Opcon Vision 2025 Annual Report: Net profit attributable to parent company of 480 million yuan, down 16.2%

On March 27, Opcon Vision (300595) announced its 2025 annual report, stating that the company is in a restructuring phase with no actual business operations; the net profit attributable to the parent company was 480 million yuan, a year-on-year decrease of 16.2%; the net profit attributable to the parent company after deducting non-recurring gains and losses was 409 million yuan, a year-on-year decrease of 16.8%; the net cash flow from operating activities was 730 million yuan, a year-on-year increase of 6.6%; EPS (fully diluted) was 0.5356 yuan.

In the fourth quarter, the company’s operating revenue recorded a loss of 1.43 billion yuan, a year-on-year decrease of 474.5%; the net profit attributable to the parent company was 37.47 million yuan, a year-on-year decrease of 24.5%; the net profit attributable to the parent company after deducting non-recurring gains and losses was 17.21 million yuan, a year-on-year decrease of 6.0%; EPS was 0.0419 yuan.

As of the end of the fourth quarter, the company had total assets of 6.261 billion yuan, an increase of 3.8% compared to the end of the previous year; the net assets attributable to the parent company were 4.912 billion yuan, an increase of 4.6% compared to the end of the previous year.

The company faces several challenges and changes in its business operations for the fiscal year 2025. Firstly, the impact of national medical reform policies has affected the sales revenue and profits of orthokeratology lenses, with some public hospitals implementing policies to reduce the retail prices of orthokeratology lenses. Additionally, while the centralized bulk purchasing policy in Hebei Province has not yet had a significant impact on the company’s sales scale, it may negatively affect performance in the future.

In terms of market competition, the company’s main product, orthokeratology lenses, faces increasing competition from registered brands and products, especially with the entry of new products such as low-concentration atropine and functional frame glasses into the youth myopia prevention and control market, putting pressure on the company’s sales growth. Moreover, the sales revenue from the East China region accounts for a significant proportion; if there are major adverse changes in the business environment of this region, it will negatively impact the company’s overall performance.

Overall, although the company has made several innovations and adjustments in products and services, such as launching a new generation of orthokeratology lenses and scleral lenses, the weakness in high-end consumption and the intensifying competitive environment still pose challenges to the company’s operating performance.

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