The real annoying thing about Opus 4.6/Codex 5.3 is that it’s impossible to publicly say “Opus 4.5 (and the models that came after it) are an order of magnitude better than coding LLMs released just months before it” without sounding like an AI hype booster clickbaiting, but it’s the counterintuitive truth to my personal frustration. I have been trying to break this damn model by giving it complex tasks that would take me months to do by myself despite my coding pedigree but Opus and Codex keep doing them correctly. On Hacker News I was accused of said clickbaiting when making a similar statement with accusations of “I haven’t had success with Opus 4.5 so you must be lying.” The remedy to this skepticism is to provide more evidence in addition to greater checks and balances, but what can you do if people refuse to believe your evidence?
The company’s gross margin has consistently been below the industry average, dropping to 23% in 2024 and then recovering to 24.7% in the first three quarters of 2025—still far below the 28%–32% level of leading players. Raw material costs accounted for as much as 87.5%, and rapid expense growth further squeezed profit margins. Overall, the company’s scale advantage stands out, but its earnings are not sufficiently stable. Growth remains primarily driven by store count, and operating efficiency urgently needs improvement.
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