博士眼镜(300622) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4] - The company's daily operations may face risks such as macroeconomic fluctuations, intensified market competition, lower-than-expected development of franchise business, channel dependence, and human resource management[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This report's clear table of contents lists eight main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes and shareholder information, bond-related matters, and financial reports, providing structured information navigation for investors. - The report contains eight main chapters, from important notices to financial reports, with a clear structure[7] Definitions This section provides definitions for key terms and company brands (e.g., Doctor Optical, President optical, Boojing, zèle, Tong, ZORRO) used in the report, as well as explanations for professional terms like business models (direct operation, franchising), e-commerce types (interest e-commerce, O2O), and technical systems (ERP, OMS, WMS), ensuring readers' accurate understanding of the report content. - The report defines multiple company brands, including President optical, Doctor Optical, Tong, Boojing, zèle, ZORRO[10] - Explains two main operating models: direct operation and franchising[10][11] - Provides definitions for e-commerce models (interest e-commerce, O2O) and management systems (ERP, OMS, WMS) and other professional terms[10] Section II Company Profile and Key Financial Indicators Company Profile Doctor Optical Chain Co., Ltd. (stock abbreviation: Doctor Optical, stock code: 300622) is listed on the Shenzhen Stock Exchange; the company's legal representative is ALEXANDER LIU, and contact information and registration details remained unchanged during the reporting period. - Company stock abbreviation: Doctor Optical, stock code: 300622, listed on: Shenzhen Stock Exchange[13] - Company's legal representative is ALEXANDER LIU[13] - Company contact information, registered address, and information disclosure locations remained unchanged during the reporting period[15][16][17] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 14.22% to 686.37 million yuan, and net profit attributable to shareholders increased by 6.97% to 56.03 million yuan; net cash flow from operating activities slightly decreased, while total assets and net assets attributable to shareholders both increased. 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 686,373,243.99 | 600,948,185.65 | 14.22% | | Net Profit Attributable to Listed Company Shareholders | 56,033,447.22 | 52,384,653.93 | 6.97% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Gains/Losses) | 49,645,217.41 | 45,867,734.53 | 8.24% | | Net Cash Flow from Operating Activities | 128,154,405.51 | 134,480,564.40 | -4.70% | | Basic Earnings Per Share (CNY/share) | 0.25 | 0.23 | 8.70% | | Diluted Earnings Per Share (CNY/share) | 0.25 | 0.23 | 8.70% | | Weighted Average Return on Net Assets | 7.10% | 6.43% | 0.67% | | Period-End Indicators | Current Period-End (CNY) | Prior Year-End (CNY) | Period-End YoY Change | | Total Assets | 1,253,858,289.52 | 1,253,370,901.92 | 0.04% | | Net Assets Attributable to Listed Company Shareholders | 816,184,230.85 | 760,633,819.81 | 7.30% | Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 119,411.41 | | Government Grants Recognized in Current Profit or Loss | 265,729.45 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 3,628,422.61 | | Gains/Losses from Entrusted Investment or Asset Management | 4,134,017.62 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 500.00 | | Other Non-operating Income and Expenses | 357,560.46 | | Less: Income Tax Impact | 2,042,084.36 | | Impact on Minority Interests (After Tax) | 75,327.38 | | Total | 6,388,229.81 | Section III Management Discussion and Analysis Company's Main Business Activities During the Reporting Period As a professional optical retail chain, the company offers diverse eyewear products and professional optometry services through a multi-brand strategy and an integrated online-offline model, achieving steady growth in revenue and net profit by optimizing channels, increasing functional lens penetration, strengthening smart eyewear collaborations, and deepening digital operations and talent development. Company's Main Business Overview The company specializes in optical retail chain operations, deploying a multi-level market strategy with six major brands, offering a rich product structure and one-stop optometry services and visual health solutions. - The company has built six major optical retail brands, including President optical (high-end customization), Doctor Optical (professional optometry), Tong (national franchising), Boojing (new consumer retail), zèle (fashion fast-moving consumer goods), and ZORRO (retro culture theme)[25] - Rich product structure, covering optical glasses, smart glasses, ready-made glasses, contact lenses, and eye health peripheral products[26] - Provides one-stop services from selection guidance, optometry and dispensing, wearing adjustment to after-sales follow-up, as well as optometry services in medical settings[26] Company's Main Operating Model The company adopts a unified procurement and centralized purchasing model, building an integrated online-offline marketing network through direct stores, online sales, and franchising, achieving comprehensive business synergy and precise marketing. - The company adopts a unified procurement and centralized purchasing operating model, with the merchandise operations department responsible for supplier selection and ordering plans[29] - Sales models include direct stores (self-operated and joint ventures), online sales (e-commerce platforms, O2O platforms, interest e-commerce platforms), and franchising[30][31] - The franchising model provides personnel training, merchandise supply chain, brand endorsement, information system tools, and traffic operation support for online and offline franchised