Core Insights - The company reported a revenue of 787 million yuan for H1 2025, representing a year-over-year increase of 14.72%, with a net profit of 213 million yuan, up 2.53% year-over-year [1] - In Q2 2025, the company achieved a revenue of 430 million yuan, reflecting a year-over-year growth of 14.44% and a quarter-over-quarter increase of 20.25% [1] Group 1: Business Performance - The contact lens business showed strong growth, with revenue reaching 236 million yuan in H1 2025, a 28.89% increase, accounting for 30.06% of total revenue [2] - The core artificial crystal business generated 345 million yuan in revenue, up 8.23%, driven by the rapid release of high-end products [2] - The company's gross margin and net margin improved to 65.8% and 27.26%, respectively, with quarter-over-quarter increases of 1.2 percentage points and 2.12 percentage points [2] Group 2: Research and Development - The company invested 83 million yuan in R&D in H1 2025, representing 10.6% of revenue, with several high-end products expected to be approved for market release in the second half of the year [3] - The PR crystal received approval in January, and the silicone hydrogel soft contact lens was recently approved, indicating a strong pipeline of new products [3] - The company is expanding its high-end product matrix, which is expected to enhance revenue quality and drive growth [3] Group 3: Profit Forecast - Revenue projections for 2025-2027 are 1.772 billion, 2.158 billion, and 2.632 billion yuan, with year-over-year growth rates of 25.66%, 21.79%, and 21.99% respectively [3] - Net profit forecasts for the same period are 448 million, 529 million, and 644 million yuan, with growth rates of 15.25%, 18.08%, and 21.81% respectively [3] - The current price-to-earnings ratio is projected to be 34, 29, and 24 times for the years 2025, 2026, and 2027 [3]