中国最贵耳机要IPO，毛利率65%直追爱马仕

Core Viewpoint - Haifiman, known as "China's most expensive headphones" and "the Hermes of the headphone industry," has recently passed its IPO on the Beijing Stock Exchange, showcasing a high gross margin exceeding 65% [1][2]. Financial Performance - In 2024, Haifiman's gross margin peaked at 70.1%, closely trailing behind Hermes' 70.3% [1]. - The company's total assets increased from approximately 156.6 million yuan in 2022 to about 280.2 million yuan by June 2025 [6]. - Revenue for 2024 was reported at approximately 226.7 million yuan, with a net profit of around 66.5 million yuan [6]. Market Positioning - Haifiman focuses on the global high-end, audiophile headphone market, with over 50% of its revenue derived from overseas markets [1][5]. - The company has a diverse product range, with headphone prices ranging from 5,600 yuan to 132,900 yuan, catering to various market segments [7]. Sales and Marketing Strategy - The sales promotion expenses accounted for over 10% of revenue, while R&D expenses fluctuated around 5% [1][12]. - The company has been expanding its domestic sales channels, investing in platforms like JD.com and Tmall, but faces intense competition that affects advertising cost efficiency [16][21]. Product Development and Challenges - Haifiman is expanding its product matrix beyond high-end headphones, but new products have seen an increase in return rates [1][21]. - The company reported a significant rise in return rates for its true wireless earphones, from 6.61% to 15.81%, attributed to consumer expectations not meeting actual product performance [21]. Future Outlook - The IPO proceeds will be used to enhance production capacity, build a research center, and strengthen global brand operations [21]. - The company aims to transition its self-developed DAC chips from FPGA modules to ASIC chips to reduce costs and improve performance [21].