According to GF Securities' research report, the smart wearable battery industry is experiencing a dual surge in both volume and profitability. The rapid adoption of models like DeepSeek is fueling the localized penetration of AI terminals, which in turn is anticipated to foster sustained growth in the demand for smart wearable devices. Additionally, as performance standards such as battery life and weight efficiency improve, the value of batteries per device is projected to escalate. By 2025 and 2028, the market size for smart wearable battery cells is forecast to reach RMB 15.5 billion and RMB 24.7 billion, respectively, marking a compound annual growth rate (CAGR) of 15%. Given this trend, it is advisable to focus on consumer battery enterprises that leverage a key account strategy and capitalize on the sales expansion of AI glasses from companies like META and Xiaomi. Furthermore, attention should be directed towards leading enterprises in materials such as high-nickel cathodes and silicon-carbon anodes.