GoerTek (002241.SZ) 3Q25 Earnings Call Summary Company Overview - GoerTek is a manufacturer of acoustic components and accessory products for consumer electronics, including tablets, PCs, and smartphones. The company has established long-term partnerships with leading consumer-electronic brands due to its expertise in miniature acoustics components and execution strength [26][27]. Key Financial Highlights - **3Q25 Revenue**: Rmb30.6 billion, up 4% YoY and 44% QoQ, exceeding CitiE and BBGe estimates by 17% and 11% respectively [2][3]. - **Gross Margin (GM)**: Improved by 1.5 percentage points YoY to 12.8%, slightly below CitiE but above BBGe [2][3]. - **Operating Profit (OP)**: Rmb1.4 billion, a 10% increase YoY, in line with CitiE and beating BBGe by 12% [2][3]. - **Net Profit (NP)**: Rmb1.2 billion, up 5% YoY, exceeding CitiE by 6% but missing BBGe by 5% [2][3]. - **Gross Profit (GP)**: Increased by 18% YoY to Rmb3.9 billion, beating both CitiE and BBGe estimates [2][3]. Earnings Forecast and Target Price - **Revised EPS Estimates**: 2025-2027 EPS estimates increased by 1%, 6%, and 6% respectively, reflecting positive contributions from smart hardware and AI glasses [3][17]. - **New Target Price**: Increased to Rmb38.0 from Rmb34.0, based on a 28.2x P/E for 2026, indicating confidence in the emerging XR business [3][28]. Strategic Insights - GoerTek is expected to benefit from the iPhone MEMS microphone upgrade and the anticipated growth in AI smart glasses, particularly in the US and China [3][27]. - The smart hardware segment is projected to rebound in 2026/27, driven by AI smart glasses and VR/MR recovery [13][14]. Market Position and Risks - **Market Cap**: Rmb116.2 billion (approximately US$16.3 billion) [4]. - **Investment Rating**: Rated as "Buy" with an expected total return of 15.4%, including a 14.2% price return and a 1.3% dividend yield [4][27]. - **Risks**: Potential risks include lower-than-expected VR/AR penetration rates and increased competition leading to price pressures [29]. Conclusion - GoerTek's 3Q25 results indicate a stable performance with positive growth prospects driven by advancements in smart hardware and strategic partnerships. The upward revision of EPS estimates and target price reflects confidence in the company's future growth trajectory, particularly in the XR and AI segments [3][28].

Core Viewpoint - Goer Technology announced the election of Dong Haixia as the employee representative director of the company's seventh board of directors, scheduled for October 30, 2025 [2] Company Summary - Goer Technology will hold an employee representative meeting on October 30, 2025 [2] - Dong Haixia has been nominated for the position of employee representative director [2]

证券代码：002241 证券简称：歌尔股份 公告编号：2025-114 歌尔股份有限公司 公司于 2025 年 10 月 30 日召开职工代表大会，选举董海霞女士（简历见附件） 为公司第七届董事会职工代表董事，与公司股东大会选举产生的非职工代表董事共 同组成公司第七届董事会，其任期与第七届董事会任期一致。公司第七届董事会中 兼任公司高级管理人员以及由职工代表担任的董事人数总计将不超过公司董事总数 的二分之一。 特此公告。 歌尔股份有限公司董事会 二〇二五年十月三十一日 附件： 董海霞，女，中国国籍，无境外永久居留权，1979 年 6 月出生，中国人民大学 管理学硕士。董海霞女士现任公司经营绩效管理本部负责人，于 2003 年加入公司， 历任公司企业发展部经理、稽核部经理、运营管理中心负责人等职务，具有丰富的 企业管理经验。 董海霞女士未直接持有公司股份，与本公司或其控股股东及实际控制人不存在 关联关系，与其他持股 5%以上股东及公司其他董事、高级管理人员不存在关联关 系。不存在《深圳证券交易所自律监管指引第 1 号——主板上市公司规范运作》规 定的不得提名为董事的情形；不存在被中国证监会确定为市场禁入者并且尚 ...

证券代码：002241 证券简称：歌尔股份 公告编号：2025-113 特别提示： 1、本次股东大会无否决议案的情况； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、 会议召开和出席情况 （一）会议的召开情况 1、 召开时间：2025年10月30日下午2:00 2、 召开地点：山东省潍坊市高新区梨园街与光电路交叉口东歌尔股份有限公司光电园 二期综合楼A1会议室 3、 召开方式：现场投票和网络投票相结合 4、 投票方式：通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年10月 30日9:15-9:25，9:30-11:30和13:00-15:00；通过深圳证券交易所互联网投票系统投票 的具体时间为2025年10月30日上午9:15-2025年10月30日下午3:00期间任意时间。 5、 召集人：公司董事会 6、 主持人：公司董事长姜滨先生因工作安排无法现场主持本次会议，由公司过半数董 事推举董事段会禄先生主持。 7、 本次会议的召集、召开与表决程序符合《中华人民共和国公司法》《上市公司股东 会规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第1号——主板上市公司 ...

