Summary of the Eyeglass Lens Industry Conference Call Industry Overview - The eyeglass lens manufacturing capacity in China is robust, accounting for nearly half of the global production, yet the retail market is predominantly controlled by foreign brands. Domestic brands primarily expand overseas through OEM, resulting in relatively weak brand recognition that needs improvement [1][4][11]. Key Points and Arguments - **High Refractive Index Resin Monomer**: This is a critical raw material for lens manufacturing, currently monopolized by Japan's Mitsui Chemicals. Although domestic companies have made breakthroughs, they still rely on imports for materials with a refractive index of 1.74 and above, indicating significant potential for domestic substitution [1][6][8]. - **Market Demand**: There is a strong demand for myopia prevention products, particularly among youth, with defocus lenses experiencing rapid growth due to their cost-effectiveness. The market potential is substantial, and the demand for progressive lenses for presbyopia is also expected to rise, especially among the population aged 45 and above [1][13][14]. - **AI Smart Glasses**: The increasing attention on AI smart glasses is expected to create new demand in the eyeglass lens industry. Both external and integrated lens solutions could potentially raise the price per lens, with companies like Conant Optical already engaging in R&D collaborations in this area [2][3][16]. - **Consumer Perception**: Domestic consumers have a low recognition of local eyeglass brands, influenced by traditional views and market dynamics. Significant marketing investment is required to change consumer perceptions and enhance brand value [1][11][12]. Additional Important Insights - **Manufacturing Gaps**: Domestic companies are still catching up with international giants in high refractive index lens manufacturing, particularly in terms of experience and process quality. For instance, the first 1.74 refractive index lens was developed by Mitsui Chemicals around 2000, while domestic companies only recently achieved similar certifications [9][10]. - **Export and Retail Dynamics**: Although Chinese companies account for approximately 46%-47% of global factory sales, their retail sales share remains low, indicating a need for improved market positioning [4]. - **Technological Advancements**: Domestic firms are gradually narrowing the technology gap with international leaders, particularly in low refractive index resin production, which is crucial for enhancing competitiveness [8][19]. - **Future Growth Drivers**: The future growth of the Chinese eyeglass industry will be driven by factors such as an aging population, increasing demand for AI smart glasses, rising consumer expectations for comfort, and the growing market share of functional products aimed at preventing myopia and correcting presbyopia [19]. This comprehensive overview highlights the current state and future potential of the eyeglass lens industry, emphasizing the need for domestic brands to enhance their market presence and technological capabilities.

Core Viewpoint - Mingyue Optical reported a revenue of 399 million yuan for the first half of 2025, reflecting a year-on-year growth of 3.68% [1] - The net profit attributable to shareholders reached 95.5061 million yuan, marking a year-on-year increase of 7.35% [1] - The net profit after deducting non-recurring gains and losses was 82.7235 million yuan, showing a year-on-year growth of 9.57% [1] - Basic earnings per share stood at 0.4758 yuan [1]

Core Insights - Mingyue Lens (301101.SZ) reported a revenue of 399 million yuan for the first half of 2025, representing a year-on-year growth of 3.68% [1] - The net profit attributable to shareholders of the listed company was 95.5061 million yuan, an increase of 7.35% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 82.7235 million yuan, reflecting a year-on-year growth of 9.57% [1] - The basic earnings per share stood at 0.4758 yuan [1]

明月镜片股份有限公司 2025 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 的关联关系 | 上市公司核算 的会计科目 | 2025 年期初占用 资金余额 | 2025 年半年度占 用累计发生金额 | 2025 年半年度 2025 占用资金的利 | 半年度 2025 偿还累计发 末占用资金余额 | 年半年度期 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | （不含利息） | 息(如有) | 生金额 | | | | 控股股东、实际控制人及其 | | | | | | | | | 非经营性占用 | | 附属企业 | | | | | | | | | | | | | | | | | | | | 非经营性占用 | | 小计 | 无 | | | | | | | | - | | 前控股股东、实际控制人及 | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | | | | | | 非 ...

