Core Insights - The company reported a total revenue of 2.943 billion yuan in 2024, representing a year-on-year growth of 9.27%, while net profit attributable to shareholders was 449 million yuan, up 7.06% year-on-year. However, the growth rates have significantly slowed compared to previous years, particularly net profit growth which dropped from 70.17% in 2023 to 7.06% in 2024, indicating substantial market pressure and operational challenges [1][2]. Revenue Performance - The revenue growth rate for 2024 was significantly lower than the 21.64% growth in 2023. The earphone and headset segment, which is the main revenue source, generated 1.841 billion yuan, with a mere growth of 2.79%, far below the previous year's performance. In contrast, the audio segment achieved 999 million yuan in revenue, growing by 20.39%, but this segment only accounted for 33.9% of total revenue, failing to offset the weakness in the earphone business [2][3]. Market Challenges - The overseas market accounted for 23.07% of revenue in 2024, with domestic sales making up 76.93%. The recent increase in tariffs by the U.S. government poses a significant challenge to the company's growth prospects in international markets. Although the company has established a presence in over 80 countries, the sales scale and market share remain limited. The increased tariffs could either reduce price competitiveness if passed on to consumers or compress profit margins if absorbed by the company [3][4]. Cost and Profitability - Sales expenses surged to 380 million yuan, a 31.52% increase, primarily due to rising advertising and labor costs. Although management expenses decreased, R&D expenses rose by 9.16% to 184 million yuan. The increase in costs has put considerable pressure on the company's profitability, leading to a significant decline in net profit growth [4][7]. Quality Issues - The company has faced numerous consumer complaints regarding product quality, particularly with earphones and speakers. Reports indicate various quality defects, including frequent issues with earphone connectivity and sound quality. This growing concern over product quality could damage the company's brand image and hinder future growth [8][16].

Core Viewpoint - The company, Edifier (漫步者), reported a revenue increase of 9.27% for the fiscal year 2024, with a focus on developing advanced AI headphone products while facing challenges in the traditional TWS headphone market [1][2][3]. Financial Performance - The company achieved total revenue of 294.33 million yuan, up from the previous year [1][2]. - The net profit attributable to shareholders was 44.92 million yuan, reflecting a 7.06% increase year-over-year [1][2]. - The revenue from headphone and headset products was 184.10 million yuan, a growth of 2.79%, while the sound system products saw a revenue increase of 20.39% to 99.66 million yuan [1][2]. Product Development and Market Strategy - The company is focusing on the development of AI headphones, with new products featuring real-time translation capabilities [4]. - The slowdown in headphone business growth is attributed to a strategic shift towards non-in-ear headphones, leading to insufficient updates in traditional mid-to-low-end TWS models [3]. - The company plans to reintroduce mid-to-low-end models to regain market share lost in the previous year [3]. Market Position and Future Outlook - The company aims to break the 30 billion yuan market capitalization barrier, currently valued at 12.57 billion yuan, indicating a potential 58% increase [7]. - The demand for open-ear headphones is rising, and the company has launched over ten related models in 2024 [5]. - The company maintains a focus on its core business and believes that solid performance will lead to increased market value [6]. Investor Relations and Market Sentiment - The company acknowledges the impact of macroeconomic factors on stock price fluctuations but emphasizes its commitment to improving product development and sales performance [6]. - Despite strong financial results, the stock has seen a decline of 30% from its peak, raising concerns among investors [7].

Group 1: Financial Performance - In 2024, the company achieved total revenue of 2.943 billion CNY, a year-on-year increase of 9.27% [1] - Gross margin reached 40.35%, up 3.02% from the previous year [1] - Headphone and headset series generated revenue of 1.279 billion CNY, with a growth of 18.41% [1] - Sound system series revenue was 999 million CNY, reflecting a 20.39% increase [1] - Domestic sales revenue was 2.312 billion CNY, up 11.57% [1] - Export revenue was 631 million CNY, a year-on-year growth of 1.61% [1] - The company reported a net profit attributable to shareholders of 429 million CNY, a 13.66% increase [1] Group 2: Product Development and Market Strategy - The company launched several high-end products, including NeoBuds Pro3 and Hi-Fi flagship speaker S300 [1] - The open-ear headphone market is rapidly growing, with the company investing heavily since 2024 [2] - The company has released over ten models of open-ear headphones, focusing on various forms and price ranges [2] - The brand aims to expand its target audience, particularly among female users, leveraging celebrity endorsements [2] - The company has established a multi-brand strategy, introducing brands like "AIRPULSE" and "HECATE" [2] Group 3: Operational Highlights - The company maintained a significant increase in headphone business gross margin, outperforming industry standards [2] - The competitive landscape in the headphone sector has intensified due to the entry of major smartphone brands [2] - The company has implemented strict compliance measures during investor interactions to prevent information leakage [2]

