Investment Rating - The report does not provide a specific investment rating for Mingyue Lens (301101) [1] Core Insights - Mingyue Lens reported a revenue of 626 million yuan for the first three quarters of 2025, representing a year-on-year increase of 7.4%, with a net profit attributable to the parent company of 149 million yuan, up 8.8% year-on-year [1] - The company has seen significant growth in its high-potential product categories, with the PMC Excess Series increasing by 53.7% year-on-year and the 1.74 series products showing a remarkable growth of 112.4% [2] - The partnership with Xiaomi for AI glasses has begun to yield results, generating 6.51 million yuan in revenue by the end of Q3 2025, with a high gross margin of 78.6% [2] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 227 million yuan, a year-on-year increase of 14.6%, and a net profit of 54 million yuan, up 11.6% year-on-year [1] - The gross margin for Q3 2025 was reported at 58.1%, a slight decrease of 1.0 percentage points year-on-year, while the net profit margin was 23.6%, down 0.6 percentage points year-on-year [3] - The company’s operating cash flow for Q3 2025 was 97 million yuan, reflecting a year-on-year increase of 29 million yuan [3] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 189 million yuan, 216 million yuan, and 244 million yuan, respectively, with corresponding P/E ratios of 42.5X, 37.2X, and 32.9X [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% against the market benchmark index within the next six months [6][22]. Core Insights - The company has demonstrated strong resilience in the face of challenges, achieving a revenue of 626 million yuan for the first three quarters of 2025, a year-on-year increase of 7.39%, and a net profit of 149 million yuan, up 8.83% year-on-year [3][4]. - The focus on high-end product upgrades and the successful launch of AI glasses have contributed to the company's growth trajectory, with significant revenue increases from key product lines [4][5]. - The company has established a strategic partnership with a leading domestic ophthalmology institution, enhancing its sales channels for specialized products [5]. Financial Performance - For Q3 2025, the company reported a revenue of 227 million yuan, reflecting a year-on-year growth of 14.59%, and a net profit of 53.59 million yuan, up 11.56% year-on-year [3][4]. - The gross margin for the first three quarters of 2025 was 58%, with a net margin of 23.8%, indicating stable profitability despite increased R&D investments [5][6]. - The company has projected net profits of 206 million yuan, 230 million yuan, and 270 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 16%, 12%, and 17% [6][8]. Product and Market Strategy - The company continues to focus on high-refractive index products, which have shown rapid growth, significantly enhancing product structure and profitability [4][5]. - The introduction of the new high-end Tianji series further solidifies the company's technological barriers in the high-end lens development sector [4]. - The AI glasses business has begun generating revenue, with cumulative income of 6.51 million yuan and a gross margin of 78.6% as of September 30, 2025 [5]. Future Outlook - The company is expected to benefit from ongoing product upgrades and the expansion of new business lines, including AI glasses and medical channels, which are anticipated to drive future growth [6][8]. - The projected revenue growth rates for the upcoming years are 11% for 2025, 11% for 2026, and 9% for 2027, indicating a stable growth outlook [8].

Core Insights - Mingyue Lens (301101) reported a revenue of 227 million yuan for Q3 2025, representing a year-on-year growth of 14.59% [1] - The company achieved a net profit of 53.595 million yuan in Q3 2025, reflecting a year-on-year increase of 11.56% [1] Financial Performance - Q3 2025 revenue: 227 million yuan, up 14.59% year-on-year [1] - Q3 2025 net profit: 53.595 million yuan, up 11.56% year-on-year [1]

证券代码：301101 证券简称：明月镜片 公告编号：2025-031 明月镜片股份有限公司 第二届监事会第十九次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 （一）审议通过《关于<2025 年第三季度报告>的议案》 经审核，监事会认为：董事会编制和审核公司 2025 年第三季度报告的程序 符合法律、行政法规和中国证监会的规定，三季报内容真实、准确、完整地反映 了公司的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2025 年第三季度报告》。 三、备查文件 1、第二届监事会第十九次会议决议。 特此公告。 明月镜片股份有限公司（以下简称"公司"）第二届监事会第十九次会议于 2025 年 10 月 24 日在公司会议室以现场表决方式召开。本次会议通知于 2025 年 10 月 14 日以专人送达、电话、微信等形式通知了全体监事。本次会议由监事会 主席朱海峰先生召集并主持，应出席公司会议的 ...

第二届董事会第十九次会议决议公告 证券代码：301101 证券简称：明月镜片 公告编号：2025-030 明月镜片股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 三、备查文件 1、第二届董事会第十九次会议决议。 一、董事会会议召开情况 明月镜片股份有限公司（以下简称"公司"）第二届董事会第十九次会议于 2025 年 10 月 24 日在公司会议室以现场结合通讯的表决方式召开。本次会议通知 于 2025 年 10 月 14 日以专人送达、电话、微信的方式通知了全体董事。本次会议 由董事长谢公晚先生主持，应出席会议董事 7 人，实际参加会议董事 7 人，公司 监事、高级管理人员列席会议。会议召开符合《中华人民共和国公司法》、《公 司章程》等规定，会议合法有效。 二、董事会会议审议情况 经与会董事充分讨论，本次会议审议通过议案如下： （一）审议通过《关于<2025 年第三季度报告>的议案》 公司董事会审计委员会已审议通过该议案。 表决结果：7 票同意；0 票反对；0 票弃权。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的 ...

