破除"内卷式"竞争 迈向高质量发展（人民眼·建设全国统一大市场） 前一段时间，各大电商平台宣布对"仅退款"机制调整优化，未来平台不再主动介入消费者收货后"退款 不退货"申请。 反"内卷"，平台不能当旁观者。快手电商中小商家业务负责人覃天表示，平台要兼顾商家和消费者权益 保护，营造良好消费生态。 "再不能卷价格了！"浙江台州一家眼镜生产企业负责人李岳生深有感触，"过去，台州太阳镜'论斤卖'， 现在靠创新撕掉低端、廉价标签。" "原先，招商拼优惠政策，引发一系列问题；如今，拼营商环境，拼干部作风！"河南焦作市商务局局长 任立宏感慨。 ——纵深推进全国统一大市场建设观察之三 本报记者 方 敏 李建广 窦瀚洋 引 子 2024年12月举行的中央经济工作会议提出，综合整治"内卷式"竞争，规范地方政府和企业行为。今年7 月召开的中央财经委员会第六次会议强调，"纵深推进全国统一大市场建设，要聚焦重点难点，依法依 规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出""规范地方招商引资"。 近日，记者走进北京市、浙江台州市、河南焦作市，透过一个行业、一个产业、一个地方的发展之变， 探寻如何在破除"内卷式"竞争中 ...

Group 1 - The article discusses the adjustment of the "refund only" mechanism by major e-commerce platforms, which will no longer actively intervene in consumer requests for refunds without returns after receiving goods, aiming to balance the rights of merchants and consumers [1][3] - The adjustment of the "refund only" rule has led to a significant decrease in related disputes, with the Beijing Internet Court handling less than 20 cases this year, a drop of over 60% compared to the same period last year [2] - The optimization of the "refund only" rule is seen as a corrective measure to maintain market order and improve the consumption ecosystem, as it addresses the abuse of the rule by some consumers [5][6] Group 2 - The article highlights the transformation of the eyewear industry in Taizhou, where companies are moving away from low-end, price-driven competition to focus on innovation and quality, with the production efficiency of a local company increasing eightfold due to new equipment [8][9] - The establishment of high-standard industrial parks in Taizhou has facilitated collaboration among eyewear manufacturers, improving supply chain efficiency and reducing production costs [9][10] - The article notes that the quality inspection pass rate for Taizhou eyewear has improved to 94.3% in 2024, an increase of 16 percentage points from 2022, indicating a shift towards quality management [10] Group 3 - The article discusses the shift in investment attraction strategies in cities like Jiaozuo, where the focus has moved from offering tax incentives to optimizing the business environment and enhancing service quality [11][12] - Jiaozuo has implemented a systematic approach to track and support investment projects, ensuring accountability and progress monitoring [14][18] - The introduction of specialized talent for investment attraction has led to significant project signings and a focus on creating a favorable business environment rather than competing on incentives [16][18]

反"内卷"，平台不能当旁观者。快手电商中小商家业务负责人覃天表示，平台要兼顾商家和消费者权益 保护，营造良好消费生态。 "再不能卷价格了！"浙江台州一家眼镜生产企业负责人李岳生深有感触，"过去，台州太阳镜'论斤卖'， 现在靠创新撕掉低端、廉价标签。" "原先，招商拼优惠政策，引发一系列问题；如今，拼营商环境，拼干部作风！"河南焦作市商务局局长 任立宏感慨。 2024年12月举行的中央经济工作会议提出，综合整治"内卷式"竞争，规范地方政府和企业行为。今年7 月召开的中央财经委员会第六次会议强调，"纵深推进全国统一大市场建设，要聚焦重点难点，依法依 规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出""规范地方招商引资"。 浙江台州临海市一家企业车间，工人在操作眼镜智能制造 设备。 临海市委宣传部供图 在快手平台，消费者收到货后，只有与卖家协商达成一 致，才可"仅退款不退货"。 钟 灵摄 河南焦作武陟县招商团队到目标企业招商。 王琳锋摄 引 子 前一段时间，各大电商平台宣布对"仅退款"机制调整优化，未来平台不再主动介入消费者收货后"退款 不退货"申请。 近日，记者走进北京市、浙江台州市、河南焦作市 ...