证券代码：301101 证券简称：明月镜片 公告编号：2025-024 明月镜片股份有限公司 第二届监事会第十八次会议决议公告 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。 经审核，监事会认为：董事会编制和审核公司 2025 年半年度报告的程序符 合法律、行政法规和中国证监会的规定，半年报内容真实、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 年半年度报告》及《2025 年半年度报告摘要》。 （二）审议通过《关于<2025 年半年度募集资金存放与使用情况专项报告> 的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 经审核，监事会认为：公司《2025 年半年度募集资金存放与使用情况专项 报告》真实、准确、完整地反映了公司 2025 年半年度募集资金存放及使用情况， 不存在虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 明月镜片股份有限公司（以下简称"公司"）第二届 ...

Group 1 - The company's revenue for the first half of 2025 is 399 million yuan, representing a year-on-year increase of 3.68% [1] - The net profit for the same period is 95.5061 million yuan, showing a year-on-year growth of 7.35% [1] - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

[Section I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section presents crucial disclaimers, a comprehensive table of contents, and definitions of key terms for report clarity and legal compliance [Important Notice](index=2&type=section&id=Important%20Notice) The Board, Supervisory Board, and senior management guarantee the report's truthfulness and completeness, with no plans for cash dividends or bonus shares - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility[4](index=4&type=chunk) - The company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's clear table of contents outlines eight main chapters, providing comprehensive navigation for investors - The report comprises eight main chapters, clearly structured for investor review[7](index=7&type=chunk) [Catalogue of Reference Documents](index=4&type=section&id=Catalogue%20of%20Reference%20Documents) Reference documents, including the signed semi-annual report and financial statements, are available at the company's securities department - Reference documents include the semi-annual report text signed by the legal representative, financial statements, original drafts of documents publicly disclosed on the CSRC designated website, and other materials[9](index=9&type=chunk) - All reference documents are kept at the company's securities department[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms, including company names, subsidiaries, and financial units, to ensure accurate report comprehension - The definitions section clarifies the meanings of key terms such as the company, subsidiaries, controlling shareholders, and relevant laws and regulations[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and indicators for the reporting period [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Mingyue Lens Co., Ltd., stock code 301101, is listed on the Shenzhen Stock Exchange with Xie Gongwan as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Mingyue Lens | | Stock Code | 301101 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Xie Gongwan | [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary and Securities Affairs Representative are located in Shanghai, sharing contact details and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zeng Zhe | Pinzun International Center, No. 567 Langao Road, Putuo District, Shanghai | 021-52660665 | 021-52971882 | stock@mingyue.com | | Securities Affairs Representative | Li Heran | Pinzun International Center, No. 567 Langao Road, Putuo District, Shanghai | 021-52660665 | 021-52971882 | stock@mingyue.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) Company contact details and registration remained unchanged, but approved amendments to business scope and articles of association are pending registration - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[16](index=16&type=chunk) - The company's registration status remained unchanged during the reporting period[17](index=17&type=chunk) - The company has approved proposals to change its business scope and revise its articles of association, but as of June 30, 2025, the industrial and commercial registration has not yet been completed[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue grew by 3.68%, net profit by 7.35%, and total assets by 2.98%, while operating cash flow decreased by 9.96% Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 399,171,797.71 | 385,020,343.87 | 3.68% | | Net Profit Attributable to Shareholders of Listed Company | 95,506,055.46 | 88,966,730.67 | 7.35% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 82,723,521.52 | 75,497,991.76 | 9.57% | | Net Cash Flow from Operating Activities | 63,946,345.30 | 71,021,733.53 | -9.96% | | Basic Earnings Per Share (RMB/share) | 0.4758 | 0.4415 | 7.77% | | Diluted Earnings Per Share (RMB/share) | 0.4758 | 0.4415 | 7.77% | | Weighted Average Return on Net Assets | 5.62% | 5.59% | 0.03% | | Total Assets (Period-end) | 1,916,607,892.03 | 1,861,102,531.56 | 2.98% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,664,665,182.47 | 1,669,525,834.67 | -0.29% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit or net assets under domestic versus international accounting standards during the period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **RMB 12,782,533.94**, mainly from financial asset fair value changes and government subsidies Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -27,203.47 | | Government subsidies recognized in current profit or loss | 2,751,062.25 | | Gains and losses from changes in fair value of financial assets and financial liabilities, and investment income from disposal of financial assets and financial liabilities, excluding effective hedge accounting related to the company's normal business operations | 12,537,920.48 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 112,996.48 | | Other non-operating income and expenses apart from the above | 32,618.55 | | Less: Income tax impact | 2,486,948.38 | | Minority interest impact (after tax) | 137,911.97 | | Total | 12,782,533.94 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring items as recurring gains and losses[23](index=23&type=chunk)[24](index=24&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's business operations, core competencies, financial performance, investment activities, and risk factors during the reporting period [I. Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) Mingyue Lens, a leading domestic optical lens enterprise, continued to deepen brand building and R&D innovation, establishing a complete industry chain and one-stop service system, while expanding into smart glasses and medical channels [(I) Overview of Company Business](index=9&type=section&id=%28I%29%20Overview%20of%20Company%20Business) Mingyue Lens, a leading optical resin lens company, maintained its market leadership through a complete industry chain, continuous R&D, and strategic collaborations in smart wearables and medical channels - **Mingyue Lens** has been the national sales leader for nine consecutive years, firmly establishing its industry-leading position and is the only A-share listed company primarily engaged in optical resin lenses[26](index=26&type=chunk) - The company has built a complete industry chain covering lenses, lens raw materials, finished glasses, and frames, offering a one-stop service system, and has achieved self-sufficiency and open supply of high-quality raw materials such as **1.71**, **KR resin**, **KR ultra-tough**, and **PMC ultra-bright**[26](index=26&type=chunk) - In the first half of 2025, the company launched a new high-refractive index product matrix, including the **PMC Ultra-Bright series** with a new **1.67 refractive index**, **Ultra-Tough series** with **1.67/1.71/1.74 high-index specifications**, new-generation **Smart Photochromic 2.0**, full-refractive index shallow-base anti-blue light series, and new **'Digital Anti-Fatigue'** and **'Vis-Progressive'** series[29](index=29&type=chunk) - The company collaborated with Academician Zhuang Songlin's team to launch **'Easy Control'** and **'Easy Control Pro'** myopia management lenses, with **Easy Control Pro 2.0** showing a **73.82% effective rate** in equivalent spherical power after 12 months of wear, and clinical trial results published in the top international ophthalmology journal *Ophthalmology*[30](index=30&type=chunk)[31](index=31&type=chunk) - The company established an official exclusive optical partnership with **Xiaomi AI Glasses**, providing full-channel dispensing services, and reached an exclusive high-end lens cooperation agreement with **Leica Germany** in 2024[45](index=45&type=chunk)[47](index=47&type=chunk) - The company signed a comprehensive strategic cooperation agreement with **Aier Eye Hospital Group Co., Ltd.**, aiming to integrate their strengths, initiate multi-dimensional and deep-level cooperation, and focus on developing medical channels[49](index=49&type=chunk) [(II) Basic Product Information](index=14&type=section&id=%28II%29%20Basic%20Product%20Information) The company offers a diverse range of daily and functional lenses, including high-refractive index options and advanced myopia management solutions like the "Easy Control Pro 2.0" series, which significantly slows myopia progression - The company's products are categorized into daily general-purpose lenses and functional lenses, with general-purpose lenses covering all common refractive indices of **1.56, 1.60, 1.67, 1.71, and 1.74**, and the **1.71 high-refractive index lens** boasting an Abbe number of up to **37**[55](index=55&type=chunk) - Functional lenses include myopia management (**Easy Control series**), **PMC