Core Points - The company announced a cash dividend distribution of RMB 5.00 per 10 shares (including tax) to all shareholders, based on a total share capital of 200,732,618 shares after excluding repurchased shares [1][2] - The total cash dividend amount is calculated to be RMB 100,366,309, which translates to approximately RMB 0.4981 per share [1][2] - The record date for the dividend distribution is set for May 22, 2025, and the ex-dividend date is May 23, 2025 [3] Dividend Distribution Details - The dividend distribution plan was approved at the annual general meeting held on May 13, 2025, with a total share capital of 201,512,100 shares, of which 779,482 shares are held in the company's repurchase account and do not participate in the distribution [2] - The cash dividend will be directly credited to shareholders' accounts through their custodial securities companies on the ex-dividend date [3][4] - Different tax rates apply for various categories of shareholders, with specific provisions for Hong Kong investors and domestic investors holding different types of shares [2][4] Shareholder Commitments - The company has commitments from certain shareholders regarding the minimum selling price of their shares, which will be adjusted based on the dividend distribution [4] - The initial public offering price was RMB 26.91 per share, and this price will be adjusted to RMB 16.59 per share following the current dividend distribution [4]

"文章中'丹阳人研究镜片，是为了让更多人不依赖眼镜'，这句话说出了我们的心声！"丹阳市眼视 光研究学会秘书长朱建强表示，近年来，丹阳企业依托政策红利，将传统镜片从"矫正工具"升级为"视 力干预系统"。要实现"让更多人不依赖眼镜"的愿景，还需要在技术破壁和价值链提升方面下功夫。"丹 阳眼镜大显身手正当时，希望丹阳生产的每一副眼镜，都是在为大众视力健康保驾护航！" "历经50余年的发展演化，丹阳眼镜已然实现了从生产型集群到创新型集群，再到产业创新集群的 迭代和蜕变，凸显新发展格局下产业空间布局更优、产业配套系统更全、产业创新氛围更浓的典型产业 集群特征。"江苏大学财经学院院长、江苏大学产业经济研究院院长胡绪华认为，未来丹阳眼镜集群发 展将呈现三大趋势。第一，顺应数字时代发展需求，形成数字经济与实体经济深度融合的产业公地，发 挥市场先行优势，力促眼镜产业向智能穿戴设备渗透，服务元宇宙产业发展。第二，面向新质生产力发 展任务要求，形成科技创新与产业创新深度融合的创新高地，发挥区位优势，加强高校、研发机构、专 业创新平台合作，一体化推进"教育-科技-人才"机制，服务转化眼镜产业。第三，立足经济发展中产业 链供应链韧性与 ...

Group 1: Financial Performance - In 2024, the company achieved total revenue of 770 million yuan, a year-on-year increase of 2.88% [1] - The gross profit margin was 58.56%, up 0.98 percentage points from the same period last year, with a net profit attributable to shareholders of 177 million yuan, an increase of 12.21% year-on-year [1] - For Q1 2025, the company reported total revenue of 197 million yuan, a year-on-year increase of 2.63%, and a net profit of 47 million yuan, up 11.70% year-on-year [1] Group 2: Product Performance - The lens business grew by 8.72% year-on-year after excluding the negative impacts of overseas and raw material businesses, with star products performing exceptionally well [1] - The PMC Ultra Bright series saw revenue growth of nearly 45.6%, with three star products accounting for 54.6% of total revenue from regular lenses [1] - The "Easy Control" product line maintained rapid growth, with Q4 2024 sales reaching 41.58 million yuan, a year-on-year increase of 23.6%, and total sales for the year at 163.65 million yuan, up 22.7% [1] Group 3: Strategic Partnerships and Market Position - In April 2024, the company announced an exclusive partnership with Leica, focusing on high-end lens markets in China [2] - The company primarily operates in the domestic market with a direct sales model complemented by distribution, optimizing its customer structure [2] - By the end of 2024, the company had 2,707 direct sales customers and 66 distribution customers, including medical channels [2] Group 4: Future Projections - Revenue projections for 2025-2027 are 859 million, 951 million, and 1.05 billion yuan, with year-on-year growth rates of 11.5%, 10.7%, and 10.4% respectively [2] - Net profit projections for the same period are 199 million, 227 million, and 257 million yuan, with growth rates of 12.5%, 14.2%, and 13.3% respectively [2]

