内容概要：视力矫正行业作为眼健康产业的重要组成部分，近年来在政策支持、市场需求和技术创新等 多重因素推动下实现快速发展。在政策层面，我国高度重视眼健康事业发展，相继出台《综合防控儿童 青少年近视实施方案》等一系列政策文件，构建了覆盖预防、治疗、康复全流程的管理体系，为行业发 展提供了有力支持。市场需求方面，我国近视人群规模已突破6亿，各年龄段近视率呈现阶梯式增长， 其中高中生近视率超过80%，预计未来16-24岁群体近视率可能达到94%，庞大的患者群体为行业发展提 供了持续动力。2024年行业市场规模达2150亿元，同比增长11.6%，展现出强劲的发展潜力。从细分市 场来看，已形成"手术矫正+光学矫正"的立体化治疗体系，其中手术矫正市场规模达544.3亿元，光学矫 正市场规模1021.56亿元。未来，随着AI技术应用、国产替代加速和服务网络下沉，行业将朝着智能 化、普惠化方向发展，市场空间有望持续扩大。 上市企业：爱尔眼科（300015.SZ）、爱博医疗（688050.SH）、欧普康视（300595.SZ）、明月镜片 （301101.SZ）、华厦眼科（301267.SZ） 相关企业：上海依视路光学有限公司、卡 ...

轻工制造 行 业 及 产 业 2025 年 07 月 20 日 Q2 出口板块个股业绩分化；内需 整体仍存盈利压力，两轮车、黄金 珠宝表现较好 看好 ——轻工造纸行业 2025 年中报业绩前瞻 本期投资提示： 业 研 究 / 行 业 点 评 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 研究支持 张海涛 A0230524080003 zhanght@swsresearch.com 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 (8621)23297818× weiyc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 证 券 研 究 报 告 相关研究 - ⚫ 1）出口：25Q2 业绩存在分化，抗风险突出个股业绩增长稳健。25Q2 ...

关于实际控制人及其一致行动人减持公司股份触及 1%整数倍的公告 明月镜片股份有限公司（以下简称"公司""本公司"或"明月镜片"） 控股股东上海明月实业有限公司（以下简称"上海实业"）、实际控制人谢公 晚先生、谢公兴先生、曾少华先生及其一致行动人丹阳市志明企业管理中心（有 限合伙）（以下简称"丹阳志明"）保证向本公司提供的信息内容真实、准确 和完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 2025 年 5 月 19 日，公司在巨潮资讯网（www.cninfo.com.cn）披露了《关 于实际控制人及其一致行动人、董事兼高级管理人员、持股 5%以上股东减持股 份的预披露公告》（公告编号：2025-015）。合计持有公司 126,849,000 股（占 剔除公司回购专用账户股份数量后总股本的 63.1930%）的控股股东上海实业、 实际控制人谢公晚先生、谢公兴先生、曾少华先生及其一致行动人丹阳志明拟于 该公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 6 月 11 日至 2025 年 9 月 10 日），通过集中竞价及大宗交易方式 ...

Core Insights - The solid-state battery index decreased by 0.8% from June 30 to July 4, with a cumulative increase of 18.2% expected by 2025, outperforming the CSI 300 index which is projected to increase by 17.0% [1][4] - Among the solid-state battery-related stocks, the average decline was 1.3%, with only the current collectors segment showing an increase of 7.0% [1][4] Stock Performance - Top five gainers: Zhongyi Technology (+21.1%), Defu Technology (+21.0%), Honggong Technology (+21.0%), Yuanhang Precision (+12.2%), and Jiayuan Technology (+6.7%) [1][4] - Top five losers: Yinglian Co. (-17.7%), Nuode Co. (-12.9%), Tianji Co. (-11.3%), Jinlongyu (-9.2%), and Zhonglun New Materials (-8.5%) [1][4] Industry Developments - Shanghai Xiba plans to participate in the auction for Yuyuan Rare Earth's lithium sulfide business assets [2] - Several companies have secured orders for solid-state battery copper foil products, including Defu Technology with a significant order from a leading power battery customer [2] - Anwa Technology has successfully launched the first GWh-level solid-state battery production line, marking a significant advancement in solid-state battery development [2] - The industry is transitioning from laboratory stages to mass production validation, with expectations for small batch vehicle testing by the end of 2025 and widespread testing in 2026-2027 [2]

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 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].