北京市天元律师事务所 关于歌尔股份有限公司 2025 年第二次临时股东大会的法律意见 京天股字（2025）第 657 号 致：歌尔股份有限公司 歌尔股份有限公司（以下简称"公司"）2025 年第二次临时股东大会（以下 简称"本次股东大会"）采取现场投票与网络投票相结合的方式召开，现场会议 于 2025 年 10 月 30 日在山东省潍坊市高新区梨园街与光电路交叉口东歌尔股份 有限公司光电园二期综合楼 A1 会议室召开。北京市天元律师事务所（以下简称 "本所"）接受公司聘任，指派本所律师参加本次股东大会现场会议，并根据《中 华人民共和国公司法》、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股东会规则》（以下简称"《股东会规则》"）以及《歌尔股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，就本次股东大会的召集、召开程序、 出席现场会议人员的资格、召集人资格、会议表决程序及表决结果等事项出具本 法律意见（以下简称"本法律意见"）。 为出具本法律意见，本所律师审查了《歌尔股份有限公司第六届董事会第三 十三次会议决议公告》《歌尔股份有限公司关于召开 2025 年第二次临时股东大会 的通知 ...

Key Points - The report highlights a selection of stocks for October, including companies such as China Southern Airlines (600029.SH) and Contemporary Amperex Technology Co., Ltd. (300750.SZ) [1] - The macroeconomic analysis emphasizes the importance of the "14th Five-Year Plan" period for China's reform and innovation, indicating that it is a critical time for achieving significant progress towards socialist modernization [5] - The fixed income section discusses the recent fluctuations in the bond market, noting that the central bank's actions to pause and then resume government bond trading reflect its intention to stabilize yields [6][7] - The report provides an overview of market indices, showing slight declines in major indices such as the Shanghai Composite Index, which closed at 3988.22, down 0.22% [3] - Industry performance data indicates that the comprehensive index rose by 2.06%, while sectors like non-ferrous metals and beauty care saw declines of 2.72% and 1.51%, respectively [4]

Core Insights - The core viewpoint of the article highlights the significant growth and transformation of Goer Technology (歌尔股份) as it shifts its focus from traditional smart acoustic products to high-margin precision components and AI smart hardware, particularly in the rapidly growing AI smart glasses market [1][5][17]. Financial Performance - In Q3 2025, Goer Technology achieved a revenue of 30.557 billion yuan, representing a year-on-year increase of 4.42% [1]. - The net profit attributable to the company, excluding non-recurring items, reached 1.034 billion yuan, marking a year-on-year growth of 19.91% [1]. Business Transformation - The increase in profit outpaced revenue growth, indicating improved efficiency in profitability [2]. - The company's business structure has undergone a significant change, with a higher proportion of revenue coming from precision components and rapidly growing AI smart hardware [4][6]. Market Trends - The AI smart glasses market is experiencing rapid growth, with a reported 145.5% year-on-year increase in shipments in Q2 2025 in China [5][8]. - Goer Technology is positioned as a key supplier in this emerging market, capitalizing on the shift from traditional TWS earphones to AI hardware [5]. Strategic Developments - Goer Technology is actively expanding its capabilities in AI smart hardware and precision components, which are the main drivers of profit growth in Q3 2025 [6][13]. - The company has made significant investments in core optical technologies, including a planned acquisition of Plessey Semiconductors for Micro-LED technology and the acquisition of Shanghai Aolai for optical waveguide technology [16][17]. Technological Advancements - Goer Technology showcased various technological innovations at its first innovation conference, including solutions for AI smart glasses that address key challenges in audio quality and privacy [7][8]. - The company is also exploring advancements in human-computer interaction through new smart ring designs that integrate health monitoring and multi-modal interaction capabilities [11][12]. Customer Engagement - The strategic shift towards high-margin components and core optical technologies aims to deepen partnerships with major clients like Meta, Huawei, and Xiaomi, who seek collaborative technology partners rather than just manufacturing capabilities [19]. Shareholder Actions - Since 2025, the controlling shareholder has increased its stake in the company by nearly 1 billion yuan, and the company has executed a share buyback of 510 million yuan [20]. - Additionally, the company announced a cash dividend of 1.50 yuan per share, totaling approximately 522 million yuan [20].