Ultra-Bright**, **KR Ultra-Tough**, **Dual Anti-Blue Light**, **Smart Photochromic**, **Progressive Multifocal**, and **Polarized** lenses, with **PMC Ultra-Bright lenses** achieving a light transmittance of up to **98.6%**[56](index=56&type=chunk) - The **Easy Control Pro 2.0 series** optimized optical design and imaging quality, increasing the number of micro-lenses from **1,295 to 1,329**, achieving a **73.82% effective rate** in slowing myopia progression[60](index=60&type=chunk) - Easy Control Pro lenses cover refractive indices of **1.56, 1.60, 1.67, and 1.71**, offering advantages such as excellent optical parameters, high cost-effectiveness, light weight, and thin edges[61](index=61&type=chunk) [(III) Sales Model](index=16&type=section&id=%28III%29%20Sales%20Model) The company primarily uses a direct sales model, supplemented by distribution, serving tens of thousands of optical chain stores and ophthalmic medical institutions nationwide, with direct sales accounting for 59.43% of revenue - The company's sales model is primarily direct sales, supplemented by distribution, serving tens of thousands of optical chain stores and ophthalmic medical institutions nationwide[62](index=62&type=chunk) H1 2025 Sales Channel Revenue Share | Channel | Revenue (RMB 10,000) | Share of Operating Revenue | | :--- | :--- | :--- | | Direct Sales Channel | 23,720.88 | 59.43% | | Distribution Channel | 13,270.10 | 33.24% | - In H1 2025, lens business grew by **5.4%** year-on-year, with **PMC Ultra-Bright series** product revenue increasing by **31.77%**[63](index=63&type=chunk) - Sales of the **'Easy Control' series** products were **RMB 81.67 million**, a year-on-year increase of **7.32%**; excluding the impact of product upgrade recalls, sales were **RMB 90.12 million**, an increase of **18.4%**[63](index=63&type=chunk) - Sales of **1.74 series products** rapidly increased, growing by **258%** compared to the same period last year[63](index=63&type=chunk) [II. Analysis of Core Competencies](index=17&type=section&id=II.%20Analysis%20of%20Core%20Competencies) Mingyue Lens's core competencies stem from its strong brand influence, continuous technological innovation, diverse product portfolio, extensive marketing channels, and high-caliber talent team [(I) Brand Advantage](index=17&type=section&id=%28I%29%20Brand%20Advantage) Mingyue Lens has solidified its position as "China's No.1 Lens Brand" with nine consecutive years of leading national sales, enhanced by celebrity endorsements, national collaborations, and robust social media engagement - **Mingyue Lens** has firmly established itself as **'China's No.1 Lens Brand'**, certified by Sullivan for leading national sales for nine consecutive years[64](index=64&type=chunk) - In April 2025, the company officially invited Olympic champion **Guo Jingjing** to be its brand ambassador, significantly elevating brand recognition and public acceptance[64](index=64&type=chunk) - The company has participated in multiple national events, such as sponsoring the Chinese Mountaineering Team, providing visual assurance for Shenzhou XII, collaborating with the Mount Everest scientific expedition team, and serving as the designated lens brand for the CIIE for four consecutive sessions[64](index=64&type=chunk) - The company partnered with **Universal Pictures' 'Minions' IP** to host a series of activities promoting myopia prevention knowledge, and collaborated with renowned talk show host **Yu Xiangyu** and actress **Hu Ke** to enhance brand visibility through diverse content and offline engagement[65](index=65&type=chunk)[66](index=66&type=chunk) [(II) Technological Advantage](index=17&type=section&id=%28II%29%20Technological%20Advantage) Mingyue Lens possesses deep expertise in lens raw materials, optical design, and manufacturing, with independent R&D capabilities, a Academician Workstation for tailored product development, and 162 patents - **Mingyue Lens** has deep expertise in lens raw materials, optical design, coating technology, and production processes, achieving independent R&D of optical software and key raw materials[67](index=67&type=chunk)[68](index=68&type=chunk) - The company collaborates with globally renowned optical expert Academician Zhuang Songlin's team, establishing an industry-demonstration-level **Academician Workstation** and **Eyewear Engineering Technology Center**, focusing on developing products better suited to the ocular characteristics of Chinese people[68](index=68&type=chunk) - The company has established strategic partnerships with institutions such as **Nanjing Tech University**, **University of Shanghai for Science and Technology**, **Changchun Institute of Optics, Fine Mechanics and Physics (CAS)**, and **China Eye