Core Viewpoint - Edifier is a leading Chinese brand in audio equipment, focusing on high cost-performance audio and headphone products in the market [1] Group 1: Business Performance - In Q3 2025, Edifier's revenue reached 2.056 billion yuan, ranking 7th in the industry, below the top competitor Transsion Holdings at 49.543 billion yuan and second-place Anker Innovations at 21.019 billion yuan [2] - The main business composition includes headphones at 790 million yuan (58.42%), speakers at 508 million yuan (37.57%), other products at 48.9 million yuan (3.61%), and car audio at 5.2563 million yuan (0.39%) [2] - The net profit for the same period was 331 million yuan, ranking 6th in the industry, also below Transsion Holdings at 2.216 billion yuan and Anker Innovations at 1.969 billion yuan [2] Group 2: Financial Health - As of Q3 2025, Edifier's debt-to-asset ratio was 16.51%, lower than the previous year's 20.54% and the industry average of 37.74%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 40.28%, slightly up from 40.18% year-on-year and above the industry average of 29.94%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 5.44% to 79,400, while the average number of circulating A-shares held per shareholder decreased by 5.16% to 6,566.07 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked fifth with 6.2269 million shares, a decrease of 8.9232 million shares from the previous period [5] Group 4: Future Outlook - According to China Galaxy Securities, Edifier is expected to benefit from the AI wave, with projected revenues of 3.04 billion yuan in 2025, 3.41 billion yuan in 2026, and 3.93 billion yuan in 2027, reflecting year-on-year growth of 3.3%, 12.2%, and 15.1% respectively [6] - The company plans to release several high-end products and has developed various AI algorithms, enhancing its product offerings and market competitiveness [7]

筹码集中度方面，截至2025年三季度末，公司股东总户数为7.94万户，较上半年末增加了4091户，增幅 5.44%；户均持股市值由上半年末的15.50万元增加至15.89万元，增幅为2.51%。 资料显示，深圳市漫步者科技股份有限公司位于广东省深圳市南山区西丽街道松坪山社区朗山路13号清 华紫光科技园3层A302室，成立日期2001年1月16日，上市日期2010年2月5日，公司主营业务涉及家用 音响、专业音响、汽车音响、耳机及麦克风的研发、生产、销售。主营业务收入构成为：耳机 58.42%，音响37.57%，其它3.61%，汽车音响0.39%。 漫步者所属申万行业为：电子-消费电子-品牌消费电子。所属概念板块包括：流媒体、星闪概念、电子 竞技、智能音箱、中盘等。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 10月30日，漫步者发布2025年三季报。报告显示，公司前三季度营业收入为20.56亿元，同比下降 4.16%；归母净利润为3.00亿元，同比下降11.35%；扣非 ...

智通财经APP讯，漫步者(002351.SZ)发布2025年三季度报告，前三季度，公司实现营业收入20.56亿 元，同比下降4.16%。归属于上市公司股东的净利润3亿元，同比下降11.35%。归属于上市公司股东的 扣除非经常性损益的净利润2.82亿元，同比下降13.44%。 ...

格隆汇10月30日丨漫步者(002351.SZ)公布三季度报告，前三季营业收入20.56亿元，同比下降4.16%，归 属于上市公司股东的净利润3亿元，同比下降11.35%，归属于上市公司股东的扣除非经常性损益的净利 润2.82亿元，同比下降13.44%。 ...

漫步者公告，第三季度营收为7.04亿元，同比下降8.14%；净利润为9983.93万元，同比下降15.57%。前 三季度营收为20.56亿元，同比下降4.16%；净利润为3亿元，同比下降11.35%。 ...

深圳市漫步者科技股份有限公司 2025 年第三季度报告 证券代码：002351 证券简称：漫步者 公告编号：2025-034 深圳市漫步者科技股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 （二） 非经常性损益项目和金额 适用 □不适用 单位：元 1 深圳市漫步者科技股份有限公司 2025 年第三季度报告 | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | --- | | 非流动性资产处置损益（包括已计提资产减值准备的冲销部分） | -14,403.43 | -51,960.97 | | | 计入当期损益的政府补助（与公司正常经营业务密切相关 ...

