Investment Highlights - Company is a leading global manufacturer of resin lenses with strong R&D capabilities and stable customer base, expected to achieve continuous growth through customized lenses, proprietary brands, and smart glasses development [1][2] - Traditional lens market is projected to grow steadily, with global lens sales expected to reach approximately $8.2 billion by 2029, and a CAGR of 5.8% from 2024 to 2029 [1] - AI glasses market penetration is increasing, with global sales expected to exceed 10 million units by 2026, and sales projected to surpass 100 billion yuan by 2029 [1] Strategic Partnerships - Deeply integrated with Mitsui Chemicals, ensuring stable customer cooperation and raw material availability [2] - Company is the longest-standing domestic partner of Mitsui, with the most comprehensive product range [2] - Utilizes a C2M model with flexible production lines capable of 2-3 day delivery, improving inventory turnover and response speed compared to traditional distribution [2] Client Relationships - Long-term partnerships with global leaders such as Luxottica and Essilor, resulting in high order stickiness [2] - Accelerating penetration of proprietary brands in the domestic market, which has become a major source of revenue growth [2] Product Development - Steady growth in proprietary brand revenue, with higher gross margins compared to ODM business, enhancing overall profitability [2] - Early investment in smart glasses technology with integrated bonding technology, collaborating with North American clients for R&D and small-scale orders [2] - Continuous expansion of functional and customized lens product lines, with revenue from these products expected to exceed 50% of total revenue by 2024, maintaining double-digit growth [2] Market Positioning - Company is believed to be underestimated in its technological barriers in the resin lens sector, with potential for exceeding market expectations in smart glasses market share and product rollout pace [2][3] Financial Projections - Expected EPS for 2025 and 2026 are 1.14 yuan and 1.42 yuan respectively, with a CAGR of 26% from 2024 to 2026 [3] - Current stock price corresponds to 36x and 29x P/E for 2025 and 2026, respectively, with a target price of 54.00 HKD, indicating a 21% upside potential [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of approximately 1.084 billion RMB for the first half of 2025, representing a year-on-year increase of 11%. The net profit attributable to shareholders was about 273 million RMB, up 30.7% year-on-year, with a net profit margin of 25.2% [2]. - The growth in revenue is driven by the increased sales of high-refractive and multifunctional products, with standardized lens revenue rising by 20% year-on-year [3]. - The company is expanding its overseas production capacity, with new production bases in Japan and Thailand expected to commence operations in the second half of 2025 [3]. - The AI smart glasses market is experiencing rapid growth, with global sales increasing by 222% year-on-year in Q2 2025. The company is well-positioned to capitalize on this trend through ongoing domestic and international collaborations [4]. Summary by Sections Performance Review - For the first half of 2025, the company achieved a revenue of approximately 1.084 billion RMB, a year-on-year increase of 11%. The net profit attributable to shareholders was around 273 million RMB, reflecting a growth of 30.7% year-on-year, with a net profit margin of 25.2% [2]. Operational Analysis - The revenue from standardized lenses reached 513 million RMB, up 20% year-on-year, accounting for 47.3% of total revenue. Functional lenses generated 382 million RMB, an increase of 8.8%, while customized lenses saw a decline of 4.9% to 185 million RMB due to tariff impacts [3]. - The company reported a gross margin of 41%, an increase of 1.8 percentage points year-on-year, benefiting from a higher proportion of high-end lenses [3]. XR Layout and Market Potential - The AI smart glasses industry is in a critical phase of "technological breakthroughs and market expansion," with global sales expected to reach 12.8 million units in 2025, a year-on-year increase of 26% [4]. - The company is actively pursuing international collaborations, with some overseas projects entering mass production preparation [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 540 million RMB, 660 million RMB, and 820 million RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 25.5%, 22.6%, and 23.8% [5].

