Investment Rating - The report maintains a "Buy" rating for the company, with projected net profits of 140 million, 170 million, and 200 million yuan for 2024-2026, corresponding to P/E ratios of 34.3X, 28.5X, and 24.8X respectively [1] Core Views - The AR glasses market is experiencing rapid growth, with global and Chinese AR device shipments reaching 510,000 and 200,000 units in 2023, up 37.8% and 53.9% YoY respectively [1] - The company has a significant channel advantage, with a nationwide network of stores and partnerships with major AR players like Huawei, Rokid, and Thunderbird [1] - Customization capabilities in lenses are becoming a key differentiator, with strong demand for digital, photochromic, and youth myopia control lenses [1] Market and Industry Analysis - The global AR device market is highly concentrated, with the top 5 players accounting for 89.9% of the Chinese market in 2023 and 55.7% globally in 2022 [1] - XREAL leads the global consumer AR market with an 81% share in H1 2022, while Thunderbird Innovation dominates the Chinese market with a 39.1% share in 2023 [1][17] - The AR industry is transitioning from B2B to B2C, with consumer sales accounting for 78.4% of the market in 2023 [1][14] Company Strategy and Positioning - The company is strengthening its position in the smart glasses sector through strategic investments and joint ventures, including a partnership with Thunderbird to develop a domestic version of Meta Ray-Ban [1] - It has established a comprehensive retail network across 23 provinces, leveraging partnerships with malls, supermarkets, and hospitals to enhance its channel capabilities [1] - The company is focusing on the integration of online and offline services, with a strong presence in both physical stores and e-commerce platforms [1] Financial Performance and Projections - Revenue is expected to grow from 1.176 billion yuan in 2023 to 1.771 billion yuan in 2026, with a CAGR of 14.6% [2] - Net profit attributable to shareholders is projected to increase from 128 million yuan in 2023 to 195 million yuan in 2026, with a CAGR of 15.1% [2] - The company's ROE is forecasted to rise from 16.2% in 2023 to 18.5% in 2026, indicating improving profitability [2] Product and Technology Trends - The AR glasses market is shifting towards lighter, more consumer-friendly designs, with magnetic/insertable myopia lenses becoming the mainstream [24] - Pre-installed prescription lenses are emerging as a key area of innovation, with companies like Apple and Meta investing heavily in this technology [24] - The company is actively participating in the development of advanced AR technologies, including partnerships for the production of customized lenses [24] Growth Opportunities - The myopia control market presents significant growth potential, with the penetration rate of defocus lenses expected to increase from 3.5% in 2021 to 30% by 2030 [33] - The aging population and rising consumer demand for premium products are driving growth in the presbyopia lens market, which currently accounts for only 1.5% of the total eyewear market [36] - Emerging applications such as photochromic, night vision, and anti-blue light lenses are creating new opportunities for companies with strong customization capabilities [42]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1]. Core Views - The company's performance in H1 2024 showed a revenue of 601 million yuan, a slight increase of 0.34% year-on-year, but a decline in net profit attributable to shareholders by 21.31% to 52 million yuan [1]. - The company is actively developing its own brand and product matrix, with functional lens sales accounting for 32.04% of total lens sales, achieving a rapid growth of 45.29% [1][2]. - The company plans to establish a joint venture with Thunderbird Innovation to develop AI-related smart glasses, with an investment of 3 million yuan for a 20% stake in the joint venture [2]. Financial Performance Summary - In H1 2024, the optical glasses and fitting services generated revenue of 385 million yuan, a decrease of 2.41%, with a gross margin of 68.42% [1]. - The company achieved a gross profit margin of 58.09% in H1 2024, with a net profit margin of 8.72%, reflecting a decrease of 2.40 percentage points [2]. - Revenue projections for 2024, 2025, and 2026 are estimated at 1.341 billion yuan, 1.555 billion yuan, and 1.828 billion yuan respectively, with net profits of 150 million yuan, 172 million yuan, and 202 million yuan [3]. Store Expansion and Online Strategy - The company opened 28 new stores and closed 13 in H1 2024, totaling 530 stores as of June 30, 2024 [1]. - Online sales in H1 2024 reached a GMV of 98 million yuan, accounting for 14.49% of total revenue, with significant growth in the official flagship store on major e-commerce platforms [1][2].