Gasgoo Munich- New Vision (02632.HK) released its 2025 annual report on May 7, revealing annual revenue of 667 million yuan — a 15.4% increase from the previous year. Sales of its core HUD business jumped 34.5%, while high-value AR-HUD products saw explosive growth, accelerating the company's shift toward high-end and global markets.
Image source: New Vision
The report reveals a continued optimization of New Vision's product mix. Total HUD sales surpassed 840,000 units in 2025, with its AR-HUD solution, CyberVision, surging 226.6%. Its share of total sales jumped from 8.6% in 2024 to 21%, signaling a successful pivot toward high-value, high-technology offerings.
On the technology front, New Vision achieved breakthroughs in mass production. Its dual-focal plane CyberVision successfully launched, overcoming depth-of-field limitations in traditional AR-HUDs to significantly enhance the visual experience. A new generation of PGUs featuring local dimming technology also entered mass production, with peak monthly shipments topping 18,000 units. Additionally, an LCoS-based AR-HUD has secured project designation and is slated for mass delivery in 2026.
Market expansion efforts yielded significant results. In 2025, New Vision moved 14 projects from six new OEMs into mass production, bringing its total partner count to 23 automakers and its designated model lineup to 106 vehicles. This robust pipeline underscores a solidifying customer base. Leveraging superior products and services, the company has penetrated the supply chains of several renowned international brands in Europe and North America, steadily gaining recognition in global markets.
New Vision is making concrete strides in its global strategy, having established subsidiaries in Germany, Hungary, and Japan to build a localized service and support network spanning Europe and Asia. Construction of European production capacity is now underway, a move designed to boost supply chain resilience by being closer to customers. This ensures reliable capacity for international brands and marks an upgrade from "international sales" to "global operations."
Looking ahead, New Vision plans to leverage its HUD expertise to expand into frontier visual interaction technologies like 3D and holographic displays, building a versatile technology matrix. The company intends to deepen its global footprint with localized operations in key markets while fully integrating AI into visual interaction. By applying artificial intelligence across R&D, production, and quality control, New Vision aspires to become a leading global technology enterprise in automotive visual interaction and smart cockpit solutions.
