民生加银持续成长混合A（007731）成立日期2019年9月24日，最新规模13.94亿。今年以来收益 25.57%，同类排名3083/8136；近一年收益23.58%，同类排名3022/8056；成立以来收益79.86%。 民生加银持续成长混合A（007731）基金经理为朱辰喆、范明月。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从博士眼镜十大流通股东角度 数据显示，民生加银基金旗下1只基金位居博士眼镜十大流通股东。民生加银持续成长混合A （007731）三季度增持41.87万股，持有股数191.87万股，占流通股的比例为1.23%。根据测算，今日浮 亏损失约289.72万元。 11月21日，博士眼镜跌5.06%，截至发稿，报28.31元/股，成交1.45亿元，换手率3.22%，总市值64.51亿 元。 截至发稿，朱辰喆累计任职时间3年343天，现任基金资产总规模17.92亿元，任职期间最佳基金回报 10.8%， 任职期间最差基金回报-7.15%。 资料显示，博士 ...

民生加银持续成长混合A（007731）基金经理为朱辰喆、范明月。 11月18日，博士眼镜涨5.11%，截至发稿，报31.66元/股，成交2.79亿元，换手率5.93%，总市值72.14亿 元。 资料显示，博士眼镜连锁股份有限公司位于广东省深圳市罗湖区桂园街道深南东路5016号京基一百大厦 A座2201-02单元，成立日期1997年4月23日，上市日期2017年3月15日，公司主营业务涉及眼镜零售。 主营业务收入构成为：光学眼镜及验配服务68.65%，成镜系列产品19.47%，隐形眼镜系列产品 10.80%，其他(补充)1.09%。 从博士眼镜十大流通股东角度 数据显示，民生加银基金旗下1只基金位居博士眼镜十大流通股东。民生加银持续成长混合A （007731）三季度增持41.87万股，持有股数191.87万股，占流通股的比例为1.23%。根据测算，今日浮 盈赚取约295.48万元。 民生加银持续成长混合A（007731）成立日期2019年9月24日，最新规模13.94亿。今年以来收益 28.25%，同类排名2995/8140；近一年收益25.27%，同类排名3257/8057；成立以来收益83.71%。 截至发 ...

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]

Core Viewpoint - Dr. Optical's stock price has experienced a decline of 21.28% year-to-date, with recent fluctuations indicating a potential recovery in the short term [2] Group 1: Stock Performance - As of October 21, Dr. Optical's stock rose by 2.00%, reaching a price of 30.09 CNY per share, with a total market capitalization of 6.856 billion CNY [1] - The stock has seen a net inflow of 3.8985 million CNY from major funds, with large orders accounting for 19.30% of total purchases [1] - Over the past five trading days, the stock has increased by 1.90%, while it has decreased by 13.66% over the past 20 days and 12.38% over the past 60 days [2] Group 2: Financial Performance - For the first half of 2025, Dr. Optical reported a revenue of 686 million CNY, reflecting a year-on-year growth of 14.22%, and a net profit attributable to shareholders of 56.0334 million CNY, up by 6.97% [3] - Since its A-share listing, the company has distributed a total of 464 million CNY in dividends, with 204 million CNY distributed over the past three years [4] Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 53,800, with an average of 2,892 circulating shares per person, marking an increase of 19.81% [3] - Notable new institutional shareholders include Guangfa Innovation Upgrade Mixed Fund and Minsheng Jia Yin Continuous Growth Mixed Fund, both entering the top ten circulating shareholders [4]

Core Viewpoint - Dr. Optical's stock has experienced a significant decline this year, with a year-to-date drop of 22.22%, indicating potential challenges in the retail optical market [1][2]. Financial Performance - For the first half of 2025, Dr. Optical achieved a revenue of 686 million yuan, representing a year-on-year growth of 14.22%, while the net profit attributable to shareholders was 56.03 million yuan, up 6.97% year-on-year [2]. - The company has distributed a total of 464 million yuan in dividends since its A-share listing, with 204 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 14, Dr. Optical's stock price was 29.73 yuan per share, with a market capitalization of 6.774 billion yuan. The stock has seen a trading volume of 150 million yuan and a turnover rate of 3.20% [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) twice this year, with the most recent instance on February 21, where it recorded a net buy of -235 million yuan [1]. Shareholder Information - As of June 30, the number of shareholders for Dr. Optical increased to 53,800, a rise of 9.25% from the previous period, with an average of 2,892 circulating shares per shareholder, up 19.81% [2]. - Notable new institutional shareholders include Guangfa Innovation Upgrade Mixed Fund and Minsheng Jia Yin Continuous Growth Mixed Fund, which are now among the top ten circulating shareholders [3]. Business Overview - Dr. Optical, established on April 23, 1997, and listed on March 15, 2017, primarily engages in optical retail, with its revenue composition being 68.65% from optical glasses and fitting services, 19.47% from finished lens products, and 10.80% from contact lens products [1].

