Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][17] Core Insights - The company's mid-year report for 2025 shows revenue of 19.652 billion RMB, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of approximately 1.646 billion RMB, a year-on-year increase of 52.6% [7] - The optimization of product structure has led to a gross margin of 19.8%, an increase of 2.6 percentage points year-on-year, with gross profit of approximately 3.894 billion RMB, a year-on-year increase of 20% [7] - The high-end transformation of the mobile business is significant, with mobile business revenue of 13.25 billion RMB in H1 2025, a year-on-year increase of 1.7%, despite a decline in shipment volumes for mobile lenses and modules [7] - The company has maintained its position as the global leader in automotive lens shipments since 2012, with automotive business revenue of 3.4 billion RMB in H1 2025, a year-on-year increase of 18.2% [7] - The company is vertically integrated across the entire supply chain, positioning itself at the core of the XR supply chain, with XR business revenue of 1.2 billion RMB in 2025, a year-on-year increase of 21.1% [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 31.681 billion RMB - 2024: 38.294 billion RMB - 2025E: 41.601 billion RMB - 2026E: 43.705 billion RMB - 2027E: 45.916 billion RMB - Net profit attributable to shareholders is projected to be: - 2023: 1.099 billion RMB - 2024: 2.699 billion RMB - 2025E: 3.498 billion RMB - 2026E: 3.982 billion RMB - 2027E: 4.439 billion RMB [6][8]