证券代码：300622 证券简称：博士眼镜 博士眼镜连锁股份有限公司 编号：2025-04 投资者关系活动 类别 ☑ 特定对象调研 ☑ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑ 其他 电话会议 参与单位名称 长江证券、信达证券、天风证券、东北证券、方正证券、国泰海 通证券、第一创业证券、中信证券、浙商证券、民生证券、国海 证券、申万宏源证券、泰康资产管理（香港）、东方证券资产管 理、招商证券资产管理、中金基金、华宝兴业基金、深圳源和资 产管理、晓喆投资、元兹投资、上海道仁资产管理、百川财富（北 京）投资管理（排名不分先后） 时间 2025 年 10 月 30 日 地点 公司会议室 上市公司接待人 员姓名 董事会秘书、副总经理：丁芸洁 财务总监、副总经理：康海文 证券事务代表：陈芊芊 投资者关系活动 主要内容介绍 1、Q：请简单介绍公司 2025 年第三季度业绩情况？ A:2025 年前三季度，公司实现营收 10.8 亿元，同比增长 18.05%；归母净利润约 8,783 万元，同比增长 5.21%；扣非归母 净利润约 7,900 万元，同比增长 7.82%。单季 ...

Core Viewpoint - The recent financial report of Doctor Glasses (300622) shows moderate growth in revenue and net profit, but declining margins and cash flow metrics indicate potential challenges ahead [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 686 million yuan, a year-on-year increase of 14.21% [1] - Net profit attributable to shareholders was 56.03 million yuan, up 6.97% year-on-year [1] - Gross margin decreased to 54.65%, down 5.92% from the previous year [1] - Net margin also fell to 8.51%, a decrease of 1.74% year-on-year [1] - Operating cash flow per share dropped to 0.56 yuan, down 27.11% year-on-year [1] Accounts Receivable and Financial Ratios - Accounts receivable accounted for 82.64% of the latest annual net profit, indicating a significant reliance on credit [1][2] - Total expenses (selling, administrative, and financial) amounted to 304 million yuan, representing 44.25% of revenue, a decrease of 6.72% year-on-year [1] - Return on Invested Capital (ROIC) for the previous year was 10.36%, which is considered average [1] Business Model and Marketing Strategy - The company's performance is primarily driven by marketing efforts, with a focus on consumer education and promotional activities for functional lenses [2][4] - Sales of functional lenses increased by 26.58%, now accounting for 39.82% of total lens sales [4] - The company is enhancing its online presence through various e-commerce platforms and social media to attract customers [5] Store Expansion and Product Offerings - The company has upgraded over 150 retail stores to include smart glasses displays, creating immersive shopping experiences [6] - The sales volume of defocus lenses grew by 18.35%, representing 15.42% of total lens sales [5]

Group 1: Financial Performance - The company's revenue and profit continued to achieve positive growth during the reporting period, with a significant increase in sales efficiency year-on-year [2] - Functional lens sales increased by 26.58% year-on-year, accounting for 39.82% of total lens sales [2] - The sales volume of defocus lenses grew by 18.35%, representing 15.42% of total lens sales [3] Group 2: Marketing and Sales Strategies - The company enhanced consumer education and marketing for functional lenses through festive promotions, themed marketing, and collaborations, expanding brand reach [2] - A comprehensive online-offline integration strategy was implemented, utilizing platforms like Tmall, Douyin, and Xiaohongshu to attract target customers and improve store conversion rates [3] - The introduction of a "99 paid membership" program focused on "accidental damage protection" to enhance customer service experience and increase customer loyalty [3] Group 3: Store Development and Customer Experience - Over 150 retail stores have been upgraded to include smart glasses display areas, creating immersive shopping experiences to boost foot traffic conversion [3]

Core Viewpoint - The company anticipates growth driven by the increasing vision problems among the elderly and youth populations, as well as the expanding optical market [1] Group 1: Market Trends - The aging population in China is leading to a rise in vision health issues among middle-aged and elderly individuals, with their needs for health and lifestyle increasing [1] - The overall myopia rate among children and adolescents in China reached 52.7% in 2023, with specific rates of 35.6% for elementary school students, 71.1% for middle school students, and 80.5% for high school students [1] - The government has included myopia prevention and control in its performance assessment, which is expected to boost demand for vision correction products [1] Group 2: Financial Performance - In 2024, the company's revenue is projected to be approximately 1.203 billion yuan, reflecting a year-on-year increase of 2.29% [1] - The net profit attributable to shareholders is expected to be around 104 million yuan, representing a year-on-year decrease of 19.08% [1] Group 3: Brand Development - The company is cultivating its own brands, with a total of 13 self-owned frame brands and 4 self-owned lens brands as of now [2] - In 2024, self-owned lens sales accounted for 58.65% of total lens sales, while self-owned frame sales made up 65.40% of total frame sales [2] Group 4: Product Performance - Functional lens sales constituted 35.32% of total lens sales in 2024, showing a year-on-year growth of 33.87% [2] - Sales of progressive lenses for adults increased by 7.28%, while sales of defocus lenses grew by 19.05%, and fatigue-relief lenses surged by 66.72% [2]