Core Insights - The professional chain sector experienced a 1.23% increase on October 31, with Doctor Glasses leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Sector Performance - Doctor Glasses (300622) closed at 30.41, up 2.29% with a trading volume of 87,600 shares and a transaction value of 265 million [1] - Tianyin Holdings (000829) closed at 10.09, up 1.92% with a trading volume of 221,900 shares and a transaction value of 22.3 million [1] - Kids Wang (301078) closed at 10.78, up 1.79% with a trading volume of 282,100 shares and a transaction value of 303 million [1] - Other notable performances include Love Baby Room (603214) up 1.56% and Yanshide (002416) up 0.57% [1] Capital Flow - The professional chain sector saw a net inflow of 17.38 million from main funds, while retail funds experienced a net inflow of 15.76 million [1] - Notably, the main funds for Doctor Glasses had a net outflow of 19.94 million, while retail funds had a net outflow of 16.84 million [2] - Tianyin Holdings had a net inflow of 14.73 million from main funds, despite a net outflow of 4.15 million from retail funds [2]

Summary of Doctor Glasses Conference Call Company Overview - **Company**: Doctor Glasses - **Industry**: Optical Retail Key Financial Metrics - **Revenue Growth**: Revenue for the first three quarters of 2025 reached 1.084 billion yuan, a year-on-year increase of 25% [2][3] - **Net Profit**: Non-GAAP net profit attributable to the parent company increased by 7% year-on-year, totaling 79 million yuan [2][3] - **Gross Margin**: Overall gross margin decreased by 5 percentage points to 54% [2][9] Business Segmentation - **Offline Business**: - Contributed 83% of total revenue, with optical glasses and fitting services accounting for 65% of revenue, growing by 18% year-on-year [2][4] - Revenue from offline operations was 900 million yuan, a 14% increase [4] - **Online Business**: - Revenue reached 184 million yuan, representing 17% of total revenue, with a significant growth of 44% [2][8] - Online retail growth in Q3 was 68%, with an increase in average transaction value [16] Product Performance - **High-End Products**: - Average transaction value for mid-to-high-end products rose to 1,700 yuan, a 9% increase year-on-year [5][14] - Sales of optical lenses in offline stores grew by approximately 12% [14] - **Smart Glasses**: - Sales revenue for smart glasses was about 15 million yuan, contributing minimally to overall profits due to low gross margins [6][15] Store Expansion and Strategy - **Store Count**: - As of September 30, 2025, the company had 585 stores, with a net increase of 1 direct store and 27 franchise stores [7][11] - **Store Opening Goals**: - The target for new direct stores was adjusted from 50 to approximately 40 due to economic conditions, while franchise store openings remain at 50 [11] Future Outlook and Strategies - **Profitability Improvement**: - The company aims to enhance profitability by focusing on high-margin businesses and controlling the growth of low-margin sectors [13] - **Online Business Development**: - Plans to introduce well-known brands online and improve supply chain integration to boost profits [17] - **New Revenue Models**: - Exploring separate charges for eye exams and special displays for certain products to enhance service experience and increase revenue [20] Market Trends and Consumer Behavior - **Consumer Willingness**: - Increased willingness to invest in visual health, reflected in the growth of high-end product sales [5][14] - **Impact of Smart Glasses**: - Potential changes in consumer purchasing habits due to the rise of smart glasses, with a focus on maintaining strong offline sales channels [18] Additional Insights - **Gross Margin Trends**: - Online retail gross margin improved by 5 percentage points, while direct and distribution business margins declined [9][12] - **Customer Traffic and Conversion Rates**: - In-store traffic and conversion rates remain stable at around 30%, with efforts to enhance online-to-offline conversion [19]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.08 billion yuan, representing a year-on-year growth of 18.05% [2] - The net profit attributable to shareholders was approximately 87.83 million yuan, with a year-on-year increase of 5.21% [2] - For Q3 2025, the company reported a revenue of approximately 394 million yuan, showing a year-on-year growth of 25.39% [2] - The net profit for Q3 2025 was about 31.80 million yuan, reflecting a year-on-year increase of 2.24% [2] Group 2: Product Sales and Market Share - The sales volume of functional lenses increased by 20.55% year-on-year, accounting for 39.49% of total lens sales [3] - Sales of adult progressive lenses grew by 37.69% year-on-year [3] - Sales of defocus lenses increased by 13.95% year-on-year [3] - Sales of fatigue-relief lenses rose by 23.12% year-on-year [3] Group 3: Strategic Partnerships and Innovations - The company has partnered with leading smart glasses brands including Starry Meizu, Thunder Innovation, XREAL, and others [3] - Over 150 retail stores have been upgraded to include smart glasses display cabinets, creating an immersive shopping experience to enhance customer conversion rates [3]