stores[31] Industry Overview and Company's Industry Position The optical retail industry has both 'semi-medical and semi-commercial' attributes, with highly personalized products, and the company maintains a leading market share as China's first listed company in the sector. - The optical retail industry has "semi-medical and semi-commercial" attributes, with high product complexity, high personalization, and customization[32] Eyewear Market Size Forecast | Indicator | 2024 (Billion USD) | 2025 (Billion USD) | 2029 (Billion USD) | | :--- | :--- | :--- | :--- | | Global Eyewear Market Size | 146.22 | 151.38 | 172.73 | | China Eyewear Industry Market Size | 102.16 (Billion CNY) | 107.22 (Billion CNY) | 129.51 (Billion CNY) (2030) | AI Smart Eyewear Sales Forecast | Indicator | 2024 (Million Units) | 2025 (Million Units) | 2030 (Million Units) | | :--- | :--- | :--- | :--- | | Global AI Smart Eyewear Sales | 1.52 | 3.50 | 90.00 | | YoY Growth | - | 230% | - | - As China's first listed company in the optical retail industry, the company maintains a leading market share for many consecutive years, leveraging its professional optometry services, supply chain management, and sales network[35] Overview of Company's Operations During the Reporting Period In the first half of 2025, the company achieved operating revenue of 686.37 million yuan, a year-on-year increase of 14.22%, and net profit attributable to shareholders of 56.03 million yuan, a year-on-year increase of 6.97%, by optimizing channel layout, increasing functional lens penetration, expanding member benefits, and strengthening talent development. - In the first half of 2025, the company achieved operating revenue of 686.37 million yuan, a year-on-year increase of 14.22%[37] - Achieved net profit attributable to shareholders of 56.03 million yuan, a year-on-year increase of 6.97%[37] Optimizing Sales Channel Layout, Promoting Store Upgrades, and Strengthening Precise Brand Positioning The company deepened cooperation with large supermarkets and medical institutions, expanded duty-free channels, and leveraged the 'Tong' brand franchise model to explore emerging markets, reaching a total of 569 stores as of June 30, 2025, and continued to improve its differentiated brand system and brand communication. - The company deepened cooperation with large supermarket chains like Tianhong and Huarun, duty-free groups like Shenzhen Duty Free Group and Hainan Tourism Duty Free, and strengthened collaboration with hospitals and community health centers to establish optometry centers[38] - As of June 30, 2025, the company had 569 stores, including 507 direct-operated stores and 62 franchised stores[39] - The company continued to improve its differentiated brand system, consolidating President optical's high-end customization image and Doctor Optical's professional optometry image[39] Focusing on Diverse Visual Needs, Increasing Functional Lens Penetration, and Strengthening Smart Eyewear Collaboration The company enriched its product line by distributing renowned brands and cultivating its own brands, with functional lens sales increasing by 26.58% in H1 2025, and actively entered the smart eyewear market through collaborations and a 'Smart Eyewear Sales Certification' system. - The company established strategic partnerships with renowned manufacturers such as Carl Zeiss, Kering Group, Essilor, and LVMH, and owns 13 proprietary frame brands and 4 proprietary lens brands[42] - In the first half of 2025, the company's sales of functional lenses increased by 26.58%, accounting for 39.82% of total lens sales[44] - The company collaborated with leading smart eyewear manufacturers such as Xingji Meizu, RayNeo, XREAL, Jiehuan, Liweike, Xiaomi mijia, and Thunderobot Technology, and became the official designated optometry service provider for Tianyi AI Glasses[46][47] Expanding Member Benefits, Cultivating New Media Content Ecosystem, and Enhancing Efficiency Through Omnichannel Synergy The company enhanced customer service experience through its '99 Paid Membership' program and deepened online channel development, achieving online Gross Merchandise Volume (GMV) of 130 million yuan, a year-on-year increase of 32.33%, in the first half of 2025. - The company launched the '99 Paid Membership' program, expanding benefits such as new product experience officers and exclusive activity packages[49] 2025 H1 Online Gross Merchandise Volume (GMV) | Online Platform Store | GMV (Million CNY) 2025 Jan-Jun | GMV (Million CNY) 2024 Jan-Jun | GMV Share 2025 Jan-Jun | GMV Share 2024 Jan-Jun | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Official Flagship Store System | 78.34 | 83.44 | 60.17% | 84.80% | -6.11% | | Boojing Douyin Live Stream | 11.32 | 9.65 | 8.70% | 9.81% | 17.28% | | WeChat Mini-Program System | 3.74 | 0.66 | 2.87% | 0.67% | 464.22% | | Other | 36.80 | 4.64 | 28.26% | 4.72% | 693.11% | | Total | 130.21 | 98.39 | 100.00% | 100.00% | 32.33% | 2025 H1 Online Group Purchase Voucher Transaction Status | Online Group Purchase Voucher Platform | 2025 Jan-Jun Transaction Amount (Million CNY) | 2024 Jan-Jun Transaction Amount (Million CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Douyin Local Life Platform | 30.58 | 29.40 | 3.98% | | Dianping | 25.76 | 30.80 | -16.38% | | Tmall Group Purchase | 12.66 | 9.99 | 26.64% | | Meituan Waimai | 6.13 | 4.45 | 37.58% | | JD Group Purchase | 2.93 | 2.11 | 38.63% | | Other Local Life Service Platforms | 0.78 | 3.14 | -75.04% | | Total | 78.82 | 79.90 | -1.35% | Strengthening Talent Pipeline Development, Driving Efficient Operations with Digital Intelligence and Culture The company continued to implement its talent-strengthening strategy, broadening recruitment channels and implementing a management trainee program, transforming its training department into a 'Professional Certification Center' with over 1,500 employees holding optician/optometrist qualifications, and strengthening its values through digital operations and corporate culture initiatives. - The