Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 10.18, representing an expected upside of 24.6% from the current price of HKD 8.17 [3][6]. Core Insights - The company, Conant Optical (2276.HK), is a leading exporter of resin lenses in China, with a strong focus on customized and high-end products. It has a product network of over 6 million SKUs and sold 79.4 million pairs of lenses in 2023, achieving a CAGR of 9.89% from 2020 to 2023 [3][5]. - The global demand for eyewear is on the rise, with the market expected to reach USD 148.6 billion in 2024, and the lens segment projected to grow to USD 61.72 billion, accounting for 41.5% of the market. The Chinese lens market is also expected to grow at a CAGR of 5.6% from 2023 to 2028 [5][6]. - The company has a competitive edge in R&D and manufacturing, with all lens molds independently developed and produced. It has established a strong brand presence and is expanding its online sales channels [6][7]. Company Overview - Conant Optical is a one-stop service provider specializing in resin lens products, offering both standardized and customized lenses to meet diverse customer needs [12][16]. - The company has a rich history, having been established in 1996 and going public in 2021. It has expanded its production capabilities and market reach over the years [13][14]. Financial Performance - The company reported a revenue of HKD 1.775 billion in 2023, a year-on-year increase of 12.86%, with a CAGR of 12.63% from 2020 to 2023. The gross profit for the same year was HKD 658 million, reflecting a 22.4% increase [26][27]. - The net profit for 2023 was HKD 327 million, up 31.6% from the previous year, with a net profit margin of 18.42% [28][29]. Industry Analysis - The eyewear and lens industry is experiencing significant growth, driven by increasing awareness of vision care and the rising prevalence of myopia, particularly among children and the elderly [31][35]. - The market for functional lenses, which address various vision needs, is expanding, with a market share of 48.2% in 2023. The demand for high-refractive index lenses is also increasing due to consumer preferences for lighter and thinner eyewear [36][38].

[Table_Title] 证券研究报告 【信达新消费|眼视光】康耐特光学：高折射 公司研究 &定制业务带动毛利率提升，业绩稳定高增 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年3月29日 [T康ab耐le特_S光toc学kA（nd2R2an7k6]. HK） [T事a件bl：e_康Su耐mm特ar发y]布 2023年业绩报告：23年公司实现营业收入17.60亿元/同比 投资评级 — +12.7%，实现归母净利润3.27亿元/同比+31.56%；23H2营业收入9.28亿元/ 上次评级 — 同比+24.36%，归母净利润1.68亿元/同比+42.63%，实现毛利7.4%/+2.95pct， 实现净利率18.58%/+2.66pct。 [T刘ab嘉le仁_A u社th零or&]美 护首席分析师 整体来看，随着全球经济活动恢复正常，镜片需求稳步增长，公司23年实现 执业编号：S1500522110002 镜片销量1.59亿件，同比增长4.89%，三个生产基地产量达1.81万件，同比 联系电话：15000310173 增长9.3%；此外产品结构进一步优化，高折射产 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 1.76 billion (CNY) in 2023, representing a year-on-year growth of 12.7%, with a net profit attributable to shareholders of 327 million (CNY), up 31.6% year-on-year [1]. - The growth in revenue and profit is driven by the increase in customized and proprietary brand business, with a comprehensive gross margin rising by 3.0 percentage points to 37.4% [1]. - The company has a strong international presence, with 67.3% of revenue coming from international markets, and a significant increase in domestic market share from 14.7% in 2018 to 32.7% in 2023 [1][2]. Financial Performance - The company reported a revenue of 1.76 billion (CNY) in 2023, with a net profit of 327 million (CNY) and a non-recurring net profit of 312 million (CNY) [1]. - The revenue for the second half of 2023 was 928 million (CNY), showing a year-on-year increase of 14.0%, while the net profit for the same period was 168 million (CNY), up 29.1% year-on-year [1]. - The company expects net profits of 400 million (CNY) and 480 million (CNY) for 2024 and 2025, respectively, with corresponding P/E ratios of 8.5X and 7.1X [2]. Market Position and Strategy - The company has a strong foothold in the lens industry, with customized lens revenue accounting for 20.1% of total revenue, reflecting a year-on-year increase of 0.7 percentage points [2]. - The company utilizes advanced automated equipment and a C2M closed-loop system to enhance production efficiency and reduce delivery times for customized orders to as short as 72 hours [2]. - The report highlights the company's focus on enhancing brand strength through increased investment in domestic marketing and distribution channels, including emerging platforms like Douyin [1][2].

