The smart glasses sector is currently embroiled in what could be termed a "hundred-glasses contention," with a multitude of companies diving into the competitive arena. However, this burgeoning industry is marred by frequent disruptions and a lack of transparency. Some firms engage in the practice of inflating their shipment figures, going as far as to include framework contract orders or pre-orders in their tally of units sold. This deceptive tactic results in skewed public sales data, painting an inaccurate picture of the market's true health.

In contrast, upstream core suppliers, who possess the actual order data, are in a unique position to accurately gauge market conditions. Despite this, the investment community maintains a cautious stance towards the smart glasses sector. For instance, Yu Ke has shifted away from investing in general-purpose glasses startups, opting instead to focus on niche verticals. Meanwhile, Li Hui holds a pessimistic outlook on the industry's prospects.

When it comes to the products themselves, the majority of smart glasses on the market can be described as "work-in-progress." They are plagued by a host of issues, including excessive weight, high power consumption, poor battery life, and subpar image quality. These shortcomings have led to high return rates, further complicating the industry's landscape. Device manufacturers have adopted diverse strategies to navigate these challenges. Rokid, for instance, prioritizes technological research and development, while Yiwen Technology places a greater emphasis on design aesthetics.

Startups operating in the general-purpose smart glasses sector find themselves in a precarious position, struggling to compete with major smartphone manufacturers. Often, they serve as experimental entities, testing the waters for these larger players. In this cutthroat environment, securing the next round of funding has become a critical race against time, with many startups facing an uncertain future.