company recruited talent through school-enterprise cooperation, online recruitment, and social recruitment, and completed the implementation of its management trainee program[53] - The company's training department has been transformed into a 'Professional Certification Center', organizing 'all-staff certification activities'; as of the end of the reporting period, over 1,500 employees held optician/optometrist qualifications[54] - The company completed the automation of its payroll calculation module, held an 'AI Pioneer Efficiency Competition', and released a corporate culture operation plan, with 'customer first, proactive responsibility, results-oriented, collaborative execution' as its corporate values[55][56] Company Store Operations During the reporting period, the company opened 28 new stores and closed 16, reaching a total of 569 stores across 25 provinces, autonomous regions, and municipalities as of June 30, 2025, with direct-operated stores accounting for 71.57% of operating revenue and North China seeing the highest revenue increase. - During the reporting period, the company opened 28 new stores (11 direct-operated, 17 franchised) and closed 16 stores (14 direct-operated, 2 franchised)[57][60][61][62] - As of June 30, 2025, the company had 569 stores, including 507 direct-operated stores and 62 traditional franchised stores, with operations spanning 25 provinces, autonomous regions, and municipalities nationwide[57] Store Revenue Contribution | Store Type | Main Business Revenue (CNY) | Share of Company Operating Revenue | | :--- | :--- | :--- | | Direct-Operated Stores | 491,259,100.57 | 71.57% | | Traditional Franchised Stores | 4,763,155.88 | 0.69% | Direct-Operated Store Performance Analysis by Region | Region | Number of Stores | Operating Revenue (Million CNY) Current Period | YoY Operating Revenue Growth (%) | | :--- | :--- | :--- | :--- | | Northeast | 4 | 6.06 | -36.48% | | North China | 9 | 26.24 | 39.20% | | East China | 140 | 136.17 | 10.31% | | South China | 278 | 260.38 | 3.16% | | Central China | 7 | 11.80 | 5.21% | | Northwest | 7 | 2.54 | 5.67% | | Southwest | 62 | 48.07 | -1.78% | | Total | 507 | 491.26 | 5.24% | Procurement, Warehousing, and Logistics The company implements a unified and centralized procurement model, with the merchandise operations department formulating ordering plans and regularly reviewing suppliers, and manages inventory through return/exchange terms, promotions, and write-offs, supported by a multi-channel warehousing and logistics system. - The company adopts a unified procurement and centralized purchasing operating model, with the merchandise operations department responsible for formulating ordering plans and optimizing categories[63] - Inventory management includes agreeing on return and exchange terms with suppliers, and conducting promotions and write-offs for long-aged inventory[63] - The company has a central warehouse in Shenzhen, a sub-warehouse and domestic e-commerce central warehouse in Nanchang, and conventional lens warehouses in cities with concentrated stores, distributing through proprietary vehicles and third-party logistics[64] Key Performance Drivers The company's key performance drivers are linked to the main accounting data and financial indicators in 'Section II Company Profile and Key Financial Indicators', reflecting the company's comprehensive achievements in market expansion, product innovation, and operational efficiency improvement. - The company's key performance drivers are detailed in "Section II Company Profile and Key Financial Indicators", "IV. Key Accounting Data and Financial Indicators" related content[65] Analysis of Core Competencies Leveraging years of development, the company has established significant competitive advantages in brand recognition, sales channels, product diversity, professional services, and efficient delivery, continuously strengthening its leading position in the industry through differentiated brand positioning, an integrated online-offline sales network, collaborations with renowned suppliers, and professional talent development. - The company holds honors such as 'Shenzhen Time-Honored Brand' and 'Top 50 Chain Operations in Shenzhen', enhancing brand recognition and reputation through six differentiated brand positionings[66] - The company's sales network spans nationwide with 569 stores, and it has established partnerships with well-known commercial real estate developers, large supermarket chains, and medical institutions, while actively developing an integrated online-offline sales model[66][67] - Established long-term partnerships with renowned domestic and international suppliers such as Carl Zeiss, Kering Group, Essilor, and LVMH, offering strong product diversity, and actively focusing on the smart eyewear sector[68] - The company's training department has been transformed into a 'Professional Certification Center', promoting 'all-staff certification activities', and continuously building a digital supply chain to enhance customer satisfaction and delivery efficiency[68][69] Analysis of Main Business During the reporting period, the company's main business revenue increased by 14.22%, but operating costs grew faster than revenue, leading to a slight decrease in gross profit margin, with optical glasses and optometry services remaining the primary revenue source despite a 6.00% year-on-year decline in their gross profit margin. Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 686,373,243.99 | 600,948,185.65 | 14.22% | | Operating Cost | 311,248,369.26 | 251,842,867.87 | 23.59% | | Selling Expenses | 257,246,277.91 | 239,191,021.30 | 7.55% | | Administrative Expenses | 43,520,177.07 | 41,834,399.89 | 4.03% | | Financial Expenses | 2,923,151.10 | 4,008,750.63 | -27.08% | | Income Tax Expense | 15,417,720.07 | 12,942,644.05 | 19.12% | | R&D Investment | 1,039,030.21 | 1,879,756.73 | -44.73% | | Net Cash Flow from Operating Activities | 128,154,405.51 | 134,480,564.40 | -4.70% | | Net Cash Flow from Investing Activities | -26,612,864.27 | -28,238,405.41 | 5.76% | | Net Cash Flow from Financing Activities | -110,868,510.56 | -110,319,719.34 | -0.50% | | Net Increase in Cash and Cash Equivalents | -9,862,727.84 | -2,946,564.61 | -234.72% | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | YoY Operating Revenue Change | YoY Operating Cost Change | YoY Gross Profit Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Optical Glasses and Optometry Services | 451,141,345.33 | 169,539,967.64 | 62.42% | 17.10% | 39.35% | -6.00% | | Ready-Made Glasses Series Products | 127,947,373.07 | 76,797,876.87 | 39.98% | 19.93% | 21.39% | -0.72% | | Contact Lens Series Products | 70,952,526.40 | 49,990,658.14 | 29.54% | -10.87% | -7.51% | -2.56% | Analysis of Non-Core Business The company's non-core business contribution to total profit primarily came from investment income and fair value change gains/losses, which are not sustainable, while asset impairment and non-operating income/expenses also impacted total profit. Contribution of Non-Core Business to Total Profit | Item | Amount (CNY) | Share of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,135,197.33 | 5.60% | Primarily wealth management product income | No | | Fair Value Change Gains/Losses | 3,628,422.61 | 4.91% | Primarily fair value changes of other non-current financial assets | No | | Asset Impairment | 2,327,261.14 | 3.15% | Primarily due to provision or reversal of bad debt provisions and inventory depreciation provisions according to relevant policies | No | | Non-operating Income | 51,549.02 | 0.07% | Primarily receipt of liquidated damages | No | | Non-operating Expenses | 869,696.33 | 1.18% | Primarily disposal losses of fixed assets, write-off of unrecoverable deposits, and compensation | No | | Other Income | 1,397,049.44 | 1.89% | Primarily government grants and tax reductions for small-scale taxpayers | No | | Asset Disposal Gains | 163,799.19 | 0.22% | Primarily gains/losses from disposal of right-of-use assets | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders both slightly increased, with inventory significantly increasing due to early stocking and short-term borrowings decreasing due to repayment of bank loans, and the company has two profitable overseas subsidiaries in Hong Kong. Significant Changes in Asset Composition At the end of the reporting period, the company's total assets slightly increased by 0.04% compared to the end of the previous year, with inventory increasing by 3.14% due to early stocking and short-term borrowings decreasing by 2.58% due to repayment of bank loans. Significant Changes in Asset Composition | Item | Period-End Amount (CNY) | Share of Total Assets | Prior Year-End Amount (CNY) | Share of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 191,123,716.47 | 15.24% | 199,335,621.73 | 15.90% | -0.66% | | | Accounts Receivable | 85,638,536.64 | 6.83% | 75,979,279.51 | 6.06% | 0.77% | | | Inventories | 226,001,725.80 | 18.02% | 186,463,335.97 | 14.88% | 3.14% | Mainly due to early stocking at the end of the reporting period | | Investment Properties | 21,998,160.21 | 1.75% | 22,356,871.59 | 1.78% | -0.03% | | | Long-Term Equity Investments | 3,001,179.71 | 0.24% | - | - | 0.24% | | | Fixed Assets | 37,022,501.90 | 2.95% | 37,331,560.01 | 2.98% | -0.03% | | | Construction in Progress | 565,890.10 | 0.05% | 515,836.58 | 0.04% | 0.01% | | | Right-of-Use Assets | 148,329,233.70 | 11.83% | 173,045,898.86 | 13.81% | -1.98% | | | Short-Term Borrowings | 50,734,713.82 | 4.05% | 83,134,980.72 | 6.63% | -2.58% | Mainly due to the company repaying bank loans during the reporting period | | Contract Liabilities | 21,594,177.65 | 1.72% | 16,512,504.87 | 1.32% | 0.40% | | | Lease Liabilities | 79,302,988.42 | 6.32% | 87,287,468.06 | 6.96% | -0.64% | | Major Overseas Assets The company has two overseas subsidiaries in Hong Kong: Doctor Optical (Hong Kong) Co., Ltd. and Boojing (Hong Kong) Trading Co., Ltd., both operating independently and cumulatively profitable, with overseas assets accounting for 8.38% and 8.19% of the company's net assets, respectively. Major Overseas Assets | Specific Asset Content | Asset Size (CNY) | Location | Operating Model | Profitability | Share of Overseas Assets in Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Doctor Optical (Hong Kong) Co., Ltd. | 69,368,497.70 | Hong Kong | Independent Operation | Cumulatively Profitable | 8.38% | | Boojing (Hong Kong) Trading Co., Ltd. | 67,815,475.25 | Hong Kong | Independent Operation | Cumulatively Profitable | 8.19% | Assets and Liabilities Measured at Fair Value The company's assets measured at fair value primarily include trading financial assets and other non-current financial assets, totaling 426.24 million yuan at period-end, with large-denomination certificates of deposit reclassified from other non-current financial assets to other current assets. Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Amount Purchased During the Period (CNY) | Amount Sold During the Period (CNY) | Period-End Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 128,146,988.11 | 738,820.55 | 496,900,000.00 | 457,241,388.58 | 168,544,420.08 | | Other Non-Current Financial Assets | 70,335,516.69 | 2,889,602.06 | - | 10,619,215.95 | 62,605,902.80 | | Other Current Assets | 205,179,670.68 | - | 53,366,944.40 | 76,512,193.50 | 195,087,544.86 | | Total Above | 403,662,175.48 | 3,628,422.61 | 550,266,944.40 | 533,753,582.08 | 426,237,867.74 | - Large-denomination certificates of deposit maturing within one year were reclassified from other non-current financial assets to other current assets[82] Asset Restrictions as of the End of the Reporting Period As of the end of the reporting period, the company had no restricted assets. - As of the end of the reporting period, the company had no restricted assets[83] Investment Analysis During the reporting period, the company had no significant equity or non-equity investments, with financial assets measured at fair value totaling 257.69 million yuan at period-end, and entrusted wealth management amounting to 210 million yuan with no overdue unrecovered amounts. Overall Situation During the reporting period, the company had no significant equity or non-equity investments. - During the reporting period, the company had no significant equity investments[86] - During the reporting period, the company had no significant non-equity investments[86] Financial Assets Measured at Fair Value The company's financial assets measured at fair value totaled 257.69 million yuan at period-end, primarily comprising other current assets and other non-current financial assets, all funded by proprietary capital, with fair value change gains/losses for the period of 2.89 million yuan. Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Amount Purchased During the Period (CNY) | Amount Sold During the Period (CNY) | Period-End Amount (CNY) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other Current Assets | 215,757,204.92 | - | 53,366,944.40 | 76,512,193.50 | 195,087,544.86 | Proprietary Capital | | Other Non-Current Financial Assets | 54,939,052.02 | 2,889,602.06 | - | - | 62,605,902.80 | Proprietary Capital | | Total | 270,696,256.94 | 2,889,602.06 | 53,366,944.40 | 76,512,193.50 | 257,693,447.66 | -- | Use of Raised Funds During the reporting period, the company had no use of raised funds. - The company had no use of raised funds during the reporting period[85] Entrusted Wealth Management, Derivative Investments, and Entrusted Loans During the reporting period, the company's entrusted wealth management amounted to 210 million yuan, with an outstanding balance of 168 million yuan, primarily consisting of bank and brokerage wealth management products, with no overdue unrecovered amounts. The company had no derivative investments or entrusted loans. Overview of Entrusted Wealth Management During the Reporting Period | Specific Type | Source of Entrusted Wealth Management Funds | Entrusted Wealth Management Amount (Million CNY) | Unexpired Balance (Million CNY) | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Proprietary Capital | 210.40 | 168.52 | 0 | | Brokerage Wealth Management Products | Proprietary Capital | 0.02 | 0.02 | 0 | | Total | | 210.42 | 168.54 | 0 | - The company had no derivative investments during the reporting period[87] - The company had no entrusted loans during the reporting period[88] Significant Asset and Equity Disposals During the reporting period, the company did not undertake any significant asset or equity disposals. - The company did not dispose of significant assets during the reporting period[89] - The company did not dispose of significant equity during the reporting period[90] Analysis of Major Holding and Participating Companies During the reporting period, the company had no important holding or participating company information to disclose. - The company had no important holding or participating company information to disclose during the reporting period[90] Structured Entities Controlled by the Company During the reporting period, the company had no structured entities under its control. - The company had no structured entities under its control during the reporting period[91] Risks Faced by the Company and Countermeasures The company faces risks such as macroeconomic fluctuations, intensified market competition, lower-than-expected franchise business development, channel dependence, and human resource management, which it actively addresses by optimizing product structure, enhancing market competitiveness, optimizing franchise mechanisms, expanding sales channels, and strengthening talent development. - Macroeconomic fluctuations may affect consumer purchasing power; the company will optimize product structure and adjust strategic measures to cope[91] - The optical retail industry is highly competitive; the company will strengthen brand image, sales channels, product matrix, and professional services to enhance competitiveness[92] - Franchise business development may fall short of expectations; the company will improve management, optimize franchise mechanisms, and strictly vet franchisee qualifications[93] - The company faces risks of dependence on offline supermarkets and online e-commerce channels, and will expand more high-quality channels and enrich online marketing tools[94] - Human resource management faces risks of insufficient professional talent in quantity and quality; the company will improve talent retention mechanisms, recruit young graduates, and transform the training department into a 'Professional Certification Center'[95] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company received multiple institutional and individual investors, including Bosera Asset Management, Morgan Stanley Fund, and Cathay Fund, through telephone communication and online platforms, primarily discussing the company's development strategy and operational status. - On April 16, 2025, the company received multiple institutions, including Bosera Asset Management, Morgan Stanley Fund, and Cathay Fund, via telephone communication, discussing the company's development strategy and operational status[96] - On April 30, 2025, the company received investors participating in the 2024 annual online performance briefing via online platform communication, discussing the company's development strategy and operational status[96] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not disclose a market value management system or a valuation enhancement plan. - The company has not formulated a market value management system[97] - The company has not disclosed a valuation enhancement plan[97] Implementation of "Quality and Return Dual Enhancement" Action Plan The company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan. - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[97] Section IV Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, BING XIA was dismissed from the position of Deputy General Manager due to personal reasons, non-independent director Xia Weiqi resigned due to personal reasons, and Dai Xinzhao was elected as a non-independent director and member of the Strategy Committee. Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | BING XIA | Deputy General Manager | Dismissal | April 14, 2025 | Personal Reasons | | Xia Weiqi | Non-Independent Director, Strategy Committee Member | Resignation | April 25, 2025 | Personal Reasons | | Dai Xinzhao | Non-Independent Director, Strategy Committee Member | Election | May 19, 2025 | Work Transfer | Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[100] Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures The company's 2021 Restricted Stock and Stock Option Incentive Plan continued to be implemented during this reporting period, including the cancellation of some unexercised stock options, adjustment of exercise prices and quantities, and the exercise of 61,260 stock options by incentive recipients, with no employee stock ownership plan or other employee incentive measures. - The company canceled unexercised stock options from the second exercise period of the reserved portion of the 2021 Restricted Stock and Stock Option Incentive Plan[101] - The company adjusted the exercise price and quantity of the 2021 Stock Option Incentive Plan[101] - During this reporting period, the number of stock options exercised by incentive recipients was 61,260[101] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law. - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[103] Social Responsibility The company adheres to honest operation and actively fulfills its social responsibilities, including promoting standardized operations, safeguarding investor rights, protecting employee interests, ensuring consumer rights, valuing supplier relationships, and participating in social welfare initiatives, with a particular focus on continuous investment in eye health public welfare. - The company strictly complies with laws and regulations, improves its corporate governance structure, and discloses information truthfully, accurately, completely, timely, and fairly, ensuring investors' right to know[104] - The company legally signs labor contracts with employees, handles various social insurances and housing provident funds, provides annual health examinations and holiday gifts, and strengthens talent development[105] - The company adheres to the principle of 'one-on-one service, 100% professionalism', protecting consumer rights through differentiated brands and professional optometry services, and establishing good cooperative relationships with leading suppliers such as Essilor and Kering Group[106] - The company actively participates in social welfare initiatives, regularly conducting eye health public welfare activities, such as providing eyewear services for workers, organizing eye care practice activities for teenagers, conducting vision examinations for Dunhuang Academy employees, and promoting eye care knowledge for the elderly[107][108] Section V Significant Events Commitments During the reporting period, there were no commitments made by the actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled as of the end of the reporting period. - During the reporting period, there were no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled as of the end of the reporting period[110] Fund Occupation During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties. - During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties[111] Irregular External Guarantees During the reporting period, the company had no irregular external guarantees. - The company had no irregular external guarantees during the reporting period[112] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited. - The company's semi-annual report was not audited[113] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for This Reporting Period Not applicable, as the company did not have a non-standard audit report for this reporting period. - Not applicable, as the company did not have a non-standard audit report for this reporting period[114] Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year Not applicable, as the company did not have a non-standard audit report for the previous year. - Not applicable, as the company did not have a non-standard audit report for the previous year[114] Bankruptcy Reorganization Matters During the reporting period, the company did not undergo any bankruptcy reorganization matters. - The company did not undergo any bankruptcy reorganization matters during the reporting period[114] Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters, but was involved in multiple 'Doctor DOCTOR and design' trademark disputes, which the company believes will not have a significant adverse impact on its production and operations. - During the reporting period, the company had no significant litigation or arbitration matters, with other litigation totaling 1.1854 million yuan[115][116] - The revocation review decision for trademark No. 1091684 'Doctor DOCTOR and design' was upheld by the Beijing High People's Court, and the company has applied for retrial to the Supreme People's Court[116] - The revocation review decisions for trademarks No. 17924728 and No. 17924729 'Doctor DOCTOR and design' were overturned by the Beijing Intellectual Property Court, ordering the National Intellectual Property Administration to make new decisions[118][119] - The company believes that the aforementioned trademark disputes will not have a significant adverse impact on the company's production and operations[120] Penalties and Rectifications During the reporting period, the company had no penalties or rectifications. - The company had no penalties or rectifications during the reporting period[121] Integrity Status During the reporting period, the company, its controlling shareholder, and actual controller did not have any unfulfilled effective court judgments or large overdue debts. - During the