Valley** to drive technological innovation[83](index=83&type=chunk)[84](index=84&type=chunk) - As of June 30, 2025, the company holds **162 patents**, including **40 invention patents**[69](index=69&type=chunk) [(III) Product Advantage](index=18&type=section&id=%28III%29%20Product%20Advantage) Mingyue Lens offers a diverse product portfolio, including advanced functional lenses and high-refractive index series, with 36 SKUs in its "Easy Control" myopia management series, and is a key optical supplier for smart wearables like Xiaomi AI Glasses and Leica - The company independently researches and designs lens optical and coating structures, offering diverse products such as **Dual Anti-Blue Light**, **PMC Ultra-Bright**, and **1.67/1.71/1.74 high-refractive index series**[70](index=70&type=chunk) - The company has fully entered the adolescent myopia management lens market, with **36 SKUs** currently available in the **'Easy Control' series**, leading in product line richness[71](index=71&type=chunk)[72](index=72&type=chunk) - **Mingyue Lens** became the official exclusive optical lens supplier for **Xiaomi AI Glasses**, providing a full range of lenses including **1.71 high-refractive index**, **smart photochromic**, **anti-fatigue**, and **progressive** lenses, and collaborated with **Leica** to solidify its strategic position in the smart wearable optical supply chain[74](index=74&type=chunk)[75](index=75&type=chunk) [(IV) Marketing Channel Advantage](index=19&type=section&id=%28IV%29%20Marketing%20Channel%20Advantage) The company leverages an extensive offline marketing network of tens of thousands of stores, supported by customer empowerment activities and a strong presence across new media platforms, enhanced by celebrity endorsements for integrated online-offline marketing - The company's marketing network covers tens of thousands of offline retail stores nationwide, empowering customers through national new product launches, customer salons, and factory open days[76](index=76&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - The company actively develops new media channels, conducting professional science popularization and brand promotion on platforms such as **Douyin, Zhihu, Xiaohongshu, and Bilibili**, with its official Douyin platform accumulating **1.122 million followers**[82](index=82&type=chunk) - The official endorsement by **Guo Jingjing** brought a significant leap in brand visibility and multi-dimensional exposure for **Mingyue Lens**, enhancing brand reputation and attention to myopia management lenses[82](index=82&type=chunk) [(V) Talent and Team Advantage](index=20&type=section&id=%28V%29%20Talent%20and%20Team%20Advantage) Mingyue Lens boasts a multidisciplinary R&D team, collaborating with top research institutions, and an experienced management team with over 20 years of industry expertise, ensuring stable company development - The company's core technical team comprises elite talents from various fields, including optics, materials science, optometry, manufacturing equipment, processing software design, and mathematical modeling[83](index=83&type=chunk) - The company has established long-term strategic partnerships with institutions such as **Nanjing Tech University**, **University of Shanghai for Science and Technology**, **Changchun Institute of Optics, Fine Mechanics and Physics (CAS)**, and **China Eye Valley**, jointly committed to the development of new technologies and materials, and optimization of optical performance design[83](index=83&type=chunk)[84](index=84&type=chunk) - The company's management team members have grown with the company for many years, possessing over **20 years of management experience** in the eyewear industry, focusing on the R&D, design, production, and sales of optometry products[84](index=84&type=chunk) [III. Analysis of Main Business](index=21&type=section&id=III.%20Analysis%20of%20Main%20Business) This reporting period, operating revenue increased by 3.68%, but net cash flow from operating activities decreased by 9.96%, with R&D investment significantly up by 35.45% and financial expenses by 181.57% [Overview](index=21&type=section&id=Overview) This overview section references the "Main Business Activities During the Reporting Period" to emphasize the company's leading position and business layout in the optical lens industry - The main business overview section refers to the content of the 'Main Business Activities During the Reporting Period' chapter[85](index=85&type=chunk) [Year-on-Year Changes in Key Financial Data](index=21&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) Operating revenue increased by 3.68%, while operating costs rose by 7.57%; financial expenses surged by 181.57% due to new