Financial Performance - Revenue for Q3 2025 reached ¥227,198,380.40, an increase of 14.59% year-over-year[5] - Net profit attributable to shareholders was ¥53,594,962.49, up 11.56% compared to the same period last year[5] - Basic earnings per share for the quarter were ¥0.2670, reflecting a growth of 12.00% year-over-year[5] - Total operating revenue for the current period was CNY 626,370,178.11, an increase from CNY 583,282,748.51 in the previous period, reflecting a growth of approximately 7.5%[22] - The net profit for the current period is CNY 156,713,794.98, an increase of 8.8% compared to CNY 144,914,741.36 in the previous period[23] - Operating profit reached CNY 180,266,633.60, up from CNY 168,143,725.89, reflecting a growth of 6.7%[23] - The company reported a total comprehensive income of CNY 156,714,277.87, compared to CNY 144,915,545.67, indicating an increase of 8.5%[24] - Basic and diluted earnings per share improved to CNY 0.7428 from CNY 0.6799, reflecting a growth of 9.2%[24] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥2,001,066,707.30, representing a 7.52% increase from the end of the previous year[5] - Total assets reached CNY 2,001,066,707.30, up from CNY 1,861,102,531.56, indicating a growth of about 7.5%[20] - Total liabilities increased to CNY 245,274,207.65 from CNY 144,686,738.94, reflecting a rise of approximately 69.5%[20] Cash Flow - Cash flow from operating activities for the year-to-date was ¥160,617,965.19, an increase of 16.04%[5] - Cash flow from operating activities generated a net amount of CNY 160,617,965.19, compared to CNY 138,419,622.55 in the previous period, marking a growth of 16%[26] - The company's cash and cash equivalents decreased to CNY 107,562,505.04 from CNY 1,288,022,229.66, showing a significant reduction in liquidity[18] - The cash and cash equivalents at the end of the period stood at CNY 107,562,505.04, up from CNY 88,705,526.20[26] - Investment activities generated a net cash outflow of ¥1,225,535,731.90, a decrease of 84.72% compared to the previous year[9] - Investment activities resulted in a net cash outflow of CNY 1,225,535,731.90, compared to a net outflow of CNY 663,457,112.69 in the previous period[26] Research and Development - Research and development expenses increased by 44.41% year-over-year, totaling ¥33,222,353.68[9] - R&D expenses increased by over 60% year-on-year in Q3 2025, with a cumulative increase of 44.4% for the first three quarters[14] - Research and development expenses increased to CNY 33,222,353.68, a rise of 44.5% from CNY 23,006,274.11[23] Sales and Revenue Growth - The revenue from the PMC Ultra Bright series products increased by 53.7% in Q3 2025 compared to the same period last year[13] - The sales of the "Easy Control" series products reached 50.8 million RMB in Q3 2025, a year-on-year growth of 10.5%[13] - The revenue from the upgraded 1.74 series products grew by 112.4% year-on-year in Q3 2025[13] - The three major star products accounted for 56.3% of the revenue from regular lenses[13] - The cumulative sales of the "Easy Control" series for the first three quarters reached 132.47 million RMB, a year-on-year increase of 8.5%[13] - Total revenue from sales of goods and services was CNY 666,649,626.15, an increase from CNY 643,237,196.34, representing a growth of 3.3%[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 20,034[11] - The total number of shares held by the largest shareholder, Shanghai Mingyue Industrial Co., Ltd., is 111,004,500, representing 55.09% of the total shares[11] Strategic Initiatives - The company continues to focus on product strategies despite challenges in the macroeconomic environment and export business[13] - Mingyue Lens signed a comprehensive strategic cooperation agreement with Aier Eye Hospital Group, aiming for multi-dimensional collaboration in various sectors[16] - The newly launched Mingyue Lens "Tianji" series targets high-end market demands, developed in collaboration with top German laboratories[16] - The company launched the "Qing Song Kong" series for youth myopia prevention, significantly enhancing brand awareness across seven major cities in China during the summer[15] Financial Ratios - The gross profit margin for Mingyue Lens reached 78.6%, highlighting its strong position in optical design and material technology[15] Deferred Tax and Accounts Receivable - The company reported a significant increase in accounts receivable by 40.25%, amounting to ¥153,078,145.34, due to higher sales[9] - Accounts receivable increased to CNY 153,078,145.34 from CNY 109,146,418.03, representing a growth of approximately 40.2%[18] - The company experienced a 256.98% increase in deferred tax assets, reaching ¥16,044,041.76, due to temporary differences[9]

