25H1 分渠道看，直营收入2.38 亿，占总59.43%；经销收入1.33 亿，占总33.24%。截至2025 年6 月末， 公司直销客户2214 家（含医疗渠道）、"明月"品牌经销客户69 家，客户结构持续优化。 公司发布 2025 半年度报告 25Q2 公司营收2.0 亿，同增4.71%；归母净利0.48 亿，同增3.42%；扣非归母净利0.41 亿，同增1.1%； 25H1 公司营收4.0 亿，同增3.68%；归母净利0.96 亿，同增7.35%；扣非归母净利0.83 亿，同增9.6%。 25H1 毛利率57.9%，同比-1.5pct；归母净利率23.9%，同比+0.8pct。 镜片经营具韧性，产品/渠道结构持续升级 25H1 公司镜片营收3.33 亿，同增4.23%，毛利率62.40%，同比-1.08pct；剔除海外业务的不利影响， 2025H1 镜片业务较去年同期增长5.4%，在外部环境承压、价格战加剧的影响下保持了充分的韧性，受 益于产品聚焦策略，大单品依然保持增长趋势，尤其是PMC 超亮系列产品2025 年上半年收入较同期增 长31.77%，三大明星产品的收入在常规镜片收入中占比为55.8%。 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price yet to be specified [4]. Core Viewpoints - The company has shown resilience in its lens business, with a revenue of 333 million and a growth of 4.23% in the first half of 2025, despite external pressures and intensified price competition [2]. - The company is strategically positioning itself in the AI glasses market, becoming the exclusive optical lens supplier for Xiaomi's AI glasses, which enhances its competitive edge [3]. - The financial performance for the first half of 2025 indicates a revenue of 400 million, a year-on-year increase of 3.68%, and a net profit of 96 million, reflecting a growth of 7.35% [1]. Financial Performance Summary - In the first half of 2025, the company's gross margin was 57.9%, a decrease of 1.5 percentage points year-on-year, while the net profit margin increased by 0.8 percentage points to 23.9% [1]. - The company's lens revenue for the first half of 2025 was 333 million, with a gross margin of 62.40%, showing a slight decline of 1.08 percentage points year-on-year [2]. - The company expects net profits for 2025 to be 200 million, with projections of 230 million and 260 million for 2026 and 2027, respectively [4]. Product and Channel Development - The company has optimized its product and customer structure, with direct sales accounting for 59.43% of total revenue in the first half of 2025 [2]. - The introduction of new product lines, such as the upgraded 1.74 series, has received positive consumer feedback, with sales increasing by 258% compared to the previous year [2]. - The company has expanded its SKU offerings to 36 in the myopia management lens category, maintaining a leading position in product line richness [2].

Core Viewpoint - The company reported a revenue of 400 million yuan in the first half of 2025, reflecting a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 95.506 million yuan, up 7.4% year-on-year, indicating a faster profit growth compared to revenue due to improved product structure and cost control efficiency [1][1][1] Financial Performance - In the first half of 2025, the overall gross margin was 57.9%, a decrease of 1.5 percentage points year-on-year, primarily due to rising raw material costs [1] - The total expense ratio for the first half of 2025 was 31.4%, down 3.1 percentage points year-on-year, showcasing improved cost management [1] Product Demand and Market Position - Excluding the adverse impact of overseas business, the lens business grew by 5.4% year-on-year in the first half of 2025 [1] - The "PMC Ultra Bright" series, a key product, showed strong performance with a year-on-year increase of 31.8% in the first half of 2025 [1] Strategic Partnerships and Growth Opportunities - The company became the official exclusive optical partner for Xiaomi's AI glasses in the first half of 2025, leveraging its network of over 400 offline partner stores across the country [1] Earnings Forecast and Investment Recommendation - The expected earnings per share (EPS) for 2025-2027 are projected to be 1.01 yuan, 1.15 yuan, and 1.34 yuan, with corresponding price-to-earnings (PE) ratios of 45x, 40x, and 34x respectively [1] - The continuous optimization of product structure and entry into the smart glasses market are expected to drive growth, maintaining a "hold" recommendation [1]

