Investment Rating - The report does not provide a specific investment rating for Mingyue Lens (301101) [1] Core Insights - Mingyue Lens reported a revenue of 626 million yuan for the first three quarters of 2025, representing a year-on-year increase of 7.4%, with a net profit attributable to the parent company of 149 million yuan, up 8.8% year-on-year [1] - The company has seen significant growth in its high-potential product categories, with the PMC Excess Series increasing by 53.7% year-on-year and the 1.74 series products showing a remarkable growth of 112.4% [2] - The partnership with Xiaomi for AI glasses has begun to yield results, generating 6.51 million yuan in revenue by the end of Q3 2025, with a high gross margin of 78.6% [2] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 227 million yuan, a year-on-year increase of 14.6%, and a net profit of 54 million yuan, up 11.6% year-on-year [1] - The gross margin for Q3 2025 was reported at 58.1%, a slight decrease of 1.0 percentage points year-on-year, while the net profit margin was 23.6%, down 0.6 percentage points year-on-year [3] - The company’s operating cash flow for Q3 2025 was 97 million yuan, reflecting a year-on-year increase of 29 million yuan [3] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 189 million yuan, 216 million yuan, and 244 million yuan, respectively, with corresponding P/E ratios of 42.5X, 37.2X, and 32.9X [3]