Financial Performance - The company's operating revenue for 2024 reached ¥770,297,786.61, an increase of 2.88% compared to ¥748,743,207.89 in 2023[18] - Net profit attributable to shareholders for 2024 was ¥176,785,928.28, reflecting a growth of 12.21% from ¥157,543,021.14 in 2023[18] - The basic earnings per share for 2024 was ¥0.8807, up 12.65% from ¥0.7818 in 2023[18] - The total assets at the end of 2024 amounted to ¥1,861,102,531.56, a 6.18% increase from ¥1,752,743,944.92 at the end of 2023[18] - The cash flow from operating activities for 2024 was ¥211,159,110.55, a slight increase of 0.99% from ¥209,092,426.97 in 2023[18] - The company reported a weighted average return on equity of 10.99% for 2024, compared to 10.33% in 2023[18] - The net profit after deducting non-recurring gains and losses for 2024 was ¥152,097,603.69, an increase of 11.67% from ¥136,198,456.01 in 2023[18] - The gross profit margin improved to 58.56%, an increase of 0.98 percentage points compared to the previous year[79] - The sales of the "Easy Control" series products in 2024 amounted to 163.65 million yuan, reflecting a year-on-year growth of 22.7%[79] - The "PMC Ultra Bright" series saw a revenue increase of nearly 45.6% in 2024 compared to the previous year[79] Market Position and Opportunities - The company holds a leading position in the Chinese lens market with a retail market share of 12.4% as of 2024, according to Frost & Sullivan[27] - The number of myopic individuals in China increased from 540 million in 2016 to 660 million in 2020, with the overall myopia rate rising from 39.2% to 47.1%[28] - The government has implemented multiple policies since 2018 to promote myopia prevention and control among children and adolescents, indicating a growing market opportunity for the company[28] - By the end of 2024, the elderly population aged 60 and above in China is projected to reach 310.31 million, accounting for 22% of the total population, driving demand for progressive multifocal lenses[29] - The Chinese eyewear market is projected to grow from CNY 958.3 billion in 2024 to CNY 1,283 billion by 2029, with a CAGR of 5.0% from 2019 to 2024 and 6.0% from 2024 to 2029[30] Product Development and Innovation - The company has developed high-quality lens materials that are 5.6 times more impact-resistant than standard lenses, enhancing user comfort and visual quality[36] - The company launched a new shallow blue light blocking lens product in April 2024, expanding its product matrix to meet diverse user needs[37] - The company’s myopia control lenses utilize proprietary resin materials and unique processes, offering better optical performance and durability compared to competitors[38] - The new generation of "Easy Control PRO2.0" lenses has improved the effective rate of equivalent spherical power to 73.82%, up from 60% in PRO1.0, based on a 12-month clinical trial[39] - The upgraded "1.74" high-index lenses provide a maximum power selection of 1500 degrees, reducing lens thickness and weight for enhanced comfort[39] Sales and Distribution - The company's direct sales revenue reached 442.35 million yuan, accounting for 57.43% of total revenue, while distribution channel revenue was 264.63 million yuan, making up 34.35% of total revenue[55] - The company has established a sales network with 2,707 direct sales clients and 66 distribution clients as of the end of 2024, optimizing its customer structure[55] - Domestic sales accounted for 96.21% of total revenue, with a year-on-year increase of 4.63%[81] Research and Development - The company has 108 R&D personnel, enhancing its research capabilities[78] - R&D expenses rose by 24.96% to 34.99 million yuan, indicating a strong focus on innovation[90] - The company has established partnerships with leading universities and research institutions to develop new technologies and materials[76] - The company is committed to continuous product innovation and aims to launch new products and technologies to create differentiated offerings in the market[141] Corporate Governance and Management - The company operates independently from its controlling shareholders and has a complete business system for supply, production, and sales[154] - The board of directors consists of 7 members, including 3 independent directors, complying