Meeting Overview - The company will hold the second extraordinary general meeting of shareholders in 2025 on October 30, 2025 [1][2] - The meeting will be conducted through a combination of on-site voting and online voting to protect investor rights [1] Meeting Details - The on-site meeting will start at 14:00 on October 30, 2025, with online voting available from 9:15 to 15:00 on the same day [2][3] - The record date for shareholders to attend the meeting is October 24, 2025 [3] Participants - Eligible participants include ordinary shareholders, company directors, supervisors, senior management, and appointed lawyers [3][4] - Shareholders can authorize agents to attend the meeting and vote on their behalf [3] Agenda Items - The proposals to be discussed at the meeting have been approved by the company's board of directors and require a special resolution for approval [4] - Proposal 1 must be passed for subsequent proposals to be valid [4] Registration Information - Shareholders must register to attend the meeting, with specific requirements for natural and legal persons [5][6] - Registration will take place on October 29, 2025, from 9:00 to 17:00 [6] Voting Process - Shareholders can participate in online voting through the Shenzhen Stock Exchange's systems, with specific voting codes provided [9][12] - Voting will be conducted in accordance with the rules set by the Shenzhen Stock Exchange [19]

Economic Overview - Weifang, located in central Shandong Peninsula, has a land area of 16,000 square kilometers and a permanent population of 9.32 million. It is known as a major industrial hub in northern China, with a GDP of 820.32 billion yuan in 2024, representing a year-on-year growth of 5.9% [1] - The city's industrial enterprises achieved revenues exceeding 1.2 trillion yuan, with a GDP of 406.53 billion yuan in the first half of the year, marking a 5.3% increase year-on-year [1] Private Sector Contribution - Private enterprises are crucial to Weifang's development, contributing 60% of GDP, 70% of investment, 80% of tax revenue, 90% of employment, and 99% of market entities. The "2025 Weifang Top 100 Private Enterprises" list, released on October 24, serves as an important indicator of local private enterprise development [3] - Weifang ranks second in Shandong for the number of companies in the "2025 Shandong Top 200 Private Enterprises," with 32 firms, including 17 in the top 100, the highest in the province [3] Key Companies - Two companies from Weifang have entered the "billion-yuan revenue club." GoerTek, a leader in the new generation information technology sector, reported a revenue of 100.95 billion yuan last year, a 2.41% increase, and a net profit growth of 144.93% to 2.665 billion yuan [5] - Hongrun Petrochemical achieved a revenue of 150.81 billion yuan last year, an 8.3% increase, ranking first in the "2025 Weifang Top 100 Private Enterprises" and 54th in the "2025 China Top 500 Private Enterprises" [8] Industry Highlights - GoerTek's revenue from smart hardware was 57.199 billion yuan, down 2.57%, while precision components revenue grew by 15.85% to 15.051 billion yuan. The company holds an 85% market share in the global mid-to-high-end VR headset market and is the top player in the micro microphone sector [6] - Hongrun Petrochemical is a key player in the high-end chemical industry, with significant investments in new projects, including a 28.9 billion yuan high-end polypropylene project, the largest of its kind in Asia [8] Top 100 Private Enterprises List - The top five companies in the "2025 Weifang Top 100 Private Enterprises" are: 1. Hongrun Petrochemical 2. GoerTek 3. Shandong Shouguang Luqing Petrochemical 4. Luli Group 5. Zhucheng Foreign Trade [9][10]

Investment Rating - The industry rating is maintained at "Overweight" [4] Core Insights - The global smart glasses market saw a shipment volume of 4.065 million units in the first half of 2025, representing a year-on-year growth of 64.2% [4] - The growth in the smart glasses market is driven by various factors including AI technology empowerment, supply chain optimization, optical solution development, and the entry of major players into the ecosystem [4] - The report highlights the launch of multiple new products in the smart glasses category, indicating a rapid promotion and popularization phase for smart glasses as an important carrier of AI at the edge [5] Summary by Sections Industry Performance - The electronic industry has shown relative returns of 0.16% over one month, 27.29% over three months, and 38.97% over twelve months compared to the CSI 300 index [2] - Absolute returns for the same periods are 3.8%, 41.56%, and 58.17% respectively [2] Market Developments - The report notes the release of the Galaxy XR by Samsung, which is the first product based on the Android XR platform, integrating multi-modal AI capabilities [4] - The report also mentions the launch of the Thunder Air 4 series AR glasses and the INMO GO3 smart glasses, showcasing the innovation in the smart glasses market [4] Future Outlook - The smart glasses industry is expected to enter a rapid development phase, with a focus on related companies such as Xiaomi Group-W, Hengxuan Technology, Allwinner Technology, GoerTek, and Crystal Optoelectronics [5]