Summary of Mingyue Optical's Conference Call Company Overview - **Company**: Mingyue Optical - **Industry**: Optical Lens Manufacturing Key Financial Performance - **Q3 2025 Revenue**: Reached 227 million yuan, a historical quarterly high, with a year-on-year growth of 14.6% [3] - **Cumulative Revenue (Jan-Sep 2025)**: 626 million yuan, with a cumulative growth rate of 7.4% [3] - **R&D Expenses**: Increased by 60% year-on-year, reaching 13.29 million yuan in Q3 2025 [3] - **Net Profit**: Q3 net profit was 53.59 million yuan, up 11.6% year-on-year [3] Product Highlights - **Core Products**: - PMC Ultra Bright Series: Revenue growth of 53.7% [5] - 1.74 High Refractive Index Series: Sales volume increased by 112.4% year-on-year [5] - Easy Control Youth Myopia Prevention Lenses: Sales reached 132 million yuan in the first three quarters, an 8.5% increase [2] - **AI Glasses Project**: Revenue exceeded 6 million yuan with a gross margin of 78.6%, marking a significant breakthrough in smart wearable technology [2][5] Strategic Collaborations - **Partnership with Xiaomi**: Ongoing discussions for deeper collaboration on the second-generation AI glasses and expansion of offline store presence [2][6] - **Collaboration with Aier Eye Hospital**: Aiming to expand product lines and launch customized series in Q4 2025 [2][14] Market Trends and Future Outlook - **Myopia Control Market**: The company sees rapid growth potential in the myopia control market and is actively launching new products for different demographics [4][16] - **Progress in Progressive Lenses**: Anticipates 2025 to be a year of rapid growth for progressive lenses, driven by demographic changes [20][21] - **Long-term Strategy**: The company is focused on sustainable growth and refuses to engage in price wars, emphasizing customer service and product quality [15][24] Innovations and R&D Focus - **Smart Glasses Development**: Investment in technology for audio, photo, and display functionalities in smart glasses, with a focus on overcoming current technical challenges [11][18] - **New Product Launches**: Plans to introduce new products in the myopia prevention and consolidation markets, with some launching in Q4 2025 [16][17] Consumer Engagement and Market Position - **Consumer Education**: The company is committed to educating consumers about the benefits of its products, particularly in the context of changing demographics [19][20] - **Market Position**: Mingyue Optical positions itself as a leader in the domestic market, focusing on high-end products and avoiding low-end market competition [22] Conclusion Mingyue Optical is experiencing strong growth driven by innovative products and strategic partnerships. The company is well-positioned to capitalize on emerging market trends while maintaining a commitment to quality and customer service.