Core Viewpoint - The stock price of Mingyue Lens (301101.SZ) surged by 10% on June 23, reflecting strong market interest, particularly in the context of AI-related products and smart glasses [1][2]. Company Performance - Mingyue Lens has seen its stock price double over the past year, driven by its positioning as a key player in the AI glasses market [1][2]. - The company reported a net profit of 47.15 million yuan in Q1, marking an 11.70% year-on-year increase, with total revenue reaching 197 million yuan, a 2.63% increase [5][6]. - From 2021 to 2024, the company has consistently achieved revenue and net profit growth, with revenues of 5.76 billion yuan in 2021 and projected 7.70 billion yuan in 2024, reflecting a compound annual growth rate [7][8]. Market Position - Mingyue Lens is recognized as a leading domestic optical lens manufacturer, holding a 12.4% market share in the Chinese lens market as of 2024, and has been the top-selling brand for nine consecutive years [11][12]. - The company has established a strong international presence, with products sold in the US, Japan, Italy, and Singapore, and has set up an international business headquarters in Singapore [3][12]. Financial Health - The company has maintained a stable gross margin above 50% since 2019, with a projected gross margin of 58.56% for 2024 and 58.42% in Q1 of this year [3][9]. - The net profit margin has also shown significant improvement, increasing from 8.21% in 2018 to 24.40% in 2024, with a Q1 net profit margin of 25.13% [10]. Shareholder Returns - Mingyue Lens has actively returned value to shareholders, distributing a total of 272 million yuan in dividends over four years, with an average dividend payout ratio of 45.37% [4]. Innovation and R&D - The company has invested in R&D, collaborating with renowned optical experts and establishing a technology center, leading to several patented innovations in lens technology [12][13]. - Mingyue Lens has developed advanced materials and products, including the KR ultra-tough lens and PMC ultra-bright lens, enhancing its competitive edge in the market [12][13]. Strategic Focus - The company is strategically positioning itself in the AI glasses market, engaging with 3C brands for customized lens solutions, which is expected to drive future growth [13].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company is focusing on building an eye health industry ecosystem, with significant advancements in defocus lenses and AI glasses, indicating strong growth potential in these high-potential segments [6] - The company showcased its clinical results for the "Light Control Pro 2.0," which demonstrated significant effectiveness in controlling myopia progression, suggesting a competitive edge in the defocus lens market [6] - The company plans to develop a comprehensive eye health industrial park to enhance its brand and production capabilities, which is expected to drive future growth [6] - The report highlights the company's commitment to high-end differentiation in traditional lenses while actively pursuing opportunities in the AI glasses market, positioning it well for future growth [6] Financial Data and Profit Forecast - Projected total revenue for 2025 is 854 million, with a year-on-year growth rate of 10.9% [5] - Expected net profit attributable to the parent company for 2025 is 207 million, reflecting a year-on-year growth of 16.9% [5] - The report forecasts a gross margin of 60.3% for 2025, indicating a positive trend in profitability [5] - The company is expected to achieve a return on equity (ROE) of 11.0% in 2025, with a projected PE ratio of 46 [5]

Core Viewpoint - Mingyue Lens is entering a new strategic phase, emphasizing innovation and commitment to visual health, while leveraging its brand ambassador, Olympic diving champion Guo Jingjing, to enhance brand recognition and social responsibility in youth myopia management [1][3][9]. Group 1: Brand Development and Strategy - Mingyue Lens has evolved from a "hidden champion" focused on technology research to the leading domestic lens brand in market share, driven by innovation in product iteration, technological breakthroughs, and market expansion [3]. - The company has committed to investing approximately 150 million yuan in research and development over the past five years, with a projected investment of no less than 300 million yuan in the next five years, aiming for at least 5% of sales revenue [5]. - Mingyue Lens aims to establish itself as a technology-driven company, emphasizing the importance of protecting visual health for Chinese consumers [5]. Group 2: Product Innovation and Market Position - Mingyue Lens has introduced innovative products such as the Easy Control, PMC Ultra Bright, and high-index thin series lenses, catering to diverse consumer needs [5]. - The company has achieved significant technological advancements, including self-developed 1.71 refractive index lenses and pioneering 3D internal engraving technology [13]. - Clinical research indicates that the Easy Control Pro 2.0 lens effectively slows myopia progression with an efficacy rate of 73.82% [15]. Group 3: Partnerships and Collaborations - Mingyue Lens has signed a cooperation agreement with the Jenvis Innovation Research Center at Jena University, aiming to integrate strengths in optical technology research and accelerate internationalization [17]. - The collaboration is expected to enhance Mingyue Lens's position as a representative brand in the optical field on the international stage [17]. Group 4: Social Responsibility and Awareness - The partnership with Guo Jingjing aims to raise awareness about youth myopia management, with initiatives like the Youth Vision Care Program launched during the brand event [9]. - Mingyue Lens emphasizes the importance of social responsibility in addressing the severe issue of myopia among youth, aligning its brand mission with public health goals [9][15].

Group 1 - Mingyue Optical Lens has launched an innovative eye health industrial park plan, integrating R&D, production, and experiential learning [1] - The company is the only listed firm in A-shares focusing on optical resin lenses, with a product range including lenses, raw materials, and frames [1] - The core products are mid-to-high-end optical resin lenses, primarily marketed under the "Mingyue" brand [1] Group 2 - Starting in 2024, Mingyue Optical Lens will also venture into AI smart glasses, emphasizing the importance of lens quality for user experience [2] - The company plans to invest at least 300 million yuan in R&D over the next five years, with a minimum of 5% of sales revenue allocated to R&D [2] - Innovations include self-developed lenses with a refractive index of 1.71 and the use of 3D internal engraving technology [2] Group 3 - Traditional optical imaging faces issues like pixel blur and color distortion, which can be addressed by computational optical imaging platforms [3] - Computational optics combines traditional optics with computer graphics and AI deep learning, enhancing image resolution significantly [3] - AI can enable high-resolution dynamic imaging, allowing for advanced 3D holographic information retrieval without prior knowledge of object positioning [3]