1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The target price of Boshi Convertible Bond on the first day of listing is estimated to be between 104 - 108 yuan, and investors are advised to actively subscribe [3][17] - The estimated first - day new - bond subscription winning rate is around 0.0023% - 0.0025% [4][18] 3. Summary According to the Directory 3.1 Doctor Convertible Bond New - Bond Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Boshi Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated AA. The issuance scale is 375 million yuan, the initial conversion price is 30.43 yuan. As of March 20, 2026, the convertible bond parity is 81.07 yuan, the calculated pure bond value is 100.79 yuan. The game terms are normal. Overall, the bond issuance scale is low, liquidity is poor, the rating is acceptable, and the bond floor protection is good [2][13] 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is to provide consumers with fashionable and personalized eyewear products and professional visual health solutions. The raised funds will be used for chain eyewear store construction and upgrading, headquarters operation management center and brand building, digital platform upgrading, and supplementing working capital. The convertible bond's first - day conversion premium rate is expected to be in the range of [28%, 33%], corresponding to a first - day listing target price around 104 - 108 yuan [3][16][17] 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old shareholders' placement ratio is 40% - 45%, the scale of Boshi Convertible Bond available to the market is 207 million - 223 million yuan. Assuming the online effective subscription number is 8.88 million households, the winning rate is around 0.0023% - 0.0025% [4][18] 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Up - and Downstream Situations - The company focuses on providing fashionable and personalized eyewear products and professional visual health solutions. The upstream of the industry consists of raw material and equipment suppliers, and the downstream is diversified sales channels, with offline stores being the main sales place [19][20][21] 3.2.2 Company's Operating Conditions - The company's revenue has been rising in recent years. From 2022 to the first three quarters of 2025, the revenue was 962 million yuan, 1.176 billion yuan, 1.203 billion yuan, and 1.08 billion yuan respectively, with year - on - year growth rates of 8.42%, 22.20%, 2.29%, and 18.05%. The comprehensive gross profit margin has remained stable, and the net profit margin has also been relatively stable. The company's R & D expenses have been increasing, and the accounts receivable turnover rate has been generally stable, but the accounts receivable as a proportion of revenue has been rising. The net profit attributable to the parent company has fluctuated greatly [23][27][32] 3.2.3 Company's Equity Structure and Main Subsidiaries - As of September 30, 2025, the company's equity structure is relatively concentrated. The top two shareholders hold 40.44% of the shares, and the top ten shareholders hold 44.92% of the shares. The actual controllers and their concerted parties hold 40.75% of the shares, and the controlling shareholder and actual controller have not changed since listing [39] 3.2.4 Company's Business Characteristics and Advantages - The company has brand, sales channel, product, and service and delivery advantages. It has a high - profile brand, a wide - spread sales network, a diverse product portfolio, and efficient service and delivery capabilities [44][45][46] 3.2.5 Allocation of Raised Funds - The company plans to issue convertible bonds to raise 375 million yuan. After deducting issuance fees, 180 million yuan will be used for chain eyewear store construction and upgrading, 70 million yuan for the headquarters operation management center and brand building, 70 million yuan for digital platform upgrading, and 55 million yuan for supplementing working capital [11][16][47]

Group 1: Company Overview and Competitive Advantages - The company is a leading retail chain in the eyewear industry, recognized for its brand strength, having been awarded "Shenzhen Old Brand" and "Top 50 Chain Operations in Shenzhen" for ten consecutive years since 2014 [2] - The company operates over 500 stores nationwide, focusing on first and second-tier markets while expanding into lower-tier franchise channels [2][3] - Partnerships with renowned suppliers like Carl Zeiss and Essilor enhance product quality and diversity, while bulk purchasing reduces operational costs [3] Group 2: Fundraising and Financial Management - The company has established a robust fundraising management system, ensuring that raised funds are stored in designated accounts and used specifically for intended purposes [4] - Regular disclosures regarding the use of raised funds will be made to investors and regulatory bodies [4] Group 3: Smart Glasses Business - Collaborations with leading smart glasses brands such as Alibaba and Xiaomi are underway, with over 150 retail stores upgraded to include smart glasses displays [4] - Current revenue from smart glasses is minimal and not expected to significantly impact overall operations in the short term [4] Group 4: Convertible Bond Details - The convertible bond has a fixed interest rate structure: 0.10% for the first year, increasing to 2.00% by the sixth year [5][8] - The initial conversion price is set at 30.43 CNY per share, with provisions for downward adjustments if stock prices fall below 85% of the conversion price for a specified period [8] - Redemption terms include a 112% repayment of the bond's face value upon maturity, with conditions for early redemption based on stock performance [8][9] Group 5: Revenue Performance - The company's revenue for 2022, 2023, and 2024 is reported at 9.62 billion CNY, 11.76 billion CNY, and 12.03 billion CNY respectively, reflecting a compound annual growth rate of 11.80% [8] - In the first three quarters of 2025, revenue reached 10.8 billion CNY, marking an 18.05% year-on-year increase [8]