Core Viewpoint - The company is leveraging its extensive experience in audio product development and production to expand its product range, focusing on mid-to-high-end and professional hearing assistance products [1] Group 1 - The company has received medical device certification for all its hearing assistance products, enabling it to serve a broader consumer base [1] - In September, the company launched the RIC smart behind-the-ear hearing aid, which features an AI dual-core hearing chip and high-sensitivity dynamic iron unit, significantly enhancing users' speech comprehension [1] - The new product aims to help users regain their hearing capabilities, thereby improving their quality of life [1]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.353 billion CNY, a decrease of 1.95% compared to the same period last year [2] - Revenue from headphone products was 790 million CNY, down 10.85% year-on-year; while revenue from speaker products was 508 million CNY, an increase of 17.40% year-on-year [2] - Gross profit margin stood at 40.36%, remaining stable year-on-year [2] - Domestic sales revenue was 1.043 billion CNY, a decline of 5.93% year-on-year; export revenue increased by 14.30% [2] Product Development and Innovation - The company launched several new products in 2025, including: - Evo headphones weighing only 3.8g and TWS X1 with adaptive noise cancellation [3] - Lolli ANC headphones with a noise reduction depth of -48dB [3] - OWS LolliClip AI, an open-style active noise-canceling ear clip [3] - The company is focusing on the rapidly growing open-ear headphone market, with over ten models launched to date [5] Market Strategy - The company is enhancing its overseas operations and expanding international e-commerce channels, leading to rapid growth in export business [3] - A dual-line endorsement strategy was implemented in 2025, partnering with local celebrities in Thailand and popular actors in Japan to reach core Asian markets [5] Investor Relations - The investor relations activity involved discussions about the company's current status and performance, with no significant undisclosed information leaked [5] - The meeting was attended by representatives from various investment firms, including CITIC Securities and E Fund [2]

Core Viewpoint - The stock price of Edifier has declined significantly, with a year-to-date drop of 20.80% and a recent 5-day decline of 7.54%, indicating potential challenges in the company's performance and market perception [1]. Financial Performance - For the first half of 2025, Edifier reported a revenue of 1.353 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 200 million yuan, down 9.07% compared to the previous year [2]. - Cumulatively, Edifier has distributed 1.632 billion yuan in dividends since its A-share listing, with 578 million yuan distributed over the last three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of Edifier's shareholders increased to 75,300, with an average of 6,922 shares held per shareholder, a decrease of 2.75% from the previous period [2]. - The major shareholders include Hong Kong Central Clearing Limited, which holds 15.1502 million shares, a decrease of 11.4228 million shares from the previous period [3].

Core Viewpoint - The company, Edifier Technology Co., Ltd., experienced a decline in stock price and trading volume on October 16, with a drop of 1.87% and a trading volume of 173 million yuan, indicating potential investor concerns [1]. Financing Summary - On October 16, Edifier had a financing buy-in amount of 28.11 million yuan and a financing repayment of 17.11 million yuan, resulting in a net financing buy of 11.01 million yuan [1]. - As of October 16, the total financing and securities lending balance for Edifier was 333 million yuan, with the financing balance of 332 million yuan accounting for 2.84% of the circulating market value, which is above the 70th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, Edifier had no shares repaid on October 16, with 2,600 shares sold short, amounting to 34,200 yuan at the closing price. The remaining short selling volume was 128,300 shares, with a short selling balance of 1.69 million yuan, also above the 80th percentile level over the past year [1]. Business Performance Summary - As of June 30, Edifier had 75,300 shareholders, an increase of 2.83% from the previous period, with an average of 6,922 circulating shares per person, a decrease of 2.75% [2]. - For the first half of 2025, Edifier reported operating revenue of 1.353 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 200 million yuan, down 9.07% year-on-year [2]. - Since its A-share listing, Edifier has distributed a total of 1.632 billion yuan in dividends, with 578 million yuan distributed over the past three years [2]. Shareholding Structure Summary - As of June 30, 2025, the top ten circulating shareholders of Edifier included Hong Kong Central Clearing Limited as the third-largest shareholder with 15.15 million shares, a decrease of 11.42 million shares from the previous period [2]. - The Southern CSI 1000 ETF ranked as the ninth-largest circulating shareholder with 4.10 million shares, an increase of 0.7681 million shares from the previous period [2]. - The Yinhua Digital Economy Stock Initiation A ranked as the tenth-largest circulating shareholder with 2.86 million shares, a decrease of 0.4934 million shares from the previous period, while the Invesco Great Wall Prosperity Growth Mixed A exited the top ten circulating shareholders [2].