Group 1 - The stock price of 博士眼镜 (Doctor Glasses) closed at 33.78 yuan on July 29, down by 0.71 yuan, representing a decline of 2.06% [1] - The trading volume on that day was 108,619 hands, with a total transaction amount of 367 million yuan [1] - 博士眼镜 operates in the commercial retail sector, primarily focusing on eyewear retail chain operations, with brands such as 博士眼镜 and President Optical [1] Group 2 - On July 29, the company stated on its interactive platform that it is currently using artificial intelligence technology to enhance existing business efficiency and service experience, but has not independently developed or operated AI products or platforms with complex autonomous decision-making capabilities [1] - On the same day, the net outflow of main funds was 56.6 million yuan, accounting for 1.08% of the circulating market value [1]

博士眼镜连锁股份有限公司（以下简称"公司"）第五届董事会第十四次会 议通知于 2025 年 7 月 17 日以电子邮件的形式发出，会议于 2025 年 7 月 21 日 上午 10:30 在公司会议室以通讯表决方式召开。本次会议应参与表决董事 9 人， 实际参与表决董事 9 人。会议由董事长 ALEXANDER LIU 先生召集和主持，公司全 体监事及高级管理人员列席会议。本次会议的召开符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 1、审议通过《关于向金融机构申请综合授信额度的议案》 证券代码：300622 证券简称：博士眼镜 公告编号：2025-049 博士眼镜连锁股份有限公司 第五届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 1 1、《博士眼镜连锁股份有限公司第五届董事会第十四次会议决议》。 特此公告。 博士眼镜连锁股份有限公司 表决结果：9 票同意、0 票反对、0 票弃权 经审议，董事会同意公司（含全资子公司）拟向金融机构（包括银行、经银 保监会批准设 ...

为满足公司经营需要，综合考虑公司资金安排，公司（含全资子公司）拟向 金融机构（包括银行、经银保监会批准设立的非银行金融机构）申请合计不超过 人民币 3.8 亿元的综合授信额度。综合授信内容包括但不限于流动资金贷款、项 目贷款、银行承兑汇票、保函、保理、开立信用证、押汇、贸易融资、票据贴现、 融资租赁等综合授信业务。 证券代码：300622 证券简称：博士眼镜 公告编号：2025-050 博士眼镜连锁股份有限公司 关于向金融机构申请综合授信额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 博士眼镜连锁股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日召开 第五届董事会第十四次会议，审议通过了《关于向金融机构申请综合授信额度的 议案》。 1 上述授信额度不等于公司的实际融资金额，具体以公司与金融机构签订的协 议为准。授信期限自本次董事会审议通过之日起 12 个月内有效。授信期限内， 授信额度可循环滚动使用，各金融机构实际授信额度可在总额度范围内相互调剂。 公司董事会授权管理层根据业务开展情况在上述授信额度内行使决策权与 签署融资协议及相关 ...

证券代码：300622 证券简称：博士眼镜 公告编号：2025-048 博士眼镜连锁股份有限公司 关于公司商标涉及诉讼的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示: 1.案件所处的诉讼阶段：一审判决 2.上市公司所处的当事人地位：一审原告 3.涉案的金额：0 4.对上市公司产生的影响：本次判决结果不会对公司生产经营情况产生重大 不利影响。 博士眼镜连锁股份有限公司（以下简称"公司"）于近期收到北京知识产权法 院出具的《行政判决书》，案号为（2025）京 73 行初 3613 号。北京知识产权法 院判决驳回公司的诉讼请求。现将诉讼事项公告如下： 被告：国家知识产权局 第三人：马赫 X 国际贸易有限公司（以下简称"马赫 X"） （三）有关本案的基本情况 一、本次诉讼的基本情况 （一）诉讼机构 诉讼机构名称：北京知识产权法院 诉讼机构所在地：北京市 （二）诉讼各方当事人 原告： 博士眼镜连锁股份有限公司 2022 年 6 月 13 日，马赫 X 以无正当理由连续三年不使用为由向国家知识 产权局申请撤销公司第 1091684 号"博士 DO ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

博士眼镜连锁股份有限公司 关于公司商标涉及诉讼进展暨一审胜诉的公告 证券代码：300622 证券简称：博士眼镜 公告编号：2025-047 案件一： （一）诉讼机构 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示: 1.案件所处的诉讼阶段：均为一审判决 2.上市公司所处的当事人地位：均为原告 3.涉案的金额：均为 0 4.对上市公司产生的影响：案件一、二均为一审判决，各判决是否为终审判 决存在不确定性。上述案件不会对公司生产经营情况产生重大不利影响。 博士眼镜连锁股份有限公司（以下简称"公司"）于近期收到北京知识产权法 院出具的(2025)京 73 行初 1938 号《行政判决书》、(2025)京 73 行初 1939 号《行 政判决书》。根据判决，公司均取得了胜诉，现将上述诉讼的进展情况公告如下： 一、本次诉讼相关案件的基本情况 诉讼机构名称：北京知识产权法院 诉讼机构所在地：北京市 （二）诉讼各方当事人 原告： 博士眼镜连锁股份有限公司 被告：国家知识产权局 第三人：马赫 X 博士国际贸易有限公司（以下简称"马赫 X"） （三）诉讼背景 1 ...

