明月镜片股份有限公司 证券代码：301101 证券简称：明月镜片 公告编号：2025-043 2、股东大会的召集人：董事会。公司第二届董事会第二十一次会议于 2025 年 11 月 25 日审议通过《关于召开公司 2025 年第三次临时股东大会的议案》，同意召开本次股东大会。 关于召开公司 2025 年第三次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 3、本次会议的召集、召开符合《中华人民共和国公司法》《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》 等法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 16 日（星期二）15:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 16 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票 的具体时间为 2025 年 12 月 16 日 9:15 至 15:0 ...

明月镜片股份有限公司 第二届监事会第二十一次会议决议公告 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。 证券代码：301101 证券简称：明月镜片 公告编号：2025-039 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《关于 使用部分暂时闲置募集资金和自有资金进行现金管理的公告》。 三、备查文件 1、第二届监事会第二十一次会议决议。 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"）第二届监事会第二十一次会议 于 2025 年 11 月 25 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 11 月 20 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，应出席公司会议的监事 3 人，实际出席公司会议 的监事 3 人。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、监事会会议审议情况 经与会监事充分讨论，本次会议审议通过议案如下： （一） ...

证券代码：301101 证券简称：明月镜片 公告编号：2025-038 明月镜片股份有限公司 第二届董事会第二十一次会议决议公告 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。 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"）第二届董事会第二十一次会议 于 2025 年 11 月 25 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 11 月 20 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《关于公司董事会非独立董事换届选举的议案》 公司第二届董事会非独立董事任期即将届满，根据《中华人民共和国公司法》 《中华人民共和国证券法》《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 ...

Core Insights - The surge in sales of smart glasses has significantly benefited traditional eyewear manufacturers, with a notable increase in revenue and profit margins from AI and AR glasses [3][4][10] - Major e-commerce platforms reported a dramatic rise in smart glasses sales during the Double Eleven shopping festival, with Tmall reporting a 2500% year-on-year increase and JD.com reporting a 346% increase [3][4] - Traditional eyewear companies are leveraging partnerships with tech giants like Xiaomi to enhance their profit margins and brand visibility, as seen with Mingyue Lens and Kangnate Optical [4][6][18] Industry Trends - The smart glasses market is experiencing a wave of new product launches from various domestic manufacturers, indicating a competitive landscape [3][4] - The collaboration between eyewear manufacturers and tech companies is becoming a strategic move to capture high-margin business opportunities in the smart glasses segment [6][18] - The traditional eyewear market has faced challenges in transitioning to high-end products, with many companies still struggling to establish strong brand identities [5][42] Financial Performance - Mingyue Lens reported a revenue of 6.51 million yuan from its AI glasses business by September 30, with a gross margin of 78.6%, significantly higher than its overall gross margin of around 60% [4][20] - Kangnate Optical has seen its stock price rise over 117% since December 2022, driven by its involvement in the smart glasses market [4][10] - The XR business of Kangnate Optical generated approximately 10 million yuan in revenue by August 31, 2025, indicating strong growth potential [10] Market Dynamics - The demand for prescription lenses is increasing alongside the sales of smart glasses, as consumers seek solutions for vision correction [11][12] - Traditional eyewear manufacturers are positioned as key players in the supply chain, providing essential lens fitting services for smart glasses [13][14] - The competitive landscape includes both established giants like Essilor Luxottica and numerous smaller players, creating a complex market environment [8][49] Challenges and Considerations - Despite high profit margins, traditional eyewear manufacturers face challenges in maintaining long-term growth and brand differentiation in a crowded market [20][55] - The industry is witnessing high return rates for AI glasses, ranging from 30% to 50%, raising concerns about product quality and consumer satisfaction [41] - The transition to high-end markets requires significant investment in research, marketing, and distribution, which may strain the financial performance of traditional manufacturers [50][51]

