Core Viewpoint - The announcement of share reduction by the controlling shareholder of Jiahe Intelligent is seen as a negative signal for the company's financial health, especially following a significant decline in net profit and the exit of major shareholders [1][9]. Group 1: Shareholder Actions - Dongguan Wenfu Industrial Investment Co., Ltd. plans to reduce its holdings by up to 6 million shares, representing 1.59% of the total share capital [1]. - The top ten shareholders' combined holding has decreased from 42.37% in mid-2024 to 33.95% in mid-2025, indicating a significant exit of major shareholders [1][2]. Group 2: Financial Performance - In the first half of 2025, the company reported a 10.82% decline in revenue, with a gross margin dropping to 14.07%, down 4.11 percentage points from the 2023 peak [5][6]. - The net profit for the first half of 2025 fell by 38.12% to 0.25 billion, with the non-recurring net profit plummeting by 90.6% to only 0.25 million [6][7]. Group 3: Industry Context - The consumer electronics industry, particularly in the audio product sector, is facing intense competition, leading to a situation where brand owners are gaining more market power while ODM manufacturers like Jiahe Intelligent struggle [4][7]. - The company relies heavily on major clients such as Harman and Beats, which increases its vulnerability to pricing pressures and order reductions [7][8]. Group 4: Future Outlook - The company's new business segments, such as smart wearables, contribute minimally to overall revenue, with smart wearables accounting for only 10.08% of revenue in the first half of 2025 [8]. - The outlook remains pessimistic due to the slow expansion of new business areas and the ongoing decline in traditional business performance [7][8].

Core Viewpoint - The announcement of share reduction by the controlling shareholder of Jiahe Intelligent is perceived as a warning sign for the company's financial health, especially following a significant decline in profitability and shareholder confidence [1][2]. Company Performance - Jiahe Intelligent's controlling shareholder, Dongguan Wenfu Investment Co., Ltd., plans to reduce its stake by up to 6 million shares, representing 1.59% of the total share capital [1]. - The company reported a net profit decline of over 90% in the first half of 2025, with a net profit of only 2.51 million yuan, indicating severe profitability issues [4]. - In 2023, despite a revenue increase of 9.44%, the net profit fell by 23.58% to 133 million yuan, with a net profit margin decrease of 2.41 percentage points to 5.58% [2]. Industry Context - The consumer electronics sector, particularly in audio products, is facing intense competition, leading to a significant drop in Jiahe Intelligent's gross margin, which fell to 14.07% in the first half of 2025, down 4.11 percentage points from 2023 [3]. - The company's reliance on ODM (Original Design Manufacturer) business model has resulted in weak bargaining power, primarily serving clients like Harman and Beats, while competitors like Edifier have successfully leveraged their own brands for higher margins [3][5]. - The market for TWS (True Wireless Stereo) earphones is experiencing a slowdown, with global shipment growth declining, further exacerbating the company's challenges [5][6]. Future Outlook - The company faces multiple risks, including a high concentration of revenue from a few major clients, which increases vulnerability to order reductions or price cuts [5][6]. - Emerging business segments, such as smart wearables, contribute minimally to overall revenue, with smart wearables accounting for only 10.08% of revenue in the first half of 2025 [7]. - The reduction in R&D expenses may further weaken the company's competitive position, as it struggles to innovate in a rapidly evolving market [6][7].

（文章来源：证券日报） 证券日报网讯 9月12日晚间，佳禾智能发布公告称，根据相关规定，可转债实施回售的，应当暂停可转 债转股。经向深圳证券交易所申请，"佳禾转债"在回售申报期间（2025年9月8日至2025年9月12日）暂 停转股，暂停转股期为五个交易日，即自2025年9月8日至2025年9月12日止。"佳禾转债"自回售申报期 结束的次一交易日（即2025年9月15日）起恢复转股。 ...

证券代码：300793 证券简称：佳禾智能 公告编号：2025-090 债券代码:123237 债券简称:佳禾转债 根据《深圳证券交易所上市公司自律监管指引第15号——可转换公司债券》 的规定，可转债实施回售的，应当暂停可转债转股。经向深圳证券交易所申请， "佳禾转债"在回售申报期间（2025年9月8日至2025年9月12日）暂停转股，暂 停转股期为五个交易日，即自2025年9月8日至2025年9月12日止。 "佳禾转债"自回售申报期结束的次一交易日（即2025年9月15日）起恢复 转股。敬请公司可转换公司债券持有人留意并注意投资风险。 特此公告。 佳禾智能科技股份有限公司董事会 2025 年 9 月 12 日 1 1、证券代码：300793 证券简称：佳禾智能 2、债券代码：123237 债券简称：佳禾转债 3、转股起止时间：2024年7月10日至2030年1月3日 4、暂停转股时间：2025年9月8日至2025年9月12日 5、恢复转股时间：2025年9月15日 6、恢复转股后的转股价格：13.46元/股 佳禾智能科技股份有限公司 关于佳禾转债恢复转股的提示性公告 本公司及董事会全体成员保证公告内容真实、 ...

