Core Viewpoint - The company reported a revenue of 400 million yuan in the first half of 2025, reflecting a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 95.506 million yuan, up 7.4% year-on-year, indicating a faster profit growth compared to revenue due to improved product structure and cost control efficiency [1][1][1] Financial Performance - In the first half of 2025, the overall gross margin was 57.9%, a decrease of 1.5 percentage points year-on-year, primarily due to rising raw material costs [1] - The total expense ratio for the first half of 2025 was 31.4%, down 3.1 percentage points year-on-year, showcasing improved cost management [1] Product Demand and Market Position - Excluding the adverse impact of overseas business, the lens business grew by 5.4% year-on-year in the first half of 2025 [1] - The "PMC Ultra Bright" series, a key product, showed strong performance with a year-on-year increase of 31.8% in the first half of 2025 [1] Strategic Partnerships and Growth Opportunities - The company became the official exclusive optical partner for Xiaomi's AI glasses in the first half of 2025, leveraging its network of over 400 offline partner stores across the country [1] Earnings Forecast and Investment Recommendation - The expected earnings per share (EPS) for 2025-2027 are projected to be 1.01 yuan, 1.15 yuan, and 1.34 yuan, with corresponding price-to-earnings (PE) ratios of 45x, 40x, and 34x respectively [1] - The continuous optimization of product structure and entry into the smart glasses market are expected to drive growth, maintaining a "hold" recommendation [1]

明月镜片 20250828 摘要 明月镜片 2025 年上半年总营收 3.99 亿元，同比增长 3.7%，归母净利 润 9,551 万元，同比增长 7.4%。PMC 超亮系列产品增长 32.4%，镜 片销售占比达 84%，提升营收质量。费用管控方面，管理、销售费用同 比下降，研发费用同比增长 35.5%至 1993 万元。 2025 年上半年，明月镜片常规镜片业务受益于明星产品 PMC 超亮系列 （占比 55.8%）和 1.74 系列新品，抵消海外业务不利影响后同比增长 5.4%。轻松控系列销售额达 8,167 万元，同比增长 7.32%，剔除召回 影响后同比增长 18.4%，1.74 系列销售额同比增长 258%。 明月镜片与小米合作推出 AI 智能眼镜，提供线上线下全渠道配镜服务， 线上通过小米有品商城，线下在 400 余家门店验配。同时与爱尔眼科达 成战略合作，深化品牌、业务、科技等多领域合作，巩固市场地位。 小米智能眼镜销售良好，主流产品售价 1999 元，明月配套镜片平均单 价约 800 元，高于预期。公司通过线下连锁店提供验光配镜服务，减少 售后投诉，获得良好反馈。智能眼镜品类已基本形成，未来发展 ...