证券代码：920183 证券简称：海菲曼 公告编号：2026-026 昆山海菲曼科技集团股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 提名人昆山海菲曼科技集团股份有限公司，现提名冯宝 山为昆山海菲曼科技集团股份有限公司第二届董事会独立 董事候选人，并已充分了解被提名人职业、学历、职称、详 细的工作经历、全部兼职、有无重大失信等不良记录等情况。 被提名人已书面同意出任昆山海菲曼科技集团股份有限公 司第二届董事会独立董事候选人。提名人认为，被提名人具 备独立董事任职资格，与昆山海菲曼科技集团股份有限公司 之间不存在任何影响其独立性的关系，且提名人与被提名人 不存在利害关系或者可能妨碍被提名人独立履职的其他关 系，具体声明并承诺如下： 一、被提名人已同时符合以下条件： （一）具备上市公司运作的基本知识，熟悉相关法律法 规、部门规章、规范性文件及北交所业务规则； （二）具有五年以上履行独立董事职责所必需的法律、 会计或者经济等工作经验； 1 （三）具有良好的个人品德，不存在重大失信等不良记 录； ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The technology industry experienced a total of 119 financing events globally from February 28 to March 6, 2026, with 101 events in China and 18 abroad, highlighting strong investment activity in advanced manufacturing, artificial intelligence, and enterprise services [9] - The semiconductor index, automotive electronics index, artificial intelligence index, and metaverse index saw significant declines, with weekly drops of 5.58%, 6.27%, 6.68%, and 4.44% respectively, indicating a challenging market environment [23] - Notable advancements in quantum technology include the introduction of a new paradigm for quantum weight reduction through layered coding by the University of Maryland, which could enhance efficiency in quantum computing applications [3][7] Summary by Sections Financing Overview - A total of 119 financing events occurred in the technology sector during the specified week, with advanced manufacturing leading with 43 events, followed by artificial intelligence with 40 events, and enterprise services with 11 events [9] IPO Updates - Hefiman Technology Group was listed on the Beijing Stock Exchange on March 4, 2026, focusing on high-fidelity audio products [10] - Guomin Technology passed the Hong Kong Stock Exchange listing hearing, aiming for a mainboard listing [14] - Feisuk Innovation also passed the listing hearing for the Hong Kong Stock Exchange, targeting the mainboard [17] - Gorelli submitted a prospectus for a mainboard listing on the Hong Kong Stock Exchange [20] Market Performance - The overall market indices experienced declines, with the Shanghai Composite Index down 0.93% and the Shenzhen Component Index down 2.22% [23] - The semiconductor index's PE ratio decreased by 11.7% week-on-week, indicating a drop in valuation [27] - The PB ratio for the semiconductor index also fell by 5.4%, reflecting a broader trend of declining valuations across technology sectors [29] Technological Advancements - The report highlights several breakthroughs in advanced semiconductor technology, including a dual-band perovskite single-pixel detector developed by teams from various universities, which enhances color image encryption capabilities [31] - A moisture-responsive crystallization strategy for CsPbI3 solar cells was proposed, allowing for efficient production under high humidity conditions, which could significantly impact solar cell manufacturing [38] - The RE-DBR laser architecture developed by the University of Hong Kong aims to achieve ultra-narrow linewidth and wide-range tuning without mode hopping, addressing limitations in current laser technologies [42]

Group 1 - The core viewpoint of the report highlights that the Middle East situation is affecting risk appetite, while the National People's Congress emphasizes expanding domestic demand [1][6] - The North Exchange 50 index fell by 7.14%, with a daily average trading volume increasing by 32% [6][10] - The report indicates that the oil and gas sector performed strongly, with companies like Teris and Keli Co. showing significant gains [6][30] Group 2 - The report notes that the market is primarily focused on the ongoing National People's Congress and the Middle East situation, with upcoming annual and quarterly reports expected to maintain low risk appetite [6][10] - The report suggests investment opportunities in energy, chemical, military, and undervalued high-performing stocks, as well as technology sectors with upward elasticity such as aerospace, computing power, and semiconductors [7][30] - The report identifies specific stocks to watch on the North Exchange, including Tongli Co., Suzhou Axis, and others [7][30] Group 3 - The North Exchange saw two new stocks listed this week: Haifiman and Tongling Technology, with significant first-day price increases [21][22] - The report mentions that the North Exchange's PE (TTM) average is 91.21 times, with a median of 45.77 times [12][18] - The report provides details on the trading volume and turnover rates of specific stocks, highlighting high turnover rates for companies like Changjiang Energy Technology [36][30] Group 4 - The report outlines the new three-board situation, noting six new listings and eleven delistings, with a total of 5,933 companies currently listed [42][46] - It mentions the fundraising activities on the new three-board, with a planned fundraising of 0.30 billion and completed fundraising of 0.38 billion [42][46]