with legal and regulatory requirements[154] - The company has established independent financial and operational management systems, ensuring no shared bank accounts with controlling shareholders[159] - The company has a well-structured internal management system, with no mixed operations with controlling shareholders[159] Social Responsibility and Brand Building - The company has actively contributed to myopia prevention efforts, including public service campaigns that have aired on national television[58] - The company has partnered with the Chinese Mountaineering Team and the Chinese space program, enhancing its brand recognition and commitment to social responsibility[57] - The company is actively involved in public welfare initiatives to raise awareness about eye health among children and adolescents[125] Future Plans and Strategic Initiatives - Future plans include increased R&D investment in new technologies such as AI smart glasses, focusing on enhancing operational quality[47] - The company plans to expand its product matrix to "1+3+N" by 2025, focusing on the "轻松控 Pro2.0" series and introducing new high-refractive index products[133] - The company aims to enhance brand trust by establishing a team of 100 ophthalmology experts to provide professional endorsement and support[134] Financial Management and Fundraising - The company reported an investment amount of RMB 3,215,000,000 for the current period, representing a 48.43% increase compared to RMB 2,166,000,000 in the same period last year[102] - The total amount of funds raised was RMB 903,783,114, with a net amount of RMB 792,923,877 after deducting various issuance costs[106] - The company has committed to several investment projects, including high-end resin lens production expansion, with a total investment commitment of RMB 30,000,000[109] Employee Development and Training - The total number of employees at the end of the reporting period was 1,068, including 945 at the parent company and 123 at major subsidiaries[185] - The company has established a series of training programs focused on key positions to enhance business and management capabilities[188] - The company has implemented a differentiated salary adjustment strategy for key positions to ensure compensation competitiveness above the industry median[186]

Financial Performance - The company's revenue for Q1 2025 was CNY 197,143,516.30, representing a 2.63% increase compared to CNY 192,086,337.15 in the same period last year[5]. - Net profit attributable to shareholders increased by 11.70% to CNY 47,147,755.44 from CNY 42,208,439.85 year-on-year[5]. - The total operating revenue for the current period is CNY 197,143,516.30, an increase from CNY 192,086,337.15 in the previous period, reflecting a growth of approximately 2.2%[25]. - The company reported a net profit of CNY 51,299,148.60 for the current period, compared to CNY 42,819,783.73 in the previous period, indicating an increase of around 19.8%[25]. - The net profit for the current period is 49,540,791.48, an increase of 11.8% compared to 44,455,356.74 in the previous period[26]. - The total profit for the current period is 56,832,700.50, up from 51,475,060.92, reflecting a growth of 10.5%[26]. - Basic and diluted earnings per share increased to 0.2349 from 0.2103, representing an increase of 11.8%[27]. - The overall business gross margin for Q1 2025 was 58.42%, an increase of 0.35 percentage points compared to the same period last year[16]. Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 70.63%, amounting to CNY 6,407,779.49 compared to CNY 21,818,792.00 in the previous year[5]. - Cash flow from operating activities generated a net amount of 6,407,779.49, down from 21,818,792.00, indicating a decline of 70.7%[28]. - Cash flow from investing activities resulted in a net outflow of -1,159,560,442.61, worsening from -613,217,427.29 in the previous period[29]. - Cash and cash equivalents decreased to CNY 120,003,686.80 from CNY 1,288,022,229.66, a significant decline of approximately 90.7%[21]. - Cash and cash equivalents at the end of the period decreased to 120,003,686.80 from 481,825,413.16, a decline of 75.1%[29]. - The total assets at the end of the reporting period were CNY 1,945,602,988.04, a 4.54% increase from CNY 1,861,102,531.56 at the end of the previous