New Stock News | Maoyuanchang Eyewear submits application to Hong Kong Stock Exchange and ranks first in the offline eyewear retail industry in Zhejiang.

On April 2nd, according to the disclosure of the Hong Kong Stock Exchange, Zhejiang Maoyuanchang Glasses Co., Ltd. (referred to as Maoyuanchang Glasses) submitted its IPO application to the main board of the Hong Kong Stock Exchange, with Huafu Jianye Enterprise Financing as its exclusive sponsor. Company Profile The prospectus shows that Maoyuanchang Glasses is a regional eyewear retail chain operator in Zhejiang and Gansu provinces, providing comprehensive and professional optometry and vision health services, and focusing on prescription glasses and services. According to the Euromonitor report, based on the offline retail sales including self-operated stores and franchise stores, Maoyuanchang ranked first in the Zhejiang province's offline eyewear retail industry in 2024, with a market share of about 8.8%; and based on the offline retail sales of the self-operated stores, the company's Lan Keda (formerly known as Keda, renamed in March 2026) ranked first in Gansu province in 2024, with a market share of about 10.2%. The company provides professional optometry and vision health services, with most of its products being prescription glasses for nearsightedness, farsightedness, and presbyopia, as well as products for preventing and controlling myopia in teenagers and progressive multifocal lenses. At the same time, the company sells its own brand and third-party brand products, operating stores under the Maoyuanchang and Lan Keda brands. The company's network includes self-operated stores of Maoyuanchang and Lan Keda, as well as franchise stores of Maoyuanchang. Currently, the company's retail network consists of 78 self-operated stores and 194 franchise stores in 18 cities in China, with the majority located in Zhejiang and Gansu provinces. The company also sells eyewear products through a Tmall online store and WeChat mini program. Revenue from self-operated stores is the company's main source of income. During the historical period, the company had a total of 58 self-operated stores ("TRP same store"), accounting for 90.2%, 87.3%, and 84.5% of revenue from self-operated stores for the years ended December 31, 2023, 2024, and 2025, respectively. For the years ended December 31, 2023, 2024, and 2025, revenue from franchise stores accounted for 21.8%, 24.1%, and 24.8% of the company's total revenue, respectively. Financial Information Revenue In 2023, 2024, and 2025, the company's revenue was approximately RMB 272 million, RMB 250 million, and RMB 265 million, respectively. Profit In 2023, 2024, and 2025, the company's annual profits were approximately RMB 37.116 million, RMB 18.054 million, and RMB 41.181 million, respectively. Gross Profit Margin In 2023, 2024, and 2025, the company's gross profit margin was 58.3%, 57.1%, and 61.1%, respectively. Industry Overview Zhejiang province is one of China's important eyewear industry clusters. By retail sales, the offline eyewear retail market in Zhejiang province increased from RMB 4.94 billion in 2019 to RMB 5.492 billion in 2024, with a compound annual growth rate of approximately 2.14%. It is estimated to further expand to approximately RMB 6.843 billion by 2029 (estimate), with a compound annual growth rate of approximately 4.20% from 2025 (estimate) to 2029 (estimate). In 2024, there were approximately 8,100 eyewear retail stores in the province. The offline eyewear retail market in Gansu province is relatively small, with market supply still dominated by scattered retail stores. In terms of retail sales, the offline eyewear retail market in Gansu province increased from RMB 689 million in 2019 to RMB 795 million in 2024, with a compound annual growth rate of approximately 2.92%. It is expected to further expand to approximately RMB 1.068 billion by 2029, with a compound annual growth rate of approximately 5.90% from 2025 to 2029. In 2024, there were approximately 2,000 eyewear retail stores in the province. Based on the 2024 offline retail sales value, Maoyuanchang brand is the largest eyewear retail brand in Zhejiang province, with a market share of approximately 8.8%. The offline eyewear retail market in Zhejiang province has a competitive landscape, with multiple regional market leaders coexisting and a highly fragmented long tail market. Overall, the market share of the top brands is limited, with the market share of the top three brands in 2024 being 23.1%, and each brand's market share being below 10%, indicating that a single regional market leader has not yet emerged. Based on the 2024 offline retail sales value, the Lan Keda brand (formerly known as Keda, renamed in March 2026) is the largest eyewear retail brand in Gansu province, with a market share of approximately 10.2%. The offline eyewear retail market in Gansu also shows a low level of concentration, with a clear hierarchical differentiation among market participants. Generally, the market share of the industry leaders remains at a low level in 2024, with the top three operators collectively holding a market share of 19.1%, indicating that the supply is still dispersed, with a large number of small and medium-sized stores and relatively open competition. Board of Directors Information The company's board of directors consists of 9 directors, including 5 executive directors, 1 non-executive director, and 3 independent non-executive directors. Equity Structure As of March 27, 2026, Maoyuanchang Holdings, Hangzhou Dashengchang, Hangzhou Shuangzhou, Mr. Jin, Ms. Peng, and Hangzhou Maosi Fa collectively have the right to control approximately 78.38% of the company's voting rights, and are therefore considered a group of controlling shareholders of the company. Maoyuanchang Holdings holds approximately 46.27% of the company's equity. Maoyuanchang Holdings is held 65% by Hangzhou Dashengchang, which is wholly owned by Mr. Jin, and 10% by Hangzhou Shuangzhou, which is controlled by Mr. Jin as a general partner of a limited partnership, with Mr. Jin holding 98% and Ms. Peng holding 2% of the shares. Ms. Peng and Hangzhou Maosi Fa directly hold approximately 24.52% and 7.59% of the company's equity, respectively. Hangzhou Maosi Fa is a limited partnership controlled by Mr. Jin as a general partner, with Mr. Jin holding approximately 67.35% of the shares. Mr. Jin and Ms. Peng are spouses. Intermediary Team Exclusive Sponsor: Huafu Jianye Enterprise Financing Limited Legal Advisor: Regarding Hong Kong law: Deheng International Limited Liability Partnership; Regarding Chinese law: Dacheng Law Offices (Shanghai) Legal Advisor to the Exclusive Sponsor: Regarding Hong Kong law: Tong Da Zhao Law Firm; Regarding Chinese law: Zhejiang Tianci Law Firm Reporting Accountant and Auditor: KPMG Certified Public Accountants Industry Consultant: Euromonitor International Limited Compliance Consultant: Huafu Jianye Enterprise Financing Limited