Financial Performance - For the year ended December 31, 2023, the revenue was approximately RMB 1,759.6 million, an increase of about 12.7% compared to 2022[2] - The gross profit for the year ended December 31, 2023, was approximately RMB 658.1 million, reflecting a growth of 22.4% from 2022[2] - The profit attributable to the owners of the parent company for the year ended December 31, 2023, was approximately RMB 327.0 million, representing an increase of about 31.6% compared to 2022[2] - The earnings per share for the year ended December 31, 2023, was approximately RMB 0.77, up by 32.8% from 2022[2] - The total comprehensive income for the year ended December 31, 2023, was RMB 313.3 million, compared to RMB 244.5 million in 2022[5] - Total customer contract revenue for 2023 reached RMB 1,759,641, an increase of 12.7% from RMB 1,561,317 in 2022[18] - The company reported a pre-tax profit of RMB 48,248 in 2023, up from RMB 34,300 in 2022, reflecting a growth of 40.6%[21] - The pre-tax profit for 2023 was RMB 393,010,000, an increase of 39.6% compared to RMB 281,539,000 in 2022[26] Sales and Revenue Breakdown - The total sales volume of products for the year ended December 31, 2023, was approximately 158.8 million units, an increase of about 4.9% compared to 2022[2] - Revenue from mainland China reached RMB 575,351,000 in 2023, up from RMB 447,167,000 in 2022, representing a growth of approximately 28.7%[15] - Revenue from the Americas was RMB 405,599,000 in 2023, slightly increasing from RMB 391,529,000 in 2022, which is a growth of approximately 3.6%[15] - Revenue from Asia (excluding mainland China) was RMB 378,923,000 in 2023, up from RMB 356,602,000 in 2022, representing an increase of about 6.2%[15] - Revenue from Europe reached RMB 299,901,000 in 2023, compared to RMB 289,177,000 in 2022, indicating a growth of approximately 3.9%[15] - Revenue from Oceania increased to RMB 75,865,000 in 2023 from RMB 62,704,000 in 2022, reflecting a growth of about 21%[15] - Standardized lenses contributed RMB 1,403,945 to revenue in 2023, up from RMB 1,244,057 in 2022, representing a growth of 12.9%[18] - Revenue from customized lenses increased to RMB 353,522 in 2023, compared to RMB 303,000 in 2022, marking a growth of 16.7%[18] Expenses and Costs - The cost of goods sold for 2023 was RMB 1,101,507, compared to RMB 1,023,447 in 2022, indicating an increase of 7.6%[22] - Sales and distribution expenses rose by 47.6% from RMB 69.9 million in 2022 to RMB 103.2 million in 2023[46] - Research and development costs rose to RMB 70,091 in 2023 from RMB 65,826 in 2022, an increase of 6.5%[22] - Total other income for 2023 was RMB 27,019, an increase of 31.4% from RMB 20,553 in 2022[21] - Financial expenses decreased to RMB 13,649 in 2023 from RMB 25,741 in 2022, a reduction of 47%[23] - The total tax expense for the year was RMB 65,988, significantly higher than RMB 32,973 in 2022, representing a growth of 100.5%[25] Assets and Liabilities - Non-current assets as of December 31, 2023, totaled RMB 569.6 million, an increase from RMB 525.2 million in 2022[6] - Current assets as of December 31, 2023, amounted to RMB 1,414.7 million, compared to RMB 1,263.4 million in 2022[6] - The net asset value attributable to the owners of the parent company was RMB 1,394.9 million as of December 31, 2023, up from RMB 1,145.6 million in 2022[7] - Total assets increased by 10.9% from RMB 1,788.6 million as of December 31, 2022, to RMB 1,984.3 million as of December 31, 2023[52] - Total liabilities decreased by 8.3% from RMB 643.0 million as of December 31, 2022, to RMB 589.4 million as of December 31, 2023[52] - The debt-to-asset ratio improved from 36.0% as of December 31, 2022, to 29.7% as of December 31, 2023[52] Dividends and Shareholder Returns - The board has proposed a final dividend of RMB 0.20 per share (tax included) for the year ended December 31, 2023[2] - The proposed final dividend is RMB 0.20 per share for the year ended December 31, 2023, compared to RMB 0.15 per share for the year ended December 31, 2022[61] - The company proposed a final dividend of RMB 0.20 per