1. **SUNNY OPTICAL’s Full-Year Performance Forecast** As of October 30, 2025, data from institutional forecasts projects the company’s full-year consensus revenue at RMB40.94–43.82 billion, reflecting year-on-year growth of 6.9%–14.4%. Consensus net profit is estimated at RMB3.46–3.83 billion, up 28.2%–42.0% YoY, while adjusted net profit is expected to reach RMB3.77 billion. Investors will monitor whether actual earnings exceed expectations upon disclosure.

2. **Latest Analyst Views on SUNNY OPTICAL** **Haitong International Securities** noted that SUNNY OPTICAL delivered stable revenue of RMB19.7 billion in H1 2025, aligning with market expectations. Profitability stood out, with net profit attributable to shareholders surging 52.6% YoY to RMB1.65 billion, driven by improved margins in smartphone lens modules and product mix optimization. Higher gross margins offset a 6.8% rise in operating expenses, while R&D investments remained elevated to support long-term innovation. Management reiterated confidence in maintaining mid-to-high single-digit revenue growth.

**Segment Breakdown**: - **Smartphone Business**: Despite a 6.4% and 21% YoY decline in lens and module shipments, revenue grew 1.7% YoY due to a 20% increase in average selling prices (ASPs). Management expects 5–10% revenue growth in 2025, supported by premium lens adoption and advanced optical technology. - **Automotive Business**: Automotive optics revenue rose ~18% YoY, with lens shipments up 21.7% and module revenue climbing 35%. Full-year growth is projected at 20%, fueled by ADAS adoption and higher-spec cameras. SUNNY OPTICAL is expanding into LiDAR, securing over RMB1.5 billion in projects, with LiDAR poised to become a future revenue pillar. - **XR & IoT**: New businesses grew 21% YoY, led by XR and IoT/robotics. Smart glasses offset VR softness, with XR revenue expected to hit RMB2.5 billion in 2025. AI-powered robotics and sports cameras are fast-growing segments, targeting RMB2 billion in revenue. The company is transitioning to integrated AI-driven hardware solutions.

**Industrial Securities** highlighted SUNNY OPTICAL’s H1 2025 revenue of RMB19.65 billion (+4.2% YoY), with gross and net profit up 20.0% and 55.1% YoY, exceeding expectations. Smartphone margins benefited from product mix upgrades despite shipment declines. Automotive optics grew rapidly, with LiDAR projects exceeding RMB1.5 billion and global market leadership. In emerging sectors, AI glasses shipments are forecast to surpass 10 million units, while XR revenue grew 21.1% YoY, bolstered by integration with Goertek’s optics division.

*Risk Warning*: The data or cases mentioned are for reference only and should not serve as investment guidance. Market volatility, corporate performance, and policy factors may impact stock prices. Investors should conduct thorough research and assess risk tolerance before making decisions.