Group 1 - Recent research conducted by Shanghai Licheng Asset focused on two listed companies: Mingyue Optical and China National Materials [1] - Mingyue Optical has collaborated with Universal Pictures on a special edition of the "Minions" themed product, and is progressing well with its partnership with Xiaomi [1] - China National Materials is the only company in the global cement technology equipment and engineering services market with a complete industrial chain, maintaining good cooperation with Tibetan cement enterprises [1] Group 2 - Shanghai Licheng Asset is one of the earliest established private equity management companies in China, focusing on growth stock investment with a safety margin approach [2] - The company has a team of 50 employees, with nearly 30 being professional research analysts, and manages assets exceeding 10 billion [2] - Licheng Asset has received multiple awards, including three "Golden Bull" awards for private equity performance [2]

Core Viewpoint - The company maintains a stable pricing strategy in the face of intensified price competition in the defocus lens market, emphasizing the importance of product stability and reputation over short-term price cuts [1] Market Conditions - The overall defocus lens market is performing well in Q1 2025, but price competition has sharply increased starting in Q2 [1] - Some major foreign brands have significantly reduced prices, indicating a competitive shift in the market [1] Company Strategy - The company has chosen not to participate in the price war, positioning itself as one of the few brands maintaining price stability [1] - The factory average price of the company's defocus lenses remains roughly the same as last year, with slight decreases attributed to a higher proportion of low refractive index products [1] Product Performance - The company's "Easy Control" series is noted for its price stability within the defocus lens category [1] - Despite external competitive pressures, the company achieved nearly 20% growth in defocus lenses in the first half of the year, aligning with trends among leading industry peers [1] Industry Trends - The market is saturated with defocus lenses, but there is a lack of products that offer stable pricing and strong functionality and reputation [1] - Some foreign brands, facing challenges from the price war, have launched new products during the summer to reshape their value propositions, highlighting the significance of product and pricing stability [1]

明月镜片股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系 | √特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位 | 中金公司、中信证券、中信建投证券、浙商证券、信达证券、天弘基金、 | | | 天风证券、上海天猊投资、上海明河投资、民生证券、国泰海通证券、国 | | | 金证券、国海证券、广发证券、方正证券、东方财富证券、东北证券、东 | | | 方证券、鹏扬基金、eFusion Capital、复星保德信人寿、FENGHE ASIA | | | FUND LTD、云南信托、大家资管、兴业证券、杭州恩宝资管、上海开思股 | | | 权投资基金、深圳前海承势资本、申万宏源证券、开弦资本、深圳尚诚资 | | | 产、泽安私募、信达澳亚基金、Genesis Investment Management LLP、 | | | 永赢基金、CI Investments Inc、路博迈基金、国投证券、Quartet | ...

Core Viewpoint - Mingyue Optical's recent financial report shows positive growth in revenue and net profit, indicating a stable performance despite challenges in accounts receivable management [1] Financial Performance - Total revenue for the first half of 2025 reached 399 million yuan, a year-on-year increase of 3.68% [1] - Net profit attributable to shareholders was 95.51 million yuan, up 7.35% year-on-year [1] - In Q2 2025, total revenue was 202 million yuan, reflecting a 4.71% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was 48.36 million yuan, a 3.42% increase year-on-year [1] - Gross margin stood at 57.87%, down 2.57% year-on-year, while net margin improved to 25.26%, up 3.4% [1] - Total operating expenses were 105 million yuan, accounting for 26.41% of revenue, a decrease of 14.06% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased by 16.50% to 471 million yuan [1] - Accounts receivable decreased by 7.44% to 155 million yuan, but still represented 87.83% of net profit [1][4] - Interest-bearing debt surged by 1178.01% to 48.05 million yuan [1] Earnings Metrics - Earnings per share (EPS) rose to 0.48 yuan, a 7.77% increase year-on-year [1] - Operating cash flow per share decreased by 9.96% to 0.32 yuan [1] - Book value per share increased by 5.01% to 8.26 yuan [1] Business Model and Market Position - The company's performance is primarily driven by marketing efforts, necessitating further analysis of the underlying drivers [3] - The return on invested capital (ROIC) for the previous year was 11.26%, indicating average capital returns [1] Investor Insights - Major funds holding Mingyue Optical include Minsheng Jia Yin Continuous Growth Mixed A, which has recently increased its position [5] - The fund's scale is 1.111 billion yuan, with a recent net value increase of 2.68% [5]