Core Viewpoint - 康耐特光学 reported a revenue of RMB 1.084 billion for the six months ending June 30, 2025, representing a year-on-year increase of 11.04% [1] - The profit attributable to the owners of the parent company was RMB 273 million, an increase of 30.73% year-on-year [1] - The company proposed an interim dividend of RMB 0.15 per ordinary share (tax included) [1] Revenue and Profit Growth - The increase in revenue and profit is attributed to the orderly expansion of both international and domestic businesses [1] - Sales of high value-added products have shown stable growth [1] - Upgrades to automated production lines have effectively improved production and labor efficiency while reducing production costs [1]

Core Viewpoint - 康耐特光学 reported a revenue of RMB 1.084 billion for the six months ending June 30, 2025, representing an increase of 11.04% year-on-year [1] - The profit attributable to the owners of the parent company was RMB 273 million, reflecting a year-on-year increase of 30.73% [1] - The company proposed an interim dividend of RMB 0.15 per ordinary share (tax included) [1] Revenue and Profit Growth - The increase in revenue and profit was primarily due to the orderly expansion of both international and domestic businesses [1] - Sales of high value-added products showed stable growth [1] - Upgrades to automated production lines effectively improved production and labor efficiency while reducing production costs [1]

Group 1 - The company, 康耐特光学 (02276), announced a mid-term dividend of HKD 0.15 per share for the six months ending June 30, 2025, to be distributed on October 15, 2025 [1]

Core Viewpoint - 康耐特光学 announced a mid-term dividend of HKD 0.15 per share for the six months ending June 30, 2025, to be distributed on October 15, 2025 [1] Company Summary - 康耐特光学 will distribute a mid-term dividend of HKD 0.15 per share [1]

Group 1 - The company reported a revenue of approximately RMB 1,084.2 million for the six months ending June 30, 2025, representing an increase of about 11.1% compared to the same period in 2024 [1] - The gross profit was approximately RMB 444.3 million, reflecting a year-on-year increase of about 16.2% [1] - The profit attributable to the owners of the parent company was approximately RMB 272.9 million, which is an increase of about 30.7% compared to 2024 [1] Group 2 - The board of directors has proposed an interim dividend of RMB 0.15 per share (before tax) for the six months ending June 30, 2025 [1]

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，董事會包括執行董事費錚翔先生、鄭育紅先生、夏國平先生、陳俊華先生、王傳寶先生及曹雪女士；非執行董事趙 曉雲女士及田克漢先生；及獨立非執行董事肖斐博士、陳一先生、吳瑩博士及金益亭先生。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 上海康耐特光學科技集團股份有限公司 | | 股份代號 | 02276 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月8日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息 ...

[Performance Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) The company achieved approximately RMB 1,084.2 million in revenue, a 11.1% year-on-year increase, with profit attributable to owners of the parent growing by 30.7% Performance Indicators (RMB million) | Indicator | H1 2025 | Year-on-year Growth | | :--- | :--- | :--- | | Revenue | Approx. 1,084.2 | +11.1% | | Gross Profit | Approx. 444.3 | +16.2% | | Profit attributable to owners of the parent | Approx. 272.9 | +30.7% | | Earnings per share (RMB) | Approx. 0.59 | +18.0% | | Proposed interim dividend (RMB per share, pre-tax) | 0.15 | - | [Financial Statements](index=2&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides an overview of the Group's consolidated financial statements, including profit or loss, comprehensive income, and financial position [Consolidated Statement of Profit or Loss](index=2&type=section&id=%E5%90%88%E5%B9%B6%E6%8D%9F%E7%9B%8A%E8%A1%A8) In H1 2025, the Group's revenue reached RMB 1.084 billion, a 11.1% year-on-year increase; profit before tax was RMB 317 million, up 29.0%; and profit for the period was RMB 273 million, up 30.7%, with basic and diluted earnings per share at RMB 0.59 Consolidated Statement of Profit or Loss (RMB thousand) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 1,084,235 | 976,396 | +11.1% | | Gross Profit | 444,280 | 382,354 | +16.2% | | Profit before tax | 316,851 | 245,698 | +29.0% | | Profit for the period | 272,865 | 208,732 | +30.7% | | Earnings per share (RMB) | 0.59 | 0.50 | +18.0% | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E5%90%88%E5%B9%B6%E7%BB%BC%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) Profit for the period was RMB 273 million, with an additional RMB 8.04 million from exchange differences on translation of overseas operations, resulting in a total comprehensive income of RMB 281 million for the period, a 29.6% year-on-year increase Consolidated Statement of Comprehensive Income (RMB thousand) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Profit