Group 1: Financial Performance - In 2024, the company achieved total revenue of 770 million yuan, a year-on-year increase of 2.88% [1] - The gross profit margin was 58.56%, up 0.98 percentage points from the same period last year, with a net profit attributable to shareholders of 177 million yuan, an increase of 12.21% year-on-year [1] - For Q1 2025, the company reported total revenue of 197 million yuan, a year-on-year increase of 2.63%, and a net profit of 47 million yuan, up 11.70% year-on-year [1] Group 2: Product Performance - The lens business grew by 8.72% year-on-year after excluding the negative impacts of overseas and raw material businesses, with star products performing exceptionally well [1] - The PMC Ultra Bright series saw revenue growth of nearly 45.6%, with three star products accounting for 54.6% of total revenue from regular lenses [1] - The "Easy Control" product line maintained rapid growth, with Q4 2024 sales reaching 41.58 million yuan, a year-on-year increase of 23.6%, and total sales for the year at 163.65 million yuan, up 22.7% [1] Group 3: Strategic Partnerships and Market Position - In April 2024, the company announced an exclusive partnership with Leica, focusing on high-end lens markets in China [2] - The company primarily operates in the domestic market with a direct sales model complemented by distribution, optimizing its customer structure [2] - By the end of 2024, the company had 2,707 direct sales customers and 66 distribution customers, including medical channels [2] Group 4: Future Projections - Revenue projections for 2025-2027 are 859 million, 951 million, and 1.05 billion yuan, with year-on-year growth rates of 11.5%, 10.7%, and 10.4% respectively [2] - Net profit projections for the same period are 199 million, 227 million, and 257 million yuan, with growth rates of 12.5%, 14.2%, and 13.3% respectively [2]

Core Viewpoint - Mingyue Lens achieved steady growth in revenue and profit for 2024, but the growth rate has slowed compared to previous years, and some business segments face challenges [1][4]. Revenue and Profit - The total revenue for Mingyue Lens in 2024 was 770 million yuan, representing a year-on-year increase of 2.88%, a significant decline from the 20.17% growth rate in 2023 [4]. - The net profit attributable to shareholders was 177 million yuan, up 12.21% year-on-year, while the net profit excluding non-recurring items was 152 million yuan, increasing by 11.67% [4]. - The gross profit margin improved to 58.56%, an increase of 0.98 percentage points from the previous year, indicating effective product structure optimization and cost control [4]. - Research and development expenses rose to 34.99 million yuan, a 24.96% increase, reflecting ongoing investment in technology and product development [4]. Products and Market - The core product "Mingyue" brand performed well in 2024, particularly the PMC Ultra Bright series, which saw a revenue increase of 45.6%, accounting for 54.6% of regular lens revenue [5]. - The myopia prevention product "Qing Song Kong" series achieved annual sales of 172.72 million yuan, a year-on-year growth of 29.5% [5]. - The company launched the new generation Qing Song Kong Pro 2.0 series, increasing the number of micro-lenses from 1,295 to 1,329, with an efficiency rate of 73.82% [5]. - Despite strong performance from star products, the company faces challenges in market expansion, with 2,707 direct sales customers and 66 distribution customers, indicating a need for better coverage of small and medium clients [6]. Dividends and Shareholder Returns - Mingyue Lens plans to distribute cash dividends of 100 million yuan for 2024, representing 56.77% of net profit attributable to shareholders, marking the fourth dividend distribution since the company went public [7]. - The proportion of dividends to net profit has increased from 37.97% in 2023, indicating a stronger focus on shareholder returns alongside improved profitability [7]. - However, concerns about the company's growth potential remain due to slowing revenue growth and challenges in market expansion, which may pressure long-term development [7].