博士眼镜可转债审核问询函回复：业绩波动、募投项目等情况披露

Core Viewpoint - 博士眼镜连锁股份有限公司 has responded to the Shenzhen Stock Exchange regarding its application for issuing convertible bonds, detailing its operational performance and fundraising projects [1] Performance Fluctuation Reasons and Response Measures - From 2022 to 2024, 博士眼镜's revenue is projected to grow from 962.24 million to 1.20 billion, but a decline in net profit is expected in 2024, with a year-on-year decrease of 24.03% [2] - The decline in net profit is attributed to increased market expansion costs, a higher proportion of lower-margin joint venture stores and distribution business, and goodwill impairment losses [2] - To enhance profitability, 博士眼镜 is implementing measures such as optimizing store management, promoting smart glasses and proprietary brands, deepening cooperation with key clients, and utilizing digital tools for cost control [2] - In the first half of 2025, these measures have shown initial results, with revenue increasing by 14.22% and net profit attributable to shareholders rising by 7.54% year-on-year [2] Business Segment Analysis - The company primarily operates through direct retail, with direct retail revenue accounting for 71.51% in the first half of 2025 [3] - Different sales models exhibit varying gross margins, with direct sales having a higher margin compared to joint venture stores and distribution [3] - Supplier rebates from 2022 to 2024 increased from 66.34 million to 95.25 million, reflecting sustainable rebate policies aligned with procurement and sales growth [3] - Online platform expenses are mainly for advertising and influencer collaborations, maintaining a stable ratio to online sales, which is higher than industry peers [3] Accounts Receivable and Inventory Situation - 博士眼镜's accounts receivable and inventory management are sound, with sufficient provisions for bad debts and strict credit policies [4] - Inventory levels have increased reasonably, with turnover rates comparable to industry peers and adequate provisions for inventory depreciation [4] Fundraising Project Planning and Progress - The issuance of convertible bonds aims to raise up to 375 million for chain store construction, headquarters management, brand building, and digital platform upgrades [5] - Plans include opening 225 smart eyewear stores and upgrading existing ones, purchasing office space, and establishing a brand experience center [5] - The company has the necessary technical, talent, and equipment reserves for the projects, with no significant uncertainties in implementation [5] - As of June 30, 2025, 4.55 million of self-funding has been utilized for the projects [5]