DOCTORGLASSES CHAIN CO.(SZ:300622) Sou Hu Cai Jing·2025-09-09 18:34Core Viewpoint - Doctor Glasses (博士眼镜) is planning to issue convertible bonds to raise up to 37.5 million yuan for store construction, digital platform upgrades, and working capital, despite facing challenges such as declining net profit and increasing inventory and receivables [2][3][5]. Financial Performance - The company's revenue for 2022 to 2024 is projected to be 962.24 million yuan, 1.17587 billion yuan, and 1.20282 billion yuan, respectively, indicating a growth trend [2][5]. - The net profit attributable to the parent company is expected to decline by 24.03% in 2024 [2][5]. - The gross profit margins are 70.84%, 69.87%, and 68.84% for the years 2022, 2023, and 2024, respectively [2][5]. Funding and Use of Proceeds - The funds raised from the convertible bond issuance will be allocated for chain store construction and upgrades, headquarters management, brand building, and digital platform enhancements [3][4][5]. - The bond will have a six-year term with a face value of 100 yuan per bond, and the initial conversion price will be based on the average stock price prior to the announcement [3][5]. Market Position and Risks - As of June 2025, the company operates 569 stores, with 507 being directly operated [3][5]. - The company faces risks related to trademark disputes, increasing inventory and receivables, and potential delays in project execution [5][6]. - The company has fully provided for goodwill impairment related to acquisitions that did not meet expectations [2][5].