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has signed a cooperation framework agreement with Thunderbird Innovation to establish a joint venture with a registered capital of 15 million RMB, where the company will invest 3 million RMB for a 20% stake [1] - The joint venture aims to develop the first generation of audio + AI glasses, leveraging the company's offline sales channels and marketing strategies [1] - The collaboration is expected to replicate the success of Meta Ray-Ban, with both companies having strong market positions and capabilities in their respective fields [1] - The company has a well-established offline channel network with 501 direct stores and 29 franchise stores as of Q2 2024, enhancing its market penetration [1] - The company is positioned to benefit from the growing smart glasses market, having established partnerships with leading brands in the industry [1] Financial Summary - The company's projected revenue for 2024-2026 is expected to be 1.32 billion RMB, 1.54 billion RMB, and 1.77 billion RMB, respectively, with year-over-year growth rates of 12.3%, 16.2%, and 15.4% [2] - The net profit attributable to the parent company is forecasted to be 141 million RMB, 169 million RMB, and 195 million RMB for the same period, with growth rates of 9.8%, 20.5%, and 15.0% [2] - The company's P/E ratios for 2024-2026 are projected to be 34X, 28X, and 25X, indicating a favorable valuation trend [2]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported stable operations with a breakthrough in smart glasses, achieving revenue of 601 million yuan in H1 2024, a year-on-year increase of 0.3%, while net profit attributable to shareholders was 52 million yuan, a decrease of 21.3% [1] - The growth rate of optical glasses and fitting services has slowed, but the company is steadily expanding its direct and franchise stores, with a total of 501 direct stores and 29 franchise stores as of the end of Q2 2024 [1] - The company is enhancing its digital retail system and steadily advancing its franchise model, with a significant increase in the sales proportion of functional lenses [1] - The company is exploring the smart glasses sector, establishing stable partnerships with leading brands and planning to develop new products [1] Financial Summary - For H1 2024, the company achieved revenues of 385 million yuan from optical glasses, 107 million yuan from fitting services, and 80 million yuan from contact lenses, with respective year-on-year growth rates of -2.4%, +7.8%, and +3.6% [1] - The company expects net profits for 2024, 2025, and 2026 to be 140 million yuan, 170 million yuan, and 195 million yuan, respectively, with corresponding P/E ratios of 34X, 28X, and 25X [1][2] - The company’s revenue is projected to grow from 1.321 billion yuan in 2024 to 1.771 billion yuan in 2026, with year-on-year growth rates of 12.3% and 15.4% [2][8]

Investment Rating - The report maintains a "Buy" rating for the company [3][15]. Core Views - The company's Q2 performance shows improvement, demonstrating operational resilience in a complex consumer environment. Strategic cooperation with Thunderbird Innovation is actively advancing the AI glasses layout, with expectations for revenue and profit uplift [2][3]. Financial Summary - H1 revenue reached 601 million yuan, a slight increase of 0.3%, while net profit attributable to the parent company was 52 million yuan, down 21.3%. The company plans to distribute a cash dividend of 28 million yuan, with a payout ratio of 54% [3]. - The forecast for EPS from 2024 to 2026 is set at 0.91, 1.10, and 1.32 yuan, with growth rates of 23%, 21%, and 20% respectively. The target price has been adjusted to 31.85 yuan based on industry valuation comparisons [3][11]. - H1 gross margin was 58.1%, down 2.7 percentage points, while net margin was 8.7%, down 2.8 percentage points. The expense ratio was 47.7%, an increase of 0.8 percentage points [3]. Segment Performance - In H1, revenue from optical glasses and fitting was 385 million yuan, down 2.4%. Revenue from finished glasses was 107 million yuan, up 7.8%, and contact lenses revenue was 80 million yuan, up 3.6% [3]. - The company opened 28 new stores (19 direct and 9 franchise) and closed 13 stores, ending H1 with a total of 530 stores [3]. AI Glasses Development - The company is accelerating its AI smart glasses layout through strategic partnerships with leading brands in the industry. A framework agreement has been signed with Thunderbird to establish a joint venture for developing innovative products [3][11].

