As smart glasses enhance their functionality and deepen their AI integration, the hardware value chain, once primarily focused on optical modules and displays, is gradually shifting to a service-oriented architecture centered on "hardware and software integration" and application scenarios. Upstream, midstream, and downstream suppliers, including lens, sensor, computing chip, operating system, and AI platform providers, are reshaping their collaboration models, driving vertical integration and accelerating the formation of cross-sector alliances within the industry chain.