Skip to research
stock3dby Fynca
Explore in 3D

COMPANY RESEARCH / 002475.SZ

Luxshare Precision

AI-glasses system integration

Published by FyncaResearch checked How we research

SMART GLASSES

Where it fits in smart glasses

Lists AI glasses and AR/VR/XR glasses among its system-integration products; R&D on 3D-printed precision metal frames for AI smart glasses (sample trial production) and AR industrial glasses with a waveguide display (pilot production) (2025 annual report). Customers unnamed.

What the evidence establishes

Smart-glasses evidence

Disclosed: Luxshare’s 2025 annual report lists AI glasses and AR/VR/XR glasses among its system-integration products, with frame and waveguide-glasses R&D; customers unnamed.

An explicit smart-glasses product, design-in, supply role, program, application page or partnership, including wrist or ring input sold with glasses. For a device maker, it means the company’s own glasses, not a supplier relationship. This does not establish revenue, market share, volumes or future sourcing.

Component roleAI-glasses system integration
EvidenceDisclosed: Luxshare’s 2025 annual report lists AI glasses and AR/VR/XR glasses among its system-integration products, with frame and waveguide-glasses R&D; customers unnamed.
How we knowDisclosed The company’s own filing, release, annual report, product page or investor record describes the smart-glasses role. Where customers are unnamed, the listing says so.
Primary sourceLuxshare Precision — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

Customers are unnamed and no glasses shipments or revenue are disclosed; its 3D-printed frames were at sample stage.

Diversified business exposure. This describes the breadth or role of the business; it is not an investment rating. A smart-glasses product, design-in or partnership does not by itself establish material glasses revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Front frame & bridge

The rim holds the lens stacks and houses the camera, display engine and a microphone. Materials range from acetate or nylon (TR90 on Snap Specs) to magnesium on Meta Orion.

Scope of the company links: EssilorLuxottica designs and makes Ray-Ban and Oakley Meta frames; Warby Parker designs frames for the Android XR eyewear with Google and Samsung; Kering Eyewear is developing Android XR glasses (partnership, May 2025; no product yet). Luxshare reports R&D on 3D-printed precision metal frames for AI glasses (sample trial production, 2025 annual report). Gentle Monster is private.

Temple housing

Each temple is a thin-walled shell around a board, cell and speaker, tapering behind the ear. Slim temples are a design goal.

Scope of the company links: Temple shells are built by the frame maker or the ODM that integrates the electronics: Goertek discloses AI-glasses ODM/JDM work, and Luxshare lists AI glasses among its system-integration products.

Seals, adhesive & fasteners

Bonded seams and gaskets give IPX4 (Ray-Ban Meta) up to IP67 (Oakley Meta Vanguard), but make the battery very hard to replace.

Scope of the company links: Final assembly and sealing: EssilorLuxottica reports its own wearables manufacturing (Dongguan; Agordo, Italy, from H2 2026); Goertek discloses AI-glasses ODM work, and KGOnTech attributes Meta Ray-Ban Display assembly to it (Oct 30, 2025; not confirmed by Meta or Goertek); Luxshare lists AI-glasses system integration. Adhesive and gasket material suppliers are not mapped.

AI SERVER RACK

Where it fits in an AI server rack

Says its 224G KOOLIO CPC/NPC, 224G Intrepid NEXUS backplane connector and Intrepid Cable Cartridge cable-backplane solution are in commercial use in certain mainstream AI clusters; communications and data-center revenue was RMB 24.57B in 2025 (+33.81%). It also lists AEC/ACC/DAC cables, 800G/1.6T optical modules in small-batch supply, AI-rack power shelves and DC busbars, and cold plates, manifolds, CDUs and blind-mate quick connectors (Apr 24, 2026).

What the evidence establishes

AI-rack evidence

Disclosed: Luxshare-ICT’s Apr 24, 2026 release on its 2025 results describes the AI cable cartridge, connectors, power and thermal products; NVIDIA’s OCP post names Luxshare among Blackwell partners.

