Core Viewpoint - The company reported a stable performance in the first half of 2025, with a revenue of 2.139 billion and a net profit of 282 million, indicating a year-on-year growth of 4.31% and 6.20% respectively. The second quarter showed a slight decline in revenue but a significant increase in net profit [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 2.139 billion, a year-on-year increase of 4.31%, and a net profit of 282 million, up 6.20% [1]. - For Q2 2025, the company reported a revenue of 1.046 billion, a decrease of 2.47% year-on-year, while the net profit was 132 million, reflecting a growth of 20.73% [1]. Revenue Breakdown - The revenue from refractive projects reached 789 million, growing by 13.75% year-on-year [2]. - The revenue from comprehensive optometry projects was 514 million, an increase of 3.42% [2]. - The cataract project revenue was 431 million, showing a decline of 7.33% [2]. - The posterior segment project revenue was 277 million, with a growth of 5.52% [2]. Strategic Development - The company is focusing on a strategy of "internal growth + external mergers and acquisitions," having established 64 specialized eye hospitals and 67 optometry centers across 49 cities in 19 provinces and municipalities in China by mid-2025 [3]. - The company emphasizes talent development and collaboration with over 40 universities, including Peking University and Xiamen University, to enhance clinical research and training [3]. Profit Forecast - The projected net profits for the company from 2025 to 2027 are estimated to be 540 million, 640 million, and 720 million respectively, with corresponding price-to-earnings ratios of 32, 27, and 24 times [3].