Core Viewpoint - The article highlights the development and significance of the optical lens industry in Danyang, showcasing its transformation into a global manufacturing hub for lenses and eyewear products, emphasizing innovation, quality, and the spirit of entrepreneurship. Group 1: Industry Overview - Danyang has become the largest lens production base globally, with an annual output of over 400 million pairs of lenses, accounting for 75% of China's total and 50% of the world's total lens production [2][4] - The city hosts nearly 2,000 related enterprises and employs over 50,000 people, forming a comprehensive industrial chain that includes design, production, and sales [2][3] - Danyang's lens industry has evolved from traditional hand-made products to advanced manufacturing, integrating modern technology and craftsmanship [5][6] Group 2: Innovation and Technology - Danyang's lens manufacturing incorporates cutting-edge technology, achieving precision at the nanometer level and improving optical fitting standards significantly [5][8] - The city is actively pursuing research and development in various fields, including health vision and smart eyewear, collaborating with institutions like the Chinese Academy of Sciences [8][9] - Danyang has introduced innovative products such as AI facial data scanning devices and color-changing lenses, merging technology with artistic design [8] Group 3: Economic and Cultural Impact - The entrepreneurial spirit of Danyang's residents has contributed to the city's recognition as a top manufacturing county in the Yangtze River Delta region and a national civilized city [3][6] - The local government supports the industry through initiatives like the "Dan Phoenix Rising" talent program, attracting high-level talent and fostering innovation [9] - Danyang's commitment to education, technology, and talent integration is evident in its partnerships with over 30 universities and research institutions [9]

Core Insights - The company announced a revenue of 770 million yuan for 2024, representing a year-on-year increase of 3%, and a net profit attributable to shareholders of 180 million yuan, up 12% year-on-year [1] - The company's product focus strategy has shown significant results, with the lens business growing by 8.72% year-on-year in 2024, and the PMC ultra-bright product revenue increasing by 45.6% in 2024 [1][2] - The "Easy Control" product line continues to grow rapidly, with sales reaching 415.8 million yuan in Q4 2024, a 23.6% increase year-on-year [2] Financial Performance - For Q4 2024, the company reported a single-quarter revenue of 190 million yuan, a 1% increase year-on-year, and a net profit of 40 million yuan, up 13% year-on-year [1] - The gross profit margin for 2024 was 58.6%, an increase of 1.0 percentage points year-on-year, with a net profit margin of 23.0%, up 1.9 percentage points year-on-year [2] - In Q1 2025, the company achieved a revenue of 200 million yuan, a 3% increase year-on-year, and a net profit of 50 million yuan, also up 12% year-on-year [1] Product Development - The "Easy Control" product line saw a total sales of 1.6 billion yuan in 2024, a 22.7% increase year-on-year, with Q1 2025 sales reaching 501.3 million yuan, up 22.1% year-on-year [2] - The introduction of the upgraded "Easy Control Pro 2.0" product is expected to enhance sales performance, with the series achieving a 29.5% increase in sales in 2024 [2] Market Outlook - The company is positioned as a leading domestic brand in the near-sightedness prevention market, with expectations of net profits of 200 million, 240 million, and 270 million yuan for 2025-2027 [3] - The increasing penetration rate of near-sightedness prevention products presents a promising outlook for the company [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][86]. Core Views - The company is a leading resin lens manufacturer with a strong focus on R&D and a robust supply chain, which enhances its competitive edge. The partnership with GoerTek in the XR field is expected to drive growth and open new market opportunities [5][15][75]. Summary by Sections Company Overview - The company specializes in the R&D, production, and sales of resin lenses, with plans to establish overseas production bases starting in 2024. It has a concentrated shareholding structure and announced an equity incentive plan in November 2024, with profit growth targets for 2025-2027 set at no less than 21%/17%/15% [3][20]. Financial Performance - In 2024, the company achieved revenue of 2.061 billion yuan, a year-on-year increase of 17.1%, and a net profit of 428 million yuan, up 31% year-on-year. The revenue growth from 2018 to 2024 has a CAGR of 15.8%, while net profit has a CAGR of 32.7% [3][24][25]. Business Structure and Supply Chain - The company has built a strong supply chain through high R&D investment and stable raw material sourcing, maintaining over 30% procurement from Mitsui Chemicals. The business structure has been optimized, with a growing proportion of customized lenses, which accounted for 19.2% of revenue in 2024, up 2.8 percentage points from 2018 [4][49][63]. XR Business Development - The establishment of an XR R&D center and collaboration with GoerTek are expected to enhance the company's capabilities in the XR market. The company has signed supply framework agreements with multinational consumer electronics firms, indicating a positive outlook for XR product growth [5][75][76]. Earnings Forecast and Investment Advice - The company is projected to achieve revenue growth rates of 15%/14%/12% and net profit growth rates of 23%/19%/15% from 2025 to 2027. The report suggests that the company's strong ODM operations and increasing share of customized and functional lenses will support a rise in profitability [6][78][86].

