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]