Core Insights - The company achieved revenue of 626 million yuan in the first three quarters of 2025, a year-on-year increase of 7.39%, with a net profit attributable to shareholders of 149 million yuan, up 8.83% year-on-year. In Q3 alone, revenue reached 227 million yuan, reflecting a 14.59% year-on-year growth, and net profit was 54 million yuan, an increase of 11.56% year-on-year. The company continues to strengthen R&D investment while reducing sales expense ratio [1] Group 1 - The company's product focus strategy is yielding results, with the PMC Ultra Bright series seeing a 53.7% revenue increase in Q3 2025. The 1.71 series also grew by 13.7%, with the three star products accounting for 56.3% of regular lens revenue. Excluding the impact of product upgrades and recalls, the "Easy Control" series achieved a cumulative sales of 144.72 million yuan in the first three quarters, up 11.6% year-on-year [2] - The company has deepened strategic partnerships to enhance market influence. As the exclusive optical partner for Xiaomi, the cumulative revenue from the Xiaomi AI glasses business reached 6.51 million yuan by September 30, with a gross margin of 78.6% for smart glasses lenses. Additionally, the company renewed its contract with China Aerospace, adhering to stringent aerospace standards, and is actively exploring innovative cooperation with Aier Eye Hospital to solidify its technological barriers and market leadership in high-end lenses [2] Group 2 - The company anticipates an increase in the proportion of high-end lenses and a ramp-up in AI glasses lens production, projecting revenues of 819 million yuan, 870 million yuan, and 924 million yuan for 2025-2027, representing year-on-year growth rates of 6.4%, 6.2%, and 6.2%, respectively. Net profit attributable to shareholders is expected to be 195 million yuan, 211 million yuan, and 225 million yuan, with growth rates of 10.3%, 8.1%, and 6.9% [3]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Core Viewpoint - Mingyue Lens experienced a decline of 1.65% in stock price on November 12, with a trading volume of 92.33 million yuan, indicating potential market volatility and investor sentiment shifts [1]. Financing Summary - On November 12, Mingyue Lens had a financing buy-in amount of 7.66 million yuan and a financing repayment of 14.38 million yuan, resulting in a net financing outflow of 6.72 million yuan [1]. - The total financing and securities balance for Mingyue Lens as of November 12 is 257 million yuan, which constitutes 3.06% of its circulating market value, indicating a relatively low financing balance compared to the past year [1]. - There were no shares sold or repaid in the securities lending market on November 12, with a total securities lending balance of 0, suggesting a high level of investor confidence or lack of short-selling activity [1]. Company Performance - As of September 30, the number of shareholders for Mingyue Lens is 20,000, a decrease of 20.59% from the previous period, while the average circulating shares per person increased by 25.92% to 9,529 shares [2]. - For the period from January to September 2025, Mingyue Lens reported a revenue of 626 million yuan, reflecting a year-on-year growth of 7.39%, and a net profit attributable to shareholders of 149 million yuan, which is an increase of 8.83% year-on-year [2]. Dividend and Shareholding Structure - Since its A-share listing, Mingyue Lens has distributed a total of 272 million yuan in dividends, with 201 million yuan distributed over the past three years [3]. - As of September 30, 2025, among the top ten circulating shareholders, Minsheng Jia Yin Continuous Growth Mixed Fund (007731) is the fifth largest with 1.47 million shares, an increase of 320,300 shares from the previous period [3]. - Hong Kong Central Clearing Limited is the eighth largest shareholder with 789,200 shares, marking its entry as a new shareholder, while the Fortune Steady Growth Mixed Fund (010624) is the tenth largest with 600,000 shares, also a new addition [3].

Core Viewpoint - The company announced the resignation of independent directors Zhang Yinjie and Fu Renhui, effective November 12, 2025, after serving nearly six years since November 15, 2019 [1] Group 1: Resignation Details - Zhang Yinjie and Fu Renhui submitted their written resignation reports to the company [1] - Zhang Yinjie will also resign from her positions as a member of the Audit Committee, Chair of the Nomination Committee, and Chair of the Compensation and Assessment Committee [1] - Fu Renhui will resign from his roles as Chair of the Audit Committee and a member of the Compensation and Assessment Committee [1] Group 2: Post-Resignation Status - After their resignations, both Zhang Yinjie and Fu Renhui will no longer hold any positions within the company or its subsidiaries [1]

Core Viewpoint - The company announced the resignation of two independent directors, Zhang Yinjie and Fu Renhui, due to their tenure nearing six years, which is the maximum allowed for independent directors [1] Group 1: Resignation Details - Zhang Yinjie and Fu Renhui submitted their written resignation reports on November 12, 2025 [1] - Zhang Yinjie will also resign from her positions as a member of the Audit Committee, Chair of the Nomination Committee, and Chair of the Compensation and Assessment Committee [1] - Fu Renhui will resign from his roles as Chair of the Audit Committee and a member of the Compensation and Assessment Committee [1] Group 2: Post-Resignation Status - After their resignations, both Zhang Yinjie and Fu Renhui will no longer hold any positions within the company or its subsidiaries [1]

Group 1 - The core point of the article is that Mingyue Optical (SZ 301101) held its 20th meeting of the second board of directors on November 11, 2025, to discuss organizational structure adjustments and amendments to the company's articles of association [1] - For the first half of 2025, Mingyue Optical's revenue composition was entirely from the specialized equipment manufacturing industry, accounting for 100% [1] - As of the report date, Mingyue Optical's market capitalization was 8.4 billion yuan [2]