Investment Rating - The investment rating for Mingyue Lens is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Views - The company reported a steady revenue growth with a projected revenue of 770 million yuan in 2024, reflecting a 2.9% increase year-on-year, and a net profit of 177 million yuan, which is a 12.2% increase [1]. - The focus on upgrading the defocus lens products and increasing the proportion of single products is evident, with a 5% year-on-year increase in lens business revenue in Q1 2025 [2]. - The brand's high-end positioning is being reinforced through exclusive partnerships, such as the collaboration with Leica, and the expansion into high-end independent stores [2]. - The smart glasses business is accelerating, with a comprehensive service solution being offered to address market needs [3]. - The company's gross profit margin is improving, with Q1 2025 gross margin at 58.4%, and net profit margin at 23.9% [3]. Financial Summary - The total revenue for 2023 was 749 million yuan, with a projected increase to 841 million yuan in 2025, representing a growth rate of 9.2% [5]. - The net profit for 2023 was 158 million yuan, expected to rise to 204 million yuan in 2025, indicating a year-on-year growth of 15.2% [5]. - The gross margin is expected to improve from 58.6% in 2024 to 60.6% in 2025 [5]. - The projected earnings per share (EPS) for 2025 is 1.01 yuan, with a price-to-earnings (P/E) ratio of 46.34 [5].

Investment Rating - The investment rating for Mingyue Lens is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Views - Mingyue Lens has shown steady revenue growth with a projected revenue of 770 million yuan in 2024, reflecting a year-on-year increase of 2.9%. The net profit attributable to the parent company is expected to reach 177 million yuan, up 12.2% [1]. - The company is experiencing rapid growth in its defocus lens segment, with significant sales increases in its "Easy Control" product line, which saw a 22.1% year-on-year increase in sales in Q1 2025 [2]. - The brand is focusing on high-end market expansion, including a partnership with Leica for exclusive lens products and the introduction of high-end independent stores [2]. - The smart glasses business is expanding, with the company providing comprehensive solutions to address market needs, particularly in the personalized eyewear segment [3]. - Profitability is improving, with gross margins of 56.3% in Q4 2024 and 58.4% in Q1 2025, alongside a net profit margin increase to 23.9% in Q1 2025 [3]. Financial Summary - The total revenue for Mingyue Lens is projected to grow from 770 million yuan in 2024 to 1.149 billion yuan by 2027, with a compound annual growth rate (CAGR) of 23.0% [5]. - The net profit attributable to the parent company is expected to increase from 177 million yuan in 2024 to 296 million yuan in 2027, reflecting a CAGR of 27.7% [5]. - The gross margin is anticipated to improve from 58.6% in 2024 to 62.2% in 2027, indicating enhanced operational efficiency [5]. - The earnings per share (EPS) is projected to rise from 0.88 yuan in 2024 to 1.47 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 53.38 to 31.88 [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain steady growth in operations for 2024 and Q1 2025, with significant volume increases in key products [6] - The company achieved a revenue of 770 million yuan in 2024, representing a year-on-year growth of 2.9%, and a net profit of 180 million yuan, which is a 12.2% increase [6] - The forecast for net profit from 2025 to 2027 is 210 million yuan, 242 million yuan, and 277 million yuan respectively, with corresponding EPS of 1.04, 1.20, and 1.38 yuan [6] Financial Performance - In Q1 2025, the company reported a revenue of 200 million yuan, up 2.6% year-on-year, and a net profit of 50 million yuan, reflecting an 11.7% increase [6] - The overall gross margin for 2024 was 58.6%, an increase of 1.0 percentage points, while the net profit margin was 24.4%, up 1.3 percentage points [7] - For Q1 2025, the gross margin was 58.4%, with a net profit margin of 25.1%, indicating a positive trend in profitability [7] Product Highlights - The company's star products showed strong performance, with three major products accounting for 54.6% of revenue from regular lenses in 2024 [8] - The PMC Ultra Bright series saw a revenue increase of nearly 45.6% in 2024, while the "Easy Control" series generated sales of 163.65 million yuan, a 22.7% year-on-year growth [8] - New product launches in Q1 2025 included enhancements to the PMC Ultra Bright series and the introduction of the next-generation smart photochromic series [8] Financial Summary and Valuation Metrics - The company is projected to achieve revenues of 879 million yuan in 2025, 1 billion yuan in 2026, and 1.13 billion yuan in 2027, with respective year-on-year growth rates of 14.1%, 13.7%, and 13.3% [9] - The projected P/E ratios for 2025, 2026, and 2027 are 45.0, 39.0, and 34.1 respectively, indicating a favorable valuation outlook [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain steady growth in operations for 2024 and Q1 2025, with significant volume increases in key products [6] - The company achieved a revenue of 770 million yuan in 2024, representing a year-on-year growth of 2.9%, and a net profit attributable to the parent company of 180 million yuan, up 12.2% [6] - The forecast for net profit attributable to the parent company for 2025-2027 is 210 million, 242 million, and 277 million yuan respectively, with corresponding EPS of 1.04, 1.20, and 1.38 yuan [6] Financial Performance Summary - In Q1 2025, the company reported a revenue of 200 million yuan, a 2.6% increase year-on-year, and a net profit of 50 million yuan, up 11.7% [6] - The overall gross margin for 2024 was 58.6%, an increase of 1.0 percentage points, while the net profit margin was 24.4%, up 1.3 percentage points [7] - The company’s three major star products accounted for 54.6% of revenue from regular lenses in 2024, with the PMC Ultra Bright series seeing a revenue increase of nearly 45.6% [8] Product Highlights - The company’s flagship products continue to perform well, with the "Easy Control" series generating sales of 163.65 million yuan in 2024, a 22.7% increase [8] - New product launches in Q1 2025 include the PMC Ultra Bright series with a new refractive index of 1.67, catering to various consumer needs [8] Financial Forecasts - The company’s revenue is projected to reach 879 million yuan in 2025, with a year-on-year growth of 14.1% [9] - The gross margin is expected to slightly improve to 58.7% in 2025, with a net profit margin of 23.8% [9] - The company’s return on equity (ROE) is forecasted to increase from 11.0% in 2024 to 12.5% in 2027 [9]

