Core Insights - Jiangsu Danyang, known as the "Glasses Capital," produces a significant portion of the world's eyewear, with one in every two new lenses purchased globally originating from this city [1] Industry Overview - Danyang has developed a complete industrial chain for eyewear, encompassing design, research and development, and production [1] - The city is home to over 1,600 eyewear and related enterprises, employing more than 50,000 people [1] - Annual production reaches 800 million lenses, accounting for 70% of China's total output and 50% of the world's production [1] - The annual sales revenue exceeds 12 billion yuan, with products exported to Japan, South Korea, Southeast Asia, and Europe and the United States [1]

9月16日，新三板挂牌公司集美新材（836312）公告披露，公司于2025年9月14日向深圳证监局提交了公司公开发行股票并 上市的辅导备案材料，辅导机构为招商证券。 2022年6月，集美新材转战北交所IPO，保荐机构更换为招商证券股份有限公司。 经过北交所三轮审核问询，2023年7月，集美新材申请撤回申请文件，2023年8月16日，北交所终止其上市审核。 值得注意的是，集美新材曾不止一次冲刺A股IPO，2020年7月集美新材就申请创业板上市并获深交所受理，保荐机构、会 计师事务所、律师事务所分别为方正证券承销保荐有限责任公司、容诚会计师事务所（特殊普通合伙）和广东华商律师事 务所，评估机构为北京国融兴华资产评估有限责任公司。 集美新材此次创业板IPO募投项目包括"醋酸纤维素板材智能工厂建设项目"及"研发设计中心建设项目"，拟投入募集资金 2.3亿元。 | 序号 | 项目名称 | 投资总额 (万元) | 备案证项目代码 | 备案到期日 | | --- | --- | --- | --- | --- | | | 酷酸纤维素板材智能工厂建设项目 | 18,532.72 | 2020-441900-29- | 202 ...

Core Insights - Danyang and Yingtan Yujian have emerged as global benchmarks in the eyewear market due to their impressive production capabilities and extensive sales networks [1][2][22] - Danyang is recognized as the world's largest eyewear lens production base, accounting for over 400 million pairs of lenses annually, which represents three-quarters of China's total and half of the global total [7][8] - Yingtan Yujian, despite its small population, has established over 20,000 eyewear retail stores worldwide, generating annual sales exceeding 6 billion yuan [1][10] Danyang's Development - Danyang has evolved from a small-scale handcraft industry in the 1960s to a major production hub with over 2,000 related enterprises and more than 80,000 industry workers [7][8] - The establishment of the "China Danyang Eyewear Market" in 1986 marked a significant transition from informal to formal production, leading to the growth of specialized manufacturers [5][7] - In 2022, Danyang's eyewear manufacturing sector achieved a sales revenue of 12.23 billion yuan, with a focus on product innovation and quality improvement [7][8] Yingtan's Growth - Yingtan's eyewear industry developed from scratch, leveraging the migration of businesses from Wenzhou, which faced high operational costs [11][13] - The local government has prioritized the eyewear sector as a key industry, establishing a 1.2 billion yuan development fund and creating a complete industrial ecosystem [14][22] - By 2024, Yingtan's eyewear industry is expected to host over 300 companies, generating a total revenue of 10.822 billion yuan and exporting products to over 60 countries [14][22] Industry Trends - The Chinese eyewear market is experiencing rapid growth, with imports reaching 3.465 billion yuan in 2024, driven by increasing demand for high-end eyewear [17][18] - Exports have also seen a significant rise, from 21.261 billion yuan in 2021 to 30.444 billion yuan in 2024, indicating a robust global market presence [18] - The industry is shifting towards smart eyewear, with AI technology becoming a key driver of growth and innovation [21][22] Conclusion - The competitive dynamics between Danyang and Yingtan illustrate the evolution of the Chinese eyewear industry, moving from a manufacturing focus to a brand and innovation-driven approach [22] - Both cities are contributing to a higher quality and value-added direction for the industry, enhancing China's global standing in the eyewear market [22]

