Summary of Doctor Glasses Conference Call Company Overview - **Company**: Doctor Glasses - **Industry**: Optical Retail Key Financial Metrics - **Revenue Growth**: Revenue for the first three quarters of 2025 reached 1.084 billion yuan, a year-on-year increase of 25% [2][3] - **Net Profit**: Non-GAAP net profit attributable to the parent company increased by 7% year-on-year, totaling 79 million yuan [2][3] - **Gross Margin**: Overall gross margin decreased by 5 percentage points to 54% [2][9] Business Segmentation - **Offline Business**: - Contributed 83% of total revenue, with optical glasses and fitting services accounting for 65% of revenue, growing by 18% year-on-year [2][4] - Revenue from offline operations was 900 million yuan, a 14% increase [4] - **Online Business**: - Revenue reached 184 million yuan, representing 17% of total revenue, with a significant growth of 44% [2][8] - Online retail growth in Q3 was 68%, with an increase in average transaction value [16] Product Performance - **High-End Products**: - Average transaction value for mid-to-high-end products rose to 1,700 yuan, a 9% increase year-on-year [5][14] - Sales of optical lenses in offline stores grew by approximately 12% [14] - **Smart Glasses**: - Sales revenue for smart glasses was about 15 million yuan, contributing minimally to overall profits due to low gross margins [6][15] Store Expansion and Strategy - **Store Count**: - As of September 30, 2025, the company had 585 stores, with a net increase of 1 direct store and 27 franchise stores [7][11] - **Store Opening Goals**: - The target for new direct stores was adjusted from 50 to approximately 40 due to economic conditions, while franchise store openings remain at 50 [11] Future Outlook and Strategies - **Profitability Improvement**: - The company aims to enhance profitability by focusing on high-margin businesses and controlling the growth of low-margin sectors [13] - **Online Business Development**: - Plans to introduce well-known brands online and improve supply chain integration to boost profits [17] - **New Revenue Models**: - Exploring separate charges for eye exams and special displays for certain products to enhance service experience and increase revenue [20] Market Trends and Consumer Behavior - **Consumer Willingness**: - Increased willingness to invest in visual health, reflected in the growth of high-end product sales [5][14] - **Impact of Smart Glasses**: - Potential changes in consumer purchasing habits due to the rise of smart glasses, with a focus on maintaining strong offline sales channels [18] Additional Insights - **Gross Margin Trends**: - Online retail gross margin improved by 5 percentage points, while direct and distribution business margins declined [9][12] - **Customer Traffic and Conversion Rates**: - In-store traffic and conversion rates remain stable at around 30%, with efforts to enhance online-to-offline conversion [19]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.08 billion yuan, representing a year-on-year growth of 18.05% [2] - The net profit attributable to shareholders was approximately 87.83 million yuan, with a year-on-year increase of 5.21% [2] - For Q3 2025, the company reported a revenue of approximately 394 million yuan, showing a year-on-year growth of 25.39% [2] - The net profit for Q3 2025 was about 31.80 million yuan, reflecting a year-on-year increase of 2.24% [2] Group 2: Product Sales and Market Share - The sales volume of functional lenses increased by 20.55% year-on-year, accounting for 39.49% of total lens sales [3] - Sales of adult progressive lenses grew by 37.69% year-on-year [3] - Sales of defocus lenses increased by 13.95% year-on-year [3] - Sales of fatigue-relief lenses rose by 23.12% year-on-year [3] Group 3: Strategic Partnerships and Innovations - The company has partnered with leading smart glasses brands including Starry Meizu, Thunder Innovation, XREAL, and others [3] - Over 150 retail stores have been upgraded to include smart glasses display cabinets, creating an immersive shopping experience to enhance customer conversion rates [3]

Core Insights - A new eyewear store, Luzhou County Chengshi Optical Store, has been established with a registered capital of 1 million RMB [1] Company Overview - The legal representative of the store is Li Bin [1] - The business scope includes the operation of Class III medical devices, which requires approval from relevant authorities before commencement [1] - General business activities include eyewear manufacturing and sales (excluding contact lenses), personal hygiene product sales, internet sales (excluding items requiring permits), sales of wearable smart devices, optical instruments, and optical glass [1]

