According to the senior executive, the company's technological advantages lie in the fields of 3D perception algorithms and optical technology. It has set up an optical manufacturing base in Wuxi, Jiangsu province, to develop display modules. More than 60 percent of its staff members are involved in research and development, and nearly a quarter have overseas work experience.

As of Dec 31, 2021, Nreal had been granted 383 patents. From 2019 to 2021, the company's R&D spending reached 230 million yuan ($33 million).

Nreal's go-to-market strategy, in partnership with global telecom carriers, has been another key factor in increasing the popularity of its products. The company has partnered with more than 10 telecom carriers in the world to popularize its AR glasses, Xu said. The company's products are now available in countries such as South Korea, Germany, Spain, the United Kingdom and Japan.

"This year we will focus on expanding our presence in the Chinese market to offer a new, unique AR experience for local consumers," Xu said.

In August, Nreal announced that it has partnered with video-streaming platform iQiyi, Migu－the digital content unit of China Mobile－electric-car maker Nio and short-video platform Kuaishou to develop multiple customized AR content.

Nio, for instance, cooperated with Nreal to develop customized glasses that can project an effective 201-inch screen at six meters, as the carmaker aims to provide passengers with an immersive visual experience in its latest SUV model ES7.

Liu Xin, general manager of Migu, said AR technology will bring more interesting sports-watching experiences to consumers and Migu will partner with Nreal to bring an immersive watching experience for this year's FIFA World Cup.