Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a rapid recovery in performance in Q2 2025, with significant growth in contact lens sales [4] - Revenue for the first half of 2025 reached 787 million yuan, representing a year-on-year increase of 14.72%, while net profit attributable to the parent company was 213 million yuan, up 2.53% year-on-year [4] - The company has adjusted its earnings forecasts for 2025-2026, now expecting net profits of 434 million yuan in 2025 and 477 million yuan in 2026, with a new forecast for 2027 at 530 million yuan [4] Financial Performance - In Q2 2025, the company achieved revenue of 430 million yuan, a year-on-year increase of 14.44%, and a net profit of 121 million yuan, up 14.85% year-on-year [4] - The gross margin for the first half of 2025 was 65.25%, down 4.43 percentage points, while the net margin was 26.30%, down 2.75 percentage points [4] - The company’s contact lens business saw revenue of 236 million yuan in the first half of 2025, a significant increase of 28.89% [5] Business Segments - The artificial crystalline lens segment generated revenue of 345 million yuan in the first half of 2025, growing by 8.23%, with high-end products like "All View" multifocal lenses seeing rapid growth [5] - The company’s research and development expenses totaled 83 million yuan in the first half of 2025, representing 10.60% of revenue, with several products making progress in the approval process [6] Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 36.2 for 2025, 32.9 for 2026, and 29.6 for 2027 [4] - The projected revenue for 2025 is 1.645 billion yuan, with a year-on-year growth rate of 16.7% [8] - The company’s return on equity (ROE) is expected to be 14.2% in 2025, slightly decreasing to 13.6% by 2027 [8]