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 - The article discusses the increasing interest in myopia correction methods due to factors like job applications and aesthetic improvements, highlighting the popularity of topics like "myopia correction surgery" [1] - Myopia correction surgery, including laser procedures and artificial lens implantation, is a mature method for vision correction, but it is not a permanent solution; proper eye care post-surgery is essential [1] - The "20-20" rule is recommended for alleviating eye fatigue caused by prolonged screen time, suggesting a break every 20 minutes of close work by looking at something 20 feet away for 20 seconds [1] Group 2 - There is currently no clear medical evidence supporting the effectiveness of various eye care products like "myopia prevention patches" and "eye care devices," and their use is not recommended without verified methods [2] - Effective myopia prevention strategies include at least 2 hours of outdoor activity daily, using optical aids like OK lenses under medical guidance, and following prescriptions for low-concentration atropine [2] - The misconception that myopic individuals do not experience presbyopia is addressed; both conditions can coexist as they arise from different causes [2] Group 3 - It is advised that middle-aged individuals should regularly update their reading glasses as the prescription may change with age, and failing to do so can lead to eye strain and potential vision deterioration [4] - Symptoms like blurred vision, double vision, and headaches may indicate serious eye conditions such as cataracts or glaucoma, necessitating prompt medical attention [4]

Group 1 - The "Three Going to the Countryside" initiative in Hebei aims to provide targeted agricultural support and knowledge to local farmers, enhancing rural revitalization efforts [1][2][3] - Local fertilizer companies are actively participating in the initiative, offering fertilizers suitable for local soil and providing tailored advice to farmers [2] - The initiative emphasizes the importance of not just delivering products but also ensuring that services and technical support reach farmers directly, fostering a deeper understanding of their needs [2] Group 2 - The event showcases the commitment of market regulation departments to support farmers and ensure their agricultural practices are sustainable and effective [2] - Local enterprises view participation in the initiative as a way to give back to the community and develop products that better meet local agricultural demands [2] - The ongoing activities reflect a broader trend of integrating technology and professional services into rural areas, making the vision of rural revitalization more tangible [3]

Summary of the Eyewear Industry Conference Call Industry Overview - The global eyewear market is experiencing stable growth, with an expected CAGR of 6.2%. Key drivers include the demand for functional lenses among adults, myopia management lenses for children and adolescents, and presbyopia needs among the elderly [1][3] - The Chinese eyewear market is growing faster than the global average, with a retail CAGR of 8.8% from 2020 to 2024, projected to reach RMB 48.9 billion by 2028, with a future CAGR of 7.1% [1][4] Financial Metrics - Midstream manufacturers in the eyewear industry have a gross margin of 50%-55% and a net margin of 10%-20%. In contrast, the downstream retail sector has a gross margin of 60%-70% but a lower net margin of about 10%-12% [1][5] Market Structure - The upstream sector consists of raw material suppliers and equipment manufacturers, while the midstream includes lens production companies. The downstream comprises agents, distributors, and retailers, including optical chain stores and hospitals [5] - The domestic manufacturing sector is highly concentrated, with the top 10 companies holding a market share of 50%-60%, while the retail sector is more fragmented, with the top 10 holding only 10%-15% [5] Smart Glasses Development - The smart glasses market is accelerating, with brands rapidly releasing new products. Core technologies include micro-display technology, sensor fusion technology, and XR technology, although weight and fitting remain significant challenges [1][6][7] - Traditional eyewear companies play a crucial role in promoting smart glasses by providing accurate fitting services and offline channel support, addressing fitting challenges and enhancing comfort [8] Sales Channels - Offline channels account for approximately 40% of smart glasses sales, providing on-site experiences and value-added services that help reduce return rates. Major manufacturers need to prioritize partnerships with offline retailers [2][10] - The importance of offline channels is underscored by the fact that over 90% of consumers lack actual usage experience, leading to high return rates if purchases are made solely online [10] Pricing and Profitability - For example, the Quark glasses SE standard set is priced at RMB 4,699 without prescription lenses, with additional costs for different refractive indices ranging from RMB 719 to RMB 1,529. This indicates a good profitability for fitting companies [11] Opportunities for Traditional Companies - Traditional eyewear companies can benefit from establishing deep partnerships with smart eyewear brands to secure fitting orders, while retail companies can become important partners through channel cooperation [12] - Companies that master integrated fitting technology and leading firms in both manufacturing and retail sectors are expected to create new growth trajectories [12]