year[5]. - The total assets increased to CNY 1,945,602,988.04 from CNY 1,861,102,531.56, reflecting a growth of about 4.5%[23]. Liabilities and Expenses - The total liabilities increased to CNY 179,646,168.90 from CNY 144,686,738.94, representing a rise of about 24.2%[23]. - The cash and cash equivalents decreased to CNY 120,003,686.80 from CNY 1,288,022,229.66, a significant decline of approximately 90.7%[21]. - The total operating costs decreased to CNY 145,844,367.70 from CNY 149,266,553.42, representing a reduction of about 2.9%[25]. - The company incurred a tax expense of 7,291,909.02, slightly up from 7,019,704.18, reflecting a rise of 3.9%[26]. Research and Development - Research and development expenses rose by 37.53% to CNY 9,526,927.93 from CNY 6,926,956.54 year-on-year, indicating increased investment in innovation[11]. - Research and development expenses increased to CNY 9,526,927.93 from CNY 6,926,956.54, showing a growth of approximately 37.8%[25]. - The company plans to continue increasing R&D investment to drive product innovation and maintain a competitive edge in the market[19]. Product and Market Development - The company is focusing on developing differentiated products and advancing industry-leading technologies to enhance market competitiveness[19]. - The company launched a series of new high-refractive index products in Q1 2025 to meet diverse consumer needs[18]. - The new 1.67 refractive index added to the PMC Ultra Bright series caters to different myopia levels, enhancing both clarity and aesthetics[18]. - The company is focusing on customized marketing support for top 100 clients to improve brand awareness and customer acquisition efficiency[17]. - The demand for functional and high-refractive index products is increasing among younger consumers, driving innovation in the smart eyewear market[17]. - The company's lens business grew by 5% year-on-year in Q1 2025, excluding the negative impact from overseas and raw material businesses[16]. - Revenue from the PMC Ultra Bright series increased by 44% in Q1 2025, with three star products accounting for 57% of total revenue from regular lenses[16]. - Sales of the "Easy Control" series reached 50.13 million yuan in Q1 2025, representing a year-on-year growth of 22.1%[16]. - The "Easy Control" series sales for 2024 are projected to reach 54.96 million yuan, reflecting a year-on-year growth of 33.8%[16]. - The company aims to provide comprehensive eye health solutions by continuously optimizing product performance and service quality[17]. Accounts Receivable - The company reported a significant increase in accounts receivable by 59.27%, reaching CNY 173,839,579.72, attributed to increased sales and outstanding credit sales[11]. Borrowings - The company has undertaken a special loan, resulting in a 100% increase in long-term borrowings to CNY 26,876,509.71[11]. Other Income - The company recorded a total of CNY 5,571,395.96 in non-recurring gains, primarily from government subsidies and financial asset disposals[7]. Cash Flow from Investment Activities - The company experienced a 89.09% increase in net cash flow from investment activities, amounting to CNY -1,159,560,442.61, due to changes in investment product terms[11].

证券代码：301101 证券简称：明月镜片 公告编号：2025-004 明月镜片股份有限公司 关于公司 2024 年度利润分配预案的公告 利润分配方案符合《上市公司监管指引第 3 号——上市公司现金分红（2025 年修订）》《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》等法律法规有关分红的规定，与《公司章程》规定的利润分配政策和 公司已披露的股东回报规划不存在重大差异。 三、现金分红方案的具体情况 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、审议程序 明月镜片股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开了第 二届董事会审计委员会第十四次会议、第二届董事会第十七次会议及第二届监事 会第十七次会议，审议通过了《关于公司 2024 年度利润分配预案的议案》，本 议案尚需提交公司股东大会审议。董事会审计委员会、董事会及监事会均认为本 次利润分配符合《公司法》、《公司章程》等相关法律法规的要求，符合公司的 实际情况，对公司生产经营无重大影响，有利于股东实现回报，符合全体股东的 利益。 二、利润分配方案 经立 ...

行业跟踪报告 | 轻工制造 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 14 日 | 相关研究 【兴证轻工】家居行业专题报告（二）： AI 赋能家居设计春风起-2025.02.13 分析师：林寰宇 S0190524080006 linhuanyu@xyzq.com.cn 研究助理：储天舒 chutianshu1@xyzq.com.cn 轻工 AI+专题（（））：AI 风口到来，轻工领域 有哪些投资机遇？ 投资要点： ⚫ 风险提示：AI 模型发展不及预期、行业竞争加剧、消费需求不及预期 请阅读最后评级说明和重要声明 1/26 ⚫ 轻工板块会成为 AI 产业链里面的重要节点之一。首先，轻工行业细分领域较多，例如 眼镜、玩具等多个领域均已率先落地 AI 应用。其次，在 AI 产业链中，轻工行业也在生 产和渠道端起到至关重要的作用，部分企业深度参与 AI 供应链，有望充分受益于未来 行业成长。具体来看，我们认为眼镜、床垫、体育、玩具是目前 AI 受益的细分子板块， 建议关注。 ⚫ AI 眼镜：AI 眼镜是一种集成了 AI 技术的智能眼镜，目前 ...