8月21日主力资金净流出94.32万元，近五个交易日累计净流入2022.08万元。资金面呈现短期流入但当日 流出的态势。 风险提示：股市有风险，投资需谨慎。 明月镜片8月21日股价报收48.42元，较前一交易日下跌1.36%。盘中出现快速反弹，9点38分时5分钟内 涨幅超过2%，股价最高触及49.86元。当日成交量为8.48万手，成交金额达4.17亿元。 该公司属于家用轻工板块，主营业务为树脂镜片的研发、生产和销售。产品包括近视镜片、老花镜片、 渐进多焦点镜片等，广泛应用于眼镜制造领域。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7][18]. Core Insights - The company's H1 2025 performance met expectations, with revenue of 1.084 billion RMB, a year-on-year increase of 11.0%, and a net profit of 273 million RMB, reflecting a growth of 30.7% [7]. - The product structure continues to optimize, with a focus on the domestic market, and the company is enhancing its manufacturing capabilities and brand presence [7][8]. - The XR business, including AR and AI glasses, is expanding successfully, with strategic partnerships expected to yield further growth opportunities [7][8]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 1,760 million RMB - 2024: 2,061 million RMB - 2025E: 2,403 million RMB - 2026E: 2,786 million RMB - 2027E: 3,233 million RMB - The expected growth rates for revenue are 13% in 2023, 17% in 2024 and 2025, and 16% in 2026 and 2027 [6][9]. - Net profit forecasts are: - 2023: 327 million RMB - 2024: 428 million RMB - 2025E: 550 million RMB - 2026E: 682 million RMB - 2027E: 840 million RMB - The expected growth rates for net profit are 32% in 2023, 31% in 2024, 29% in 2025, 24% in 2026, and 23% in 2027 [6][9]. Market Position and Competitive Advantage - The company is a leading manufacturer in the lens sector, with a comprehensive product SKU matrix and strong upstream and downstream partnerships [8]. - The company is focusing on domestic market expansion and brand development, which is expected to drive new growth momentum [8]. - The strategic investment from GoerTek, which now holds a 20% stake in the company, is anticipated to enhance collaboration and business development opportunities [7][8].

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by improvements in product structure and market expansion [1][2]. Financial Performance - The company achieved revenue of 1.084 billion yuan, a year-on-year increase of 11% [1]. - The net profit attributable to shareholders reached 273 million yuan, reflecting a year-on-year growth of 31% [1]. - The net profit margin improved to 25.2%, up by 3.8 percentage points year-on-year [2]. Product Performance - The company sold 93.1 million lens units, a 7.5% increase year-on-year, with an average price of 11.65 yuan, up by 3.3% [1]. - Revenue from standard, functional, and customized lenses was 513 million, 382 million, and 185 million yuan respectively, with year-on-year growth rates of 20.0%, 8.8%, and a decline of 4.9% [1]. - The decline in customized lens revenue is attributed to reduced business in the U.S. due to tariff impacts [1]. Regional Performance - Revenue from various regions showed diverse growth: - Mainland China: 359 million yuan (+19.0%) - Southeast Asia: 295 million yuan (+22.5%) - Americas: 220 million yuan (-1.8%) - Europe: 171 million yuan (+6.0%) - Oceania: 26 million yuan (-30.5%) - Africa: 13 million yuan (+22.1%) [1]. Cost Management - The gross margin improved by 1.8 percentage points to 41.0%, driven by product structure optimization and automation upgrades [2]. - The sales and management expense ratios were 5.0% and 8.6%, down by 0.5 and 1.1 percentage points respectively, indicating effective cost control [2]. Future Outlook - The company is expanding its XR business and has established partnerships with leading 3C companies for smart glasses, indicating potential for future growth [3]. - The company expects to enhance its production capabilities with new facilities in Japan and Thailand [1]. Investment Recommendation - The company is positioned as a leading lens manufacturer with a focus on smart glasses, and the earnings forecast for 2025, 2026, and 2027 is adjusted to 560 million, 700 million, and 870 million yuan respectively [3]. - The target price is maintained at 54.5 HKD, with a strong buy rating [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of HKD 54.5 [2][10]. Core Insights - The company reported a revenue of HKD 1.084 billion for the first half of 2025, representing a year-on-year increase of 11% - The net profit attributable to shareholders reached HKD 273 million, reflecting a year-on-year growth of 31% [2][3]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenue for 2024A, 2025E, 2026E, and 2027E are HKD 2,061 million, HKD 2,347 million, HKD 2,835 million, and HKD 3,380 million respectively, with growth rates of 16.1%, 14.8%, 20.8%, and 19.2% [5][10]. - **Net Profit Forecasts**: Expected net profits for the same years are HKD 428 million, HKD 564 million, HKD 695 million, and HKD 866 million, with growth rates of 31.0%, 31.7%, 23.2%, and 24.6% [5][10]. - **Earnings Per Share (EPS)**: Forecasted EPS for 2024A, 2025E, 2026E, and 2027E are HKD 1.00, HKD 1.18, HKD 1.45, and HKD 1.80 respectively [5][10]. - **Valuation Ratios**: The projected price-to-earnings (P/E) ratios for 2024A, 2025E, 2026E, and 2027E are 40.4, 34.5, 28.0, and 22.5 respectively, while the price-to-book (P/B) ratios are 10.9, 6.5, 5.3, and 4.3 [5][10]. Business Segment Performance - **Lens Sales**: The company sold 93.1 million lens units in the first half of 2025, a year-on-year increase of 7.5%, with an average price of HKD 11.65, up 3.3% [9]. - **Revenue by Segment**: Revenue from standard, functional, and customized lenses for the first half of 2025 was HKD 513 million, HKD 382 million, and HKD 185 million respectively, with year-on-year growth of 20.0%, 8.8%, and a decline of 4.9% [9]. - **Regional Performance**: Revenue from various regions showed growth, with China mainland at HKD 359 million (+19.0%), Asia (excluding China) at HKD 295 million (+22.5%), and a slight decline in the Americas at HKD 220 million (-1.8%) [9]. Strategic Outlook - The company is actively expanding its XR (Extended Reality) business, with increasing collaboration with both domestic and international clients, indicating a positive growth trajectory in this segment [9][10]. - The report highlights the company's strong positioning in the lens manufacturing industry and its proactive approach in developing the smart glasses market, suggesting a promising second growth curve [9][10].