Core Viewpoint - 康耐特光学 is a leading resin lens manufacturer in China, with significant growth in revenue and market position, driven by increasing demand for eyewear and innovative technology [4][5]. Company Overview - 康耐特光学 was established in 1996 and is headquartered in Shanghai, with production bases in Shanghai, Jiangsu, and Japan. The company exports to over 90 countries globally [4]. - In 2024, the company is projected to achieve revenue of 2.06 billion yuan, representing a 17% year-on-year growth. The revenue breakdown by business segments is 44% standard lenses, 37% functional lenses, and 19% customized lenses [4]. - For the first half of 2025, the company expects revenue of 1.084 billion yuan, reflecting an 11% year-on-year increase [4]. Industry Trends - The eyewear market is experiencing a volume and price increase due to rising myopia and presbyopia rates, as well as growing functional demands. In China, the average lens purchase per capita is expected to rise from 8.6 pairs per 100 people in 2019 to 10.0 pairs in 2024, and further to 13.6 pairs by 2029 [5]. - The average expenditure on lenses in China is projected to increase from 21.2 yuan per person in 2019 to 27.1 yuan in 2024, reaching 38.3 yuan by 2029 [5]. - The global eyewear lens manufacturing market is expected to grow to 8.2 billion USD by 2029, with a compound annual growth rate (CAGR) of approximately 5.8% from 2024 to 2029. In China, the lens manufacturing market is projected to reach 29.75 billion yuan, with a CAGR of about 7.5% during the same period [5]. Competitive Advantages - The company has established core barriers through "high refractive index technology + C2M customization model." It has over 7 million SKUs covering refractive indices from 1.499 to 1.74 and is the first in China to mass-produce 1.74 high refractive index resin lenses [6]. - The C2M model enables 24-hour customized delivery, and a new production base in Thailand is expected to enhance global capacity by 2026. The high-margin customized business is continuously expanding, promoting a shift towards higher-end products [6]. Technological Advancements - The global smart glasses shipment reached 1.487 million units in Q1 2025, marking an 82.3% year-on-year increase, with China contributing 494,000 units, a 116.1% increase [7]. - As a leading resin lens manufacturer, the company possesses customization capabilities and a global production layout. It has made breakthroughs in ultra-thin lenses and waveguide technology, establishing a technological lead [8]. - Collaborations with top consumer electronics companies are progressing well, and investment from GoerTek provides technological and financial support, positioning the company to benefit from the rapid growth of smart glasses [8].

Core Viewpoint - 康耐特光学 is a leading resin lens manufacturer in China, with significant growth in revenue and market position, driven by increasing demand for eyewear and innovative technologies [1][2][3][4] Company Overview - 康耐特光学 was established in 1996 and is headquartered in Shanghai, with production bases in Shanghai, Jiangsu, and Japan [1] - The company ranks fifth globally in resin lens sales for 2023 and first among Chinese manufacturers in terms of production volume for 2024 [1] - The projected revenue for 2024 is 2.06 billion RMB, representing a 17% year-on-year growth [1] - Revenue breakdown for 2024 includes standard lenses (44%), functional lenses (37%), and customized lenses (19%) [1] - For the first half of 2025, revenue is expected to reach 1.084 billion RMB, showing an 11% year-on-year increase [1] Industry Trends - The eyewear market is experiencing growth in both volume and price due to rising myopia and presbyopia rates, as well as increased functional demands [2] - In China, the average number of lenses purchased per 100 people is projected to rise from 8.6 in 2019 to 10.0 in 2024, and further to 13.6 by 2029 [2] - Average spending on lenses per person in China is expected to increase from 21.2 RMB in 2019 to 27.1 RMB in 2024, reaching 38.3 RMB by 2029 [2] - Global lens manufacturers' sales are projected to grow to 8.2 billion USD by 2029, with a compound annual growth rate (CAGR) of approximately 5.8% from 2024 to 2029 [2] - China's lens sales are expected to reach 29.75 billion RMB by 2029, with a CAGR of about 7.5% during the same period [2] Competitive Advantages - 康耐特光学 leverages high refractive index technology and a C2M (Customer to Manufacturer) customization model to establish core competitive barriers [3] - The company has over 7 million SKUs covering refractive indices from 1.499 to 1.74 and is the first in China to mass-produce 1.74 high refractive index resin lenses [3] - The C2M model allows for 24-hour custom delivery, with a new production base in Thailand expected to enhance global capacity by 2026 [3] - The company is positioned to benefit from the growing AI eyewear market, with a significant increase in global and Chinese smart eyewear shipments [3] - 康耐特光学 has developed core technologies for ultra-thin lenses and waveguide plates, collaborating with leading consumer electronics companies [3] Financial Projections - The projected net profits for 康耐特光学 from 2025 to 2027 are 570 million RMB, 710 million RMB, and 880 million RMB, respectively [4] - The company's price-to-earnings (PE) ratios for 2025-2027 are estimated at 34x, 27x, and 22x, which are below the average PE of comparable companies [4] - The company's PEG ratios for 2025 and 2026 are also lower than the average of comparable firms, indicating potential for growth [4] - The company is expected to maintain a strong market position and expand its market share due to the robust growth of the eyewear lens market and its technological advantages [4]