东方证券股份有限公司 关于明月镜片股份有限公司 2024 年持续督导现场检查报告 | 保荐机构名称：东方证券股份有限公司 | 被保荐公司简称：明月镜片 | | | | --- | --- | --- | --- | | 保荐代表人姓名：郑睿 | 联系电话：021-2315 3548 | | | | 保荐代表人姓名：温畅 | 联系电话：021-2315 3966 | | | | 现场检查人员姓名：温畅 | | | | | 现场检查对应期间：2024 年度 | | | | | 现场检查时间：2025 年 3 月 7 日 | | | | | 一、现场检查事项 现场检查意见 | | | | | （一）公司治理 否 不适用 | | 是 | | | 现场检查手段：（1）查阅公司章程及内部控制制度；（2）查阅公司历次董事会、监事会、股东大会材料；（3） | | | | | 与公司相关人员进行访谈沟通 | | | | | 1.公司章程和公司治理制度是否完备、合规 | | 是 | | | 2.公司章程和三会规则是否得到有效执行 | | 是 | | | 3.三会会议记录是否完整，时间、地点、出席人员及会议内容等要件是否齐备， | ...

东方证券股份有限公司 关于明月镜片股份有限公司 持续督导现场培训报告 深圳证券交易所： 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 创业板上市的保荐机构，根据《深圳证券交易所上市公司自律监管指引第 13 号 ——保荐业务》《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》的要求，对公司实际控制人及董事、监事、高级管理人员进行了 培训，现将培训情况报告如下： 三、本次培训的内容 本次培训的内容主要包括：创业板上市公司再融资相关政策；上市公司规范 运作和上市公司董事、监事、高级管理人员的行为规范；上市公司违法典型案例。 四、本次培训的成果 一、本次培训的基本情况 2025 年 3 月 7 日，东方证券保荐代表人温畅对公司实际控制人及董事、监 事、高级管理人员进行了培训。 二、参加本次培训的人员 公司实际控制人及董事、监事、高级管理人员。 （以下无正文） （此页无正文，为《东方证券股份有限公司关于明月镜片股份有限公司持 续督导现场培训报告》之签字盖章页） 保荐代表人签名： 郑 睿 温 畅 东方证 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7]. Core Views - The company is a leading domestic optical lens manufacturer with over 20 years of experience, focusing on mid-to-high-end optical resin lenses and a comprehensive service system [3][16]. - The company achieved revenue of 583 million yuan in the first three quarters of 2024, a year-on-year increase of 3.6%, and a net profit of 137 million yuan, up 11.9% year-on-year [3][32]. - The report highlights the growth potential in the near-sightedness prevention market and the rise of AI smart glasses as significant future growth drivers [7][76]. Company Overview - The company has a complete industrial chain covering lens, raw materials, finished lenses, and frames, with its core product being the "Mingyue" brand of optical resin lenses [3][16]. - The company has established a strong market position, holding a 12.4% market share in China's lens market, which is the highest among domestic brands [5][32]. - The company has a stable shareholding structure, with experienced management ensuring alignment with industry trends [21][22]. Industry Analysis - The Chinese eyewear market is projected to grow from approximately 74 billion yuan in 2024 to 97 billion yuan by 2029, with a CAGR of 5.7% [5][48]. - The demand for lenses is driven by a high base of near/far-sighted individuals, with a significant need for functional lenses, particularly in the context of increasing screen time and eye health issues [5][53]. - The report notes that the penetration rate of functional lenses is expected to accelerate, driven by technological advancements and changing consumer preferences [64][70]. Financial Forecast and Investment Recommendations - Revenue growth is forecasted at 4.3%, 10.3%, and 17.9% for 2024-2026, with net profit growth of 11.1%, 16.7%, and 22.7% respectively [7][13]. - The report employs a comparable company valuation method, estimating a PE ratio of 39 for 2025 [7]. - The company is positioned to benefit from the expansion of its conventional lens business and the development of its near-sightedness prevention products, creating a second growth curve [7][76].