reporting period, the company had no unfulfilled effective court judgments or large overdue debts[122] Significant Related Party Transactions During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies. - The company did not engage in related party transactions related to daily operations during the reporting period[122] - The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period[123] - The company had no related party creditor-debtor relationships during the reporting period[125] Significant Contracts and Their Performance During the reporting period, the company's lease contracts for self-operated stores, warehousing, and office spaces were all performed normally, with no lease projects generating significant gains or losses for the company, and no significant guarantees or other significant contracts. - During the reporting period, the company leased properties for self-operated stores, warehousing, and office spaces, and all related property lease contracts were performed normally[131] - The company had no significant guarantees during the reporting period[133] - The company had no other significant contracts during the reporting period[136] Explanation of Other Significant Matters The company has applied for a total comprehensive credit line of up to 380 million yuan from financial institutions, with 85.02 million yuan utilized as of the end of the reporting period, and its application for issuing convertible corporate bonds to unspecified investors has been accepted by the Shenzhen Stock Exchange. - The company has applied for a total comprehensive credit line of up to 380 million yuan from financial institutions, with 85.02 million yuan utilized as of the end of the reporting period[138][139][140][141] - The company's application for issuing convertible corporate bonds to unspecified investors was accepted by the Shenzhen Stock Exchange on April 27, 2025[142] - The company responded to the Shenzhen Stock Exchange's audit inquiry letter on June 3, 2025, and updated relevant application documents[143] Significant Matters of Company Subsidiaries During the reporting period, the company had no significant matters concerning its subsidiaries. - The company had no significant matters concerning its subsidiaries during the reporting period[144] Section VI Share Changes and Shareholder Information Share Change Status During the reporting period, the company's total shares increased from 175.30 million to 227.85 million, primarily due to the lifting of restrictions on executive shares, repurchase and cancellation of restricted stock incentives, exercise of stock options, and conversion of capital reserves into share capital in 2024, impacting earnings per share and net assets per share. Share Change Status | Item | Number Before Change (Shares) | Proportion Before Change | Net Increase/Decrease in This Change (Shares) | Number After Change (Shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 56,548,114 | 32.26% | 15,533,443 | 72,081,557 | 31.63% | | II. Unrestricted Shares | 118,755,817 | 67.74% | 37,016,786 | 155,772,603 | 68.37% | | III. Total Shares | 175,303,931 | 100.00% | 52,550,229 | 227,854,160 | 100.00% | - Share changes were primarily due to the lifting of restrictions on 251,946 executive shares, repurchase and cancellation of 80,700 restricted stock incentive shares, exercise of 61,260 stock options, and conversion of capital reserves into share capital of 52,569,669 shares in 2024[148][149] - As of the end of the reporting period, the company's basic earnings per share was 0.25 yuan/share, a year-on-year increase of 8.7%; diluted earnings per share was 0.25 yuan/share, a year-on-year increase of 8.7%; net assets per share attributable to ordinary shareholders of the parent company was 3.58 yuan/share, an increase of 7.19% from the beginning of the period[155] Restricted Share Changes During the reporting period, the total number of restricted shares at period-end was 72,081,557, primarily involving executive restricted shares held by ALEXANDER LIU and LOUISA FAN, with changes mainly influenced by capital reserve conversion to share capital and executive restricted share regulations. Restricted Share Changes | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released This Period | Restricted Shares Increased This Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | ALEXANDER LIU | 26,618,749 | 0 | 7,985,624 | 34,604,373 | Executive Restricted Shares | | LOUISA FAN | 28,815,701 | 0 | 7,628,610 | 36,444,311 | Executive Restricted Shares | | Liu Zhiming | 502,284 | 125,571 | 113,014 | 489,727 | Executive Restricted Shares | | Zheng Qingqiu | 340,501 | 85,125 | 76,612 | 331,988 | Executive Restricted Shares | | He Qingbai | 169,479 | 41,250 | 38,469 | 166,698 | Executive Restricted Shares | | Zhou Yanwen | 13,500 | 0 | 12,825 | 26,325 | Executive Restricted Shares | | Yang Yong | 7,200 | 0 | 10,935 | 18,135 | Executive Restricted Shares | | Other Restricted Shareholders | 80,700 | 80,700 | 0 | 0 | Equity Incentive Restricted Shares | | Total | 56,548,114 | 332,646 | 15,866,089 | 72,081,557 | -- | Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities. - The company had no securities issuance or listing activities during the reporting period[159] Shareholder Numbers and Shareholding As of the end of the reporting period, the company had 53,849 ordinary shareholders. Among the top ten shareholders, LOUISA FAN and ALEXANDER LIU were the top two, holding 21.29% and 19.15% respectively, and are acting in concert with Mr. Liu Kaiyue. - As of the end of the reporting period, the total number of ordinary shareholders was 53,849[160] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shares Held at Period-End (Shares) | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | LOUISA FAN | Overseas Natural Person | 21.29% | 48,517,415 | 36,444,311 | 12,073,104 | | ALEXANDER LIU | Overseas Natural Person | 19.15% | 43,628,344 | 34,604,373 | 9,023,971 | | Jiangxi Jiangnandao Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.06% | 