Corporate Structure and Governance - The company plans to cancel its supervisory board, transferring its functions to the audit committee of the board, aiming to enhance governance efficiency [1] - As the exclusive optical lens partner for Xiaomi's AI glasses, the business is progressing smoothly, with the average retail price of AI glasses lenses exceeding expectations at nearly 800 yuan [2] Performance and Operating Conditions - In the first three quarters of 2025, the company achieved a revenue of 626 million yuan, a year-on-year increase of 7.39%, and a net profit attributable to shareholders of 149 million yuan, up 8.83% [3] - The company maintained a stable gross margin of 57.95%, with R&D expenses increasing by 44.41%, indicating a greater investment in technology [3] Stock Price and Fund Performance - The company was officially included in the CSI 1000 Index on January 9, 2026, which may increase its demand in index funds [4] - Recent stock price fluctuations have been influenced by capital flow, with a net outflow of 11.6064 million yuan on February 4, 2026, but the long-term industry outlook remains supported by the growth in AI glasses shipments [4] Business Development - The company continues to launch high-end product lines, such as the Tianji series lenses, focusing on material innovation and domestic substitution [5] - The rising interest in smart wearables warrants attention to the company's developments in AR/VR fields, particularly its deepening collaborations with companies like Xiaomi [5]
明月镜片治理结构优化，智能眼镜业务合作进展顺利