Investment Rating - The report maintains a "Buy" rating for the company with a 6-month target price of 43.59 RMB [1] Core Views - The company achieved revenue of 580 million RMB in the first three quarters of 2024, a year-on-year increase of 3.6%, with net profit attributable to the parent company reaching 140 million RMB, up 11.9% year-on-year [1] - In Q3 2024, the company's revenue was 200 million RMB, a slight increase of 0.6% year-on-year, while net profit attributable to the parent company grew by 13.6% to 50 million RMB [1] - The company's gross margin for the first three quarters of 2024 was 59.3%, an increase of 1.4 percentage points year-on-year, and the net profit margin was 24.8%, up 1.2 percentage points [1] Product Strategy - The company's star products, such as the PMC Ultra-Bright series, saw a 50.6% year-on-year revenue growth in the first three quarters, while the 1.71 series grew by 16.5% [2] - The newly launched Relax Control PRO 2.0 series showed significant improvement in clinical effectiveness, with a 73.82% efficacy rate in controlling myopia progression, compared to 60% for the previous version [2] - The company actively recalled the Relax Control PRO 1.0 series to promote the new version, resulting in a 34.2% year-on-year growth in sales for the Relax Control PRO series in Q3 2024 [2] Market Expansion - The company partnered with Leica to enter the high-end lens market, leveraging its experience in the Chinese market to offer premium visual solutions [3] - The company is exploring the smart glasses market with its Sasky product, which features voice assistant capabilities and AR/VR imaging potential [3] Financial Projections - The report adjusted the company's profit forecast, expecting net profit attributable to the parent company to reach 180 million RMB in 2024, 210 million RMB in 2025, and 250 million RMB in 2026 [4] - The company's PE ratio is projected to be 50X in 2024, 42X in 2025, and 36X in 2026 [4] Financial Performance - The company's revenue for 2024 is expected to be 788.73 million RMB, with a growth rate of 5.34% [9] - EBITDA for 2024 is projected at 275.68 million RMB, with a net profit attributable to the parent company of 176.88 million RMB [9] - The company's gross margin is expected to remain strong at 59.52% in 2024, with a net profit margin of 22.43% [15] Valuation Metrics - The company's P/E ratio is forecasted to decrease from 49.66X in 2024 to 35.56X in 2026 [9] - The P/B ratio is expected to decline from 5.28X in 2024 to 4.66X in 2026, indicating improving valuation metrics [9]

东方证券股份有限公司 2022 年 6 月 16 日，公司首次公开发行网下配售股份解除限售，该部分股 份数量为 1,650,629 股，占公司发行后总股本的 1.2287%。具体情况详见公司 于 2022 年 6 月 14 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于首次 公开发行网下配售限售股上市流通的提示性公告》（公告编号：2022-034）。 关于明月镜片股份有限公司 2022 年 12 月 19 日公司首次公开发行前已发行的部分股份及首次公开发行 战略配售股份解除限售，该部分股份数量合计 17,737,232 股，占公司发行后总 股本的 13.2031%，具体情况详见公司于 2022 年 12 月 14 日在巨潮资讯网 首次公开发行前已发行部分股份解除限售并上市流通 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 易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所创业板股 票上市规则》《深圳 ...

证券代码：301101 证券简称：明月镜片 公告编号：2024-044 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。 特别提示： 1、本次解除限售的股份为明月镜片股份有限公司（以下简称"公司"、"明 月镜片"、"发行人"）首次公开发行前已发行的部分股份。本次解除限售并申 请上市流通股份属于首次公开发行前已发行股份，解除限售股份的数量为 126,849,000 股，占公司总股本的 62.9486%，限售期为自公司首次公开发行股票 并上市之日起 36 个月。 明月镜片股份有限公司 关于首次公开发行前已发行部分股份 上市流通的提示性公告 2、本次解除限售股东共计 5 名，其中首次公开发行前已发行股份解除限售 的数量为 126,849,000 股，占公司总股本的 62.9486%。 3、本次解除限售的首次公开发行前已发行的部分股份上市流通日期为 2024 年 12 月 16 日（星期一），具体情况如下： 一、公司首次公开发行前已发行股份及首次公开发行战略配售股票情况 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〔20 ...