2,417,401 | 0 | 2,417,401 | | Industrial and Commercial Bank of China Co., Ltd. - GF Innovation Upgrade Flexible Allocation Mixed Securities Investment Fund | Other | 0.85% | 1,929,006 | 0 | 1,929,006 | | China Construction Bank Co., Ltd. - Minsheng Royal Asset Management Sustainable Growth Mixed Securities Investment Fund | Other | 0.66% | 1,500,000 | 0 | 1,500,000 | | Yang Qiu | Domestic Natural Person | 0.37% | 831,726 | 0 | 831,726 | | China Merchants Bank Co., Ltd. - GF Value Core Mixed Securities Investment Fund | Other | 0.33% | 743,420 | 0 | 743,420 | | Liu Kaiyue | Domestic Natural Person | 0.31% | 702,144 | 0 | 702,144 | | Xu Liming | Domestic Natural Person | 0.31% | 700,700 | 0 | 700,700 | | China Life Insurance Co., Ltd. - Universal - Guoshui Rui'an | Other | 0.29% | 659,018 | 0 | 659,018 | - Mr. ALEXANDER LIU and Ms. LOUISA FAN are married, and Mr. ALEXANDER LIU and Mr. Liu Kaiyue are brothers; the three are acting in concert[161] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, the shareholdings of the company's directors, supervisors, and senior management increased, primarily due to the implementation of the company's 2024 equity distribution plan, which involved converting capital reserves into share capital at a rate of 3 shares for every 10 shares held by all shareholders. Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period (Shares) | Shares Increased This Period (Shares) | Shares Decreased This Period (Shares) | Shares Held at End of Period (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | LOUISA FAN | Director, General Manager | 38,420,935 | 11,344,780 | 1,248,300 | 48,517,415 | | ALEXANDER LIU | Chairman | 35,491,665 | 10,498,879 | 2,362,200 | 43,628,344 | | Liu Zhiming | Director | 502,284 | 150,685 | 0 | 652,969 | | Zheng Qingqiu | Director, Deputy General Manager | 340,501 | 102,150 | 0 | 442,651 | | He Qingbai | Director, Deputy General Manager | 170,972 | 51,292 | 0 | 222,264 | | Zhou Yanwen | Deputy General Manager | 18,000 | 21,600 | 0 | 35,100 | | Yang Yong | Deputy General Manager | 9,600 | 16,980 | 0 | 24,180 | | Total | -- | 74,953,957 | 22,186,366 | 3,610,500 | 93,522,923 | - The increase in shareholdings of directors, supervisors, and senior management in this period was due to the company's implementation of the 2024 equity distribution plan, which involved converting capital reserves into share capital at a rate of 3 shares for every 10 shares held by all shareholders[164] Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller. - The company's controlling shareholder did not change during the reporting period[165] - The company's actual controller did not change during the reporting period[165] Preferred Share Information During the reporting period, the company had no preferred shares. - The company had no preferred shares during the reporting period[166] Section VII Bond-Related Matters Bond-Related Matters During the reporting period, the company had no bond-related matters requiring disclosure. - The company had no bond-related matters during the reporting period[168] Section VIII Financial Report Audit Report The company's semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[170] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the financial position at the end of the reporting period and the operating results, cash flows, and equity changes during the reporting period. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets amounted to 1.254 billion yuan, with current assets of 934.55 million yuan and non-current assets of 319.31 million yuan, and total liabilities of 426.16 million yuan, with owners' equity attributable to the parent company of 816.18 million yuan. Key Data from Consolidated Balance Sheet | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Current Assets | 934,552,072.61 | 896,015,215.32 | | Total Non-Current Assets | 319,306,216.91 | 357,355,686.60 | | Total Assets | 1,253,858,289.52 | 1,253,370,901.92 | | Total Current Liabilities | 331,479,497.14 | 378,125,095.12 | | Total Non-Current Liabilities | 94,683,543.36 | 104,022,547.96 | | Total Liabilities | 426,163,040.50 | 482,147,643.08 | | Total Owners' Equity Attributable to Parent Company | 816,184,230.85 | 760,633,819.81 | | Minority Interests | 11,511,018.17 | 10,589,439.03 | | Total Owners' Equity | 827,695,249.02 | 771,223,258.84 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets amounted to 1.082 billion yuan, with current assets of 719.28 million yuan and non-current assets of 363.11 million yuan, and total liabilities of 406.65 million yuan, with total owners' equity of 675.73 million yuan. Key Data from Parent Company Balance Sheet | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Current Assets | 719,275,653.15 | 718,060,920.75 | | Total Non-Current Assets | 363,110,439.49 | 377,366,129.46 | | Total Assets | 1,082,386,092.64 | 1,095,427,050.21 | | Total Current Liabilities | 339,522,535.52 | 377,775,698.20 | | Total Non-Current Liabilities | 67,128,633.98 | 64,832,701.71 | | Total Liabilities | 406,651,169.50 | 442,608,399.91 | | Total Owners' Equity | 675,734,923.14 | 652,818,650.30 | Consolidated Income Statement In the first half of 2025, the company's consolidated total operating revenue was 686.37 million yuan, a year-on-year increase of 14.22%, with net profit attributable to parent company shareholders of 56.03 million yuan, and basic and diluted earnings per share both at 0.25 yuan. Key Data from Consolidated Income Statement | Item | 2025 Semi-Annual (CNY) | 2024 Semi-Annual (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 686,373,243.99 | 600,948,185.65 | | Total Operating Costs | 618,709,509.83 | 540,825,871.28 | | Operating Profit | 74,660,941.59 | 65,812,778.11 | | Total Profit | 73,842,794.28 | 65,001,542.87 | | Net Profit | 58,425,074.21 | 52,058,898.82 | | Net Profit Attributable to Parent Company Shareholders | 56,033,447.22 | 52,384,653.93 | | Minority Interest Income/Loss | 2,391,626.99 | -325,755.11 |