Dongwu Securities: Upgrades Opkons Vision to an Overweight rating

Dongwu Securities Co., Ltd. (朱国广) recently conducted research on OphtheVision and published a research report titled “2025 earnings under pressure; expecting gradual recovery,” giving OphtheVision a “Buy/Increase” (增持) rating.

OphtheVision (300595)

Investment Highlights

Recently, the company released its 2025 performance: In 2025, the company achieved operating revenue of RMB 1.86B (+2.62%, year-on-year, same below), and net profit attributable to shareholders of RMB 480M (-16.20%); net profit attributable to shareholders after deducting non-recurring items was RMB 409M (-16.79%). In a single Q4 quarter, operating revenue was RMB 428M (+11.95%), net profit attributable to shareholders was RMB 37M (-24.52%), and net profit attributable to shareholders after deducting non-recurring items was RMB 17M (-5.99%). Performance was below our expectations.

Domestic high-end consumption remains to recover, and the company’s performance faces near-term pressure: By product line, in 2025, revenue from rigid contact lenses was RMB 740M (-2.90%), and the gross margin improved slightly versus the same period last year to 89.08%. Revenue from the medical business was RMB 362M (-0.35%), with a gross margin of 57.65%. Revenue from nursing products was RMB 242M (-5.99%), with a gross margin of 63.89%. Revenue from non-optometry products was RMB 85M (+28.71%), with a gross margin of 17.00%. Revenue from eyeglass frames such as frame lenses was RMB 422M (+19.49%), with a gross margin of 72.19%.

The company’s “All-Optical” product strategy is being steadily advanced and continuously implemented. In 2025, the company’s scleral lens “DreamVisionSL” achieved上市 sales. The company’s next-generation corneal reshaping lenses (DV185, AP185) were approved and began上市 sales. All of the above products use the company’s self-manufactured OVCTEK200 lens material. The oxygen-permeability performance of the material ranks among the top in the globally listed comparable products. DV185 and AP185 are upgrade-and-replacement products for the company’s existing corneal reshaping lenses, helping enhance the market competitiveness of the company’s core products. “DreamVisionSL” scleral lenses add a new optometry product category for the company, with substantial market potential, which is conducive to enriching the company’s product structure and improving its profitability. In addition, during the same period, the company also launched multiple new products, including compound myopia-control management lenses (functional frame glasses), a Dream-Davie lubricating eye drop/droplet landing lamp, self-produced lutein, a physiological saline flushing solution for contact lenses, a Mi Meng Hua (密蒙花) nebulization solution, hyaluronic-acid-based and multi-ths (多萃净澈型) single-use eye wash drops, a steam water membrane eye mask for reducing dark circles and for visual fatigue, a hard-lens cleaning device CleanUltra, a contact-lens automatic detection instrument (clinic testing equipment), and other new products.

R&D is progressing smoothly; expecting new products to be上市 one step at a time. In 2025, the ultra-high oxygen-permeable corneal reshaping lens made from the second-generation material (OVCTEK200) obtained the registration certificate and has begun sales. The third-generation hard lens material (OVCTEK210FX) passed the registration inspection and has started clinical trials with official enrollment. The scleral lens (OVCTEK210FXSL) completed registration inspection and will enter the clinical trial stage. The registration acceptance for the peroxide-care solution in the medical device category and the single-use hard contact lens rinsing solution has been completed and has entered the technical review stage. Products such as hard contact lens cleaning solutions and single-use hard contact lens lubricating solutions completed registration inspection and will enter the clinical trial stage. For the multifocal soft lenses, the clinical trial data statistics and clinical report have been completed, and they will enter the registration application stage. The subsidiary OphtheVision Fang (欧普视方) carried out clinical trials of 0.01% and 0.02% low-concentration atropine sulfate eye drops, completing mid-term observation and assessment.

Earnings forecasts and investment rating: Given that domestic high-end consumption is yet to recover, we lowered the company’s net profit attributable to shareholders for 2026-2027 from RMB 0.681/730M to RMB 0.557/608M, and expect net profit attributable to shareholders in 2028 to be RMB 660M. Based on the current market value, the PE multiples are 22/20/19 times respectively. Considering that the company’s product line continues to expand, and it is expected to restore a steady growth trend, we maintain the “Buy/Increase” (增持) rating.

Risk warning: Risks include deterioration of the competitive landscape, market policy risks, and so on.

The latest details of earnings forecasts are as follows:

In the past 90 days, there has been 1 institution that provided a rating for this stock, including 1 “Buy” rating.

The above content is organized by Securities Star based on publicly available information and generated by an AI algorithm (Network Information Security Record No. 310104345710301240019). It does not constitute investment advice.