Industry Overview - The demand for eyeglass frames in China is increasing due to rising income levels and changing consumer preferences, leading to higher expectations for quality, design, and functionality [1][11] - In the first five months of 2025, the import value of eyeglass frames reached 660 million yuan, a year-on-year increase of 7.3%, while the export value was 4.782 billion yuan, a year-on-year decrease of 4.43% [1][11] - The trend of consumption upgrading is driving consumers to prefer international brands, lightweight materials (such as pure titanium and carbon fiber), and functional frames (like smart glasses and sports protective frames) [1][11] - The global eyewear market is experiencing slower growth, impacting the eyeglass frame market, but high-value products like smart and customized frames are seeing growth, indicating a shift from "scale expansion" to "value enhancement" in the industry [1][11] Industry Development History - The Chinese eyeglass frame industry has evolved through four main stages: the embryonic stage (1950s-1970s), growth stage (1980s-1990s), rapid development (2000-2010), and full competition (2010-present) [4][5] - The industry began with handmade production and limited product variety, transitioning to a more diverse and quality-focused market with the introduction of foreign brands and new materials [4][5] - Technological advancements have significantly improved materials, design, and functionality, enabling domestic companies to compete with international brands [4][5] Industry Chain - The upstream of the eyeglass frame industry includes raw materials (metal and non-metal materials) and production equipment, while the midstream focuses on manufacturing [8] - The downstream primarily serves the eyewear industry, indicating a well-structured supply chain [8] Current Industry Status - The eyeglass frame industry is characterized by a mix of diversified and concentrated competition, with leading companies and emerging brands shaping the market dynamics [13] - Notable companies include LUXOTTICA, which offers a wide range of products, and domestic firms like Zhongshan Tuokai Optical, focusing on high-cost performance products [13] Key Companies' Performance - Companies like Wanxin Optical and Hengfa Optical are significant players in the industry, with Wanxin being a leading manufacturer in Asia and Hengfa focusing on precision manufacturing and rapid response capabilities [14][15] - Wanxin Optical has a production capacity of over 3.5 million frames annually and exports to nearly 40 countries, while Hengfa Optical has a strong presence in the European market [14][15] Industry Development Trends - The industry is witnessing a shift towards smart and multifunctional products driven by technological innovation, with products like AR glasses gaining traction [17] - Consumer preferences are evolving towards personalized and high-end products, with companies offering customization services to enhance brand loyalty [19] - The global competitiveness of the Chinese eyeglass frame industry is increasing, with exports reaching 30.441 billion yuan in 2024, indicating a transition from "OEM export" to "brand expansion" [20]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 36.06 CNY for the next six months [5][14]. Core Viewpoints - The company is positioned to benefit from the growing AI eyewear market, having launched new AI smart glasses in collaboration with Li Weike, enhancing its product offerings and strategic partnerships [1][2]. - The AI technology is maturing, leading to an expected "tsunami-like" growth in the AI eyewear sector, with various functionalities being integrated into these products [3]. - The company is expected to achieve significant revenue growth, with projected revenues of 1.39 billion CNY, 1.62 billion CNY, and 1.91 billion CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 15.45%, 16.56%, and 17.77% [4][12]. Financial Projections - The company anticipates a net profit of 130 million CNY, 157 million CNY, and 196 million CNY for 2025, 2026, and 2027 respectively, with corresponding growth rates of 25.83%, 20.25%, and 24.71% [4][12]. - The projected price-to-earnings (PE) ratios for the years 2025, 2026, and 2027 are 59.1x, 49.2x, and 39.4x respectively [4][12]. - The company has established a robust retail network with 510 direct stores across 25 provinces, which is expected to support steady growth in its retail business [10]. Market Position and Strategy - The company has formed strategic partnerships with leading tech firms to enhance its smart eyewear offerings, solidifying its position in the eyewear retail and fitting service sector [2][4]. - The report highlights the company's digital strategy, which includes a comprehensive online retail presence and social media marketing to boost brand awareness and sales [10].

Investment Rating - The report maintains a positive outlook on the smart glasses industry, indicating a robust growth trajectory and recommending attention to key players such as 康耐特光学, 明月镜片, 博士眼镜, and 英派斯 [5][31]. Core Insights - The smart glasses market is experiencing rapid growth, driven by the introduction of AI and AR glasses, with significant potential for long-term expansion [2][6]. - The industry is at a pivotal point where traditional eyewear is evolving, and midstream lens manufacturing and downstream eyewear channels remain crucial [3][7]. - The report highlights the increasing integration of advanced functionalities in smart glasses, which enhances user interaction and expands application scenarios [18][19]. Summary by Sections 1. Smart Glasses: AI and AR Glasses Flourishing - AI glasses, exemplified by Meta's RayBan Meta, have ignited market interest, with significant sales growth expected [24][29]. - AR glasses are evolving with continuous optical solution iterations, broadening their application scope [6][18]. - The market is witnessing a surge in domestic players, with companies like 雷鸟创新, Xreal, and Rokid rapidly developing their product lines [4][6]. 2. Transformation of Traditional Eyewear - The midstream lens manufacturing sector is seeing steady global demand growth, with a shift towards higher-value, functional products [4][7]. - Downstream channels, particularly offline retail, play a vital role in capturing consumer trends and facilitating product development [9][7]. - The report emphasizes the importance of collaboration between smart glasses manufacturers and established eyewear retailers to enhance market penetration [9][7]. 3. Key Companies to Watch - 康耐特光学 is positioned as a leading lens manufacturer, focusing on domestic market growth and XR business opportunities [5][31]. - 明月镜片 is enhancing its product structure and actively engaging in high-growth segments like AI glasses [5][31]. - 博士眼镜 is expanding its retail presence and integrating smart glasses into its service offerings [5][31]. - 英派斯 is diversifying into the AI glasses sector while maintaining steady growth in its core fitness equipment business [5][31].

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.