for the period | 272,865 | 208,732 | +30.7% | | Exchange differences on translation of overseas operations | 8,042 | 7,959 | +1.0% | | Total comprehensive income for the period | 280,907 | 216,691 | +29.6% | [Consolidated Statement of Financial Position](index=4&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets increased to RMB 3.251 billion, total liabilities decreased to RMB 735 million, and net assets significantly grew to RMB 2.516 billion, with net current assets increasing substantially, indicating a sound financial position Consolidated Statement of Financial Position (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 842,954 | 769,809 | +9.5% | | Total current assets | 2,407,840 | 1,618,975 | +48.7% | | **Total Assets** | **3,250,794** | **2,388,784** | **+36.1%** | | Total current liabilities | 663,966 | 732,228 | -9.3% | | Total non-current liabilities | 70,981 | 70,999 | -0.03% | | **Total Liabilities** | **734,947** | **803,227** | **-8.5%** | | **Net Assets** | **2,515,847** | **1,585,557** | **+58.7%** | [Notes to the Financial Statements](index=6&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E8%A7%A3) This section details the Group's operating segments, revenue breakdown, income tax, dividends, and trade receivables, providing further context to the financial statements [Operating Segments and Geographical Information](index=8&type=section&id=2%20%E7%BB%8F%E8%90%A5%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) The Group operates a single business segment, primarily manufacturing and selling resin spectacle lenses, with Mainland China and Asia (excluding Mainland China) being the main revenue sources, accounting for 33.1% and 27.3% of total revenue respectively, and non-current assets primarily concentrated in Mainland China, Japan, and Thailand - The Group primarily operates in a single business segment, manufacturing and selling resin spectacle lenses, thus no segment information is presented[18](index=18&type=chunk) Revenue from External Customers (RMB thousand) | Region | H1 2025 | Percentage | H1 2024 | Percentage | | :--- | :--- | :--- | :--- | :--- | | Mainland China | 359,151 | 33.1% | 301,823 | 30.9% | | Asia (excluding Mainland China) | 295,423 | 27.3% | 241,074 | 24.7% | | Americas | 220,120 | 20.3% | 224,178 | 22.9% | | Europe | 170,518 | 15.7% | 160,937 | 16.5% | | Other | 39,023 | 3.6% | 48,384 | 5.0% | | **Total** | **1,084,235** | **100.0%** | **976,396** | **100.0%** | - For the six months ended June 30, 2025, revenue from the single largest customer was approximately **RMB 100 million**, accounting for approximately **9.2%** of total revenue[21](index=21&type=chunk) [Revenue, Other Income and Gains](index=9&type=section&id=3%20%E6%94%B6%E5%85%A5%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E6%89%80%E5%BE%97) Total revenue of RMB 1.084 billion was entirely derived from contracts with customers, with standardized lenses contributing the most at RMB 513 million, a 19.9% year-on-year increase, while functional lenses revenue was RMB 382 million, up 8.8%, and other income and gains primarily stemmed from bank interest income and government grants Revenue by Product Type (RMB thousand) | Product Type | H1 2025 | H1 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Standardized lenses | 512,505 | 427,205 | +19.9% | | Functional lenses | 382,266 | 351,410 | +8.8% | | Customized lenses | 184,872 | 194,365 | -4.9% | | Other | 4,592 | 3,416 | +34.4% | | **Total** | **1,084,235** | **976,396** | **+11.1%** | - Other income and gains amounted to **RMB 29.21 million**, a **7.8%** year-on-year increase, primarily due to bank interest income rising from **RMB 2.39 million** to **RMB 9.70 million**[24](index=24&type=chunk) [Income Tax](index=12&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%8E%E8%B4%B9%E7%94%A8) Income tax expense for the period was RMB 43.99 million, a 19.0% year-on-year increase, mainly due to increased profit, with certain Chinese subsidiaries (Jiangsu Conant and Shanghai Conant) enjoying a 15% preferential tax rate for high-tech enterprises, while other subsidiaries apply statutory tax rates of their respective regions - Jiangsu Conant Optical Co., Ltd. and Shanghai Conant Optical Co., Ltd., subsidiaries of the Group, are recognized as "High-tech Enterprises" and enjoy a **15%** preferential corporate income tax rate[28](index=28&type=chunk) Income Tax Expense (RMB thousand) | Tax Item | H1 2025 | H1 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Current tax | 45,010 | 33,833 | +33.0% | | Deferred tax expense | (1,024) | 3,133 | - | | **Total income tax expense for the period** | **43,986** | **36,966** | **+19.0%** | [Dividends](index=14&type=section&id=7.