佳禾智能科技股份有限公司 关于"佳禾转债"回售的第三次提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1、债券代码：123237 2、债券简称：佳禾转债 3、回售价格：100.271 元/张（含息、税） | 证券代码：300793 | 证券简称：佳禾智能 | 公告编号：2025-089 | | --- | --- | --- | | 债券代码：123237 | 债券简称：佳禾转债 | | 10、风险提示：投资者选择回售等同于以人民币 100.271 元/张（含息、税） 卖出持有的"佳禾转债"。截至本公告披露前一交易日，"佳禾转债"的收盘价 格高于本次回售价格，投资者选择回售可能会带来损失，敬请投资者注意风险。 4、回售申报期：2025 年 9 月 8 日至 2025 年 9 月 12 日 5、发行人资金到账日：2025 年 9 月 17 日 6、回售款划拨日：2025 年 9 月 18 日 7、投资者回售款到账日：2025 年 9 月 19 日 8、回售申报期内可转债暂停转股 9、本次回售不具有强制性，持有人有权选择是否进行回售 佳禾 ...

证券日报网讯 9月9日晚间，佳禾智能发布公告称，投资者选择回售等同于以人民币100.271元/张（含 息、税）卖出持有的"佳禾转债"。截至本公告披露前一交易日，"佳禾转债"的收盘价格高于本次回售价 格，投资者选择回售可能会带来损失，敬请投资者注意风险。 （文章来源：证券日报） ...

本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1、债券代码：123237 2、债券简称：佳禾转债 3、回售价格：100.271 元/张（含息、税） 4、回售申报期：2025 年 9 月 8 日至 2025 年 9 月 12 日 5、发行人资金到账日：2025 年 9 月 17 日 | 证券代码：300793 | 证券简称：佳禾智能 | 公告编号：2025-088 | | --- | --- | --- | | 债券代码：123237 | 债券简称：佳禾转债 | | 佳禾智能科技股份有限公司 关于"佳禾转债"回售的第二次提示性公告 6、回售款划拨日：2025 年 9 月 18 日 7、投资者回售款到账日：2025 年 9 月 19 日 8、回售申报期内可转债暂停转股 9、本次回售不具有强制性，持有人有权选择是否进行回售 10、风险提示：投资者选择回售等同于以人民币 100.271 元/张（含息、税） 卖出持有的"佳禾转债"。截至本公告披露前一交易日，"佳禾转债"的收盘价 格高于本次回售价格，投资者选择回售可能会带来损失，敬请投资者注意风险。 佳禾 ...

中国经济网北京9月9日讯 佳禾智能(300793.SZ)昨日晚间发布关于控股股东减持计划预披露的公 告。公司于近日收到控股股东东莞市文富实业投资有限公司(以下简称"文富投资")的《股东减持股份计 划告知函》。 持公司股份105,600,000股（占公司剔除回购专用证券账户持股数量的总股本的比例28.04%）的控 股股东文富投资，计划自公告披露之日起15个交易日后的3个月内（即2025年9月30日至2025年12月29 日）拟减持公司股份合计不超过6,000,000股（占公司剔除回购专用证券账户持股数量的总股本的比例 1.59%）。 其中，通过集中竞价交易方式减持不超过3,765,000股，减持比例不超过公司剔除回购专用证券账户 持股数量的总股本的1.00%；通过大宗交易方式减持不超过2,235,000股，减持比例不超过公司剔除回购 专用证券账户持股数量的总股本的0.59%。 经计算，佳禾智能三次募资金额共计25.5亿元。 2023年，佳禾智能实现归属于上市公司股东的净利润1.33亿元，同比下降23.58%；归属于上市公司 股东的扣除非经常性损益的净利润1.11亿元，同比下降30.82%。 2024年度，公司实 ...

Core Viewpoint - The company Jiahe Intelligent (300793.SZ) announced that its controlling shareholder, Dongguan Wenfu Industrial Investment Co., Ltd., plans to reduce its shareholding by up to 6 million shares, representing 1.59% of the total share capital excluding repurchased shares, within a three-month period starting from September 30, 2025 [1] Summary by Relevant Categories Shareholding Reduction - The controlling shareholder intends to reduce its stake in the company by a maximum of 6 million shares [1] - This reduction accounts for 1.59% of the total share capital, excluding shares held in the repurchase special account [1] - The planned reduction period is set from September 30, 2025, to December 29, 2025 [1]

Core Viewpoint - The controlling shareholder of Jiahe Intelligent, Dongguan Wenfu Industrial Investment Co., Ltd., plans to reduce its shareholding by up to 6,000,000 shares, representing 1.59% of the total share capital excluding repurchased shares, within a three-month period from September 30, 2025, to December 29, 2025 [2]. Summary by Category - **Shareholding Reduction Plan** - The controlling shareholder intends to reduce its stake in Jiahe Intelligent by a maximum of 6,000,000 shares [2]. - This reduction accounts for 1.59% of the total share capital, excluding shares held in the repurchase account [2]. - The timeframe for this reduction is set from September 30, 2025, to December 29, 2025 [2].