股票简称：博士眼镜 股票代码：300622 平安证券股份有限公司 关于博士眼镜连锁股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 （修订稿） 保荐机构（主承销商） （住所：深圳市福田区福田街道益田路 5023 号平安金融中心 B 座第 22-25 层） 二〇二五年九月 声 明 平安证券股份有限公司（以下简称本保荐机构或保荐机构）接受博士眼镜连 锁股份有限公司（以下简称发行人、公司或博士眼镜）的委托，担任博士眼镜向 不特定对象发行可转换公司债券的保荐机构。 本保荐机构及指定的保荐代表人已根据《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》）、《上市 公司证券发行注册管理办法》（以下简称《注册办法》）等法律法规和中国证监 会及深圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业 务规则和行业自律规范出具本上市保荐书，并保证所出具文件真实、准确、完整。 除非特别注明，本上市保荐书所使用的简称和术语与《博士眼镜连锁股份有 限公司向不特定对象发行可转换公司债券募集说明书》一致。 3-3-1 | ਮ | | --- | | 十二、保荐机构对本次证券 ...

国浩律师（深圳）事务所 关 于 博士眼镜连锁股份有限公司 向不特定对象发行可转换公司债券 之 补充法律意见书（二） 深圳市深南大道 6008 号特区报业大厦 42、41、31DE、2403、2405 层 邮编：518034 电话/Tel: （+86）（755） 8351 5666 传真/Fax: （+86）（755） 8351 5090 网址:http://www.grandall.com.cn 二〇二五年九月 | | | | | | 国浩律师（深圳）事务所 补充法律意见书（二） 国浩律师（深圳）事务所 关于 博士眼镜连锁股份有限公司 向不特定对象发行可转换公司债券 之 补充法律意见书（二） GLG/SZ/A2426/FY/2025-1140 致：博士眼镜连锁股份有限公司 国浩律师（深圳）事务所依据与博士眼镜连锁股份有限公司（以下简称"发 行人"）签订的《专项法律顾问合同》，担任发行人向不特定对象发行可转换公 司债券的专项法律顾问，出具了《国浩律师（深圳）事务所关于博士眼镜连锁股 份有限公司向不特定对象发行可转换公司债券之律师工作报告》（以下简称"《律 师工作报告》"）、《国浩律师（深圳）事务所关于博士眼镜连 ...

证券之星消息，9月9日专业连锁板块较上一交易日下跌1.59%，博士眼镜领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。专业连锁板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300755 华致酒行 | | 5902.00 | 0.01% | 116.51万 | 1.11% | -117.10万 | -1.12% | | 603214 | 爱歌室 | -212.20万 | -2.45% | -80.41万 | -0.93% | 292.60万 | 3.38% | | 002416 | 爰施德 | -1122.76万 | -6.64% | 839.93万 | 4.97% | 282.83万 | 1.67% | | 300022 吉峰科技 | | -1469.68万 | -14.04% | 1527.98万 | 14.60% | -58.30万 ...

Market Overview - On September 5, the professional chain sector increased by 1.46% compared to the previous trading day, with Jifeng Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Jifeng Technology (300022) closed at 8.53, with a rise of 3.77% and a trading volume of 252,700 shares, amounting to a transaction value of 212 million yuan [1] - Yanshida (002416) closed at 12.06, up 2.81%, with a trading volume of 252,200 shares and a transaction value of 300 million yuan [1] - Doctor Glasses (300622) closed at 34.96, up 2.28%, with a trading volume of 109,600 shares and a transaction value of 378 million yuan [1] - Tianyin Holdings (000829) closed at 9.90, up 2.06%, with a trading volume of 165,800 shares and a transaction value of 162 million yuan [1] - Huazhi Wine (300755) closed at 17.63, up 1.32%, with a trading volume of 66,500 shares and a transaction value of 115 million yuan [1] - Aiyingshi (603214) closed at 18.92, up 0.16%, with a trading volume of 58,700 shares and a transaction value of 110 million yuan [1] - Kids Wang (301078) closed at 11.90, down 0.83%, with a trading volume of 514,700 shares and a transaction value of 605 million yuan [1] Capital Flow Analysis - The professional chain sector experienced a net outflow of 10.57 million yuan from institutional investors, while retail investors saw a net inflow of 17.32 million yuan [1] - Jifeng Technology had a net inflow of 19.79 million yuan from institutional investors, but a net outflow of 18.66 million yuan from retail investors [2] - Yanshida saw a net inflow of 6.99 million yuan from institutional investors, with a net outflow of 14.36 million yuan from speculative funds and a net inflow of 0.74 million yuan from retail investors [2] - Doctor Glasses had a net outflow of 6.52 million yuan from institutional investors, while retail investors contributed a net inflow of 10.97 million yuan [2] - Kids Wang experienced a significant net outflow of 30.06 million yuan from institutional investors, but retail investors contributed a net inflow of 26.58 million yuan [2]