special loan interest, and R&D investment significantly increased by 35.45% Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 399,171,797.71 | 385,020,343.87 | 3.68% | | | Operating Cost | 168,154,292.23 | 156,322,344.47 | 7.57% | | | Selling Expenses | 67,699,527.68 | 73,582,823.27 | -8.00% | | | Administrative Expenses | 37,358,740.40 | 44,599,105.40 | -16.23% | | | Financial Expenses | 350,557.16 | 124,498.75 | 181.57% | Primarily due to interest from new special loans recognized in financial expenses this period | | Income Tax Expense | 15,162,335.11 | 16,165,062.59 | -6.20% | | | R&D Investment | 19,931,819.45 | 14,715,236.62 | 35.45% | Primarily due to increased R&D investment this period | | Net Cash Flow from Operating Activities | 63,946,345.30 | 71,021,733.53 | -9.96% | | | Net Cash Flow from Investing Activities | -767,733,623.11 | -567,049,129.64 | -35.39% | Primarily due to holding cross-year wealth management funds in the same period, resulting in no concurrent investment cash flow | | Net Cash Flow from Financing Activities | -73,748,211.77 | -67,086,281.38 | -9.93% | | | Net Increase in Cash and Cash Equivalents | -777,648,871.06 | -563,197,355.87 | -38.08% | Primarily due to holding cross-year wealth management funds in the same period, resulting in no concurrent investment cash flow | - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[86](index=86&type=chunk) [Products or Services Accounting for Over 10%](index=21&type=section&id=Products%20or%20Services%20Accounting%20for%20Over%2010%25) Lens products remain the company's core business, generating **RMB 333,402,354.18** in operating revenue this period, a 4.23% increase, with a gross profit margin of 62.40%, slightly down by 1.08% Products or Services Accounting for Over 10% | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lenses | 333,402,354.18 | 125,369,576.16 | 62.40% | 4.23% | 7.32% | -1.08% | [IV. Analysis of Non-Core Business](index=22&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) Non-core business contributed to profit primarily through fair value changes (10.62%) and investment income (1.17%), but asset impairment had a negative impact, and these non-core revenues are not sustainable Analysis of Non-Core Business | Item | Amount (RMB) | Share of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,356,963.98 | 1.17% | Primarily wealth management income | No | | Gains and losses from changes in fair value | 12,321,693.12 | 10.62% | Primarily estimated unrealized wealth management income | No | | Asset Impairment | -3,561,437.05 | -3.07% | Primarily bad debt provisions and inventory depreciation provisions | No | | Non-operating Income | 95,456.30 | 0.08% | Primarily transfer of small outstanding balances no longer payable | No | | Non-operating Expenses | 86,173.06 | 0.07% | Primarily clearing long-aged prepayments | No | [V. Analysis

Group 1 - The company, Mingyue Lens Co., Ltd., has received a notice from its sponsor, Dongfang Securities, regarding the change of the representative responsible for continuous supervision of its initial public offering (IPO) [1] - The original supervising representatives were Zheng Rui and Wen Chang, with the supervision period ending on December 31, 2024, due to unutilized raised funds [1] - Wen Chang has been replaced by Liu Junqing as the new supervising representative to ensure the orderly continuation of supervision duties [1] Group 2 - The board of directors expresses gratitude for Wen Chang's contributions during the IPO and continuous supervision period [1] - Liu Junqing has over ten years of experience in investment banking and has successfully completed multiple IPOs and refinancing projects [3] - Liu Junqing holds a bachelor's and master's degree in economics from Renmin University of China [3]

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。 明月镜片股份有限公司（以下简称"公司"）于 2025 年 8 月 26 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、温畅先生，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。 证券代码：301101 证券简称：明月镜片 公告编号：2025-022 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 明月镜片股份有限公司 董 事 会 2025 年 8 月 26 日 附：刘俊清先生简历 刘俊清先生为东方证券产业投行总部董事，注册保荐代表人，中国人民大学 经济学学士、硕士，拥有十余年投行工作经验。刘俊清先生作为签字保荐代表人 成功完成志高机械 IPO、泰鸿万立 IPO、光大同创 IPO、浙江自然 IPO、海晨股份 IPO、博俊科技再融资、天成自控再融资、 ...

证券之星消息，8月25日文娱用品板块较上一交易日上涨0.3%，海伦钢琴领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。文娱用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300329 | 海伦钢琴 | 13.30 | 8.31% | 24.83万 | | 3.29亿 | | 001238 | 浙江正特 | 51.88 | 5.90% | 1.24万 | | 6358.84万 | | 301335 | 天元宠物 | 35.03 | 5.01% | 11.82万 | | 4.04亿 | | 001368 | 通达创智 | 26.87 | 4.11% | 5.69万 | | 1.50亿 | | 301101 | 明月镜片 | 50.01 | 2.06% | 9.37万 | | 4.65亿 | | 6688809 | 晨光股份 | 32.38 | 1.66% | 6.35万 | | 2.03亿 | | 0 ...