明月镜片股份有限公司 关于更换持续督导保荐代表人的公告 证券代码：301101 证券简称：明月镜片 公告编号：2025-029 2025 年 10 月 21 日 附： 姜涛先生简历 姜涛先生：东方证券产业投行总部执行总经理、保荐代表人，上海财经大学 硕士。主要参与或负责的项目有纳芯微 IPO 项目、中农联合 IPO 项目、赛意信息 IPO 项目、富瑞特装 IPO 项目、赛意信息非公开发行项目、天奇股份非公开发行 项目、赛摩电气两次重大资产重组项目、五洋停车重大资产重组项目、亚威股份 重大资产重组项目等，具有丰富的投资银行经验和较强的投行工作能力。 现因原持续督导保荐代表人郑睿先生工作变动，为保证持续督导工作的有序 进行，东方证券现委派保荐代表人姜涛先生（简历见附件）接替郑睿先生担任公 司持续督导的保荐代表人，负责持续督导工作，履行相关职责。 本次保荐代表人变更后，公司持续督导保荐代表人为姜涛先生和毛林永先生。 公司董事会对郑睿先生在公司持续督导期间所作出的贡献表示衷心感谢！ 特此公告。 明月镜片股份有限公司 董 事 会 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大 ...

Core Viewpoint - Mingyue Lens announced a change in the designated sponsor representative for its ongoing IPO supervision due to the work shift of the original representative, ensuring continued compliance with regulatory obligations [1] Group 1 - Mingyue Lens received a notice from Dongfang Securities regarding the replacement of the sponsor representative for its IPO supervision [1] - The original designated representatives were Zheng Rui and Liu Junqing, with the supervision period ending on December 31, 2024 [1] - Dongfang Securities appointed Mao Linyong to replace Liu Junqing to ensure orderly supervision as the company has not fully utilized the raised funds [1]

明月镜片股份有限公司（以下简称"公司"）于 2025 年 10 月 16 日收到保 荐机构东方证券股份有限公司（以下简称"东方证券"）《关于更换明月镜片股 份有限公司首次公开发行股票持续督导保荐代表人的情况说明》，东方证券作为 公司首次公开发行股票并在创业板上市的保荐机构，原指定的持续督导保荐代表 人为郑睿先生、刘俊清先生，持续督导期已于 2024 年 12 月 31 日届满，因公司 募集资金未全部使用完毕，东方证券需继续履行持续督导义务。 现因原持续督导保荐代表人刘俊清先生工作变动，为保证持续督导工作的有 序进行，东方证券现委派保荐代表人毛林永先生（简历见附件）接替刘俊清先生 担任公司首次公开发行股票并在创业板上市保荐代表人，负责持续督导保荐工作， 履行保荐职责。 本次保荐代表人变更后，公司持续督导保荐代表人为郑睿先生和毛林永先生。 公司董事会对刘俊清先生在公司首次公开发行股票及持续督导期间所作出的贡 献表示衷心感谢！ 特此公告。 明月镜片股份有限公司 董 事 会 证券代码：301101 证券简称：明月镜片 公告编号：2025-028 明月镜片股份有限公司 关于更换持续督导保荐代表人的公告 本公司及董事会全 ...

Investment Rating - The report maintains a positive outlook on the light industry and paper sector for Q3 2025, indicating a favorable investment rating [1]. Core Insights - The globalization of supply chains is accelerating changes in the packaging landscape, with leading companies increasing their market share and improving profitability [2]. - Q3 2025 is expected to see a divergence in performance among companies, influenced by supply chain advantages and growth potential [2]. - The report highlights specific companies with projected revenue and profit growth, indicating a robust performance in certain segments despite challenges in others [5][6]. Summary by Sections Packaging and Printing - Companies like Yutong Technology and Baosteel Packaging are expected to see slight revenue growth, while others like Meiyingsen may face revenue pressure but maintain profit growth [2][3]. - The overall packaging sector is benefiting from the global supply chain shift, with many companies reporting stable or improving profit margins [2][3]. Export Sector - Companies such as Jiangxin Home and Qianjiang Motorcycle are projected to experience significant revenue growth, with estimates of over 30% for Q3 2025 [6][7]. - The report notes that the export sector is showing resilience, with several companies adapting well to changing market conditions [6][7]. Two-Wheel and Motorcycle Sector - Companies like Aima Technology and Spring Wind Power are expected to report revenue growth of over 10% in Q3 2025, driven by seasonal demand and market adjustments [10][11]. - The sector is experiencing a mix of growth and challenges, with some companies facing declines due to regulatory changes [10][11]. Home Furnishing Sector - The report indicates that companies like Oppein Home and Kuka Home are facing revenue declines, while others like Joy Home are expected to show resilience with slight growth [12][14]. - The home furnishing market is under pressure from policy changes, but some segments are performing better than others [12][14]. Light Consumer Goods - Companies such as Dongkang Oral and Jeya are projected to see significant revenue and profit growth, with estimates indicating over 60% growth for Jeya in Q3 2025 [13][16]. - The light consumer goods sector is showing a positive trend, with several companies benefiting from strong demand and effective marketing strategies [13][16]. Paper Industry - The report anticipates a mixed performance in the paper sector, with some companies like Sun Paper expected to see profit declines due to price pressures, while others may experience stability [18][19]. - The paper industry is facing challenges from raw material price fluctuations, but certain segments are expected to maintain profitability [18][19].