share for 2023, totaling RMB 85,320,000, pending shareholder approval[27] Corporate Governance and Compliance - The company has committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value[70] - The company has confirmed compliance with the corporate governance code and the standard code for securities transactions by directors for the year ended December 31, 2023[71] - The audit committee consists of three independent non-executive directors, ensuring proper oversight of the financial reporting process and internal control systems[72] - The consolidated financial statements for the year ended December 31, 2023, have been reviewed and deemed compliant with applicable accounting standards and regulations[73] Future Plans and Investments - The company plans to enhance production capacity and automation at its Shanghai and Jiangsu facilities in 2024[40] - The company aims to upgrade its R&D center to a national-level facility to boost innovation and competitiveness[41] - The company anticipates utilizing the remaining unutilized net proceeds primarily for enhancing R&D capabilities and increasing sales and marketing efforts, with a delay of one year due to adjustments in business development strategies[69] - The company has raised approximately HKD 473.5 million from its global offering, with about HKD 396.3 million (83.7%) utilized as of December 31, 2023[66][67] - The planned use of the remaining unutilized net proceeds includes strengthening R&D capabilities (19.9% of proceeds) and increasing sales and marketing efforts (2.3% of proceeds) by the second half of 2024[68][69] Employee and Workforce - As of December 31, 2023, the company employed a total of 2,509 employees across China, Japan, the United States, and Mexico[65] - Employee benefit expenses, including salaries and other allowances, amounted to approximately RMB 387.5 million for the year ended December 31, 2023, compared to RMB 357.9 million for the previous year[65] - The company has implemented a restricted share unit plan (2023 Share Incentive Plan) to retain and motivate selected participants for ongoing operations and development[65] - The company has repurchased a total of 9,000,000 H shares in the open market for future use under the 2023 Share Incentive Plan[65]

Investment Rating - The report initiates coverage with a "Buy" rating for 康耐特光学 [2][3] Core Viewpoints - 康耐特光学 has a strong position in the lens industry, with a market share of approximately 8.5% in China, ranking first among peers. The company exports to 90 countries, holding a 7.3% share of the domestic resin lens export market and 0.4% globally, ranking first in China and ninth worldwide [1][11] - The global eyewear market is projected to exceed $140 billion in 2023, with lenses accounting for over 40% of this market. The demand for lenses is expected to grow due to increasing myopia rates among youth, an aging population, and rising consumer spending [1][2] - 康耐特光学 has demonstrated strong growth in customized lens production, with revenue increasing from 140 million to 303 million from 2018 to 2022, representing a CAGR of 21.3%. The share of customized products in total revenue rose from 16.4% to 20.6% during the same period [1][2] Summary by Sections Company Overview - 康耐特光学 has been in the lens industry for 28 years, focusing on standardized lens production and sales. The company has expanded its global footprint, establishing a presence in North America and acquiring Japanese firms to enhance its local operations [1][11] - The company has a robust customized lens production capability, supported by advanced technology and a flexible supply chain, which has led to a continuous increase in revenue and profitability [1][11] Industry Analysis - The eyewear industry is characterized by a significant growth potential, with the domestic market showing a CAGR of 4.3% from 2015 to 2021, outpacing global growth rates. The average spending on lenses in China is still low compared to developed countries, indicating room for growth [1][2] - The report highlights the increasing demand for functional lenses, particularly