Group 1: Company Performance and Market Position - The company has launched several new products, including the S3, S5, and S10 wireless headphones, with S5 and S10 recently winning the German Red Dot Award [2] - The company reported a share buyback of 5.1 million shares completed on September 12, 2024, indicating a commitment to enhancing shareholder value [3] - The company believes that the overall earphone market will see slight growth this year, despite increased competition [4] Group 2: Brand Strategy and Marketing - The company is focusing on brand building by promoting "craftsmanship and sincerity" and has engaged Wang Yibo as a spokesperson to attract female users [2] - The company is enhancing its brand presence and product positioning to create distinct "barrier-type" products [3] - Sales expenses increased due to heightened brand promotion efforts, which have positively impacted revenue and maintained net profit margins [9] Group 3: Product Development and Innovation - The company is actively integrating AI technology into its products, with features like real-time translation being standard in new earphone models [4] - The company has collaborated with major internet firms for product development, including AI-driven features in its audio devices [5] - The company is exploring the potential of AI glasses but currently has no plans to enter that market due to technical challenges [4] Group 4: Financial Health and Market Challenges - The company has a cash flow of over 2 billion, indicating financial stability and the potential for future acquisitions [2] - The stock price has been volatile, influenced by macroeconomic factors and market sentiment, despite the company's solid operational performance [6] - The company is committed to improving its market value through product innovation and strategic planning [7]

Core Viewpoint - Shenzhen Edifier Technology Co., Ltd. has approved the use of up to 1.7 billion yuan of idle funds for entrusted wealth management, aiming to enhance capital efficiency and investment returns without harming the interests of shareholders, especially minority shareholders [2][10]. Summary by Sections Company Decision - The sixth board of directors and the first extraordinary general meeting of shareholders in 2025 approved the proposal for using idle funds for entrusted wealth management [2]. - The authorized period for this decision is effective from the date of approval for 12 months [10]. Financial Details - The company plans to use no more than 1.7 billion yuan for entrusted wealth management, with the funds being allowed for rolling use within the approved limit [2][10]. - Various financial products have been selected for investment, including fixed income and floating rate products, with expected annualized returns ranging from 2.07% to 2.85% [3][4]. Investment Products - The company has engaged in several wealth management products, including: - 1.5 million yuan in a fixed income product with a 2.07% return [3]. - 2.5 million yuan in a floating rate product with a 2.72% return [4]. - 5 million yuan in a fixed income product with a 2.027% return [3]. - The products have varying terms, with some allowing for redemption after 28 days and others having longer holding periods [3][4]. Risk Management - The finance department will analyze and track the investment products and their progress, taking necessary measures to control investment risks if any potential threats to fund safety are identified [5]. - The company emphasizes a principle of "standardized operation, risk prevention, cautious investment, and value preservation" to ensure that wealth management activities do not affect the normal operations of the main business [5][10].

深圳市漫步者科技股份有限公司 关于运用自有闲置资金进行委托理财的进展公告 证券代码：002351 证券简称：漫步者 公告编号：2025-019 深圳市漫步者科技股份有限公司 关于运用自有闲置资金进行委托理财的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市漫步者科技股份有限公司（以下简称"公司"）第六届董事会第十六次会 议及公司 2025 年第一次临时股东大会审议通过了《关于使用自有闲置资金进行委托 理财的议案》，同意公司及其子公司使用不超过十七亿元自有闲置资金进行委托理财。 上述额度内，资金可以滚动使用，授权期限自 2025 年第一次临时股东大会通过之日起 12 个月内有效。 根据上述决议，公司与全资子公司北京爱德发科技有限公司（以下简称"北京爱 德发"）、东莞市漫步者科技有限公司（以下简称"东莞漫步者"）近期使用自有闲置 资金进行委托理财的情况如下： 1 委托人 受托人名称 产品名称 产品 类型 金额 （万 元） 预期年化收 益率 起始日期 终止日期 关 联 关 系 公司 招商证券股 份有限公司 招商证券国债 逆回购 固定 收益类 1,50 ...