Investment Rating - The report gives Conant Optical a "Buy" rating for its initial coverage [5]. Core Viewpoints - Conant Optical is a leading manufacturer of resin lenses in China, with a strong global presence and a focus on AI glasses business development [1][4]. - The company is expected to benefit from the growing demand for both traditional and smart eyewear, driven by increasing near-sightedness and aging populations [2][4]. - Conant's competitive advantages include high refractive index technology and a C2M (Customer-to-Manufacturer) customization model, which enhance its market position [3][4]. Company Overview - Conant Optical was established in 1996 and is headquartered in Shanghai, with production bases in Shanghai, Jiangsu, and Japan [1]. - The company ranks first among Chinese resin lens manufacturers by production volume and fifth globally by sales revenue [1][37]. - In 2024, the company is projected to achieve revenue of 2.06 billion RMB, a year-on-year increase of 17.1% [1][6]. Market Trends - The eyewear market is experiencing a volume and price increase due to rising near-sightedness and presbyopia rates, as well as growing functional demands [2][38]. - In China, the per capita purchase of lenses is expected to rise from 8.6 pairs per 100 people in 2019 to 10.0 pairs in 2024, with spending increasing from 21.2 RMB to 27.1 RMB per person [2][49]. - The global lens manufacturing market is projected to grow to 8.2 billion USD by 2029, with a compound annual growth rate (CAGR) of approximately 5.8% from 2024 to 2029 [2][50]. Business Segments - Conant's revenue is derived from three main segments: standard lenses (44%), functional lenses (37%), and customized lenses (19%) for 2024 [1][20]. - The functional lens segment is expected to see significant growth, with a 32.4% increase in revenue compared to the previous year [20]. Technological Advantages - The company has developed a high refractive index lens technology, being the first in China to mass-produce 1.74 refractive index resin lenses [3][61]. - Conant's C2M model allows for 24-hour customization and delivery, enhancing operational efficiency and customer satisfaction [3][64]. AI Glasses Market - The global smart glasses market is witnessing rapid growth, with a 116.1% year-on-year increase in shipments in China [4][72]. - Conant is positioned to capitalize on this trend due to its advanced optical technologies and partnerships with leading consumer electronics companies [4][70]. Financial Projections - The company is expected to achieve net profits of 566 million RMB, 712 million RMB, and 876 million RMB for the years 2025, 2026, and 2027, respectively [5][6]. - The projected P/E ratios for 2025, 2026, and 2027 are 34x, 27x, and 22x, indicating a favorable valuation compared to peers [5][6].