for myopia prevention and presbyopia products, driven by demographic trends and consumer preferences [1][2] Financial Projections - The company is projected to achieve total revenue growth of 11.7%, 12.9%, and 13.0% from 2023 to 2025, reaching 1.743 billion, 1.968 billion, and 2.223 billion yuan respectively. Net profit is expected to grow by 33.2%, 19.4%, and 21.4% during the same period, reaching 331 million, 395 million, and 480 million yuan respectively [2][5] - The report indicates a decreasing P/E ratio from 8.5X in 2023 to 5.9X in 2025, suggesting improving profitability and valuation attractiveness [2][5]

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the North American market [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered the European market, with initial sales exceeding expectations [4]. - A new distribution center was opened in Germany to support regional growth [5]. - Strategic partnerships were formed with local retailers to enhance market penetration [6]. Topic 3: Product Development - Launched three new products in the tech segment, which contributed to 20% of total revenue [7]. - R&D spending increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive [9]. Topic 4: Operational Efficiency - Implemented a new ERP system, resulting in a 15% reduction in operational costs [10]. - Supply chain optimization led to a 10% improvement in delivery times [11]. - Employee training programs were expanded to enhance productivity and reduce turnover [12]. Topic 5: Strategic Initiatives - The company announced a share buyback program to return value to shareholders [13]. - A new sustainability initiative was launched, aiming to reduce carbon emissions by 25% over the next five years [14]. - Plans for a new manufacturing facility in Asia were unveiled to support global demand [15]. Topic 6: Risk Management - Identified potential risks in the supply chain due to geopolitical tensions [16]. - Implemented new risk mitigation strategies, including diversifying suppliers [17]. - Increased insurance coverage to protect against unforeseen disruptions [18].

Financial Performance - For the six months ended June 30, 2023, revenue was approximately RMB 831.2 million, an increase of about 11.3% compared to the same period in 2022[2] - Gross profit for the same period was approximately RMB 309.6 million, reflecting a growth of approximately 24.0% year-over-year[2] - Profit attributable to owners of the parent company was approximately RMB 158.6 million, representing an increase of approximately 34.3% compared to the prior year[2] - Earnings per share for the six months ended June 30, 2023, was approximately RMB 0.37, up approximately 32.1% from RMB 0.28 in the same period of 2022[2] - Total comprehensive income for the period was RMB 153.965 million, compared to RMB 107.806 million in the previous year[4] - The group reported a pre-tax profit of RMB 188,154,000 for the six months ended June 30, 2023, up from RMB 130,799,000 in the same period of 2022, reflecting a growth of 43.8%[25] - Profit rose by 34.3% from RMB 118.1 million for the six months ended June 30, 2022, to RMB 158.6 million for the six months ended June 30, 2023[35] Revenue Breakdown - Standardized lenses accounted for RMB 657,415,000 of the total revenue, while customized lenses contributed RMB 170,921,000, showing growth from RMB 602,480,000 and RMB 139,482,000 respectively in the previous year[18] - Revenue from mainland China reached RMB 246,061,000, which is 29.6% of total revenue, up from RMB 202,113,000 (27.1%) in the prior year[15] - Revenue from the Americas was RMB 189,890,000, slightly down from RMB 190,100,000 in the previous year, representing 22.8% of total revenue[15] - The company’s revenue from Europe was RMB 144,387,000, which accounted for 17.4% of total revenue, compared to RMB 140,491,000 (18.8%) in the prior year[15] - The company’s revenue from Asia (excluding mainland China) was RMB 200,876,000, representing 24.2% of total revenue, up from RMB 184,260,000 (24.7%) in the previous year[15] - The company’s total revenue from Africa was RMB 12,541,000, which