证券代码：300622 证券简称：博士眼镜 公告编号：2024-062 博士眼镜连锁股份有限公司 第五届董事会第五次会议决议公告 二、董事会会议审议情况 1、审议通过了《关于<2024 年半年度报告>全文及摘要的议案》 表决结果：9 票同意、0 票反对、0 票弃权 经审议，董事会认为公司《2024 年半年度报告》及摘要的编制和审议程序符 合法律、行政法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、 准确、完整地反映了公司 2024 年上半年的实际经营情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 具体内容详见披露于巨潮资讯网（www.cninfo.com.cn）的相关公告。 2、审议通过了《关于 2024 年半年度利润分配预案的议案》 表决结果：9 票同意、0 票反对、0 票弃权 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 博士眼镜连锁股份有限公司（以下简称"公司"）第五届董事会第五次会议 通知于 2024 年 8 月 16 日以电子邮件的形式发出，会议于 2024 年 8 月 27 日上 午 10:30 在公司会议 ...

博士眼镜连锁股份有限公司章程 博士眼镜连锁股份有限公司章程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为，根 据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》 （以下简称《证券法》）和其他有关规定，制订本章程。 第二条 博士眼镜连锁股份有限公司系依照《公司法》和其他有关规定成立的 股份有限公司（以下简称"公司"）。 公司系由深圳市博士眼镜连锁有限公司按截止 2011 年 11 月 30 日经审计的原 账面净资产值折股整体变更设立的股份有限公司，在深圳市市场监督管理局注册登 记，取得营业执照，统一社会信用代码为 914403002793301026。 第三条 公司于 2017 年 2 月 10 日经中国证券监督管理委员会（以下简称中国 证监会）核准，首次向社会公众公开发行人民币普通股 2,145 万股，于 2017 年 3 月 15 日在深圳证券交易所创业板上市。 第四条 公司注册名称（中文）：博士眼镜连锁股份有限公司。 公司的英文名称：DOCTORGLASSES CHAIN CO.,LTD. 第五条 公司住所：深圳市罗湖区深南东路 5016 号京基一 ...

Financial Performance - The company achieved a revenue of RMB 500 million in the first half of 2024, representing a 15% increase compared to the same period in 2023[4]. - The company's operating revenue for the reporting period was ¥600,948,185.65, representing a slight increase of 0.34% compared to the same period last year[14]. - The company reported a net profit attributable to shareholders decreased by 21.31% to ¥52,384,653.93 from ¥66,567,163.98 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was ¥45,867,734.53, down 26.79% year-on-year[14]. - The company reported a year-on-year decline in operating profit of 13.86%[44]. - The total operating revenue for the first half of 2024 reached ¥600,948,185.65, a slight increase from ¥598,896,173.14 in the same period of 2023, representing a growth of approximately 0.34%[138]. - Net profit for the first half of 2024 was ¥52,058,898.82, down from ¥68,867,106.98 in the previous year, reflecting a decrease of approximately 24.4%[140]. - The total comprehensive income for the first half of 2024 was ¥52,538,607.40, down from ¥70,826,486.57, reflecting a decrease of about 25.7%[140]. Market Expansion and Strategy - The company is focusing on market expansion, with plans to open 50 new stores by the end of 2024, targeting key urban areas[4]. - The company has established partnerships with large supermarkets and public hospitals to enhance its market presence and service offerings[21]. - The company is enhancing its online-to-offline (O2O) business model to improve customer engagement and sales conversion rates[4]. - The company is actively promoting the "Doctor's Headlines" project to centralize marketing content across stores, enhancing brand visibility[28]. - The company is leveraging festive promotions and pop-up store activities to expand brand marketing reach and engage target audiences[29]. - The company is focusing on a differentiated brand positioning and standardized store operations to strengthen its market presence[27]. - The company has established long-term strategic partnerships with global eyewear manufacturers such as Carl Zeiss and LVMH, enhancing its product offerings[34]. Research and Development - The company is investing in new product development, with a budget allocation of RMB 20 million for R&D in innovative eyewear technologies[4]. - Research and development investment increased by 64.55% to ¥1,879,756.73, primarily due to the acquisition of two companies in April 2023[50]. - The company aims to enhance its research and development efforts to innovate new technologies in the eyewear sector[154]. Financial Position and Assets - Total assets at the end of the reporting period increased by 4.69% to ¥1,174,346,714.66 from ¥1,121,775,074.61 at the end of the previous year[14]. - The company's weighted average return on equity was 6.43%, down 2.93% from 9.36% in the previous year[14]. - Cash and cash equivalents at the end of the reporting period amounted to ¥195,490,394.98, representing 16.65% of total assets, a decrease of 0.60% from the previous year[55]. - Accounts receivable increased to ¥82,129,408.12, accounting for 6.99% of