Market Overview - The professional chain sector experienced a decline of 2.84% on September 3, with Jifeng Technology leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Notable declines in individual stocks include: - Doctor Glass: closed at 33.70, down 2.49% [1] - Yuan Shide: closed at 11.66, down 2.67% [1] - Aiying Room: closed at 18.41, down 2.80% [1] - Tianyin Holdings: closed at 9.68, down 2.81% [1] - Huazhi Wine: closed at 17.41, down 2.85% [1] - Kids Wang: closed at 11.64, down 2.92% [1] - Jifeng Technology: closed at 8.01, down 3.73% [1] Capital Flow Analysis - The professional chain sector saw a net outflow of 127 million yuan from main funds, while retail investors contributed a net inflow of approximately 99.98 million yuan [1] - Specific capital flows for individual stocks include: - Huazhi Wine: main funds net inflow of 5.61 million yuan, retail net outflow of 10.29 million yuan [2] - Aiying Room: main funds net outflow of 7.75 million yuan, retail net inflow of 9.25 million yuan [2] - Jifeng Technology: main funds net outflow of 10.15 million yuan, retail net outflow of 10.11 million yuan [2] - Tianyin Holdings: main funds net outflow of 18.74 million yuan, retail net inflow of 12.13 million yuan [2] - Doctor Glass: main funds net outflow of 18.87 million yuan, retail net inflow of 12.27 million yuan [2] - Yuan Shide: main funds net outflow of 24.80 million yuan, retail net inflow of 21.07 million yuan [2] - Kids Wang: main funds net outflow of 52.46 million yuan, retail net inflow of 65.67 million yuan [2]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company continues to see a recovery in revenue growth, particularly in functional lenses and smart glasses, with a projected revenue increase of 14.9% in 2025 [2][12] - The company achieved a revenue of 686 million yuan in H1 2025, representing a year-on-year growth of 14.2%, and a net profit of 56 million yuan, up 6.97% [12] - The company is expanding its store network and enhancing its supply chain and AI technology integration [12] Financial Summary - Total revenue is projected to grow from 1,176 million yuan in 2023 to 1,954 million yuan in 2027, with a CAGR of 21.6% [5] - Net profit attributable to shareholders is expected to increase from 128 million yuan in 2023 to 187 million yuan in 2027, with a CAGR of 20% [5] - The company's earnings per share (EPS) is forecasted to rise from 0.56 yuan in 2023 to 0.82 yuan in 2027 [5] Store Expansion and Online Sales - In H1 2025, the company opened 28 new stores and closed 16, resulting in a total of 569 stores by the end of H1 [12] - Online sales reached 115 million yuan in H1, accounting for 16.79% of total revenue, with a year-on-year growth of 32.33% [12] Product Segmentation - Revenue from optical glasses and fitting services was 451 million yuan, up 17.1%, while sales of functional lenses increased by 26.58% [12] - The company is collaborating with leading smart glasses manufacturers to enhance its product offerings [12] Target Price and Valuation - The target price for the company's stock is set at 42.90 yuan, based on a price-to-earnings (PE) ratio of 75 times for 2025 [12]