is 1.5% of total revenue, compared to RMB 7,623,000 (1.0%) in the previous year[15] Asset and Liability Management - Non-current assets as of June 30, 2023, totaled RMB 558.258 million, an increase from RMB 525.184 million as of December 31, 2022[5] - Current assets amounted to RMB 1,336.491 million, compared to RMB 1,263.448 million at the end of 2022[5] - The net asset value as of June 30, 2023, was RMB 1,235.590 million, up from RMB 1,145.614 million at the end of 2022[7] - Total assets increased by 5.9% from RMB 1,788.6 million as of December 31, 2022, to RMB 1,894.7 million as of June 30, 2023, while total liabilities increased by 2.5% from RMB 643.0 million to RMB 659.2 million[50] Expenses and Costs - Research and development costs increased to RMB 30,699,000 for the six months ended June 30, 2023, from RMB 25,615,000 in the prior year, marking a rise of 19.5%[21] - Sales and distribution expenses rose by 21.7% from RMB 36.6 million in the first half of 2022 to RMB 44.5 million in the first half of 2023, driven by increased advertising and travel costs[43] - Administrative expenses increased by 16.9% from RMB 62.6 million in the first half of 2022 to RMB 73.2 million in the first half of 2023, primarily due to ongoing R&D investments[44] - Total financial expenses decreased to RMB 7,455,000 for the six months ended June 30, 2023, from RMB 14,706,000 in the same period of 2022, a reduction of 49.3%[22] Cash Flow and Investments - Cash and cash equivalents increased by 40.3% from RMB 335.6 million as of December 31, 2022, to RMB 470.8 million as of June 30, 2023, primarily due to increased net cash generated from operating activities[51] - Capital expenditures increased by 36.3% from RMB 26.7 million for the six months ended June 30, 2022, to RMB 36.4 million for the six months ended June 30, 2023, mainly for the purchase of property and machinery[52] - The company subscribed to wealth management products totaling RMB 160 million from Shanghai Rural Commercial Bank on July 4, 2023[59] Corporate Governance and Compliance - The company has complied with all corporate governance codes as of June 30, 2023, except for a deviation regarding the roles of the chairman and CEO[63] - The audit committee, composed of three independent non-executive directors, reviewed the unaudited interim results for the six months ending June 30, 2023[66] Future Plans and Strategies - The company plans to enhance production capacity at its Shanghai and Jiangsu facilities to capture potential business growth[36] - The company aims to upgrade its R&D center to a national-level facility to improve its research capabilities and maintain market competitiveness[36] - The company will focus on strengthening online marketing strategies through new channels like Douyin and WeChat mini-programs in the second half of 2023[37] - The company intends to increase sales and marketing efforts with a budget of HKD 48.8 million for 2023[68]

Financial Performance - Shanghai Conant Optical reported a revenue of RMB 1.2 billion for the fiscal year 2022, representing a year-over-year increase of 15%[1]. - The company achieved a net profit of RMB 200 million, which is a 10% increase compared to the previous year[1]. - Revenue for the year ended December 31, 2022, increased by 15.1% to RMB 1,561.3 million from RMB 1,356.1 million for the year ended December 31, 2021[15]. - Profit for the year ended December 31, 2022, rose by 35.4% to RMB 248.6 million compared to RMB 183.5 million for the year ended December 31, 2021[15]. - Gross profit for the year ended December 31, 2022, was RMB 537.9 million, reflecting a significant increase from RMB 460.2 million in 2021[13]. - The net profit for the year attributable to the parent company was RMB 248,566 thousand, compared to RMB 183,522 thousand in 2021, reflecting a year-over-year increase of approximately 35.5%[156]. - Total comprehensive income for the year ended December 31, 2022, was RMB 244,477,000, a decrease from RMB 167,154,000 in 2021, reflecting a foreign exchange loss of RMB 4,089,000[162]. User Growth and Market Expansion - User data