明月镜片 20250828 摘要 明月镜片 2025 年上半年总营收 3.99 亿元，同比增长 3.7%，归母净利 润 9,551 万元，同比增长 7.4%。PMC 超亮系列产品增长 32.4%，镜 片销售占比达 84%，提升营收质量。费用管控方面，管理、销售费用同 比下降，研发费用同比增长 35.5%至 1993 万元。 2025 年上半年，明月镜片常规镜片业务受益于明星产品 PMC 超亮系列 （占比 55.8%）和 1.74 系列新品，抵消海外业务不利影响后同比增长 5.4%。轻松控系列销售额达 8,167 万元，同比增长 7.32%，剔除召回 影响后同比增长 18.4%，1.74 系列销售额同比增长 258%。 明月镜片与小米合作推出 AI 智能眼镜，提供线上线下全渠道配镜服务， 线上通过小米有品商城，线下在 400 余家门店验配。同时与爱尔眼科达 成战略合作，深化品牌、业务、科技等多领域合作，巩固市场地位。 小米智能眼镜销售良好，主流产品售价 1999 元，明月配套镜片平均单 价约 800 元，高于预期。公司通过线下连锁店提供验光配镜服务，减少 售后投诉，获得良好反馈。智能眼镜品类已基本形成，未来发展 ...

Core Viewpoint - The company reported a revenue of 399 million yuan for the first half of 2025, reflecting a year-on-year growth of 3.68%, with a net profit attributable to shareholders of 96 million yuan, up 7.35% year-on-year, and a non-recurring net profit of 83 million yuan, increasing by 9.57% year-on-year, indicating that the performance is in line with expectations despite weak industry demand and product recall impacts [1] Group 1: Financial Performance - In Q1 and Q2 of 2025, the company achieved revenues of 197 million yuan and 202 million yuan respectively, with year-on-year growth rates of 2.63% and 4.71% [1] - The gross profit margin for the first half of 2025 was 57.87%, a decrease of 1.52 percentage points year-on-year, primarily due to intensified industry competition [2] - The net profit margin for the first half of 2025 was 23.93%, an increase of 0.82 percentage points year-on-year, attributed to improved efficiency in expense allocation [2] Group 2: Product Development and Market Trends - The company is experiencing rapid growth in products such as defocus lenses and PMC, with the PMC ultra-bright series seeing a revenue increase of 31.8% year-on-year, and the new 1.74 series products achieving a remarkable growth of 258% [2][3] - The company is well-positioned to benefit from the growth of the smart glasses industry, having partnered with Xiaomi as the exclusive optical partner for their AI glasses, leveraging its technological and channel advantages [3] Group 3: Profit Forecast and Valuation - Due to weak industry demand and product recall impacts, the company has revised its net profit forecasts for 2025 and 2026 down by 14% and 15% to 196 million yuan and 226 million yuan respectively, corresponding to price-earnings ratios of 50 and 43 times [4] - The target price is maintained at 60.00 yuan, reflecting a potential upside of 23% from the current stock price, based on improved market risk appetite and the growth prospects of new businesses like AI smart glasses [4]

2025年8月28日，明月镜片(301101.SZ)发布2025年中报。 公司营业总收入为3.99亿元，在已披露的同业公司中排名第10。归母净利润为9550.61万元。经营活动现金净流入为6394.63万元，较去年同报告期经营活动 现金净流入减少707.54万元，同比较去年同期下降9.96%。 公司摊薄每股收益为0.48元。 公司最新总资产周转率为0.21次，在已披露的同业公司中排名第12，较去年同期总资产周转率减少0.01次，同比较去年同期下降2.72%。最新存货周转率为 1.89次，较去年同期存货周转率减少0.02次，同比较去年同期下降0.89%。 公司股东户数为2.52万户，前十大股东持股数量为1.45亿股，占总股本比例为71.82%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 上海明月实业有限公司 | 55.0 | | 2 | 上海诺特其定位投资管理有限公司-宁波梅山保税港区诺伟真足位创业投资合伙 企业(有限会业) | 5.42 | | 3 | 谢公兴 | 2.45 | | 4 | 谢公晚 | 2.45 | | 5 | 丹阳市志明 ...