Core Insights - The 2025 Taizhou (Duqiao) International Eyewear Expo and China (Taizhou) Eyewear E-commerce Selection Conference aims to help companies explore diverse markets and promote the integration of cross-border e-commerce with market procurement, aligning with the "Zhejiang Going Global" initiative [1][2] - The expo features a new e-commerce selection theme, leveraging the advantages of local industrial bases to transform traditional markets through a "professional exhibition + e-commerce live streaming" model, expanding global development opportunities for the Taizhou eyewear industry [1][2] Industry Overview - Duqiao Town, the expo's host and a core area of the Taizhou eyewear industry, has over 1,000 supporting enterprises and a scale exceeding 7 billion yuan, leading the nation in sunglasses production and market share [1] - The expo spans over 30,000 square meters, featuring five major thematic exhibition areas, and attracts over 300 participating enterprises and 11,000 buyers, with foreign buyers increasing by approximately 20% year-on-year [2][3] Innovation and Collaboration - The expo promotes the integration of traditional craftsmanship with modern technology, enhancing design, manufacturing, and channel collaboration to inject new momentum into industry innovation [2][3] - The event includes the second National Eyewear Industry Talent Entrepreneurship and Innovation Competition, showcasing diverse works from 162 participants across 15 countries, emphasizing the shift from "manufacturing" to "creation" in the eyewear industry [3] E-commerce and Digital Transformation - Special zones for global eyewear e-commerce, live streaming, and cross-border export are established, featuring participation from major domestic and international e-commerce platforms, enhancing the dual empowerment effect of "supply chain advantages + digital channels" [3][4] - Concurrent events such as the "China (Taizhou) Eyewear E-commerce Development Forum" and "Global Cross-border Resource Matching Conference" provide platforms for industry professionals to exchange ideas and accelerate the branding and internationalization of the Taizhou eyewear industry [4]

Group 1: Market Dynamics - The increase in Chinese exports to Japan reached $157.52 billion in 2023, accounting for nearly 25% of Japan's total imports, making Japan China's second-largest export market [1] - The aging population in Japan, with 29.1% of the population aged 65 and above in 2023, creates significant demand for products catering to older adults, including eyewear and home medical facilities [2][3] - The rise of e-commerce in Japan, accelerated by the pandemic, has led to a projected online shopping penetration rate of 89% by 2025, providing opportunities for Chinese cross-border e-commerce platforms [3][4] Group 2: Consumer Behavior - Japanese consumers are known for their high standards and loyalty, which can lead to long-term profitability for brands that successfully build trust [6][7] - The demand for affordable products has surged as Japan emerges from a prolonged economic stagnation, with rising prices further amplifying this need [4][5] - Chinese brands are leveraging supply chain advantages to offer competitive pricing, with some products priced at half that of leading Japanese brands [5] Group 3: Challenges and Strategies - Entering the Japanese market requires patience and a long-term commitment, as quick returns are often unrealistic due to the unique consumer expectations [6][7] - Establishing trust and local relationships is crucial for success, as Japanese business culture emphasizes long-term partnerships [7][9] - The "three-person four-legged" model, which involves forming joint ventures with local companies, can enhance competitiveness and facilitate market entry for Chinese firms [9]

Group 1 - The core viewpoint of the article highlights the recent stock performance of Mingyue Optical, which closed at 45.31 yuan on August 13, reflecting a decline of 0.61% from the previous trading day [1] - The company specializes in the research, production, and sales of optical products, including lenses and frames, and is recognized as one of the significant lens manufacturers in China [1] - On the news front, the actual controller of the company, Xie Gongwan, along with his concerted actions, reduced their holdings by a total of 1.6281 million shares between July 18 and August 11, representing 0.81% of the total share capital after excluding repurchased shares [1] Group 2 - On August 13, the main capital outflow amounted to 16.4903 million yuan, with a cumulative net outflow of 34.7235 million yuan over the past five days [1] - The trading volume on August 13 was 47,900 lots, with a transaction value of 216 million yuan, resulting in a turnover rate of 2.51% [1]