Summary of 康耐特光学 Conference Call Company Overview - 康耐特光学 is a leading manufacturer of high-refractive index lenses, specifically 1.74 refractive index lenses, with a strong market presence in China and globally, covering regions such as the US, Japan, India, Australia, Thailand, Germany, and Brazil [2][6][17]. Financial Projections - Revenue projections for 康耐特光学 over the next three years are expected to be 2.43 billion, 2.86 billion, and 3.36 billion RMB, with a stable year-on-year growth rate of 17%-18% [2][3]. - Net profit forecasts for the same period are 535 million, 650 million, and 786 million RMB, with year-on-year growth rates of 21%-25% [2][3]. - The company has experienced a compound annual growth rate (CAGR) of 16.8% in revenue and 35% in net profit over the past five years [2][9]. Product and Market Dynamics - 康耐特光学's product offerings include standardized lenses, customized lenses, and functional lenses, with a significant focus on high-margin customized lenses, which have a gross margin of 58% compared to 32% for standardized lenses [11][12]. - The global lens market is projected to reach $67.7 billion by 2028, with a CAGR of 6.2%, driven by increasing myopia rates and demand for functional products [4][15]. - The Chinese lens market is expected to grow to 48.9 billion RMB by 2028, with a CAGR of 7.1% [4][15]. Competitive Positioning - 康耐特光学 has a competitive pricing strategy, with 1.74 refractive index lenses priced between 50-60 RMB, which is competitive against major players like Zeiss and Essilor [12]. - The company has reduced its overall expense ratio from 21.8% in 2020 to 16.2% currently, while increasing R&D expenditure to 4.3% [13]. Strategic Partnerships - 康耐特光学 has deepened its collaboration with 歌尔股份, which holds a 20% stake in the company, to advance their smart glasses business [2][7]. Management and Ownership Structure - The founder, 费振祥, holds a 44% stake, with the management team having extensive industry experience [8]. Industry Trends - The smart glasses market is anticipated to grow significantly, with projections indicating a market size increase from 17.9 billion RMB in 2025 to 178.1 billion RMB by 2030, reflecting a CAGR of 58% [4][20]. - The global penetration rate of AI smart glasses is expected to reach 70% by 2035, indicating a strong future demand for such products [4][18]. Conclusion - 康耐特光学 is well-positioned in the optical lens market with strong financial growth, competitive pricing, and strategic partnerships, particularly in the emerging smart glasses segment. The company's focus on high-margin products and efficient operational models, such as C2M, further enhances its competitive edge and profitability potential [22].

