1. What is the annual performance expectation for SUNNY OPTICAL? As of October 15, 2025, according to the quarterly performance forecast data from Chaoyang Yongxu: The company's Q3 revenue is forecasted to be between RMB 40.944 billion and RMB 43.816 billion, representing a year-on-year increase of 6.9% to 14.4%; the forecast for Q3 net profit is between RMB 3.460 billion and RMB 3.832 billion, up 28.2% to 42.0% year-on-year; the adjusted net profit for Q3 is expected to be RMB 3.770 billion. Investors should pay attention to whether future financial disclosures exceed expectations, and the quarterly performance forecast data by Chaoyang Yongxu will provide performance evaluation for investors.

2. The latest views from sellers regarding SUNNY OPTICAL: Haitong International Securities believes that SUNNY OPTICAL achieved stable revenue performance in the first half of 2025, with revenue reaching RMB 19.7 billion, which is broadly in line with market expectations. The company's profitability has significantly improved, with net profit attributable to shareholders increasing by 52.6% year-on-year to RMB 1.65 billion, mainly due to improved gross margins of mobile lens kits and optimization of product structure. Although operating expenses grew by 6.8%, R&D investment continues to rise to support long-term innovation. Management is optimistic about maintaining mid-to-high single digit revenue growth. The mobile business has seen moderate growth. Despite a year-on-year decline in mobile lens/module shipments of 6.4% and 21%, respectively, revenue in the mobile sector grew by 1.7% year-on-year, benefiting from average price increases of 20% for lenses/modules. The automotive business has experienced strong growth, with LiDAR becoming a future growth catalyst. Revenue from automotive optics increased by 18% year-on-year, and shipments of lenses and module revenues grew by 21.7% and 35%, respectively. Management expects a 20% overall annual growth rate. Increased penetration of ADAS and higher specification camera demands are supporting strong demand. Moreover, SUNNY OPTICAL is expanding its LiDAR business, having secured over RMB 1.5 billion in projects, and expects LiDAR to become a key revenue pillar in the future. SUNNY OPTICAL emphasizes its leading innovations in ultra-low reflection coatings and environmental adaptability, enhancing its competitive moat. Overseas business is also improving, with increased orders from Europe and Japan, positioning SUNNY OPTICAL to potentially outpace industry growth in the coming years. The expansion of XR and IoT businesses, with AI becoming a frontier for long-term growth. New business growth was driven by XR (up 21% year-on-year) and IoT/robotics. Smart glasses offset VR weaknesses, with expected XR revenue reaching RMB 2.5 billion in 2025 (RMB 1 billion in the first half of the year). Rapid growth is noted in the action camera and AI service robot sectors, with a revenue target of RMB 2 billion for the robotics business. Utilizing its optical expertise, SUNNY OPTICAL is transitioning to integrated system solutions, positioning AI-driven smart hardware as a frontier for long-term growth.

From a business segment perspective: 1) Mobile Business: Revenue from mobile business increased by 1.7% year-on-year, driven by average price growth of 20% for lenses/modules. Revenue growth from the mobile business is expected to be between 5-10% in 2025, supported by the adoption of high-end lens modules and advanced optical technology. 2) Automotive Business: Revenue from automotive optics increased by 18% year-on-year, with lens shipments and module revenues growing by 21.7% and 35%, respectively. Management expects overall growth of 20%, supported by increasing ADAS penetration and higher specifications for cameras. 3) LiDAR Business: SUNNY OPTICAL is expanding its LiDAR business, having secured more than RMB 1.5 billion in projects, and expects LiDAR to become a future revenue pillar. 4) XR and IoT Businesses: New business growth is driven by XR (up 21%) and IoT/robotics, with expected XR revenue reaching RMB 2.5 billion in 2025 and a revenue target of RMB 2 billion for robotics.

Industrial Securities believes that SUNNY OPTICAL's total revenue for the first half of 2025 was RMB 19.652 billion, a year-on-year increase of 4.2%, with gross profit and net profit increasing by 20.0% and 55.1% year-on-year, respectively, both exceeding expectations. In terms of the mobile business, although shipments declined, product structure optimization and average price increases contributed to gross margin growth. The automotive business saw an 18.2% revenue growth, maintaining the world’s leading market share, with LiDAR projects exceeding RMB 1.5 billion. Among emerging businesses, XR revenue increased by 21.1%, with smart glasses imaging modules holding the global leading market share, and expected shipments in the AI glasses market to exceed 10 million units. The company is integrating its business with Goer Technologies to alleviate funding pressure and accelerate capacity formation.

(Note: All relevant profit forecast data in this article is sourced from Chaoyang Yongxu's profit forecast database.) Risk Disclosure: The data or cases presented in this article are for reference only and should not serve as the basis for future investments. Investing in stocks involves risks, and market fluctuations, company performance, policy factors, and other aspects may lead to stock price volatility. Please fully understand relevant information before investing and make investment decisions in line with your own risk tolerance.