total assets, up by 1.25% year-over-year[55]. - Inventory reached ¥209,728,212.07, which is 17.86% of total assets, reflecting a 2.31% increase due to pre-stockpiling at the end of the period[55]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of RMB 1.60 per 10 shares to all shareholders, totaling an adjustment based on the number of shares outstanding at the time of distribution[3]. - The total number of shares for the cash dividend distribution is 174,283,571 shares, based on which the cash dividend is calculated[81]. - The company has completed the repurchase and cancellation of 44,400 restricted stocks at a repurchase price of RMB 7.93 per share due to the departure of one incentive object and performance results of seven others[82]. Risks and Challenges - The company is addressing risks related to market competition and macroeconomic fluctuations through strategic partnerships and enhanced marketing efforts[4]. - The company faces potential risks related to the joint venture, including policy, technology, and market expansion risks, which investors should be aware of[35]. - The company is facing potential risks related to channel dependence, particularly in physical stores located in supermarkets and medical institutions, which may not renew leases or operate at original locations[73]. - The company's online sales are significantly reliant on e-commerce platforms, with performance on platforms like Douyin steadily increasing, but risks remain due to potential changes in platform policies and competition[73]. Corporate Governance and Compliance - The company has established a robust internal control system to enhance corporate governance and ensure fair decision-making processes[87]. - The company was recognized by the China Securities Association for "Best Practices in Investor Relations Management" in 2023[88]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[86]. - The company has not engaged in any significant related party transactions during the reporting period[98]. Employee and Talent Management - The company has signed cooperation agreements with seven educational institutions to enhance talent acquisition and training, aiming to strengthen its workforce for future business expansion[36]. - The company is committed to enhancing its corporate culture and values, which include customer-first and results-oriented principles, to drive employee engagement and performance[36]. - The company has implemented a digital HR management system to improve efficiency in recruitment and performance evaluation, enhancing its talent management capabilities[35]. Financial Reporting and Accounting - The semi-annual financial report for the company has not been audited[93]. - The company adheres to accounting standards, ensuring financial statements reflect true and complete financial conditions[168]. - The company recognizes revenue from product sales upon delivery to customers, with control transferred at that point[164]. - The company assesses expected credit losses on accounts receivable based on historical experience and current conditions, with loss rates varying by aging categories[167].

博士眼镜连锁股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 1 / 3 2 / 3 | | 海口朗目贸易有限 | 本公司之 | 其他应 | | - | 94,377.09 | | - | 94,377.09 | 资金集中 | 非经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 公司 | 子公司 | 收款 | | | | | | | 管理 | 来 | | 其他关联方及其 | | | | | | | | | | | | | 附属企业 | | | | | | | | | | | | | 总计 | - | - | - | 61,939.05 | | 67,722,409.90 | 12,489,095.39 | | 55,295,253.56 | | - | 注：本表的关联方范围依照《深圳证券交易所创业板股票上市规则》确定。本表已于 2024 年 8 月 27 日获董事会批准。 法定代表人：ALEXANDER LIU 主管会计工作负责人：康海文 会计机构负责人：魏前喜 ...

证券代码：300622 证券简称：博士眼镜 公告编号：2024-067 博士眼镜连锁股份有限公司 关于召开公司 2024 年第二次临时股东大会的通知 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。 根据博士眼镜连锁股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日 在公司会议室召开的第五届董事会第五次会议决议，公司定于 2024 年 9 月 20 日 下午 14:30 召开 2024 年第二次临时股东大会（以下简称"本次会议"），现将本 次会议相关事项公告如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第二次临时股东大会 2、股东大会的召集人：第五届董事会 3、会议召开的合法、合规性：本次会议召开符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的相关规定。 4、会议召开的日期、时间： 现场会议时间：2024 年 9 月 20 日（星期五）下午 14:30 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 9 月 20 日 9:15-9:25，9:30-11:30 和 13:00-15:00 ...