Summary of the Conference Call for 康耐特光学 Company and Industry Overview - 康耐特光学 is a leading global eyewear manufacturer, ranked second in global shipments in 2024, following Essilor, and approximately fifth in revenue in the global second-tier market [3][4] - The company has established a competitive advantage in the AI glasses sector through its three-in-one technology solution, international customer resources, and customization capabilities, benefiting from strategic support from GoerTek [2][3] Key Insights and Arguments - The AI glasses market is expected to grow significantly, with Meta's Ribbon sales exceeding expectations, projected to triple in volume by 2025 compared to 2024 [2][5] - AI glasses require higher precision in lens technology, with demands for improvements in accuracy to the micron level, performance optimization, and manufacturing process enhancements [6] - 康耐特光学's standard lenses are priced lower, while customized lenses are significantly higher, with AI engine pricing expected to be notably above standard products, enhancing the company's profitability [2][7] - The company has established an XR R&D service center to strengthen its competitive edge in AI glasses [2][10] Market Development and Performance - 康耐特光学's production capacity exceeds 100 million units, with sales in 2024 reaching over 90 million units, maintaining its position as the second-largest global supplier [9] - The company has a strong customization capability, able to deliver highly customized lenses within two to three days [9] - The traditional business is expected to see steady growth, with net profits projected to be 540 million, 660 million, and 820 million yuan from 2025 to 2027, reflecting growth rates of 26%, 23%, and 24% respectively [13] Strategic Initiatives - 康耐特光学 has purchased land in Thailand to support XR product production, catering to the U.S. market demand, and has received a strategic investment from GoerTek, holding approximately 20% [8] - The company has formed deep collaborations with several leading international manufacturers, enhancing its market reach [7][8] R&D and Technological Advancements - The company established an XR R&D team in 2024, consisting of about 70 members, primarily from traditional business sectors, to enhance its R&D capabilities [10] - Improvements in equipment have allowed for customization precision in AI glasses lenses to increase from millimeter to micron levels, addressing various vision issues effectively [11] Future Outlook - Investors are advised to monitor 康耐特光学's developments closely, particularly regarding breakthroughs in domestic and international markets and upcoming product launches [14]

Core Insights - The article discusses the transformation of the eyewear industry in Longgang, Shenzhen, driven by the integration of traditional craftsmanship, AI, and 3D printing technologies [3][21][28] Group 1: Industry Overview - Longgang's eyewear industry generates an annual output value exceeding 100 billion yuan, with over 1,500 companies [5] - The region is characterized by a "technology + culture + ecology" innovation model, focusing on personalized production and smart retail [5][21] - The local government supports the industry with targeted policies and funding for digital transformation and international expansion [21][23][25] Group 2: Company Highlights - **Yashi Group**: Utilizes AI algorithms to create personalized eyewear, transforming glasses from corrective tools to smart devices, achieving 500 million yuan in sales last year [7][11] - **Price Technology**: Implements a flexible supply chain to meet personalized demands, capable of producing customized glasses within 48 hours [12][14] - **LIPO Li Bai Eyewear**: Focuses on children's eyewear, integrating traditional craftsmanship with modern technology to ensure safety and comfort [18][20] Group 3: Technological Innovations - Yashi Group's STEPPER Opti AI lens uses AR technology and AI data analysis to customize lenses based on individual eye movements [9][23] - Price Technology's production line employs human-machine collaboration to enhance efficiency and flexibility in manufacturing [12][14] - Li Bai Eyewear's designs incorporate traditional joinery techniques to create durable and adjustable frames for children [18][20] Group 4: Market Trends - The eyewear industry is shifting from standardization to personalization, with companies focusing on unique consumer needs [21][25] - The integration of AI and flexible manufacturing is enabling companies to respond quickly to market demands, reducing product development cycles by 50% [21][23] - The emergence of specialized brands like Li Bai Eyewear and Price Technology indicates a move away from price competition towards niche market focus [27][28]