Core Viewpoint - Mingyue Lens achieved steady growth in revenue and profit for 2024, but the growth rate has slowed compared to previous years, and some business segments face challenges [1][4]. Revenue and Profit - The total revenue for Mingyue Lens in 2024 was 770 million yuan, representing a year-on-year increase of 2.88%, a significant decline from the 20.17% growth rate in 2023 [4]. - The net profit attributable to shareholders was 177 million yuan, up 12.21% year-on-year, while the net profit excluding non-recurring items was 152 million yuan, increasing by 11.67% [4]. - The gross profit margin improved to 58.56%, an increase of 0.98 percentage points from the previous year, indicating effective product structure optimization and cost control [4]. - Research and development expenses rose to 34.99 million yuan, a 24.96% increase, reflecting ongoing investment in technology and product development [4]. Products and Market - The core product "Mingyue" brand performed well in 2024, particularly the PMC Ultra Bright series, which saw a revenue increase of 45.6%, accounting for 54.6% of regular lens revenue [5]. - The myopia prevention product "Qing Song Kong" series achieved annual sales of 172.72 million yuan, a year-on-year growth of 29.5% [5]. - The company launched the new generation Qing Song Kong Pro 2.0 series, increasing the number of micro-lenses from 1,295 to 1,329, with an efficiency rate of 73.82% [5]. - Despite strong performance from star products, the company faces challenges in market expansion, with 2,707 direct sales customers and 66 distribution customers, indicating a need for better coverage of small and medium clients [6]. Dividends and Shareholder Returns - Mingyue Lens plans to distribute cash dividends of 100 million yuan for 2024, representing 56.77% of net profit attributable to shareholders, marking the fourth dividend distribution since the company went public [7]. - The proportion of dividends to net profit has increased from 37.97% in 2023, indicating a stronger focus on shareholder returns alongside improved profitability [7]. - However, concerns about the company's growth potential remain due to slowing revenue growth and challenges in market expansion, which may pressure long-term development [7].

