Vi e w p o i n t | 28 Oct 2025 13:43:01 ET │ 16 pages Lens Tech (300433.SZ/6613.HK) 3Q25 OP Beat; TP to Rmb38.0/HK$32.0 CITI'S TAKE Overall 3Q25 OP was a beat. We attended Lens Tech's 3Q25 earnings call on 28th Oct. Key takeaways include: (1) Co. witnessed total ~30mn units of 2H25 new model order added during Sep-Oct, and there will be some 3Q orders pushout to 4Q. (2) Co. will have glass capacity to support 1.6mn vehicles in 2026. Co. also plans to build a larger new factory with 4x capacity of current fa ...