Core Insights - Dr. Optical (300622.SZ) reported its Q3 2025 results, revealing that as of October 29, 2025, four institutional investors held a total of 7.1076 million shares, representing 3.12% of the company's total equity. This marks a decrease of 0.32 percentage points in institutional ownership compared to the previous quarter [1] Institutional Holdings - The institutional investors include Jiangxi Jiangnan Dao Enterprise Management Co., China Construction Bank - Minsheng Jiayin Continuous Growth Mixed Securities Investment Fund, Yinhua Fund - China Life Insurance - Traditional Insurance - Yinhua Fund Guoshou Growth Stock Traditional Available-for-Sale Single Asset Management Plan, and Hong Kong Central Clearing Limited [1] - The total institutional ownership decreased by 0.32 percentage points from the last quarter [1] Public Fund Activity - One public fund, Minsheng Jiayin Continuous Growth Mixed A, increased its holdings by 0.18% compared to the previous period [1] - A total of 39 public funds did not disclose their holdings this quarter, including notable funds such as GF Innovation Upgrade Mixed, GF Value Core Mixed A, Hengyue Growth Selected Mixed A, and Minsheng Jiayin聚优精选混合A [1] Foreign Investment - One new foreign institutional investor, Hong Kong Central Clearing Limited, disclosed its holdings this quarter [1]

Core Viewpoint - The company reported a revenue of 1.08 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 18.05% [1] - The net profit attributable to shareholders reached 87.83 million yuan, marking a year-on-year increase of 5.21% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 78.99 million yuan, with a year-on-year growth of 7.82% [1] - The basic earnings per share stood at 0.39 yuan [1] Financial Performance - Revenue for the first three quarters: 1.08 billion yuan, up 18.05% year-on-year [1] - Net profit attributable to shareholders: 87.83 million yuan, up 5.21% year-on-year [1] - Net profit after deducting non-recurring items: 78.99 million yuan, up 7.82% year-on-year [1] - Basic earnings per share: 0.39 yuan [1]

Core Viewpoint - 博士眼镜 reported a revenue of 1.08 billion yuan for the first three quarters of 2025, reflecting an 18.05% year-on-year increase [1] - The net profit attributable to shareholders reached 87.83 million yuan, marking a 5.21% year-on-year growth [1] - The net profit excluding non-recurring gains and losses was 78.99 million yuan, up by 7.82% year-on-year [1] - Basic earnings per share stood at 0.39 yuan [1] Financial Performance - Revenue for the first three quarters: 1.08 billion yuan, up 18.05% year-on-year [1] - Net profit attributable to shareholders: 87.83 million yuan, an increase of 5.21% year-on-year [1] - Net profit excluding non-recurring items: 78.99 million yuan, a rise of 7.82% year-on-year [1] - Basic earnings per share: 0.39 yuan [1]

Core Viewpoint - 博士眼镜 reported a revenue of 1.08 billion yuan for the first three quarters of 2025, reflecting an 18.05% year-on-year increase [1] Financial Performance - The net profit attributable to shareholders reached 87.83 million yuan, marking a 5.21% increase compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 78.99 million yuan, which is a 7.82% year-on-year increase [1] - Basic earnings per share stood at 0.39 yuan [1]