%20%E8%82%A1%20%E6%81%AF) The Board recommended an interim dividend of RMB 0.15 per share (pre-tax) for the six months ended June 30, 2025, and the 2024 final dividend of RMB 0.16 per share was approved and is scheduled for payment on August 11, 2025 - The Board recommended an interim dividend of **RMB 0.15** per ordinary share (pre-tax) for 2025[31](index=31&type=chunk)[63](index=63&type=chunk) - The 2024 final dividend of **RMB 0.16** per share (pre-tax), totaling **RMB 76.79 million**, was approved at the annual general meeting on June 14, 2025, and is scheduled for payment on August 11, 2025[31](index=31&type=chunk)[70](index=70&type=chunk) [Trade and Bills Receivables](index=15&type=section&id=10.%20%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE%E5%8F%8A%E5%BA%94%E6%94%B6%E7%A5%A8%E6%8D%AE) Net trade receivables increased from RMB 356 million to RMB 419 million, with receivables within three months accounting for the largest proportion, and the Group has recognized an impairment provision of RMB 61.11 million using a provision matrix and purchased insurance to mitigate credit risk Aging Analysis of Trade Receivables (RMB thousand) | Aging Period | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 318,519 | 305,441 | | 3 to 6 months | 90,764 | 41,772 | | 6 to 12 months | 8,667 | 7,569 | | 1 to 2 years | 668 | 1,080 | | **Total** | **418,618** | **355,862** | - The Group uses a provision matrix to measure expected credit losses; as of June 30, 2025, the gross carrying amount of trade receivables was **RMB 480 million**, with an expected credit loss provision of **RMB 61.11 million**, resulting in an overall expected credit loss rate of **12.7%**[38](index=38&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the Group's business performance, financial results, capital structure, and outlines significant investments and future strategic plans [Business Review and Outlook](index=18&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE%E5%8F%8A%E5%B1%95%E6%9C%9B) In H1 2025, the company achieved double-digit growth in revenue and profit through steady expansion of domestic and international business, primarily driven by increased sales of high-value-added products and optimized production efficiency, with future plans to increase R&D, expand overseas production capacity (Japan, Thailand), and actively advance XR business - H1 2025 performance growth is primarily attributable to: (i) orderly expansion of international and domestic business, with stable growth in sales of high-value-added products; and (ii) upgraded automated production lines improving production efficiency and reducing costs[42](index=42&type=chunk) - Future Outlook: - Continue to increase R&D and optimize product structure - Enhance automation levels and expand overseas production capacity, with Japan's customized production line and Thailand's production base to be advanced in the second half of the year - Maintain a differentiated high-end product strategy in the domestic market to increase market share - Continuously advance XR business, collaborating with domestic and international customers, with some projects already achieving product delivery[43](index=43&type=chunk)[44](index=44&type=chunk) [Financial Performance Analysis](index=20&type=section&id=%E8%B4%A2%E5%8A%A1%E8%A1%A8%E7%8E%B0%E5%88%86%E6%9E%90) Revenue grew by 11.1% to RMB 1.084 billion, and the gross profit margin increased from 39.2% to 41.0%, primarily due to increased sales of high-refractive index and multi-functional lenses, with gross profit margins improving across all lens types, and financial asset impairment losses significantly decreasing by 59.1% due to effective cost control - Revenue increased by **11.1%** year-on-year, primarily due to (i) sales growth achieved through various channels; and (ii) continuous upgrading of products and services and optimization of product portfolio[45](index=45&type=chunk) - Overall gross profit margin increased from **39.2%** to **41.0%**, primarily due to increased sales of high-refractive index lenses and multi-functional lenses[47](index=47&type=chunk) Product Segment Gross Profit Margin | Product Segment | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Standardized lenses | 33.6% | 30.8% | | Functional lenses | 40.6% | 37.8% | | Customized lenses | 61.9% | 59.5% | - Impairment loss on financial assets significantly decreased by **59.1%** year-on-year to **RMB 3.20 million**, primarily due to an increased collection rate of receivables[53](index=53&type=chunk) [Capital Structure, Liquidity and Funding](index=22&type=section&id=%E8%B5%84%E6%9C%AC%E6%9E%B6%E6%9E%84) As of the period end, total assets increased by 36.1%, total liabilities decreased by 8.5%, and the gearing ratio decreased from 33.6% to 22.6%, with the current ratio increasing from 2.2 times to 3.6 times, and cash and cash equivalents increasing to RMB 786 million, primarily due to proceeds from additional share issuance, leading to a decrease in the debt-to-equity