XREAL Ltd. has officially submitted its prospectus to the Hong Kong Stock Exchange (HKEX), planning to list on the main board and strive to become the 'global leader in smart glasses stocks,' with CICC and Citigroup serving as its joint sponsors. As an AR glasses company, XREAL boasts multiple product lines, including the Air series, One series, and Light-Ultra-Aura. From 2023 to 2025, the company's revenue grew steadily, reaching RMB 390 million, RMB 394 million, and RMB 516 million, respectively. Its gross profit margin increased from 18.8% to 35.2%, while losses continued to narrow, with net losses of RMB 882 million, RMB 709 million, and RMB 456 million, respectively. In 2025, over 70% of XREAL's revenue came from overseas markets, with its sales network covering 40 countries and regions. The company has also established local sales and operations teams in North America, Japan, and South Korea.