Summary of Mingyue Lens Conference Call Company Overview - **Company**: Mingyue Lens - **Industry**: Optical Lens Manufacturing Key Financial Performance - **2024 Revenue**: Increased by 1% YoY to 5.86 billion RMB, with net profit rising by 12% to 176 million RMB, and net profit margin improving by 1.9% to 23% [1][4] - **Q1 2025 Revenue**: Increased by 0.4% YoY to 584 million RMB, with net profit growing by 11.7% to 47.15 million RMB, and net profit margin at 23.9% [1][4] - **Sales Expenses**: Decreased by 4.4% YoY to 141 million RMB in 2024, with a sales expense ratio of 18.3% [1][5] - **R&D Expenses**: Increased by 25% YoY to 34.99 million RMB in 2024, with a R&D expense ratio of 4.5% [1][5] Product Performance - **PMC Series**: Revenue increased by 45.6% YoY, accounting for 54.6% of conventional lens revenue [1][7] - **Myopia Control Products**: Sales of the "Easy Control" series grew by 22.7% YoY, reaching 41.58 million RMB in Q4 2024 [1][7] Strategic Initiatives - **R&D Investment**: The company plans to increase R&D spending to drive product innovation and explore cutting-edge technologies [1][8] - **Strategic Partnerships**: Collaboration with Leica to expand high-end independent stores and explore markets in Hong Kong and Macau [1][8] Market Dynamics - **Industry Penetration**: The penetration rate of defocus lenses is below 10%, with challenges including price wars and high service costs [3][9][10] - **Competitive Landscape**: Price wars have been prevalent, but the situation is stabilizing as foreign brands adjust pricing strategies [11][12] Future Growth Expectations - **Defocus Lens Business**: Expected to maintain reasonable growth over the next three years, focusing on retail price control and marketing optimization [3][13] - **AI Smart Glasses**: Anticipated large-scale market promotion by 2025 or 2026, with a focus on providing comprehensive solutions [3][20] Challenges in Smart Glasses Market - **Key Challenges**: Include prescription needs, channel penetration, and providing comprehensive service solutions [17][18] Brand Strategy - **High-End Market Focus**: Mingyue Lens aims to position itself in the mid to high-end market, avoiding the low-end segment due to intense competition [26][27] - **Collaboration with Leica**: Aimed at enhancing brand image and market competitiveness while maintaining a broad consumer base [29] Product Innovations - **High Refractive Index Products**: Launching a range of high refractive index products targeting middle-aged consumers [25][32] - **1.74 Product Launch**: Sales increased by approximately 120% YoY in Q1 2025, with plans for further development [32][34] Conclusion Mingyue Lens is strategically positioned for growth through innovation, strategic partnerships, and a focus on high-end markets while navigating challenges in the optical lens industry and the emerging smart glasses segment.

Core Viewpoint - Mingyue Lens announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 5 yuan per 10 shares (including tax), totaling 100 million yuan, which represents 56.77% of the company's net profit, marking the fourth cash distribution since its listing [2]. Financial Performance - For the fiscal year 2024, the company reported total revenue of 770 million yuan, reflecting a year-on-year growth of 2.88%. The net profit reached 177 million yuan, an increase of 12.21%. The basic earnings per share were 0.8807 yuan, and the weighted average return on equity was 10.99% [2]. Dividend History - The company has a history of cash distributions since its listing, with the following details: - 2024: 10 shares for 5 yuan (total cash: 1.00 billion yuan, dividend yield: 1.58%) - 2023: 10 shares for 3 yuan (total cash: 0.60 billion yuan, dividend yield: 0.63%) - 2022: 10 shares for 5 and 3 yuan (total cash: 0.40 billion yuan, dividend yield: 0.57%) - 2021: 10 shares for 5.3 yuan (total cash: 0.71 billion yuan, dividend yield: 0.95%) [2]. Industry Comparison - In the light industry manufacturing sector, 34 companies have announced their 2024 distribution plans. The highest cash distribution was from Morning Glory Co., with 916 million yuan, followed by Sun Paper and Zijiang Enterprises with 838 million yuan and 455 million yuan, respectively [4].

一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询一次 | | | 1、2024 年 3 月 19 日，公司召开了第二 | | | 届董事会第十二次会议和第二届监事会 | | | 第十二次会议，分别审议通过了《关于部 | | | 分募投项目延期的议案》，同意公司将"高 | | （2）公司募集资金项目进展是否与信息披露文件 | 端树脂镜片扩产项目"的预定可使用状态 | | | 时间由原定的 年 月 日调整至 2024 3 20 | | 一致 | 2027 年 3 月 20 日 ...

明月镜片股份有限公司 审计报告及财务报表 二○二四年度 明月镜片股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并股东权益变动表和母公司股东权益变动表 | 9-12 | | | 财务报表附注 | 1-120 | 审计报告 信会师报字[2025]第 ZK10136 号 明月镜片股份有限公司全体股东： 一、 审计意见 我们审计了明月镜片股份有限公司（以下简称"明月镜片"）财 务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了明月镜片 ...

东方证券股份有限公司 关于明月镜片股份有限公司 2024年度募集资金存放与使用情况的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为明月镜片 股份有限公司（以下简称"明月镜片"或"公司"）首次公开发行股票并在创业板上 市之保荐机构，根据《证券发行上市保荐业务管理办法》《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》等相关规定，东方证券对明月镜片 2024 年度募集资金存放与 使用情况进行了核查，核查的具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于同意明月镜片股份有限公司首次公开发 行股票注册的批复》（证监许可〔2021〕3473 号）同意注册，公司获准首次公 开发行人民币普通股（A 股）股票 3,358.54 万股，每股面值 1 元，每股发行价 格为人民币 26.91 元，募集资金总额为人民币 903,783,114.00 元，扣除各类发行 费用后实际募集资金净额为人民币 792,923,877.64 元。上述募集资金到位情况经 立信会计师事务所（特殊普通合伙） ...