Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 56.94 CNY [1][7] Core Views - The company has shown a recovery in performance with simultaneous expansion in domestic and international markets. The short-term performance is under pressure, but the order volume is expected to recover [5][11] - The company achieved a revenue of 270 million CNY in H1 2025, representing a year-on-year increase of 20.5%, with a net profit attributable to the parent company of 70 million CNY, up 5.5% year-on-year [11] - The company is actively expanding its overseas business and has established production lines in Thailand to mitigate tariff pressures from the US market [11] - Domestic sales have shown stability, with a 1.7% year-on-year increase in revenue, while medical optical products saw a significant growth of 48% [11] Financial Summary - Revenue projections for 2025-2027 have been adjusted to 556 million CNY, 674 million CNY, and 835 million CNY respectively, with corresponding year-on-year growth rates of 25.6%, 21.1%, and 23.9% [9][7] - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 1.46 CNY, 1.69 CNY, and 2.04 CNY respectively [7] - The company’s gross margin is expected to remain stable around 64.7% in 2025, with a net margin of 31.6% [9][7]