An explicit AI-server or AI-rack product, design-in, supply role, program, reference design or partnership, such as a part named for rack-scale AI systems or a product sold for AI data centers. For a rack builder, it means the company’s own AI servers or racks. This does not establish revenue, market share, volumes or future sourcing.

Component roleAI cable cartridges, 224G connectors, AECs, power, cooling
EvidenceDisclosed: Luxshare-ICT’s Apr 24, 2026 release on its 2025 results describes the AI cable cartridge, connectors, power and thermal products; NVIDIA’s OCP post names Luxshare among Blackwell partners.
How we knowDisclosed The company’s own filing, release, annual report, product page or investor record describes the AI-server or AI-rack role. Where customers are unnamed, the listing says so.
Primary sourceLuxshare Precision — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

Luxshare names no customer or platform, and ‘certain mainstream AI clusters’ does not establish NVL72 content or share. Data-center products are a minority of a group led by consumer electronics, and several thermal and power lines are portfolio claims without named programs.

Diversified business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Copper cable spine

More than 5,000 copper cables, grouped in cartridges at the rear of the rack, link every compute tray to every switch tray without converting signals to light.

Scope of the company links: In GB200/GB300 NVL72, four NVLink cartridges at the rear hold over 5,000 copper cables joining the 1RU compute and switch trays (NVIDIA OCP contribution, Oct 15, 2024; NVIDIA calls them ‘active copper cables’, while most descriptions treat them as passive twinax). NVIDIA names no cartridge supplier. Luxshare says its Intrepid Cable Cartridge cable-backplane is in commercial use in certain mainstream AI clusters. SemiAnalysis (Jul 2024) reports Amphenol’s Paladin backplane as the initial primary source, an analyst attribution neither company confirms. TE markets Slingshot 224G cabled-backplane connectors with its own 224G cable for AI. Later NVIDIA designs may change the spine; that is not verified here.

High-speed connectors

Blind-mate connectors where each tray docks into the cable spine. Hundreds of tiny contacts must align within fractions of a millimetre as the tray slides in.

Scope of the company links: Blind-mate backplane and near-chip connectors: Amphenol’s Paladin HD 224G backplane interconnect (the NVL72 attribution is SemiAnalysis’s, not the company’s), TE’s AdrenaLINE Catapult near-chip and Slingshot 224G backplane connectors for AI/ML, and Luxshare’s 224G Intrepid NEXUS backplane connector and KOOLIO CPC/NPC, which it says are in commercial AI-cluster use. NVIDIA lists Molex (private, a Koch subsidiary) and LOTES among Blackwell partners without stating their parts; LOTES is not mapped.

Active electrical cables

Copper cables with a retimer or DSP chip in each plug that cleans up the signal, extending copper’s reach to several metres at a fraction of the power of optics.

Scope of the company links: Copper cables with signal chips in the plugs, mostly for NIC-to-switch and switch-to-switch links. Credo sells complete ZeroFlap AECs to hyperscalers; Marvell’s Alaska A 1.6T AEC DSP names Amphenol, Molex and TE as cable partners (Jun 27, 2024); Astera Labs sells Aries and Taurus smart cable modules for AECs; BizLink and Luxshare sell retimed active copper cables (Luxshare showed a 1.6T OSFP AEC at OCP 2025); Microchip sells the META-DX2C 800G AEC retimer. Semtech’s CopperEdge redrivers power linear active copper cables (ACCs), such as Amphenol’s 1.6T OSFP ACC, a lower-power alternative to retimed AECs. No source ties a specific cable to NVL72. Montage launched PCIe 6.x and CXL 3.x AEC solutions in January 2026.

Optical transceivers

Pluggable 800G and 1.6T modules that convert electrical signals to light and back for links that leave the rack.

