising service standards to above 80 points[9]
• Bige Sports
  : Uses wearable device data + AI algorithms to build a personalized vitality value management system[9]

:

• The transformation to the “hardware + service” business model has become an industry consensus
• Data accumulation forms competitive barriers
• The SaaS subscription model features recurring revenue

---

: Demand for intelligent upgrading of traditional fitness equipment

:

• Shuhua Sports (605299)
  : Launched smart treadmill products such as SH-T9100T, equipped with 21.5-32 inch large screens
• AI Fitness Mirrors
  : Product matrix including Baidu Xiaodu’s smart fitness mirror, smart rowing machine, smart skiing machine, etc.

:

• Smart Spin Bikes (Peloton model, AI-connected competitions)
• Smart Rowing Machines (Indoor virtual rowing)
• Smart Ski Simulators (Posture analysis and AI guidance)

:

• Technological applications such as smart venues and unmanned gyms are “blooming in multiple areas”
• Business model innovation of shared connected AI sports stores
• Growing B-end procurement demand from schools, communities, enterprises, etc.

: The global fitness tracker market reached in 2025, and is projected to reach in 2026[10]

:

Company	Projected CAGR	Revenue Scale	Core Advantages
Apple	18.5%	$383B+	Health ecosystem integration
Xiaomi	21.5%	$41.9B+	Price advantage, emerging market penetration
Samsung	17.1%	$200B+	Biometric sensing technology
Garmin	15.2%	$5.3B+	GPS sports tracking
Fitbit	14.8%	$1.6B+	Google ecosystem integration

:

• The low-end market is dominated by Chinese enterprises such as Xiaomi
• The high-end market is controlled by Apple, Garmin, etc.
• There are differentiated opportunities in niche segments (professional sports, medical-grade monitoring)

: Driven by both medical rehabilitation and sports assistance

:

• Fourier Intelligence
  : Leading rehabilitation exoskeleton enterprise
• UBTECH
  : Extends humanoid robot technology accumulation to the rehabilitation field
• Aoyi Technology
  : Integrates brain-computer interface and exoskeleton technologies

:

• Knee Exoskeletons (Sports Assistance)
• Stroke Rehabilitation Exoskeletons
• Industrial Load-Bearing Exoskeletons

:

• Rigid demand in an aging society
• Expectation of medical insurance coverage
• High technical threshold, relatively stable competitive landscape

---

:

• JBD (Shanghai Xianyao)
  : Completed Series B1 and B2 financing consecutively in 2025, with Series B2 financing exceeding
  RMB 1 billion
  , setting a new industry record[7]
• WaveOptics Technology
  : Leading in waveguide technology
• NED+
  : Completed Series C3 and C4 financing in 2025, offering free-form surface AR optical solutions[7]
• Syares Technology
  : Silicon-based OLED micro display, its IPO was approved at the review meeting on December 24, 2025, with a planned fundraising of approximately
  RMB 2.015 billion
  [7]

:

• A core bottleneck segment for smart glasses
• Accelerated breakthroughs in core technologies such as MicroLED and waveguide
• Benefiting from the growth of AR/VR product shipments

:

• Southchip
  : Provides long-lasting battery life power chip solutions for Alibaba Quark AI glasses[7]
• CATL
  : Has technical reserves for small batteries for wearable devices
• CALB Group
  : Leading polymer lithium-ion battery provider

:

• A core breakthrough point for the “impossible trinity” of smart glasses (lightweight, high performance, long battery life)
• Continuous demand for iteration of fast charging and low-power consumption technologies

---

Ticker Symbol	Company Name	Core Business	Investment Highlights	Institutional Rating
688608	Actions Semiconductor	Wearable SoC Chips	Strong AI terminal implementation capability	Recommended by multiple institutions
688525	BIWIN Storage	AI Storage Chips	Core target for edge-side AI storage, benefits from Meta/Xiaomi/Rokid	Rated by 10 institutions
603501	OmniVision Group	Image Sensors	Exclusive supplier of eye-tracking modules for Xiaomi AI glasses	Recommended by China Post Securities
301573	Tianjian Co., Ltd.	Audio/AI Glasses	Annual production capacity of over 100,000 units, full coverage from audio glasses to AI glasses	Recommended by Huaxi Securities
605299	Shuhua Sports	Smart Fitness Equipment	Smart treadmill product matrix	Industry boom on the rise
002589	Mingyue Optical	Optical Lenses	Exclusive optical partner for Xiaomi AI glasses, gross profit margin of 78.6%	Recommended by Huafu Securities

Based on ratings from over 5 institutions, the following 18 concept stocks are unanimously predicted by institutions to achieve net profit growth of over

in 2026 and 2027[3]:

• Yujing Co., Ltd., Maxscend Microelectronics, Memsic Semiconductor, BIWIN Storage
  : Institutions predict net profit growth of over
  100%
  in 2026
• Chip Semiconductor Chain
  : Actions Semiconductor, Sinowealth Electronics, Goodix Technology
• Sensor Chain
  : Memsic Semiconductor, Raytron Technology, Wuhan Guide Infrared
• Optical Display Chain
  : Syares Technology (IPO pending), BOE Technology Group, TCL Technology

---

Ticker Symbol	Company Name	Market	Investment Highlights
02635.HK	Nobile (Ledong Tianxia Concept)	Hong Kong Stock Market	AI fitness technology concept, up 331%[11]
PTON	Peloton Interactive	US Stock Market	Smart fitness equipment + subscription service model
02513.HK	Zhipu AI (Z.ai)	Hong Kong Stock Market	AGI leader, investment portfolio includes multiple tech companies[12]