indicated a growth in active users by 25%, reaching a total of 1.5 million users by the end of 2022[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025[1]. - The company is focusing on expanding its customer base in the Chinese market through increased sales and marketing efforts, including establishing physical stores and enhancing online marketing strategies[17]. Product Development and Innovation - New product launches are expected to contribute an additional RMB 300 million in revenue in 2023, focusing on smart eyewear technology[1]. - Research and development expenses increased by 30% to RMB 150 million, emphasizing innovation in optical technology[1]. - The company aims to upgrade its R&D center to a national-level facility to improve its research capabilities and maintain market competitiveness[16]. Financial Guidance and Projections - The company has set a performance guidance for 2023, projecting a revenue growth of 18%[1]. - The company plans to enhance production capacity at its Shanghai and Jiangsu facilities to capture potential business growth[16]. Operational Efficiency and Cost Management - The company has implemented new strategies to improve supply chain efficiency, aiming for a 15% reduction in operational costs[1]. - Selling and distribution expenses decreased by 8.3% from RMB 76.2 million in 2021 to RMB 69.9 million in 2022, mainly due to reduced business development and travel expenses[23]. - Administrative expenses rose by 6.2% from RMB 145.8 million in 2021 to RMB 154.8 million in 2022, driven by increased R&D costs and employee compensation[24]. Environmental and Social Governance (ESG) - Environmental, social, and governance (ESG) initiatives are being prioritized, with a commitment to reduce carbon emissions by 25% by 2025[1]. - The company made donations totaling RMB 25,400 during the reporting period, compared to RMB 22,000 in the previous year[71]. Corporate Governance and Management - The company has appointed a new joint company secretary, effective March 25, 2022, enhancing corporate governance[56]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balance of power and authority[110]. - The company has established a compensation committee to formulate and review the remuneration policies for directors and senior management, ensuring competitive compensation packages[88]. Financial Position and Assets - Total assets as of December 31, 2022, were RMB 1,788.6 million, a slight decrease from RMB 1,811.3 million in 2021[14]. - Total liabilities decreased to RMB 643.0 million as of December 31, 2022, down from RMB 873.9 million in 2021[14]. - Net asset value increased to RMB 1,145.6 million as of December 31, 2022, compared to RMB 937.4 million in 2021[14]. Risk Management and Compliance - The company has established a comprehensive internal control system that meets legal requirements and effectively mitigates risks[104]. - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2022, in accordance with International Financial Reporting Standards[144]. Shareholder Information - The company reported a proposed final dividend of RMB 0.15 per share, totaling RMB 63,990,000, subject to shareholder approval at the annual general meeting[61]. - The company has no predetermined dividend payout ratio, and future dividends will depend on the financial performance and legal regulations in China[62]. Employee Relations and Workforce - As of December 31, 2022, the company employed a total of 2,453 employees across China, Japan, the United States, and Mexico[40]. - Employee benefit expenses, including salaries and other allowances, amounted to approximately RMB 357.9 million for the year ended December 31, 2022, compared to RMB 319.0 million for the year ended December 31, 2021, representing an increase of about 12.5%[40]. Audit and Financial Reporting - The financial statements have been audited by Ernst & Young, with no changes in auditors over the past three years[96]. - The external auditor, Ernst & Young, issued an unqualified opinion on the company's 2022 financial report, indicating an objective and fair assessment[101].