Market Overview - On August 29, the professional chain sector declined by 0.45%, with Doctor Glasses leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Huazhi Wine (300755) closed at 18.46, up 3.13% with a trading volume of 181,100 shares and a transaction value of 338 million yuan [1] - Aiyingshi (603214) closed at 19.17, up 0.10% with a trading volume of 50,800 shares [1] - Kid King (301078) closed at 12.40, down 0.08% with a trading volume of 461,200 shares [1] - Yanshida (002416) closed at 12.47, down 1.03% with a trading volume of 197,400 shares [1] - Jifeng Technology (300022) closed at 8.61, down 1.26% with a trading volume of 171,400 shares [1] - Tianyin Holdings (000829) closed at 10.45, down 1.42% with a trading volume of 176,600 shares [1] - Doctor Glasses (300622) closed at 36.04, down 1.93% with a trading volume of 107,600 shares [1] Capital Flow Analysis - The professional chain sector experienced a net outflow of 75.22 million yuan from main funds, while retail investors saw a net inflow of 74.65 million yuan [1] - The capital flow for individual stocks shows that Huazhi Wine had a net inflow of 19.48 million yuan from main funds, while Doctor Glasses had a net outflow of 44.46 million yuan [2] - Kid King saw a net outflow of 19.72 million yuan from main funds, but a net inflow of 33.13 million yuan from retail investors [2]

Core Viewpoint - The recent financial report of Doctor Glasses (300622) shows moderate growth in revenue and net profit, but declining margins and cash flow metrics indicate potential challenges ahead [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 686 million yuan, a year-on-year increase of 14.21% [1] - Net profit attributable to shareholders was 56.03 million yuan, up 6.97% year-on-year [1] - Gross margin decreased to 54.65%, down 5.92% from the previous year [1] - Net margin also fell to 8.51%, a decrease of 1.74% year-on-year [1] - Operating cash flow per share dropped to 0.56 yuan, down 27.11% year-on-year [1] Accounts Receivable and Financial Ratios - Accounts receivable accounted for 82.64% of the latest annual net profit, indicating a significant reliance on credit [1][2] - Total expenses (selling, administrative, and financial) amounted to 304 million yuan, representing 44.25% of revenue, a decrease of 6.72% year-on-year [1] - Return on Invested Capital (ROIC) for the previous year was 10.36%, which is considered average [1] Business Model and Marketing Strategy - The company's performance is primarily driven by marketing efforts, with a focus on consumer education and promotional activities for functional lenses [2][4] - Sales of functional lenses increased by 26.58%, now accounting for 39.82% of total lens sales [4] - The company is enhancing its online presence through various e-commerce platforms and social media to attract customers [5] Store Expansion and Product Offerings - The company has upgraded over 150 retail stores to include smart glasses displays, creating immersive shopping experiences [6] - The sales volume of defocus lenses grew by 18.35%, representing 15.42% of total lens sales [5]

每经AI快讯，博士眼镜（SZ 300622，收盘价：36.75元）发布公告称，2025年8月28日，博士眼镜接受 长江证券等投资者调研，公司董事会秘书、副总经理丁芸洁等人参与接待，并回答了投资者提出的问 题。 2025年1至6月份，博士眼镜的营业收入构成为：零售行业-线上占比83.21%，零售行业-线下占比 16.79%。 截至发稿，博士眼镜市值为84亿元。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 王晓波） ...

Group 1: Financial Performance - The company's revenue and profit continued to achieve positive growth during the reporting period, with a significant increase in sales efficiency year-on-year [2] - Functional lens sales increased by 26.58% year-on-year, accounting for 39.82% of total lens sales [2] - The sales volume of defocus lenses grew by 18.35%, representing 15.42% of total lens sales [3] Group 2: Marketing and Sales Strategies - The company enhanced consumer education and marketing for functional lenses through festive promotions, themed marketing, and collaborations, expanding brand reach [2] - A comprehensive online-offline integration strategy was implemented, utilizing platforms like Tmall, Douyin, and Xiaohongshu to attract target customers and improve store conversion rates [3] - The introduction of a "99 paid membership" program focused on "accidental damage protection" to enhance customer service experience and increase customer loyalty [3] Group 3: Store Development and Customer Experience - Over 150 retail stores have been upgraded to include smart glasses display areas, creating immersive shopping experiences to boost foot traffic conversion [3]