ratio (total borrowings/total equity) to 8.2% Financial Ratios | Financial Ratio | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio (Total liabilities/Total assets) | 22.6% | 33.6% | | Current ratio | 3.6 times | 2.2 times | | Debt-to-equity ratio (Total borrowings/Total equity) | 8.2% | 18.3% | - Cash and cash equivalents increased from **RMB 499 million** to **RMB 786 million**, a **57.5%** year-on-year increase, primarily due to the receipt of proceeds from the additional share issuance by Hong Kong Goertek Co., Limited[58](index=58&type=chunk) - As of June 30, 2025, total bank credit facilities amounted to **RMB 722 million**, with **RMB 206 million** utilized[60](index=60&type=chunk) [Material Investments and Future Plans](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84) In H1, the Group held financial wealth management products valued at RMB 531 million, and is advancing the construction of its Thailand production base, having paid RMB 92.27 million for land, while also planning to invest approximately USD 4 million in Japan to build a high-end customized lens production line to deepen its global footprint - As of June 30, 2025, the Group held financial assets measured at fair value through profit or loss amounting to **RMB 531 million**, primarily funds or wealth management products issued by large financial institutions[68](index=68&type=chunk) - Material investment plans include: - Thailand investment: Accumulated land payments of **RMB 92.27 million** for the construction of factory buildings and supporting facilities - Japan investment: Plans to invest approximately **USD 4 million** through a subsidiary to build an automated lens production line for resin lenses, focusing on high-end customized lenses[69](index=69&type=chunk) [Other Information](index=27&type=section&id=%E5%85%B6%E4%BB%96%E8%B5%84%E6%96%99) This section provides additional information on the Group's share repurchases, new share issuances, and the utilization of proceeds from past offerings [Share Repurchases and Issuance](index=30&type=section&id=%E8%B4%AD%E4%B9%B0%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E5%9B%9E%E8%B4%AD%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AF%81%E5%88%B8) In H1 2025, the company repurchased 2.2 million shares through the trustee of its share award scheme, and additionally, placed and issued 53.325 million new H shares to Hong Kong Goertek Co., Limited in January 2025 - In H1 2025, **2.2 million** shares of the company's listed securities were repurchased through the trustee of the share award scheme[80](index=80&type=chunk) - On January 6, 2025, **53,325,000** H shares were placed and issued to Hong Kong Goertek Co., Limited at a placing price of **HKD 15.86**[80](index=80&type=chunk) [Use of Proceeds](index=31&type=section&id=%E6%9C%AA%E6%9D%A5%E8%AE%A1%E5%88%92%E5%8F%8A%E6%89%80%E5%BE%97%E6%AC%BE%E9%A1%B9%E7%94%A8%E9%80%94) As of June 30, 2025, approximately 98.6% of the net proceeds of HKD 474 million from the 2021 global offering have been utilized, and approximately HKD 49.3 million of the net proceeds of approximately HKD 829 million from the January 2025 H share placing have been used, primarily for R&D, design, and manufacturing of lenses and visual solutions for smart glasses and XR headsets - As of June 30, 2025, approximately **HKD 467 million** of the net proceeds of approximately **HKD 474 million** from the 2021 global offering have been utilized, representing a utilization rate of **98.6%**[82](index=82&type=chunk) - Approximately **HKD 49.3 million** of the net proceeds of approximately **HKD 829 million** from the January 2025 H share placing have been used for R&D, design, and manufacturing of lenses and visual solutions for smart glasses and XR head-mounted devices; approximately **HKD 351 million** of the remaining proceeds have been temporarily arranged for subscription of financial products[84](index=84&type=chunk)

Group 1 - The article provides a list of companies involved in various financial activities such as earnings announcements, shareholder meetings, and new stock activities [2][3] - Several companies are mentioned for their dividend distribution dates, indicating their financial performance and shareholder returns [2][3] - The document highlights companies undergoing stock repurchases and capital increases, which may signal their financial strategies and market positioning [3] Group 2 - The article includes a list of companies that are currently in the process of IPOs, reflecting market interest and potential investment opportunities [2] - Companies like Silver Noble Pharmaceuticals and others are noted for their ongoing stock activities, which may attract investor attention [2] - The document also mentions companies that are resuming trading, indicating a potential recovery or change in market conditions [2]