Core Insights - Dr. Optical (300622.SZ) reported its Q3 2025 results, revealing that as of October 29, 2025, four institutional investors held a total of 7.1076 million shares, representing 3.12% of the company's total equity. This marks a decrease of 0.32 percentage points in institutional ownership compared to the previous quarter [1] Institutional Holdings - The institutional investors include Jiangxi Jiangnan Dao Enterprise Management Co., China Construction Bank - Minsheng Jiayin Continuous Growth Mixed Securities Investment Fund, Yinhua Fund - China Life Insurance - Traditional Insurance - Yinhua Fund Guoshou Growth Stock Traditional Available-for-Sale Single Asset Management Plan, and Hong Kong Central Clearing Limited [1] - The total institutional ownership decreased by 0.32 percentage points from the last quarter [1] Public Fund Activity - One public fund, Minsheng Jiayin Continuous Growth Mixed A, increased its holdings by 0.18% compared to the previous period [1] - A total of 39 public funds did not disclose their holdings this quarter, including notable funds such as GF Innovation Upgrade Mixed, GF Value Core Mixed A, Hengyue Growth Selected Mixed A, and Minsheng Jiayin聚优精选混合A [1] Foreign Investment - One new foreign institutional investor, Hong Kong Central Clearing Limited, disclosed its holdings this quarter [1]

Core Viewpoint - Recently, Qujing Shoujing Workshop Glasses Co., Ltd. was established with a registered capital of 100,000 RMB, focusing on the sale of optical products and medical devices [1] Company Summary - The legal representative of the company is Jiang Haiyan [1] - The registered capital is 100,000 RMB [1] - The company is involved in the sale of glasses (excluding contact lenses), optical instruments, jewelry retail, second-class medical devices, electronic products, and daily chemical products [1] Business Scope - The company operates under licensed projects, specifically in the third category of medical device operations, which requires approval from relevant authorities [1] - General projects include the sale of glasses, optical instruments, jewelry, second-class medical devices, electronic products, and daily chemical products, which can be conducted independently with a business license [1]

博士眼镜(300622.SZ)发布2025年三季度报告，该公司前三季度营业收入为10.8亿元，同比增长18.05%。 归属于上市公司股东的净利润为8783.13万元，同比增长5.21%。归属于上市公司股东的扣除非经常性损 益的净利润为7899.89万元，同比增长7.82%。基本每股收益为0.39元。 ...

Core Viewpoint - 博士眼镜 reported a revenue of 1.08 billion yuan for the first three quarters of 2025, reflecting an 18.05% year-on-year increase [1] - The net profit attributable to shareholders reached 87.83 million yuan, marking a 5.21% year-on-year growth [1] - The net profit excluding non-recurring gains and losses was 78.99 million yuan, up by 7.82% year-on-year [1] - Basic earnings per share stood at 0.39 yuan [1] Financial Performance - Revenue for the first three quarters: 1.08 billion yuan, up 18.05% year-on-year [1] - Net profit attributable to shareholders: 87.83 million yuan, an increase of 5.21% year-on-year [1] - Net profit excluding non-recurring items: 78.99 million yuan, a rise of 7.82% year-on-year [1] - Basic earnings per share: 0.39 yuan [1]

格隆汇10月29日丨博士眼镜(300622.SZ)发布公告，2025年前三季度，实现营业收入10.80亿元，同比增 加18.05%；归属于上市公司股东的净利润8783.13万元，同比增加5.21%；归属于上市公司股东的扣除非 经常性损益的净利润7899.89万元，同比增加7.82%；基本每股收益0.39元。 ...

博士眼镜公告，第三季度营收为3.94亿元，同比增长25.39%；净利润为3179.78万元，同比增长2.24%。 前三季度营收为10.8亿元，同比增长18.05%；净利润为8783.13万元，同比增长5.21%。 ...

Group 1 - Lenskart Solutions Ltd. plans to raise up to ₹72.8 billion (approximately $828 million) through its upcoming IPO in Mumbai, indicating a strong trend in the Indian IPO market [1] - The price range for the IPO is set between ₹382 and ₹402 per share, with anchor investors able to subscribe on October 30, followed by other investors from October 31 to November 4 [1] - The company aims to raise ₹21.5 billion through new share issuance, while existing shareholders will sell up to 127.6 million shares [1] Group 2 - Founded in 2010, Lenskart has notable investors including Abu Dhabi Investment Authority, KKR, and TPG [2] - In 2024, Lenskart secured $200 million in funding from Temasek Holdings and Fidelity Management, with a valuation of $5 billion, which was later adjusted to $6.1 billion by Fidelity [2] - The IPO's co-managers include Kotak Mahindra Capital Co., Axis Bank, Avendus Capital Pvt., Citigroup Inc., and Morgan Stanley's Indian branches [2]