DOCTORGLASSES CHAIN CO.(SZ:300622) Chang Jiang Shang Bao·2026-01-26 00:32Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a record fine of over 1 billion yuan on individual investor Yu Han for manipulating the stock price of "Boshi Optical" over a period of more than five years, marking a significant case in recent regulatory history [2][5][6]. Group 1: Regulatory Actions - Yu Han was found to have manipulated the stock of "Boshi Optical" from June 25, 2019, to August 16, 2024, using 67 accounts to control trading activities [2][5]. - The total fine imposed on Yu Han amounts to approximately 1.02 billion yuan, which includes the confiscation of illegal gains of about 511 million yuan and an equal penalty [6]. - This case is noted as one of the largest penalties since the revision of the Securities Law in 2020, highlighting the severity of the manipulation [2][5]. Group 2: Company Performance - "Boshi Optical" has shown insufficient growth, with its net profit being adjusted twice in the past three years [3]. - The company's revenue figures for 2022, 2023, and 2024 were 962 million yuan, 1.176 billion yuan, and 1.203 billion yuan, respectively, indicating a steady increase, while net profits fluctuated with a decline in two out of three years [12]. - The stock price of "Boshi Optical" increased from 13.72 yuan per share to 37.81 yuan per share during the manipulation period, reflecting a cumulative increase of 175.58%, contrasting with a 9.36% decline in the Shenzhen Composite Index [5][6]. Group 3: Research and Development - "Boshi Optical" has been actively pursuing smart glasses, but the results have yet to materialize, with R&D investment decreasing to approximately 3 million yuan in 2024 [4][13]. - Marketing expenses, particularly for buying traffic, have exceeded 50 million yuan annually, indicating a shift in focus from R&D to marketing strategies [4][13]. - The company has established partnerships with several leading smart glasses manufacturers, aiming to enhance its service network in the smart eyewear sector [12].