Core Viewpoint - The company reported its 2025 semi-annual results, showing steady revenue growth and a resilient performance in the lens business despite external pressures and intensified price competition [1][3]. Financial Performance - In Q2 2025, the company achieved revenue of 200 million, a year-on-year increase of 4.71%; net profit attributable to shareholders was 48 million, up 3.42%; and net profit excluding non-recurring items was 41 million, an increase of 1.1% [1]. - For the first half of 2025, total revenue reached 400 million, reflecting a 3.68% year-on-year growth; net profit attributable to shareholders was 96 million, up 7.35%; and net profit excluding non-recurring items was 83 million, a 9.6% increase [1]. Profitability Metrics - The gross margin for the first half of 2025 was 57.9%, a decrease of 1.5 percentage points year-on-year; the net profit margin attributable to shareholders was 23.9%, an increase of 0.8 percentage points year-on-year [2]. Lens Business Performance - The lens segment generated revenue of 333 million in the first half of 2025, a 4.23% increase, with a gross margin of 62.40%, down 1.08 percentage points year-on-year; excluding the adverse impact of overseas business, the lens business grew by 5.4% compared to the same period last year [3]. - The PMC Ultra Bright series saw a revenue increase of 31.77% in the first half of 2025; three major star products accounted for 55.8% of regular lens revenue [3]. - The "Easy Control" series achieved sales of 81.67 million, a year-on-year growth of 7.32%; after excluding the impact of product upgrades, sales reached 90.12 million, up 18.4% [3]. - The newly upgraded 1.74 series received positive consumer feedback, with sales increasing by 258% compared to the previous year [3]. - As of June 2025, the company had 36 SKUs in the myopia management lens category, maintaining a significant lead in product line richness [3]. Channel Performance - In the first half of 2025, direct sales revenue was 238 million, accounting for 59.43% of total revenue; distributor revenue was 133 million, making up 33.24% [3]. - The company had 2,214 direct sales customers (including medical channels) and 69 distributor customers for the "Mingyue" brand, indicating an ongoing optimization of the customer structure [3]. Strategic Initiatives - The company is expanding its presence in the smart glasses market, becoming the exclusive optical lens supplier for Xiaomi's AI glasses, leveraging its expertise in high refractive index materials and smart manufacturing [4]. - The lenses feature a lightweight design, with a single lens weight of 12.4g, and advanced optical properties, including a rapid color-changing feature [4]. - The company aims to solidify its strategic position in the optical supply chain for smart wearables and expand its partnerships with more consumer electronics brands [4]. Earnings Forecast - Based on the company's performance in the first half of 2025 and considering ongoing external pressures, the profit forecast has been adjusted, with expected net profits for 2025-2027 at 200 million, 230 million, and 260 million respectively, corresponding to PE ratios of 48, 42, and 37 [5].
明月镜片(301101)：加强AI眼镜生态布局