Scope of the company links: 800G and 1.6T pluggable modules (OSFP) for the rack’s scale-out links. NVIDIA names Coherent, Eoptolink, Fabrinet and Innolight as pluggable-transceiver leaders (Mar 18, 2025). Innolight, Eoptolink and Accelink list 1.6T OSFP modules in their 2025 annual reports, Coherent and Lumentum describe 800G/1.6T modules in their 10-Ks, and AOI has a first 1.6T volume order of over $200 million from an unnamed hyperscaler. Fabrinet is a contract manufacturer (NVIDIA was 16.3% of FY2026 revenue), not a module brand. NVIDIA sells LinkX-branded optical transceivers without naming their makers. TFC supplies optical engines and passive parts that go inside modules, and Credo sells ZeroFlap optical transceivers. None of these sources gives volumes or says which system a given module ships into. Cisco ships 1.6T OSFP and 800G linear-drive optics with its Silicon One systems, and Luxshare lists 800G and 1.6T optical modules in small-batch supply.

Power shelf PSUs

Hot-swap rectifier modules of several kilowatts each, grouped in 1U shelves, that turn facility AC into roughly 50 V DC for the busbar.

Scope of the company links: Hot-swap AC-to-DC rectifiers in 1U shelves feeding the busbar at about 50 V. NVIDIA says the GB300 NVL72 power supply, with about half its volume given to capacitors storing 65 J per GPU, was co-designed with Lite-On, and Vertiv sells a 33 kW shelf of six 5.5 kW PSUs for GB200 and GB300. Delta, Flex and Advanced Energy sell AI power shelves and 800 VDC power racks, Megmeet is on NVIDIA’s 800 VDC component list, and Murata reports rising server power-supply sales. TI, onsemi, Infineon, Navitas, Power Integrations, ST and ROHM supply the GaN, SiC and control silicon inside supplies and are named for 800 VDC; which chips sit in a given shelf is not disclosed. Apart from Lite-On’s co-design, shelf suppliers for specific GB200/GB300 deployments are press reports and are not used. AcBel was a candidate but no source was captured. Luxshare lists power shelves for AI racks without naming a program.

DC busbar

A solid copper bar running down the back of the rack. Each tray clips onto it; in NVL72-class racks it is rated for about 1,400 A of DC.

Scope of the company links: The vertical DC busbar carries power to every tray; in NVL72-class racks it is rated for about 1,400 A (NVIDIA), and NVIDIA says a 1 MW rack at 54 V would need up to 200 kg of copper busbar. BizLink develops busbars and liquid-cooled busbars for power and compute racks with NVIDIA (Oct 14, 2025) and is on its 800 VDC component list; TE Connectivity sells ORv3 liquid-cooled power busbars; Delta lists busbars; Schneider’s NetShelter Open Architecture includes an in-rack busbar; Legrand markets an ORv3 vertical busbar; Luxshare lists DC busbars for AI racks. None names a current NVL72 program, and the busbar in a given rack usually arrives with the rack from its builder. Facility busway (Vertiv, Legrand Starline) is outside the rack and not mapped.

Cold plates

Copper plates with fine internal channels mounted on the GPUs and CPUs. Coolant flowing through the channels carries the chips’ heat away.

Scope of the company links: Cold-plate makers with documented AI-server products: AVC (large-scale AI liquid-cooling production; a reference designer for unnamed leading GPU makers), Motivair by Schneider Electric (cold plates for NVIDIA SXM5 and AMD Instinct MI300X), JetCool, a Flex company (SmartPlate for NVIDIA H100 and RTX PRO 6000 and Broadcom TH6 switches), CoolIT, owned by Ecolab since July 2, 2026 (5+ million cold plates shipped), Auras, Delta (microchannel cold plates), Envicool, Jentech (liquid-cooling modules), SUNON (shipping since 1H 2026) and Forcecon (catalog). Eaton added Boyd Thermal’s cold plates when it closed that purchase (Mar 12, 2026); Supermicro markets its own DLC-2 cold plates; Luxshare lists cold plates for AI racks; Furukawa is adding cold-plate capacity for data-center GPUs from January 2027. The cold-plate supplier in any given NVL72 tray is not disclosed. Cooler Master and ZutaCore are private, and Fositek’s “Cold Plate + UQD” offer relies on AVC, so Fositek is mapped to quick disconnects only.

