Core Insights - The company, Opple Vision (300595), reported a slight increase in revenue for the first three quarters of 2025, with total revenue reaching 1.433 billion yuan, representing a year-on-year growth of 0.13% [1] - However, the net profit attributable to the company decreased by 15.41% year-on-year, amounting to 442 million yuan [1] - The decline in net profit was attributed to a decrease in revenue from high-margin hard lenses, while revenue from lower-margin optical products and technical services increased, leading to a lower profit growth rate compared to revenue growth [1] Revenue and Profit Analysis - Revenue for the first three quarters was 1.433 billion yuan, with a year-on-year increase of 0.13% [1] - Net profit attributable to the company was 442 million yuan, showing a year-on-year decline of 15.41% [1] - In the third quarter alone, net profit decreased by 3.1%, which was lower than the revenue growth [1] Cost and Expense Factors - The increase in sales expenses was noted, with a year-on-year rise of 9.75%, and an 8.53% increase in the third quarter [1] - The rise in sales expenses was primarily due to the hiring of additional sales and technical support personnel, as well as promotional activities [1] - Newly established optical terminals generated low initial revenue but incurred high fixed costs, contributing to the increase in revenue without a corresponding increase in profit [1]