证券研究报告·行业点评报告 2026 年 2 月 27 日 江海证券研究发展部 TMT 行业研究组 分析师：刘瑜 近期各类音频产品不断推出，关注相关 产业链公司 事件： 投资要点： 执业证书编号：S1410525110001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -0.88 3.8 11.65 绝对收益 -0.46 8.43 31.01 数据来源：聚源 注：相对收益与沪深 300 相比 相关研究报告 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 消费电子行业 行业评级：增持（首次） 炬芯科技联合 VIZIO 打造下一代无线家庭影院。2026 年 1 月，国际知名消费电 子品牌 VIZIO 推出三款全新的 5.1/4.1 声道 Soundbar 系列产品，全面采用炬芯 科技的无线家庭影院解决方案。 漫步者 M330 II 多场景可移动音箱开售。2026 年 1 月 27 日，漫步者 M330 ...

Corporate Governance - The company held its seventh second board meeting on February 9, 2026, to review the proposal for transferring equity in Nanjing Leyunrui Information Technology Co., Ltd [2] Business Development - The company is expanding its overseas market presence by enhancing its influence through online direct sales channels and social media operations, and has implemented a dual-line endorsement strategy in Thailand and Japan [3] - In the first half of 2025, the company's export sales revenue increased by 14.3% year-on-year, accounting for 22.9% of total sales, with rapid revenue growth maintained during the peak season in the second half of the year [3] - The company has reached a cooperation agreement with Huawei for the HUAWEI HiPlay ecosystem, with the first batch of products expected to be launched in the first half of 2026, featuring AI real-time translation capabilities in several headphone models [3]

Group 1 - The company announced that its seventh second board meeting was held on February 9, 2026, via video conference [1] - The meeting reviewed the proposal regarding the transfer of equity in Nanjing Leyunrui Information Technology Co., Ltd. [1] Group 2 - The article highlights the trend of young executives, particularly those born in the 2000s, taking on significant roles in A-share companies [1] - It emphasizes the challenges these young leaders face in meeting investor expectations [1]

Core Viewpoint - The company,漫步者 (002351.SZ), has approved the transfer of its 1.5661% stake in 乐韵瑞 to two investment partnerships for a total of approximately 1,256.00 million yuan, which will not significantly impact its financial indicators for the year 2026 [1] Group 1 - The company will transfer its stake for 966.3823 million yuan to 南京五源兴致创业投资合伙企业 (Limited Partnership) [1] - The company will also transfer its stake for 966.3724 million yuan to 宁波甬元稳仲创业投资合伙企业 (Limited Partnership) [1] - The transactions have been reviewed and approved by the independent directors and do not constitute a related party transaction or a major asset restructuring as defined by the relevant regulations [1]

深圳市漫步者科技股份有限公司 第七届董事会第二次会议决议公告 证券代码：002351 证券简称：漫步者 公告编号：2026-007 深圳市漫步者科技股份有限公司 深圳市漫步者科技股份有限公司（以下简称"公司"）第七届董事会第二次 会议于 2026 年 2 月 9 日以视频会议方式召开。本次会议的通知已于 2026 年 2 月 5 日以专人送达、电子邮件等形式通知了全体董事和高级管理人员。本次会议 应参加表决董事 11 人，实际参加表决董事 11 人，公司高级管理人员列席本次会 议。会议的内容以及召集、召开的方式、程序均符合《公司法》和《公司章程》 的规定。会议由董事会长张文东先生召集并主持。 经各位董事逐项表决，一致通过了以下决议： 一、以 11 票同意、0 票反对、0 票弃权，表决通过了《关于转让南京乐韵 瑞信息技术有限公司股权的议案》 同意以 966.3823 万元向南京五源兴致创业投资合伙企业（有限合伙）转让 所持有的乐韵瑞 1.5661%的股权；以 966.3724 万元向宁波甬元稳仲创业投资合 伙企业（有限合伙）转让所持有的乐韵瑞 1.5661%的股权。 本次交易已经独立董事专门会议事前审议并全体表 ...

Core Viewpoint - The company has announced the transfer of equity in Nanjing Leyunrui Information Technology Co., Ltd., which is expected to generate a profit of approximately 12.56 million yuan [1] Group 1: Equity Transfer Details - The company will transfer a total of 3.1322% equity in Leyunrui, specifically 1.5661% to each of Nanjing Wuyuan Xinzhi Venture Capital Partnership and Ningbo Yongyuan Wenzhong Venture Capital Partnership [1] - The transfer amounts are set at 9.663823 million yuan and 9.663724 million yuan respectively [1] Group 2: Financial Impact - The equity transfer is not classified as a related party transaction or a major asset restructuring [1] - The expected impact on the financial indicators for the year 2026 is minimal [1]

Core Viewpoint - The company is actively expanding its overseas market presence by enhancing its online direct sales channels and leveraging social media platforms to increase brand awareness among international users [1] Group 1: Overseas Market Operations - The company continues to maintain its previous exclusive distributor model while also developing online direct sales channels [1] - The company is increasing its influence on international e-commerce platforms such as Amazon, Rakuten, LAZADA, and SHOPEE [1] - The company is utilizing social media platforms like Instagram, YouTube, and Facebook to expand its brand presence among overseas users [1] Group 2: Strategic Partnerships - The company has partnered with popular local celebrities, such as Pond Naravit in Thailand and Yamazaki Kento in Japan, to implement a dual endorsement strategy targeting key Asian markets [1] Group 3: Financial Performance - In the first half of 2025, the company's export sales revenue increased by 14.3% year-on-year [1] - The proportion of export revenue to total revenue rose from 21.5% at the end of 2024 to 22.9% [1] - The company expects continued rapid revenue growth as the overseas market enters its peak season in the second half of the year [1]

Core Viewpoint - The company is actively expanding its overseas market presence by enhancing its online direct sales channels and leveraging social media platforms to increase brand awareness among international users [1] Group 1: Overseas Market Operations - The company continues to maintain its previous exclusive distributor model while also developing online direct sales channels [1] - The company is increasing its influence on international e-commerce platforms such as Amazon, Rakuten, LAZADA, and SHOPEE [1] - The company is utilizing social media platforms like Instagram, YouTube, and Facebook to expand its brand presence among overseas users [1] Group 2: Brand Promotion Strategies - The company has partnered with popular local celebrities, such as Pond Naravit from Thailand and the well-known Japanese actor Yamazaki Kento, to implement a dual-line endorsement strategy targeting core Asian markets [1] Group 3: Sales Performance - In the first half of 2025, the company's export sales revenue increased by 14.3% year-on-year [1] - The proportion of export revenue in total revenue rose from 21.5% at the end of 2024 to 22.9% [1] - Since the second half of the year, with the arrival of the overseas market peak season, revenue has continued to grow rapidly [1]

Group 1 - The core viewpoint of the article is that the company, Edifier, has introduced an AI meeting transcription feature that converts audio to text in real-time and extracts key points, tasks, and summaries [1] - This new feature has been integrated into mid-to-high-end headphone products, including LolliClipAI [1]

Group 1 - The company has completed the filing of its "Energizer Summary Extraction Algorithm" and "Energizer Machine Translation Algorithm" with the National Internet Information Office regarding deep synthesis service algorithms [1] - The company is continuously developing a richer variety of AI functionalities that are gradually being applied to its products [1]