Thanks for the good pick-up. Here are my own thoughts, which may prove to be wrong. There are no actual facts yet, nor has there been any confirmation from Optomed on the matter.
I agree with your introduction. Oriental Vision alone is not a volume news item, and therefore I wouldn’t expect a stock exchange release about it. But when looking at the big picture, there seems to be activity in China. From the outside, it is starting to look like systematic market building, but of course, the end result is not certain.
Let’s provide some background, even though these things are well known here. First, there was a JV in China with Zhongbao (Optomed 19.9% / Zhongbao 80.1%), and later it was replaced by Wiser, whose area of expertise was specifically “market entry.” What exactly changed here is not fully known, but the basic logic is likely the same: Optomed is a minority owner and technology partner, supplying the cameras (Aurora IQ) and software, but the AI apparently runs locally. The model was supposed to be recurring, meaning the cameras are practically leased. Therefore, the real metric would be the growth of the installed base, and through this lens, every opening is one channel into the same funnel. The more cameras in use, the better for Optomed.
Is commercialization or a breakthrough coming now? We are apparently moving or have moved from the pilot phase to channel building, so the direction is correct. But there is no hard data yet; no installed base, no billing levels, no utilization rates, and no user numbers. A recurring model is qualitatively good by default, but revenue accumulates more slowly and only scales as the base grows. So, it might be starting, but it’s not showing in the numbers yet.
Furthermore, it must be emphasized that caution is warranted when a large part of the “openings” comes from WISER’s own communication. A marketing tone is guaranteed, but these are difficult to verify—especially in China. Confirmation would come if Optomed reports it, and surely the company would be happy to share positive news. It will be nice to talk to Optomed about this at some point; I’ll have to ask for more details on progress in China after Q2 at the latest.
In summary: I am cautiously optimistic about the development. The direction seems encouraging, and if a winning combination has finally been found, our moderate expectations for China could prove to be too low. On the other hand, these steps must happen for a good scenario to even be possible. In my opinion, there is no reason to change the moderate forecast so far. Let’s wait and see if things start to materialize and if we can move forward on a larger scale.