Company Overview - 博士眼镜 is a retail company specializing in eyewear, established on April 23, 1997, and listed on March 15, 2017 [1] - The company is located in Shenzhen, Guangdong Province, and its main business includes optical glasses and fitting services, accounting for 67.01% of its revenue [1] Financial Performance - For the first half of 2025, 博士眼镜 achieved a revenue of 686 million yuan, representing a year-on-year growth of 14.22% [2] - The net profit attributable to the parent company for the same period was 56.03 million yuan, an increase of 6.97% year-on-year [2] - Cumulatively, the company has distributed 464 million yuan in dividends since its A-share listing, with 204 million yuan in the last three years [3] Stock Market Activity - As of September 10, 博士眼镜's stock price was 34.26 yuan per share, with a market capitalization of 7.806 billion yuan [1] - The stock has seen a decline of 10.37% year-to-date, with a slight increase of 1.66% over the last five trading days [1] - The company has appeared on the龙虎榜 twice this year, with the most recent net buy of -235 million yuan on February 21 [1] Shareholder Information - As of June 30, 2025, 博士眼镜 had 53,800 shareholders, an increase of 9.25% from the previous period [2] - The average number of circulating shares per shareholder was 2,892, up by 19.81% [2] - New institutional shareholders include 广发创新升级混合 and 民生加银持续成长混合A, while some previous shareholders have exited the top ten list [3] Market Position - 博士眼镜 operates within the 商贸零售-专业连锁 industry and is associated with concepts such as small-cap stocks, smart glasses, and wearable technology [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7][6] Core Views - The company reported a revenue of 288 million in Q4 2024, a year-on-year increase of 6.3%, while the net profit attributable to the parent company was 20 million, down 33.9% year-on-year [1] - For the full year 2024, the company achieved a revenue of 1.203 billion, a 2.3% increase year-on-year, but the net profit attributable to the parent company decreased by 19.1% to 104 million [1] - The company is actively implementing a marketing strategy focused on core regions and a combination of online and offline channels, which has led to steady revenue growth despite a decline in profits due to goodwill impairment [1] Financial Performance - The company's gross margin for 2024 was 61.71%, a decrease of 1.36 percentage points, and the net profit margin was 8.62%, down 2.28 percentage points [1] - The revenue from optical glasses and fitting services was 806 million, up 1.78% year-on-year, with a gross margin of 70.2% [2] - The revenue from the complete glasses series was 178 million, an increase of 11.97%, with a gross margin of 46.8% [2] - The revenue from contact lenses decreased by 5.03% to 156 million, with a gross margin of 36.9% [2] Product Structure Optimization - The company has cultivated its own brands, owning 13 brands by the end of 2024, with self-branded lenses and frames accounting for 58.65% and 65.40% of total sales, respectively [3] - Sales of functional lenses and adult progressive lenses saw significant year-on-year growth, with increases of 33.87% and 7.28%, respectively [3] Store Expansion and Digital Transformation - By the end of 2024, the company had 557 stores, a net increase of 42, with 510 direct-operated stores [4] - The company is deepening partnerships with major supermarket chains and hospitals to enhance its retail presence in key urban areas [4] - Online sales totaled 190 million in 2024, a decrease of 7.83% year-on-year, but the company is focusing on increasing brand exposure through social media and live streaming [4] Embracing Smart Technology - The company is actively engaging in the smart eyewear market, collaborating with leading brands to enhance its service offerings [5] - The launch of the Thunder V3 AI shooting glasses is scheduled for January 7, 2025, with plans to upgrade retail stores to include smart eyewear displays [5] Profit Forecast Adjustments - The profit forecast has been adjusted, with expected net profits for 2025, 2026, and 2027 at 120 million, 140 million, and 160 million, respectively [11]