---

Company	Financing Round	Amount	Investors
RayNeo	Series C / Early 2026	Over RMB 1B	CITIC Jinshi, etc.
INMO Technology	Series B2/B3	Over RMB 150M+	Primavera Capital Group, etc.
XREAL	Strategic Financing	Approximately RMB 200M	Pudong Venture Capital
Viture	Series B	Approximately $100M	-
Lightbit Technology	Series A+	Over RMB 100M	-
JBD	Series B1/B2	Over RMB 1B for Series B2	-

Company	Field	Features
Tenniix	AI Tennis Robot	Highlight product at CES 2026
PongBot	Smart Shooting Training	AI replaces personal trainer services
Haoyi Xingchen	AI Massage Roller	Sports rehabilitation equipment
XenRobo	Knee Exoskeleton	Sports assistance
Yunwang Innovation	Sports Sensors	Domestic substitution
Zhi Jing Wei Zhi/BleeqUp	AI Sports Glasses	World’s first mass-produced AI sports glasses
Xiaodu Technology	AI Glasses Pro	Baidu ecosystem integration
Dreame Technology	Smart Hardware Platform	XbotPark incubation system

---

• Chip Leaders
  : Actions Semiconductor, BIWIN Storage (Core of AI hardware computing power)
• Sensor Leaders
  : OmniVision Group, Memsic Semiconductor (Core of data collection)
• Brand Whole Machine Providers
  : Xiaomi Group (Complete smart wearable ecosystem)

• Emerging Brands
  : Mingyue Optical (Cooperation with Xiaomi AI glasses), Tianjian Co., Ltd. (Capacity release)
• Optical Modules
  : Syares Technology (IPO dividend), NED+ (Technological breakthrough)

• AI Glasses
  : Sector-wide opportunities, benefiting from policy subsidies + technological breakthroughs
• Smart Fitness
  : Replication of Ledong Tianxia’s model, accelerated B-end penetration
• Exoskeleton Rehabilitation
  : Long-term theme of aging population

Risk Type	Specific Description	Response Suggestions
Technological Risk	Chip manufacturing process and optical technology iteration fall short of expectations	Focus on technology-leading enterprises
Market Risk	C-end demand falls short of expectations, serious product homogenization	Select targets with differentiated advantages
Policy Risk	Changes in subsidy policies, fluctuations in consumer electronics cycles	Focus on the certainty of policy support
Competitive Risk	Giants entering the market compress the space for small and medium-sized manufacturers	Focus on core links in the supply chain
Supply Chain Risk	Dependence on imported core components	Focus on domestic substitution targets

1. 2026 CES Exhibition
   : Intensive release of new AI sports & health hardware products
2. Policy Implementation
   : Implementation of consumer goods trade-in subsidies
3. Financial Report Verification
   : Performance fulfillment in 2025 annual report/2026 Q1 report
4. New Product Release
   : Flagship products such as Apple AI glasses and Meta AR glasses
5. Financing Events
   : Continuous injection of industrial vitality from the primary market

---

:

1. Sensor Chip Modules (High technological barriers, huge space for domestic substitution)
2. AI Smart Glasses (Driven by both policy and demand, 2026 marks the first year of commercialization)
3. Sports AI Algorithm Services (Core of the transformation to the “hardware + service” model)
4. Smart Fitness Equipment (Clear scenario implementation, driven by both B-end and C-end)
5. Exoskeleton Rehabilitation Equipment (Rigid demand from aging population, long-term growth space)

Morgan Stanley predicts that

[5]. In the AI sports & health hardware sector:

• Market Size
  : Expected to exceed the $10 billion mark
• Competitive Landscape
  : Evolving from “hundreds of flowers blooming” to “head concentration”
• Business Model
  : The “hardware + service” subscription model becomes mainstream
• Investment Opportunities
  : Upstream core components > Brand whole machines > Downstream services

Investors should focus on industrial chain segments and enterprises with

, , and , while also paying attention to investment opportunities transmitted from the primary market to the secondary market.

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[1] Mordor Intelligence - Global Sports AI Market Report
[2] Global Fitness Tracker Market Analysis 2026
[3] Securities Times Network - AI Glasses Driven by Both Policy and Demand (https://www.stcn.com/article/detail/3565892.html)
[4] Southern Metropolis Daily - Shenzhen Robot “Legion” Debuts at CES (https://finance.eastmoney.com/a/202601083612882057.html)
[5] 21st Century Business Herald - CES 2026 Witnesses Changes in the AI Ecosystem (https://www.21jingji.com/article/20260107/herald/f1bce8e64fa75c8da92051abb6174441.html)
[6] Tianfeng Securities Research Report - Actions Semiconductor (688608): Leading Wearable SOC Provider
[7] EqualOcean - 2025 Annual Analysis of the Smart Glasses Industry (https://www.36kr.com/p/3627847486457091)
[8] Xinhua Finance - “AI + Sports” Makes Exercise More Interesting (http://www.news.cn/20251229/41c7bc6c88a74ebbbf5adb0449067aab/c.html)
[9] 36Kr - Roundtable Dialogue at 2026 Node Growth Conference (https://m.36kr.com/p/3617561268421634)
[10] Global Growth Insights - Fitness Tracker Companies 2026
[11] 36Kr - Stock Performance of Nobile (HK:02635) (https://img.36krcdn.com/hsossms/20251223/v2_0b23169d34d4457dbc2bc0297f419490@46958_oswg132111oswg921oswg939_img_000)
[12] Morningstar - China’s AGI Pioneer Z.ai Listed on Hong Kong (https://www.morningstar.com/news/pr-newswire/20260108cn59068/chinas-agi-pioneer-and-leader-zai-listed-on-hong-kong-stock-exchange)