从夸克眼镜看眼镜行业新变化

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]