Analysts at Goldman Sachs working on the Greater China Tech Research desk in Hong Kong released a client note Thursday highlighting key product launches and demonstrations by Chinese companies at the Consumer Electronics Show (CES) 2025 in Las Vegas.
Goldman's Allen Chang and Verena Jeng focused on 19 Chinese companies attending CES 2025 that released notable products across AI PCs, mixed reality (MR) and AI glasses, EV technology, eVTOLs, gaming PCs and monitors, and AI servers.
From the list, the analysts offered additional insights on launches from select companies, along with their analyst ratings:
AI PC
ASUS (2357.TW, Buy): ASUS launched new Copilot+ PC models including Zenbook A14 (priced from US$899), Vivobook 14/ 16 at CES 2025. The new Zenbook model is based on Snapdragon X Series platform, featuring lighter weight under 1kg with innovative Ceraluminum chassis and over 32 hours battery life. For commercial AI PC, ASUS's ExpertBook P5 was launched in Oct 2024, with self-developed "AI ExpertMeet" for AI translation and AI meeting functions. We expect stronger AI PC ramp up in 2025E on the back of more models with the mainstream chipset platforms (Intel) and software (Copilot+), along with the long battery life and growing generative AI functions.
Lenovo (0992.HK, Buy): The company launched new AI PC models Thinkpad X9 14/ 15 (Aura Editions, priced from US$1,089), and unveiled ThinkBook Plus Gen 6 Rollable AI laptop during CES. Thinkpad X9 is Copilot+ PC model supported by Intel Core Ultra platform, and offers Smart Share functions to connect users' smartphones to the laptop instantly through the AI virtual sensors, enabling users to easily edit photos or access to text messages on PC easily. In Dec 2024, Lenovo announced the collaboration with Volcano Engine to adopt Doubao LLM on company's AI PC for AI search, AI writing etc. functions, and launched personal AI assistant Xiaotian to empower multiple user terminals, which has covered 1,500+ applications. We are positive on the new AI PC launch and expanding software/ ecosystem to accelerate company's AI PC penetration.
AI Server
Gigabyte (2376.TW, Buy): Gigabyte showcased multiple AI server solutions at CES 2025, including rack-level AI servers, and AI servers across AMD MI325, NVIDIA HGX, and Intel Gaudi 3 platforms. For cooling solution, the company is due to demonstrate the one-stop liquid cooling solution across CDU, manifolds, and cold plates for AI servers clients. The company also launched new AI PC models AORUS MASTER, GIGABYTE AERO, and GIGABYTE GAMING, empowered by Copilot functions and Gigabyte's new AI agent "GiMate" to enhance the gaming experiences. The company also demonstrated new QD-OLED gaming monitors launched in Jan 2025, highlighting the enhanced Tactical features to bring users better experience in speed, clarity, and reliability.
Automotive Tech
Thundersoft (300496.SZ, Buy): The company highlights AquaDrive OS that integrates smart driving and cockpit domain and company's expansion to smart driving software solution through the JV with Horizon Robotics. Thundersoft recently also introduced new AI smart cockpit empowered by LLM (Large Language Model) from Volcengine (private) to enable AI interaction and image generation functions, showcasing during CES. Besides automotive solution, Thundersoft launched 4 reference designs of Mini PC in Dec 2024 based on Qualcomm Snapdragon X platform to empower new models, supporting 13bn LLM to run on the edge devices.
Black Sesame (2533.HK, not covered): Black Sesame launched Huashan A2000 Series (A2000, A2000 Pro, A2000L) by end of Dec 2024, showcasing the new products at CES 2025 with smart driving functions for car models of different pricing range. The company's new NPU architecture "JiuShao" with its AI tool chains "BaRT", featuring higher efficiency and enhanced performance.
XPeng Aeroht (Private): The company showcased the Land Aircraft Carrier (LAC) during CES 2025, which is a six-wheeled van with a quadcopter drone, featuring 800V SiC platform and 1,000km mileages. The LAC completed the first public flight in Nov at China International Aviation Exhibition. We see growing entrants entering eVTOL and flying vehicles market, which is positive to the ecosystem expansion and future commercialization.
Mixed Reality
HTC (2498.TW, Neutral): The company showcased its VR/ MR headset and VIVE applications during CES 2025. The new headset model VIVE Focus Vision launched in Sep (Report link, priced at US$999) mainly targets high-end gaming and enterprise users, offering users sharper graphics, faster response time, and more immersive experiences. Meanwhile, the company continues to work with ToB (Business) clients to expand MR/ VR applications, for example, Sagrada Família VR exhibition, and VIVELAND in Kaohsiung.
Sunny Optical (2382.HK, Neutral): Sunnyverse, the subsidiary of Sunny Optical, demonstrated XR glasses solution and optical module products during CES 2025, supported by the company's capability to provide customized design for clients. IoT, wearables, and Robotics applications are also expected at CES, including AI camera of devices empowered by AI assistant, AI IPC vision solution for pet detection, and OCR solution for smart ironing.
AAC (2018.HK, Buy, on CL): AAC demonstrated "Immersive Demos" and "Interactive Workshops" sessions at CES to showcase its product offerings across acoustics, haptics, optics and hinges. In Dec, the company's new generation of acoustics solution with 600% higher volume and 25% lower power consumption was adopted by Vivo Y300, and we view the enhanced solution is positive to drive better mix. Meanwhile, post PSS acquisition, AAC is expanding its automotive acoustics client base, including Geely (Galaxy E5), Smart (Audiobox for new model.
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