深圳市漫步者科技股份有限公司 关于"质量回报双提升"行动方案的进展公告 证券代码：002351 证券简称：漫步者 公告编号：2025-018 深圳市漫步者科技股份有限公司 关于"质量回报双提升"行动方案的进展公告 2024 年，公司加大了如耳夹式等各种形态的开放式耳机、平板耳机、"AI 听损智 能补偿"技术的助听耳机、游戏耳机、智能音响、户外音响以及中高端产品的研发投 入，产品结构升级明显。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市漫步者科技股份有限公司（以下简称"公司"或"漫步者"）为贯彻落实 中央政治局会议提出的"要活跃资本市场、提振投资者信心"及国务院常务会议指出 的"要大力提升上市公司质量和投资价值，要采取更加有力有效措施，着力稳市场、 稳信心"的指导思想，以维护全体股东利益、增强投资者信心、促进公司高质量发展 为目标，围绕公司核心竞争力，制定了"质量回报双提升"行动方案。具体内容详见公 司于 2025 年 1 月 14 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于"质 量回报双提升"行动方案的公告》（公 ...

事件概述 分业务看，2024 年耳机实现营收18.41 亿元，同比+2.79%；音响实现营收9.97 亿元，同比+20.39%；汽 车音响实现营收0.11亿元，同比-2.87%；其他实现营收0.95 亿元，同比+49.24%。 毛利率持续提升，自主品牌战略成效显著 毛利率：2024 年公司毛利率为40.35%，同比+2.19pct。主要系公司持续提升品牌力拓展中高端市场，产 品结构优化带动各产品线毛利率均同比提升。其中，耳机、音响、汽车音响2024 年毛利率分别同比 +1.39、+0.69、+0.94pct。 1）耳机：针对消费者对耳机外观、佩戴舒适度、音质提升等多样化需求的趋势，漫步者陆续推 出"Xemal 声迈"、 "Volona"、"HECATE"、"STAX SPIRIT"品牌，与主品牌"漫步者"相辅相成，充分挖 掘细分市场潜力。2）音响：针对智能电视发展趋势，积极开发对应不同需求场景的电视音响；针对多 屏（手机、电脑、电视等）协同的趋势，改良升级多媒体音箱；针对智能家居日益普及的趋势，更新迭 代多款智能音箱；3）汽车音响：针对汽车智能化趋势，积极跟进汽车后改装音响市场；4）助听设备： 针对助听设备小 ...

深圳市漫步者科技股份有限公司 关于会计师事务所 2024 年度履职情况评估暨 董事会审计委员会对会计师事务所履行监督职责情况的报告 深圳市漫步者科技股份有限公司 关于会计师事务所2024年度履职情况评估暨 董事会审计委员会对会计师事务所履行监督职责情况的报告 1 深圳市漫步者科技股份有限公司 关于会计师事务所 2024 年度履职情况评估暨 董事会审计委员会对会计师事务所履行监督职责情况的报告 意见的审计报告。 在执行审计工作的过程中，容诚就会计师事务所和相关审计人员的独立性、 审计工作小组的人员构成、年度审计重点、审计调整事项、初审意见等与公司管 理层和治理层进行了沟通。 深圳市漫步者科技股份有限公司（以下简称"公司"）董事会审计委员会严格 按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《国 有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》和《公司章程》等相关规定勤勉尽责， 认真履职。现将对容诚会计师事务所（特殊普通合伙）（以下简称"容诚"）2024 年度履职情况评估暨审计委员会对会计师事务所履行监督职责情况的汇报如 ...

深圳市漫步者科技股份有限公司 2024 年年度非经营性资金占用及其他关联资金往来情况汇总表 | 其他关联资金往来 | 资金往来方名称 | 往来方与上市公 | 上市公司核算 | 2024年初往来 | 2024年度往来累 计发生金额（不 | 2024年度往来 资金的利息 | 2024年度偿 还累计发生 | 2024年末往来 | 往来形成原因 | 往来性质 （经 营性往来、非 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 的会计科目 | 资金余额 | 含利息） | （如有） | 金额 | 资金余额 | | 经营性往来） | | 上市公司的子公司及其附 属企业 | | | | | | | | | | | | 其他关联方及其附属企业 | | | | | | | | | | | | 总计 | - | - | - | | 208.63 | | 208.63 | | | - | 备注*1、此房租金额为含税金额 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算 ...