Core Viewpoint - The regulatory system has intensified its crackdown on market manipulation, with penalties exceeding 1.1 billion yuan this year, signaling a zero-tolerance approach and strong regulatory stance [1][10]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued multiple administrative penalties related to market manipulation, with fines of 37.62 million yuan and 38.63 million yuan for two recent cases involving individuals manipulating stock prices [3]. - In a notable case, an individual named Yu Han was penalized approximately 1.02 billion yuan for manipulating the stock price of a company over a period of more than five years, highlighting the severity of penalties for such actions [4]. - Local regulatory bodies are also taking action against market manipulation, as seen in the case of Jin Yongrong, who was fined about 83.25 million yuan for his manipulative trading practices [4]. Group 2: Evolving Manipulation Techniques - Market manipulation techniques are becoming increasingly sophisticated, characterized by multi-account usage, long-term control, and covert methods, making detection more challenging for regulators [6]. - The case of Jin Yongrong illustrates a new trend of "information collaboration," where social media influencers amplify their manipulative actions, complicating regulatory oversight [6]. - The CSRC is enhancing its monitoring capabilities through advanced technologies, including big data analysis and real-time tracking systems, to effectively identify and combat market manipulation [7][10]. Group 3: Future Regulatory Focus - There is a widespread expectation that regulatory authorities will continue to focus on severe violations, particularly those that investors find most intolerable, such as market manipulation [9]. - The CSRC has outlined its commitment to strengthening enforcement against various illegal activities, including market manipulation, financial fraud, and insider trading, while improving investor protection mechanisms [10].

Core Viewpoint - The company is focusing on the "last mile" fitting services for smart glasses and has established partnerships with leading smart glasses manufacturers [1] Group 1: Company Developments - The company has collaborated with major brands in the smart glasses industry, including Alibaba Quark, Thunderbird Innovation, Meizu, XREAL, JIEHUAN, Li Weike, and Xiaomi Mijia [1] - Currently, the revenue contribution from the smart glasses business is very small [1]

Core Viewpoint - The Hainan Free Trade Port has been operational for two months, with significant developments in trade and investment opportunities, particularly for Zhejiang businesses, as the new policies facilitate easier access to both domestic and international markets [1][2][5]. Group 1: Trade and Investment Opportunities - The first batch of duty-free goods processed under the new Hainan Free Trade Port policy was completed shortly after the full closure, indicating a smooth transition to the new system [1]. - Zhejiang businesses have a long-standing presence in Hainan, with approximately 160,000 Zhejiang entrepreneurs and over 17,000 Zhejiang enterprises operating in the region [2]. - The new policy allows for a 30% processing value-added exemption from tariffs, significantly reducing costs for companies like Meishan Wang, which estimates annual savings of around 6 million yuan due to the elimination of import duties [2][3]. Group 2: Local Manufacturing and Industry Development - Hainan's local manufacturing base is relatively weak, but initiatives like the Zhejiang-Qiong Cooperation Industrial Park aim to enhance industrial chain connectivity and attract investment in high-tech sectors [4]. - The park has already attracted over 200 companies with planned investments exceeding 30 billion yuan, focusing on areas such as artificial intelligence, digital finance, and low-carbon processing [4]. Group 3: Global Economic Cooperation - The Hainan Free Trade Port is positioned as a key hub for global economic cooperation, with increasing interest from international businesses, particularly in high-end manufacturing and cross-border e-commerce [6][7]. - The unique policy framework of Hainan, characterized by a mix of liberalization and regulation, is seen as a strategic advantage for companies looking to expand their operations internationally [7]. Group 4: Challenges and Adaptations - Despite the opportunities, challenges remain regarding the implementation of new policies and the need for businesses to adapt to the evolving regulatory environment [8]. - The establishment of the "Zhejiang Business International Economic and Trade Cooperation Alliance" aims to facilitate deeper economic ties and collaboration under frameworks like RCEP [8][9]. Group 5: Economic Performance Indicators - Recent data shows a significant increase in duty-free shopping in Hainan, with sales reaching 1.106 billion yuan and a 26% increase in the number of shoppers during the first week of February [10].

Financing Plan - The company has received approval from the China Securities Regulatory Commission to issue convertible bonds totaling no more than 375 million yuan, aimed at funding the construction and upgrade of smart eyewear stores, the establishment of a headquarters management center, digital platform upgrades, and supplementing working capital [2] Business and Technology Development - The company is strengthening its collaboration in the smart eyewear sector, having established strategic partnerships with leading manufacturers such as Meizu, Thunderbird Innovation, XREAL, and Xiaomi, and plans to launch AI audio glasses through a joint venture [3] - Analysts suggest that the sales growth of smart eyewear is expected to become a performance growth point, although R&D investment has decreased year-on-year in the first three quarters of 2025 while marketing expenses remain high [3] Performance and Operating Conditions - In the first three quarters of 2025, the company's revenue increased by 18.05% year-on-year to 1.08 billion yuan, and net profit attributable to shareholders grew by 5.21% to 87.83 million yuan, but the company has not yet released its full-year performance report for 2025 [4] - The company has committed to timely information disclosure in accordance with regulations, making the annual performance announcement noteworthy [4] Recent Events - On December 18, 2025, the company announced that the trademark dispute regarding "Doctor DOCTOR and Image" was resolved by the Beijing High People's Court, marking the end of a three-year legal dispute [5]