Core Viewpoint - Japan is gradually shifting its national policy from a manufacturing-centric economy to a combination of manufacturing and tourism, with a significant increase in tourism from China, particularly from the Jiangsu, Zhejiang, and Shanghai regions [3][4]. Group 1: Aging Population and Labor Market - The aging population in Japan is evident, with many service sectors, including taxi drivers, being predominantly staffed by individuals over 60 years old [5][9]. - In 2023, 384 fatalities were reported among drivers aged 75 and above, highlighting the risks associated with an aging workforce [8]. - Over 30% of Japanese companies have abolished retirement age policies, allowing older individuals to remain in the workforce, which helps mitigate labor shortages [12]. Group 2: Economic Implications of Aging - The elderly population in Japan is projected to grow, with 36.25 million individuals aged 65 and above by 2024, accounting for 29.3% of the total population [15][16]. - The elderly contribute to the economy by continuing to work, which alleviates the burden on social security systems [19]. - There is a growing market for products tailored to the elderly, including specialized household items and medical supplies, driven by the large elderly demographic [22][23]. Group 3: Unique Market Trends - Japan's "Galapagosization" phenomenon refers to the unique evolution of products and services tailored to the elderly, which may lag behind global technological trends [31]. - The market for elderly products includes items like electric beds and adult diapers, which have seen increased demand, sometimes surpassing that of baby products [29][30]. - The elderly consumer market is characterized by a preference for traditional products and services, which can slow down innovation but also create niche markets [19][20]. Group 4: Government Response and Community Planning - The Japanese government is focusing on enhancing the quality of life for the elderly through community planning and the establishment of age-friendly environments [33]. - Initiatives include building senior living communities and promoting policies that support the elderly's continued participation in the workforce [33].

Core Viewpoint - The article highlights the potential fire hazards posed by glass products, such as empty bottles and mirrors, when exposed to sunlight during the summer months, emphasizing the need for caution in their storage and handling [3][9][17]. Group 1: Incidents of Fire Caused by Glass Products - On June 4, a storage compartment in Beijing caught fire due to sunlight refracting through empty glass bottles, igniting surrounding flammable materials [3]. - A similar incident occurred in Fujian, where sunlight focused through a double-sided mirror ignited a promotional flyer, leading to a fire that destroyed items in the store [5][6]. - In May of the previous year, a backyard fire in Zhejiang was traced back to 80 crystal balls that reflected sunlight, igniting nearby cardboard boxes [8]. Group 2: Other Fire Hazards in High Temperatures - A fire in a vehicle in Beijing was caused by sunlight heating water bottles placed on top of the truck, which ignited surrounding materials [11]. - The structure of common items like bottled water and reading glasses can act as convex lenses, concentrating sunlight and increasing temperatures, which can lead to fires [13]. - Firefighters conducted experiments showing that items like lighters and spray cans can explode when left in a car under direct sunlight, with significant temperature increases observed [15]. Group 3: Safety Recommendations - It is advised to keep items such as magnifying glasses, bottled water, and other glass products away from direct sunlight and flammable materials [17]. - Specific caution is recommended for items like lighters, power banks, and aerosol sprays, which should not be left in vehicles during hot weather [17].

Group 1 - Japan is gradually shifting its national policy from manufacturing to a combination of manufacturing and tourism, with a notable increase in tourism from China [1] - Chinese tourists are the main force in visiting Japan, often returning multiple times and exploring deeper into local experiences [2][5] - Residents from Jiangsu, Zhejiang, and Shanghai are particularly familiar with traveling to Japan, finding it more convenient compared to other regions in China [3][4] Group 2 - Japan is experiencing rapid aging, with a significant presence of elderly drivers in the taxi industry, raising concerns about safety [6][11] - The elderly workforce is prevalent across various service sectors, including hospitality and security, reflecting Japan's acceptance of a "super-aged society" [12][14] - Over 30% of Japanese companies have abolished retirement age policies, indicating a trend towards retaining older employees in the labor market [18] Group 3 - The aging population in Japan is leading to an increase in solitary elderly individuals, raising concerns about social isolation and "lonely deaths" [19] - The elderly consumer market is evolving, with older individuals maintaining purchasing power and preferences for traditional products and services [25][26] - Japan's unique "Galapagosization" phenomenon reflects a cultural and economic isolation that may hinder technological advancement while fostering niche markets for elderly products [46][47] Group 4 - The Japanese government is focusing on enhancing the quality of life for the elderly through community planning and age-friendly initiatives [53][54] - There is a clear strategy to improve the health and longevity of older adults, gradually eliminate retirement, and promote consumption among the elderly [54][55] - The development of elderly-friendly products and services is becoming a significant market segment, with a variety of specialized items catering to the needs of older consumers [30][42]