Core Viewpoint - The company, Liaoning He Eye Hospital Group Co., Ltd., is launching a shareholder reward program to express gratitude to its investors and establish a long-term, diverse shareholder return mechanism [1][5]. Group 1: Activity Content - The program includes personalized eye health service consultants for each participating shareholder, offering "full-process convenient services" [1]. - Discounts on optical products such as orthokeratology lenses, myopia management lenses, and frame glasses will be provided [1]. - Exclusive discounts on diagnostic projects including visual training, genetic testing, and meibomian gland massage therapy are part of the offerings [1]. - Shareholders will receive special discounts on myopia correction refractive surgeries [1]. - Aesthetic medical projects will also be included in the rewards [1]. - Customized eye health check-up plans will be available for shareholders [1]. Group 2: Participation Scope - The program is open to current shareholders, historical shareholders, and future investors, including direct relatives (spouse, parents, children) of the shareholders [2]. Group 3: Activity Locations - The activities will take place at the company's subsidiary hospitals and core city clinics [3]. Group 4: Activity Duration - The program will be executed long-term starting from the date of the announcement [4]. Group 5: Participation Method - More details about the activities will be available through the WeChat account "He Eye Investor Relations," with relevant content to be published on December 26, 2025 [5]. Group 6: Additional Notes - This initiative is a practical measure for the company to implement its shareholder return philosophy and express sincere gratitude for the long-term support and attention from shareholders [5].

Core Viewpoint - He Eye Hospital (301103.SZ) is celebrating its 30th anniversary by launching an "Investor Health Feedback Activity" to establish a long-term and diverse shareholder return mechanism, expressing gratitude to shareholders for their ongoing support and trust [1] Group 1: Investor Engagement - The company will provide each participating shareholder with a dedicated eye health service consultant to offer "full-process convenient services" [1] - Discounts will be available on optical products such as orthokeratology lenses, myopia management lenses, and frame glasses [1] - Exclusive discounts on diagnostic projects including eye-brain visual training, genetic testing, and meibomian gland massage therapy will be offered [1] Group 2: Surgical and Aesthetic Services - Shareholders will receive exclusive discounts on myopia correction refractive surgeries [1] - Aesthetic medical projects will also be included in the offerings [1] - Special eye health check-up plans will be available for shareholders [1]

Core Viewpoint - He Eye Hospital (301103.SZ) celebrates its 30th anniversary by launching an "Investor Health Feedback Activity" to establish a long-term and diverse shareholder return mechanism, expressing gratitude to shareholders for their ongoing support and trust [1] Group 1: Investor Engagement - The company provides each participating shareholder with a dedicated eye health service consultant to offer "full-process convenient services" [1] - Discounts on optical products such as orthokeratology lenses, myopia management lenses, and frame glasses are available for shareholders [1] - Exclusive discounts on diagnostic projects including eye-brain visual training, genetic testing, and meibomian gland massage treatment are offered [1] Group 2: Surgical and Aesthetic Services - Shareholders receive exclusive discounts on myopia correction refractive surgeries [1] - Aesthetic medical projects are included in the offerings for shareholders [1] - Special eye health check-up plans are available for participating shareholders [1]

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]