格隆汇12月17日丨希玛医疗(03309.HK)公告，于2025年12月17日，公司与明达眼镜订立契据，据此(i)公 司已同意将阿波罗55%股本转回予明达眼镜，而明达眼镜亦已同意向公司回购待售股份，相当于阿波罗 全部已发行股本的55%；(ii)作为出售事项的代价，明达眼镜已同意将债券注销并交还公司予以销毁， 并同意根据契据所载条款及条件解除公司于债券项下的责任。完成后，阿波罗将不再是公司非全资附属 公司(定义见上市规则)，且公司将不再持有阿波罗的任何股权权益。 集团已推行多项战略性举措，包括专注于香港及中国内地的眼科服务，以及深圳的牙科及医疗业务。出 售事项与优化集团内部资源利用的战略相契合。 阿波罗是一家根据香港法例注册成立的投资控股有限公司，且于紧接出售事项前由公司及明达眼镜分别 拥有55%及45%。阿波罗集团自2002年以来一直在中国内地从事镜片分销业务。目前，阿波罗集团拥有 近100名员工，向中国内地的公立医院、私立医院及眼科中心分销订制镜片产品(包括离焦镜片及渐进镜 片)。 ...

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.08 billion yuan, representing a year-on-year growth of 18.05% [2] - The net profit attributable to shareholders was approximately 87.83 million yuan, with a year-on-year increase of 5.21% [2] - For Q3 2025, the company reported a revenue of approximately 394 million yuan, showing a year-on-year growth of 25.39% [2] - The net profit for Q3 2025 was about 31.80 million yuan, reflecting a year-on-year increase of 2.24% [2] Group 2: Product Sales and Market Share - The sales volume of functional lenses increased by 20.55% year-on-year, accounting for 39.49% of total lens sales [3] - Sales of adult progressive lenses grew by 37.69% year-on-year [3] - Sales of defocus lenses increased by 13.95% year-on-year [3] - Sales of fatigue-relief lenses rose by 23.12% year-on-year [3] Group 3: Strategic Partnerships and Innovations - The company has partnered with leading smart glasses brands including Starry Meizu, Thunder Innovation, XREAL, and others [3] - Over 150 retail stores have been upgraded to include smart glasses display cabinets, creating an immersive shopping experience to enhance customer conversion rates [3]

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]