Core Viewpoint - The report highlights that Oupankangshi (300595) is facing short-term performance pressure but is building long-term competitiveness through its "full vision" strategy, maintaining a buy rating for the stock [1]. Financial Performance - In H1 2025, the company achieved revenue of 871 million yuan, a year-over-year decrease of 1.42%, and a net profit attributable to shareholders of 250 million yuan, down 22.93% [1]. - In Q2 2025, revenue was 392 million yuan, a decline of 6.27%, with a net profit of 90 million yuan, down 31.74% [1]. - The company's gross margin was 73.16%, a decrease of 0.61 percentage points, primarily due to a decline in high-margin hard lens product revenue [2]. Cost and Profitability Analysis - The increase in expenses and non-operating impacts have pressured profitability, with the net profit margin dropping to 28.71%, down 8.02 percentage points [2]. - The rise in sales expense ratio was attributed to increased labor costs and promotional expenses, while the management expense ratio increased mainly due to a rise in equity incentive costs [2]. Product Performance - The revenue from hard lenses decreased by 4.58% to 356 million yuan, affected by weak high-end consumption and increased competition [3]. - Revenue from other optical products, including frame glasses, increased by 16.18% to 187 million yuan, driven by the growth in functional frame glasses and non-medical technical service income [3]. Strategic Developments - The "full vision" product strategy is gradually being implemented, with new products like the DreamVision SL scleral lens and the DK=185 high oxygen permeability orthokeratology lens expected to drive future growth [4]. - The company is set to launch a composite functional frame lens that utilizes defocus and contrast dual control technology [4]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.69 yuan, 0.78 yuan, and 0.93 yuan for the years 2025, 2026, and 2027, respectively [4]. - The average target price from institutions over the past 90 days is 19.2 yuan, with two buy ratings and one hold rating [6].