Group 1 - The company Jiangsu Shengji Investment Holdings has been selected as a candidate for the second section of the non-oil commodity supplier qualification project by China National Petroleum Corporation (CNPC) in Liaoning Province, with the announcement made on February 6, 2026 [1] - The project allows Jiangsu Shengji to supply various consumer goods, including sunglasses, marking a significant opportunity for the company to enter CNPC's extensive retail network at gas station convenience stores [2] - The qualification as a candidate not only represents an independent business achievement but also lays a foundation for the company to participate in similar supplier qualification projects across other regions of CNPC, showcasing the replicability and expansion potential of the company's products and business model [2] Group 2 - The board views this achievement as a formal recognition of the quality and competitiveness of the company's sunglasses and eyewear products through a public and competitive process [2] - This development aligns with the company's strategy to expand its sales network for eyewear products, opening up a significant retail channel [2]

Core Viewpoint - The company, Liya Retail (00831), anticipates a more than 40% year-on-year growth in shareholder profit for the fiscal year ending December 31, 2025, following a reported shareholder profit of HKD 23.9 million for the fiscal year ending December 31, 2024 [1] Financial Performance - The expected profit growth is primarily attributed to non-recurring restructuring costs in the Guangzhou bakery retail business in 2024 and the implementation of cost optimization measures across the bakery and eyewear businesses [1] Market Challenges - Despite the anticipated improvement in performance, the Hong Kong retail market continues to face challenges due to structural changes in consumer behavior and increased local residents traveling abroad, which puts pressure on local consumption [1] - The company maintains a cautious outlook on the market prospects [1]

Core Insights - The 2026 Top 10 Eyewear Procurement Channels list has been released, highlighting the shift from traditional procurement methods to digital channels, which are crucial for the survival of eyewear stores in a competitive market [1][15] - The list aims to help eyewear store owners and e-commerce entrepreneurs optimize their supply chains and avoid pitfalls associated with low-quality goods and high markups [1][15] Group 1: Top Procurement Channels - **Top 1: Pijing** - Recognized for its online procurement experience and direct supply capabilities, Pijing has redefined procurement standards, allowing store owners to access quality sources without geographical limitations [3][15] - **Top 2: Danyang Eyewear City** - Known as a traditional procurement hub, it offers the advantage of physical inspection of products, appealing to experienced store owners despite higher travel costs and risks for newcomers [5][6] - **Top 3: 1688** - This platform provides a vast array of suppliers with transparent pricing, although it poses challenges for non-professionals in finding reliable vendors due to a lack of quality control [7][15] Group 2: Additional Channels and Their Characteristics - **Top 4: Wanxin Eyewear Procurement Center** - A leading choice for lens procurement, it is known for high-quality products and standard specifications, essential for ensuring fitting quality [8] - **Top 5: Yixiaobao** - This channel is ideal for low-cost sunglasses and decorative glasses, catering to small-scale store owners with low minimum order quantities [9] - **Top 6: Duqiao Eyewear Market** - Focused on mid-range eyewear, it serves as a key procurement channel for budget-conscious stores targeting students and lower-tier markets [10] Group 3: Market Trends and Future Outlook - The list reflects a trend towards the integration of online and offline channels, emphasizing efficiency and cost-effectiveness in procurement [15][16] - Pijing's success illustrates the importance of efficient procurement and precise product selection as core trends for the future of the industry [15][16] - The diversity of channels from the top ten list indicates a multi-faceted procurement ecosystem, catering to various market needs and preferences [16]

Core Viewpoint - National Vision (EYE) shares have increased by 1.8% over the past four weeks, closing at $26.4, with a mean price target of $33.18 indicating a potential upside of 25.7% according to Wall Street analysts [1] Price Targets and Analyst Estimates - The mean estimate consists of 11 short-term price targets with a standard deviation of $4.29, where the lowest estimate is $27.00 (2.3% increase) and the highest is $39.00 (47.7% increase) [2] - A low standard deviation suggests a high degree of agreement among analysts regarding the stock's price movement [2][9] Earnings Estimates and Market Sentiment - Analysts are optimistic about EYE's earnings prospects, as indicated by a positive trend in earnings estimate revisions, which has shown a strong correlation with near-term stock price movements [4][11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 5%, with one estimate moving higher and no negative revisions [12] Zacks Rank and Investment Potential - EYE currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While consensus price targets may not be entirely reliable, the direction they imply appears to be a good guide for potential price movement [14]