明月镜片(301101) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section presents crucial disclaimers, a comprehensive table of contents, and definitions of key terms for report clarity and legal compliance Important Notice 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] - The company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents 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] Catalogue of Reference Documents 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] - All reference documents are kept at the company's securities department[10] 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] Section II Company Profile and Key Financial Indicators 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 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 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 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] - Information disclosure and document storage locations remained unchanged during the reporting period[16] - The company's registration status remained unchanged during the reporting period[17] - 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] IV. Key Accounting Data and Financial Indicators 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 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][21] VI. Non-Recurring Gains and Losses Items and Amounts 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][24] Section III Management Discussion and Analysis 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 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 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] - 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] - 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] - 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][31] - 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][47] - 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] (II) Basic Product Information 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] - 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] - 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] - 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] (III) Sales Model 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] 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] - 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] - Sales of 1.74 series products rapidly increased, growing by 258% compared to the same period last year[63] II. Analysis of Core Competencies 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 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] - In April 2025, the company officially invited Olympic champion Guo Jingjing to be its brand ambassador, significantly elevating brand recognition and public acceptance[64] - 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] - 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][66] (II) Technological Advantage 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][68] - 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] - 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][84] - As of June 30, 2025, the company holds 162 patents, including 40 invention patents[69] (III) Product Advantage 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] - 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][72] - 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][75] (IV) Marketing Channel Advantage 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][78][79][80][81] - 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] - 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] (V) Talent and Team Advantage 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] - 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][84] - 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] III. Analysis of Main Business 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 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] Year-on-Year Changes in Key Financial Data 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] Products or Services Accounting for Over 10% 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 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