第一章 总则 第一条 为了加强博士眼镜连锁股份有限公司（以下简称"公司"）治理和内 部控制，防治舞弊，规范反舞弊工作行为，维护公司和股东合法权益，根据《中 华人民共和国公司法》《企业内部控制基本规范》《博士眼镜连锁股份有限公司章 程》（以下简称"《公司章程》"）及国家相关法律法规等相关文件，结合公司实际 情况，特制定本制度。 博士眼镜连锁股份有限公司反舞弊及举报制度 第二条 反舞弊工作的宗旨是规范公司所有员工，特别是董事、中高层管理 人员、关键岗位员工的职业行为，树立廉洁、勤勉、敬业的工作作风，遵守相关 法律法规、职业道德及公司内部管理制度，防止损害公司、股东利益的行为发生。 第三条 本制度适用于公司及下属子（分）公司。 第二章 舞弊的概念及形式 博士眼镜连锁股份有限公司 反舞弊及举报制度 第四条 本制度所称舞弊，是指公司内、外人员采用欺骗等违法、违规手段， 谋取个人不正当利益，损害公司正当经济权益的行为；或谋取不当的公司经济权 益，同时可能为个人或他人带来不正当利益的行为。舞弊包括损害公司正当经济 利益的舞弊和谋取不当的公司经济利益的舞弊。 第五条 损害公司正当经济利益的舞弊，是指公司内部人员为谋取自身或他 ...

博士眼镜连锁股份有限公司 内部审计工作制度 博士眼镜连锁股份有限公司内部审计工作制度 第四条 本制度所称公司内部审计，是指由公司审计部秉持独立、客观原则， 依据国家法律法规及公司内部规章制度，对公司各部门、分公司、全资子公司、 控股子公司及具有重大影响的参股公司的业务活动、内部控制与风险管理的有效 性、财务信息的真实性与完整性以及经营活动的效率与效果等多个方面，并据此 开展相应的监督与综合评价工作。 第五条 本制度所称内部控制，是指公司董事会、审计委员会、高级管理人 员及其他有关人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （二）提高公司经营的效率和效果，强化公司的经营管理，规避经营风险， 1 博士眼镜连锁股份有限公司内部审计工作制度 第一章 总则 第一条 为了规范博士眼镜连锁股份有限公司（以下简称"公司"）内部审 计工作，加强经济管理和实现经济目标，明确内部审计机构和人员的职责，发挥 内部审计在强化内部控制、保障公司资产安全完整，改善经营管理和提高经济效 益方面的作用，进一步促进公司的自我完善和发展，维护公司和全体股东的合法 权益，根据《中华人民共和国审计法》《审 ...

第二条 独立董事应在公司年度报告（以下简称"年报"）的编制和披露过 程中，切实履行独立董事的责任和义务，勤勉尽责地开展工作，关注公司年度经 营数据和重大事项等情况。 第二章 独立董事年报工作职责 第三条 独立董事应当及时听取公司管理层和财务总监关于公司本年度生产 经营、规范运作及财务方面的情况和投、融资活动等重大事项进展情况的汇报， 并尽量亲自参与有关重大项目的实地考察。 博士眼镜连锁股份有限公司独立董事年报工作制度 博士眼镜连锁股份有限公司 独立董事年报工作制度 第一章 总 则 第一条 为完善博士眼镜连锁股份有限公司（以下简称"公司"或"本公司"） 管理治理机制，加强公司内部控制建设，进一步夯实信息披露编制工作的基础， 充分发挥独立董事在年报信息披露中的监督、协调作用，维护中小投资者的利益， 根据《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》《博士 眼镜连锁股份有限公司章程》（以下简称"《公司章程》"）及其他有关规定， 参照《上市公司独立董事履职指引》，特制订本制度。 独立董事如要求公司安排对有关重大项目的实地考察， ...