Core Viewpoint - The article highlights the growing trend of consumer demand for personalized lens solutions in the eyewear industry, emphasizing the technological upgrade of single vision lenses and the significance of freeform lens technology as a best practice solution [2]. Group 1: Market Position and Recognition - Aiyi Shuzhi awarded Huiding Optical the title of "Pioneer of Freeform Lenses in China," recognizing its technological innovation and industry leadership [5]. - The market position statement serves as a testament to Huiding Optical's capabilities and its role in leading the industry [5]. Group 2: Aiyi Shuzhi's Services - Aiyi Shuzhi is a leading commercial data and research institution in China, providing market position statements to help companies build differentiated brand advantages in competitive markets [7]. - The market position statement system of Aiyi Shuzhi focuses on four dimensions: business strategy upgrade, brand value creation, market expansion, and compliance risk management, offering customized solutions for companies [9]. Group 3: Methodology and Approach - Aiyi Shuzhi employs a multi-dimensional and full-process professional statement service, ensuring scientific and effective results through five rigorous steps: preliminary communication, in-depth research, professional analysis, conclusion writing, and result delivery [11]. - The organization leverages a professional research team, extensive data accumulation, and self-developed statistical forecasting models across various sectors, including consumer markets, internet and technology, and cultural entertainment [14]. Group 4: Future Outlook - Aiyi Shuzhi aims to continue providing credible, quantifiable, and communicable market position statements, assisting companies in establishing sustained influence in global competition and promoting high-quality industry development [14].

Summary of Key Points Core Viewpoint - The stock of Mingyue Lens experienced a 2.17% increase, closing at 46.53 yuan, with significant block trading activity recorded on September 10 [1]. Trading Activity - A total of 10 block trades occurred, with a cumulative trading volume of 812,000 shares and a total transaction value of 33.29 million yuan [1]. - The first four trades were executed at a price of 41.00 yuan per share, with a total of 32.3 million yuan in transaction value and a consistent discount of 11.88% [1][2]. - The remaining trades also maintained the same price of 41.00 yuan, with varying volumes and transaction values, indicating a strong institutional interest [2][3]. Recent Performance - Over the past three months, Mingyue Lens has recorded a total of 59 block trades, amounting to 159 million yuan [3]. - In the last five trading days, the stock has seen a cumulative increase of 1.22%, although there has been a net outflow of 10.76 million yuan from major funds [3].

Core Viewpoint - The company reported a revenue of 400 million yuan in the first half of 2025, reflecting a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 95.506 million yuan, up 7.4% year-on-year, indicating a faster profit growth compared to revenue due to improved product structure and cost control efficiency [1][1][1] Financial Performance - In the first half of 2025, the overall gross margin was 57.9%, a decrease of 1.5 percentage points year-on-year, primarily due to rising raw material costs [1] - The total expense ratio for the first half of 2025 was 31.4%, down 3.1 percentage points year-on-year, showcasing improved cost management [1] Product Demand and Market Position - Excluding the adverse impact of overseas business, the lens business grew by 5.4% year-on-year in the first half of 2025 [1] - The "PMC Ultra Bright" series, a key product, showed strong performance with a year-on-year increase of 31.8% in the first half of 2025 [1] Strategic Partnerships and Growth Opportunities - The company became the official exclusive optical partner for Xiaomi's AI glasses in the first half of 2025, leveraging its network of over 400 offline partner stores across the country [1] Earnings Forecast and Investment Recommendation - The expected earnings per share (EPS) for 2025-2027 are projected to be 1.01 yuan, 1.15 yuan, and 1.34 yuan, with corresponding price-to-earnings (PE) ratios of 45x, 40x, and 34x respectively [1] - The continuous optimization of product structure and entry into the smart glasses market are expected to drive growth, maintaining a "hold" recommendation [1]

Group 1 - Recent research conducted by Shanghai Licheng Asset focused on two listed companies: Mingyue Optical and China National Materials [1] - Mingyue Optical has collaborated with Universal Pictures on a special edition of the "Minions" themed product, and is progressing well with its partnership with Xiaomi [1] - China National Materials is the only company in the global cement technology equipment and engineering services market with a complete industrial chain, maintaining good cooperation with Tibetan cement enterprises [1] Group 2 - Shanghai Licheng Asset is one of the earliest established private equity management companies in China, focusing on growth stock investment with a safety margin approach [2] - The company has a team of 50 employees, with nearly 30 being professional research analysts, and manages assets exceeding 10 billion [2] - Licheng Asset has received multiple awards, including three "Golden Bull" awards for private equity performance [2]