As anticipation builds for Apple's foldable device, Lens Technology, the core supplier providing ultra-thin glass (UTG) for the device, is once again in focus.
Liz Lee, Deputy Head at Counterpoint, noted that 2026 will be a pivotal year for the foldable phone market entering a new phase.
He also welcomed more companies to join the foldable market and revealed that Samsung's new generation of foldable devices will target "the highest sales ever."
Lens Technology holds a leading position in this key technology.
Before its IPO, Apple contributed about 50% of Lens Technology's revenue; after listing, that proportion once soared to 70%.
This year's most anticipated focus in the consumer electronics market is undoubtedly Apple's upcoming first foldable iPhone. Market sources indicate the new device has officially entered mass production recently, a move that will not only reshape the global foldable phone landscape but also thrust key supplier Lens Technology (6613) into the capital market spotlight.
According to the latest report from research firm Counterpoint Research, Apple's first foldable phone is expected to capture 25% market share in its first year, and will carve up nearly half of the global foldable market alongside Samsung and Huawei. Ming-Chi Kuo, an analyst at TF International Securities, indicated in his latest industry survey that foldable iPhone assembly shipments in the second half of 2026 will be approximately 7 to 8 million units.
As anticipation builds for Apple's foldable device, Lens Technology, the core supplier providing ultra-thin glass (UTG) for the device, is once again in focus. Liu Shuguang, Vice President and CFO of Lens Technology, revealed in an earlier conference call that the company's UTG product holds a leading position in major client projects, and expects significant profit growth for the company following the product's official launch in the second half of the year.
Apple's Entry Triggers Reshuffle; Samsung's Dominance Shaken
Counterpoint Research predicts global foldable smartphone shipments will grow 21% year-over-year in 2026, with Apple's entry serving as the core driver of significant market expansion.
In terms of brand market share, long-time leader Samsung Electronics is expected to remain in first place with a 32% share, but this represents a sharp decline of 8 percentage points from 40% in 2025. Huawei is projected to rank third with a 24% share, down 6 percentage points from 2025. Motorola and Honor are expected to hold shares of 8% and 3% respectively, also showing downward trends.
Liz Lee, Deputy Head at Counterpoint, noted that 2026 will be a pivotal year for the foldable phone market entering a new phase. Apple's entry is expected to significantly boost overall consumer awareness and raise the bar for the premium foldable market.
However, Samsung is clearly not backing down in the face of Apple's aggressive push. Roh Tae-moon, head of Samsung Electronics' Mobile Communications Business, emphasized at a press conference following the Galaxy Unpacked 2026 event in the UK: "Samsung has accumulated seven years of experience in the foldable space. Our understanding of customers is not something a competitor can catch up with just by waking up one morning." He also welcomed more companies to join the foldable market and revealed that Samsung's new generation of foldable devices will target "the highest sales ever."
Samsung launched three new foldable models this time. In addition to the traditional Galaxy Z Flip 8 and Galaxy Z Fold 8 Ultra, it also introduced a new "wide-fold" model, the Galaxy Z Fold 8, featuring a 4:3 aspect ratio and weighing just 201 grams, lighter than Huawei's comparable product, the Pura X Max.
Lens Technology's UTG is a Key Advantage, Yet Q1 Rarely Dipped into the Red
One of the most critical technical barriers for the foldable iPhone is the outermost protective cover of the screen—ultra-thin glass (UTG). Industry insiders point out that UTG thickness must be controlled below 30 microns and withstand hundreds of thousands of repeated bends, involving highly difficult processes such as chemical thinning, strengthening, and cutting, making it hard for competitors to easily replace in the short term.
Lens Technology holds a leading position in this key technology. Citigroup's latest report indicates that Lens Technology, leveraging its UTG, PET material, and glass bracket technology, will be the primary beneficiary of Apple's foldable device, estimating that each foldable unit could add over $50 in value for the company. The bank gave Lens a "Buy" rating with a target price of CNY 26 (approximately $3.84).
However, Lens Technology's report card for the beginning of this year was not ideal. The company posted its first quarterly loss in nearly four years in the first quarter, swinging from profit to a loss of CNY 150 million (approximately NT$600 million), with operating revenue of CNY 14.14 billion (approximately NT$58 billion), down 17.1% year-over-year. Management explained this was mainly due to a shortage of consumer-grade storage, leading to reduced revenue from smartphones and computers.
Chinese media analysis suggests that despite overall market weakness, Lens Technology is targeting the still-strong premium and foldable phone market, and its UTG product is expected to see a major performance rebound in the second half of the year, driven by Apple orders.
The "Queen of Mobile Phone Glass" and a 20-Year Relationship with Apple
Lens Technology's relationship with Apple dates back to 2006, when Apple decided to switch the first-generation iPhone's plastic panel to a glass screen and ultimately selected Lens Technology from among global suppliers. Since then, Lens Technology has been deeply involved in the R&D and production of core products like the iPhone, iPad, Mac, and even the Apple Vision Pro. Chairwoman Zhou Qunfei has thus earned the reputation of the "Queen of Mobile Phone Glass."
In May this year, when U.S. President Trump visited China and attended a state banquet, Zhou Qunfei was seated between the world's richest person, Elon Musk, and Apple CEO Tim Cook, with Nvidia CEO Jensen Huang also at the same table, underscoring her deep relationships with Apple and tech giants.
In Lens Technology's revenue structure, the most frequently questioned aspect by the market is its "Apple dependency." Before its IPO, Apple contributed about 50% of Lens Technology's revenue; after listing, that proportion once soared to 70%. Deep ties with a single customer make its performance closely tied to Apple's product cycles. In 2016, affected by lower-than-expected iPhone 6s sales, annual net profit fell by over 20%; in 2018, it recorded its first quarterly loss since listing.