Summary of Mingyue Lens Conference Call Company Overview - **Company**: Mingyue Lens - **Industry**: Optical Lens Manufacturing Key Financial Performance - **2024 Revenue**: Increased by 1% YoY to 5.86 billion RMB, with net profit rising by 12% to 176 million RMB, and net profit margin improving by 1.9% to 23% [1][4] - **Q1 2025 Revenue**: Increased by 0.4% YoY to 584 million RMB, with net profit growing by 11.7% to 47.15 million RMB, and net profit margin at 23.9% [1][4] - **Sales Expenses**: Decreased by 4.4% YoY to 141 million RMB in 2024, with a sales expense ratio of 18.3% [1][5] - **R&D Expenses**: Increased by 25% YoY to 34.99 million RMB in 2024, with a R&D expense ratio of 4.5% [1][5] Product Performance - **PMC Series**: Revenue increased by 45.6% YoY, accounting for 54.6% of conventional lens revenue [1][7] - **Myopia Control Products**: Sales of the "Easy Control" series grew by 22.7% YoY, reaching 41.58 million RMB in Q4 2024 [1][7] Strategic Initiatives - **R&D Investment**: The company plans to increase R&D spending to drive product innovation and explore cutting-edge technologies [1][8] - **Strategic Partnerships**: Collaboration with Leica to expand high-end independent stores and explore markets in Hong Kong and Macau [1][8] Market Dynamics - **Industry Penetration**: The penetration rate of defocus lenses is below 10%, with challenges including price wars and high service costs [3][9][10] - **Competitive Landscape**: Price wars have been prevalent, but the situation is stabilizing as foreign brands adjust pricing strategies [11][12] Future Growth Expectations - **Defocus Lens Business**: Expected to maintain reasonable growth over the next three years, focusing on retail price control and marketing optimization [3][13] - **AI Smart Glasses**: Anticipated large-scale market promotion by 2025 or 2026, with a focus on providing comprehensive solutions [3][20] Challenges in Smart Glasses Market - **Key Challenges**: Include prescription needs, channel penetration, and providing comprehensive service solutions [17][18] Brand Strategy - **High-End Market Focus**: Mingyue Lens aims to position itself in the mid to high-end market, avoiding the low-end segment due to intense competition [26][27] - **Collaboration with Leica**: Aimed at enhancing brand image and market competitiveness while maintaining a broad consumer base [29] Product Innovations - **High Refractive Index Products**: Launching a range of high refractive index products targeting middle-aged consumers [25][32] - **1.74 Product Launch**: Sales increased by approximately 120% YoY in Q1 2025, with plans for further development [32][34] Conclusion Mingyue Lens is strategically positioned for growth through innovation, strategic partnerships, and a focus on high-end markets while navigating challenges in the optical lens industry and the emerging smart glasses segment.