Rack manifolds

Vertical supply and return pipes at the back of the rack that distribute cool liquid to every tray and collect the warm liquid.

Scope of the company links: Kaori Thermal’s MGX and Vera Rubin rack manifolds are marketed as compliant with NVIDIA’s NVL72 reference designs, and nVent’s manifolds are part of the GB200 NVL72 reference architecture it defined with NVIDIA. Auras (rack, AI and internal manifolds), AVC (manifold systems), Envicool, Delta, Motivair by Schneider Electric (in-rack manifolds), CoolIT (Ecolab), JetCool (Flex), Nidec (coolant distribution manifolds) and Forcecon (catalog) also document manifolds. NVIDIA’s GB200 NVL72 design uses a blind-mate liquid-cooling manifold (NVIDIA, Oct 2024); which supplier builds it for a given rack is not disclosed. Eaton (Boyd Thermal), Supermicro and Luxshare also list rack manifolds for liquid-cooled AI racks.

Quick disconnects

Dripless couplings at each tray connection. They seal both sides when unplugged, so a tray can be removed without draining the loop.

Scope of the company links: Fositek says its UQDs entered the GB200/GB300 supply chain and passed Rubin testing (2025 annual report); Envicool says NVIDIA listed its UQDs (OCP 2024) and its UQDs and MQDs (OCP 2025) among MGX ecosystem partners; Auras shows quick disconnects in its AI liquid-cooling line-up; Amphenol markets UQD, UQDB, BMQC and MQD couplings for AI data-center liquid cooling; Dover’s CPC is an NVIDIA-named Blackwell partner and Dover’s 10-K cites connectors for liquid cooling of server racks; JetCool (Flex) offers manifolds and quick disconnects. Parker was not verified as a quick-disconnect supplier in our sources, and Nidec’s quick couplings are made for its own CDUs. Stäubli and Danfoss, both NVIDIA-named, are private. Luxshare lists blind-mate quick connectors for AI racks.

Coolant distribution unit

Pumps, a heat exchanger, filters and controls that circulate the rack’s clean coolant and pass its heat to the building’s water loop.

Scope of the company links: In-rack CDUs like the illustrated one sit at the bottom of the rack: Kaori (4U in-rack CDU), Auras, SUNON (in-rack RPU/CDU, mass-production ready in 1H 2026), JetCool (Flex; SmartSense rack-mounted CDU), Envicool (rack CDU validated by Intel) and Forcecon (80 kW, catalog). Row- and facility-scale CDUs serve many racks: nVent (in its GB200 NVL72 reference architecture with NVIDIA), Delta (40–144 kW liquid-to-air; 1.5 MW liquid-to-liquid), Motivair by Schneider Electric (MCDU-70 in the Schneider–AMD Helios reference design; WCDU up to 3.5 MW), CoolIT (Ecolab), Vertiv (Liebert XDU), AVC, Nidec, Modine’s Airedale (400 kW–2 MW+) and Lite-On (a 600 kW in-row CDU announced in 2024). Sanyo Denki supplies a liquid-cooling pump, a CDU component rather than a CDU. LiquidStack is private. Eaton’s Boyd Thermal markets CDUs for GB200 NVL72 deployments, Supermicro’s GB300 NVL72 rack carries its own in-rack CDU of up to 250 kW, and Luxshare lists CDUs.

Related research

Companies with overlapping sector exposure. Their products and evidence may differ; this is not a list of equivalent investments.

Suggest a correction · Research and market-data disclosures