Interim Report 2024

Management Discussion and Analysis 管理層討論與分析 04 Sunny Optical Technology (Group) Company Limited • INTERIM REPORT 2024 市場回顧 回顧二零二四年上半年，全球經濟增長趨於穩 定，不過增長速度仍低於疫情前水平。地緣政 治衝突、通脹壓力和國際貿易不振等因素持續 拖累全球經濟的復甦。然而，中華人民共和國 （「 中國 」）的經濟運行總體平穩，轉型升級穩步 推進。 二零二四年上半年，全球汽車市場銷量實現穩 定增長，且新能源汽車銷量仍保持較高增速。 其中 , 中國整體汽車市場及新能源汽車亦獲得 良好發展。根據中國汽車工業協會的數據，中 國汽車市場上半年的產銷量分別同比增長約 4.9% 和約 6.1% ，而新能源車的產銷量分別同 比大幅增長約 30.1% 和約 32.0% 。同時，隨著 汽車「電氣化、數字化和智能化」三化趨勢的 發展，作為智能駕駛、智能座艙傳感系統重要 組成部分的攝像頭市場需求持續增加，為攝像 頭廠商在汽車領域帶來了全新的產業機遇。另 外，市場對車載攝像頭、激光雷達等感知層硬 件的性能和數量提出更高的要求，光學產品的 應用也得以進一步拓展。 二零二四年上半年， XR 市場仍面臨挑戰。儘管 Vision Pro 的上市帶來了一些積極信號，但市 場並未迎來預期的爆發。不過，隨著人工智能 （「 AI 」）技術的快速發展，集成了 AI 的增強現實 （「 AR 」）產品展現出了比虛擬現實（「 VR 」）更強 的增長潛力，進而引得海內外眾多科技巨頭、 初創企業以及智能手機品牌廠商開始紛紛佈局 AR 產業。感知、顯示技術以不同的技術路徑快 速發展，為未來 AR 產業的爆發積蓄力量。 MARKET REVIEW Looking back to the first half of 2024, it was observed that the global economy tended to maintain a stable growth, although the growth rate was still below the level before the pandemic. Geopolitical conflicts, inflationary pressures, sluggish international trade and other factors continued to drag the recovery of the global economy. However, the economy of the People’s Republic of China (the “ PRC ” or “ China ”) generally maintained stable with steady progress made in the transformation and upgrading. In the first half of 2024, the global automobile market achieved steady growth of sales volume, and the new energy vehicles maintained relatively fast growth of sales volume. Among them, overall vehicle market and new energy vehicles in China also achieved favourable development. According to the data from the China Association of Automobile Manufacturers, the production and sales volume in the China’s automobile market in the first half of the year experienced a year-on-year increase of approximately 4.9% and approximately 6.1%, respectively, of which those of new energy vehicles experienced a significant year-on-year increase of approximately 30.1% and approximately 32.0%, respectively. At the same time, with the development of the trend of automobile electrification, digitalization and intelligence, the market demand for cameras, which are important parts of intelligent driving systems and intelligent in-cabin sensing systems, achieved a continuous growth, which brought new industry opportunities for camera manufacturers in the automobile field. Furthermore, the market raised higher requirements on the performance and quantity of vehicle cameras, LiDAR and other sensing hardware, which further expanded the applications of optical products. In the first half of 2024, the XR market was still facing challenges. Despite some positive signals brought by the launch of Vision Pro, the market did not usher in the boom as expected. However, with the rapid development of artificial intelligence (“ AI ”) technology, augmented reality (“ AR ”) products integrated with AI have shown stronger growth potential than virtual reality (“ VR ”) products, which have attracted numerous worldwide technology giants, start-ups and smartphone brand manufacturers to start setting foot in the AR industry. Perception and display technologies experienced rapid development in different technological paths, accumulating power for the future outbreak of AR industry.