Financial Performance - For the year ended December 31, 2022, the revenue was approximately RMB 1,561.3 million, an increase of about 15.1% compared to 2021[2] - The gross profit for the year ended December 31, 2022, was approximately RMB 537.9 million, reflecting a growth of about 16.9% from 2021[2] - The profit attributable to the owners of the parent company for the year ended December 31, 2022, was approximately RMB 248.6 million, representing an increase of about 35.4% compared to 2021[2] - The total sales volume of products for the year ended December 31, 2022, was approximately 151.4 million units, an increase of about 12.2% from 2021[3] - The total comprehensive income for the year ended December 31, 2022, was approximately RMB 244.5 million, compared to RMB 167.2 million in 2021[5] - Revenue increased by 15.1% from RMB 1,356.1 million in 2021 to RMB 1,561.3 million in 2022, driven by a rise in order volume and the appreciation of the US dollar against the RMB[43] - Profit rose by 35.4% from RMB 183.5 million in 2021 to RMB 248.6 million in 2022, with sales volume increasing from 134.9 million units in 2021 to 151.4 million units in 2022[39] Revenue Breakdown - Revenue from mainland China reached RMB 447,167,000 in 2022, up 14.9% from RMB 389,253,000 in 2021[15] - Revenue from the Americas was RMB 391,529,000 in 2022, reflecting an increase of 5.3% from RMB 369,905,000 in 2021[15] - Revenue from Asia (excluding mainland China) was RMB 356,602,000 in 2022, a significant increase of 24% from RMB 287,802,000 in 2021[15] - Revenue from Europe increased to RMB 289,177,000 in 2022, up 24.6% from RMB 232,006,000 in 2021[15] - Revenue from Oceania rose to RMB 62,704,000 in 2022, a 33.3% increase from RMB 47,004,000 in 2021[15] - Revenue from Africa decreased to RMB 14,138,000 in 2022, down 53% from RMB 30,112,000 in 2021[15] - Standardized lens revenue was RMB 1,244,057,000, up 17.1% from RMB 1,062,140,000 in 2021[19] - Customized lens revenue increased to RMB 303,000,000, a rise of 7.7% from RMB 281,262,000 in 2021[19] Assets and Liabilities - Non-current assets as of December 31, 2022, totaled approximately RMB 525.2 million, compared to RMB 413.2 million in 2021[6] - Current assets as of December 31, 2022, amounted to approximately RMB 1,263.4 million, down from RMB 1,398.1 million in 2021[6] - The total equity attributable to the owners of the parent company was approximately RMB 1,145.6 million as of December 31, 2022, compared to RMB 937.4 million in 2021[8] - Total assets slightly decreased by 1.3% from RMB 1,811.3 million as of December 31, 2021, to RMB 1,788.6 million as of December 31, 2022, while total liabilities decreased by 26.4% from RMB 874.0 million to RMB 643.0 million[53] Expenses and Costs - Research and development costs for 2022 amounted to RMB 65,826,000, an increase of 38.5% from RMB 47,513,000 in 2021[24] - Total financial expenses decreased to RMB 25,741,000 in 2022 from RMB 34,954,000 in 2021, a reduction of 26.4%[25] - The total tax expense for the year was RMB 32,973,000, compared to RMB 31,580,000 in 2021, reflecting a slight increase[27] - Administrative expenses increased by 6.2% from RMB 145.8 million in 2021 to RMB 154.8 million in 2022, primarily due to a RMB 22.1 million increase in R&D expenses and a RMB 7.0 million increase in employee compensation and benefits[48] - Other expenses surged by 291.4% from RMB 8.5 million in 2021 to RMB 33.1 million in 2022, mainly due to a RMB 27.5 million increase in fair value losses from investments in Viner Total Investments Fund[49] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.15 per share for the year ended December 31, 2022[3] - The board proposed a final dividend of RMB 0.15 per share for the year ended December 31, 2022, compared to RMB 0.085 per share for the previous year, pending shareholder approval[62] Employee and Governance - As of December 31, 2022, the company employed a total of 2,453 employees across China, Japan, the United States, and Mexico[65] - Employee benefit expenses, including salaries and other allowances, amounted to approximately RMB 357.9 million for the year ended December 31, 2022, an increase from RMB 319.0 million for the previous year[65] - The company has adopted the corporate governance code as per the listing rules and believes it has complied with all provisions for the year ended December 31, 2022, except for a deviation noted in C.2.1[71] Audit and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance announcement and the audited consolidated financial statements for the year ended December 31, 2022, ensuring compliance with applicable accounting standards and regulations[73] - The independent auditor, Ernst & Young, has compared the financial figures in the announcement with the consolidated financial statements for the year ended December 31, 2022, confirming consistency without issuing any verification[74] - The annual performance announcement and annual report for the year ended December 31, 2022, will be published on the stock exchange and the company's website, containing all required information as per listing rules[75]