Group 1 - The report highlights that the geopolitical situation in the Middle East is affecting risk appetite, with the ongoing tensions leading to a rise in oil prices, which in turn raises concerns about global demand and interest rates [9][10] - The North Exchange 50 index fell by 7.14%, while the average daily trading volume increased by 32% compared to the previous week [9][13] - The report indicates that the energy and chemical sectors, as well as military industries, are expected to perform well, while technology sectors such as commercial aerospace, computing power, and semiconductors are also highlighted for their potential [10][9] Group 2 - This week, two new stocks were listed on the North Exchange: Haifiman and Tongling Technology, with significant first-day gains of 170.42% and 41.42% respectively [24][25] - The report notes that there are currently 297 companies listed on the North Exchange as of March 6, 2026 [24] - The report provides insights into the performance of individual stocks, with notable gainers including Teris and Keli Co., while stocks like Liancheng CNC and Liujin Technology faced declines [34][39] Group 3 - The report mentions that the North Exchange's PE (TTM) average is 91.21 times, with a median of 45.77 times, indicating a decrease in valuation metrics [15][18] - The trading volume for the North Exchange reached 5.339 billion shares, reflecting an increase of 83.03% week-on-week, while the total trading value was 118.436 billion yuan, up 64.89% [21][22] - The report also notes that the margin financing balance decreased by 148 million yuan to 8.39 billion yuan [22]

Core Insights - The report highlights the performance of the Beijing Stock Exchange (BSE) on March 4, 2026, with the BSE 50 index declining by 0.26% to 1,411.45 points, while the specialized and innovative index increased by 0.44% to 2,395.72 points [3] - The overall trading volume on the BSE reached 22.438 billion yuan, with a total of 1.031 billion shares traded, indicating a recovery compared to the average daily trading volume of 17.956 billion yuan in the previous week [3] - The report notes that the overall valuation of BSE-listed companies is approximately 44.92 times earnings, which is higher than the valuation of companies on the ChiNext board [3][10] Market Performance - On March 4, 2026, the BSE saw mixed performance across various sectors, with the electronics sector leading gains at 9.5%, followed by media at 5.7%, and non-ferrous metals at 2.7%. Conversely, the transportation sector experienced a significant decline of 19.0% [3] - Among the 296 listed companies on the BSE, 118 saw their stock prices rise, while 176 experienced declines. Notable gainers included Haifeiman (+170.42%) and Huiwei Intelligent (+19.37%), while major losers included Huaguangyuanhai (-21.23%) and Bingyang Technology (-16.89%) [3][9] Valuation Insights - The report indicates that the average price-to-earnings (P/E) ratio for BSE-listed companies is 44.92 times, with the highest P/E ratios observed in the oil and petrochemical sector at 155.1 times, followed by non-ferrous metals at 119.2 times and telecommunications at 81.3 times [3][12] - The valuation trends show that BSE companies have a higher average P/E ratio compared to those on the ChiNext board, which stands at 75.16 times, and the Growth Enterprise Market, which is at 44.45 times [10][12] Stock Performance - The report provides detailed data on the top ten gainers and losers on the BSE for March 4, 2026. The top gainer, Haifeiman, had a market capitalization of 2.609 billion yuan and a P/E ratio of 34.87 times, while the top loser, Huaguangyuanhai, had a market capitalization of 2.215 billion yuan and a P/E ratio of 71.66 times [8][9] - The trading activity was notably high for stocks like Keli Co., which had a trading volume of 1.396 billion yuan, and Guohang Yuanyang, with 1.158 billion yuan [3][9]

Core Viewpoint - HIFIMAN, a domestic manufacturer with global influence in the niche market, officially listed on the Beijing Stock Exchange on March 4, raising a total of 207 million yuan through the issuance of 10.527 million shares, with an opening price of 51.17 yuan, reflecting a 160% increase from the issue price of 19.71 yuan [3][4]. Company Overview - Founded in 2011, HIFIMAN focuses on audio technology research and high-end audio product development, with over a decade of deep industry experience and technical accumulation [4][5]. - The company operates under its own brand "HIFIMAN," offering a range of high-end audio products including headphones and playback devices, aiming to provide high-fidelity auditory experiences [5]. Market Position - HIFIMAN competes directly with global high-end brands such as Sennheiser, Sony, and AKG, holding a top 5 market share in various high-end headphone price segments [5]. - The Chinese audio-visual industry has been experiencing rapid growth, and HIFIMAN has established a significant presence in the global high-end audio market, with 65% of its revenue coming from overseas [5][6]. Financial Performance - For the first three quarters of 2025, HIFIMAN reported revenues of 164 million yuan, a year-on-year increase of 13.23%, and a net profit of 50.35 million yuan, up 29.49% [7]. - In the first half of 2025, the company achieved revenues of 107 million yuan, reflecting a 20.77% year-on-year growth, with net profit increasing by 63.79% to 34.79 million yuan, showcasing strong resilience amid industry challenges [7]. Investment and Development Strategy - The funds raised from the IPO will be primarily used for enhancing production capacity, developing advanced acoustic components, and establishing a global brand and operational headquarters [4][6]. - HIFIMAN aims to leverage its technological strengths and innovation capabilities to solidify its position in the global high-end audio market and expand its market presence [6][7].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company, HIFIMAN, is a high-end audio brand with global influence, focusing on the design, research, production, and sales of its own brand audio products [4][9] - The company has established a strong market position in the high-fidelity audio product sector and has a robust technical foundation, with significant achievements in research and development [4][12] - The audio industry is undergoing a smart upgrade, with increasing brand and technical barriers reshaping the competitive landscape [4][41] Summary by Sections 1. HIFIMAN: Domestic High-End Audio Brand - HIFIMAN is one of the few domestic high-end audio brands with global influence, primarily engaged in the design, research, production, and sales of its own brand "HIFIMAN" audio products [4][9] - The company has a strong market position in the high-fidelity audio sector, with products that are well-received globally and have won numerous awards [9][62] - The company’s revenue from head-mounted headphones is projected to reach 227 million yuan in 2024, with a gross margin of 70.10% and a net profit margin of 29.34% [4][30] 2. Smart Upgrade in the Audio Industry - The demand for audio products is expanding due to smart technology and TWS (True Wireless Stereo) technology, which are driving user growth and product price increases [4][41] - The barriers to entry in the high-end audio sector are increasing, with a focus on technology and brand strength [4][42] - Domestic manufacturers are transitioning from OEM to independent brand operations, enhancing their market presence in the mid-to-high-end segments [4][58] 3. Pursuit of Ultimate Audio Experience - HIFIMAN is committed to providing high-fidelity audio experiences and has established a global sales network [4][61] - The company has a reasonable fundraising structure aimed at enhancing production capacity and technological breakthroughs [4][63] - HIFIMAN has developed key audio components independently, enhancing its global competitiveness [4][63]

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company, HIFIMAN, is a high-end audio brand with global influence, focusing on the design, research, production, and sales of its own brand audio products [4][9]. - The company has established a strong market position in the high-fidelity audio product sector and has received numerous awards for its products, indicating a competitive edge over international brands [9][62]. - The audio industry is undergoing a technological upgrade, with a shift towards smart and TWS (True Wireless Stereo) technologies driving demand expansion [41][42]. - HIFIMAN's self-developed key audio components enhance its global competitiveness, allowing for full control over core technologies in audio reproduction [63]. Summary by Sections 1. HIFIMAN: Domestic High-End Audio Brand - HIFIMAN is recognized as one of the few domestic high-end audio brands with global influence, focusing on high-fidelity audio products [4][9]. - The company has a robust technical foundation, with a comprehensive understanding of audio technology, leading to continuous product iteration and innovation [9][12]. - The company’s revenue and profitability have shown steady growth, with a projected revenue of 227 million yuan and a net profit of 67 million yuan in 2024, reflecting strong financial health [30][33]. 2. Audio Industry Technological Upgrade - The demand for audio products is expanding due to the rise of smart and TWS technologies, which enhance user experience and product functionality [41][42]. - The high-end audio market is characterized by increasing technical barriers, requiring companies to have substantial industry experience and technological capabilities [56]. - Domestic manufacturers are transitioning from OEM to independent brand operations, leveraging local industry ecosystems to enhance their market presence [58]. 3. Pursuit of Ultimate Audio Experience - HIFIMAN aims to provide high-fidelity audio experiences through continuous innovation and has established a significant market presence in high-end audio products [61][62]. - The company has developed a global sales network and a comprehensive supply chain, differentiating itself from many domestic ODM and OEM manufacturers [4][63]. - The funding structure for HIFIMAN is strategically aligned to support production capacity, technological breakthroughs, and marketing expansion [4][63].