近期在北交所过会的企业名单中，一家耳机公司的"数据反差"吸引了外界关注。 一方面，这家公司2024年的毛利率高达70.1%，超过同期奢侈品公司LVMH的67%，接近爱马仕的毛利率水平。 但另一方面，这家耳机公司2024年的研发费用率只有4.91%，连其销售费用率（19.9%）的四分之一都不到。 这家公司就是昆山海菲曼科技集团股份有限公司（以下简称"海菲曼"）。海菲曼在2024年9月挂牌新三板，同年12月30日便向北交所递交了上市申请，经 过两轮问询之后，已经于2025年11月28日成功过会，并于12月11日提交注册，距离北交所上市仅一步之遥。 随着招股书的披露，海菲曼的更多信息也被摆上台面：超6成营收来自海外市场，在海外多个国家曾因税务问题收到罚单，国内也出现过刷单的违规行 为。 除此之外，公司产品退货金额比例持续增长，在2025年上半年攀升至13.34%。 当冲刺IPO将海菲曼推至资本市场的聚光灯下，也引来了市场对其成长质量与可持续性的严格审视。 1 请化学博士跨界造发烧友耳机，毛利率超LVMH 海菲曼的创始人名叫边仿，他是一位个性鲜明的创业者。边仿1979年出生于江苏徐州，他本科毕业于徐州师范学院（现在的 ...

对历史的最好纪念，就是创造新的历史。时间的进程，犹如环环相扣的乐章，不断鸣响动人的和弦。 在"十四五"即将圆满收官、"十五五"即将开启的重要历史节点上，城市也回望过去，展望未来，擘画新 的5年经济社会发展蓝图。 经济总量接连迈上万亿元新起点、跨越1.2万亿元新台阶，这是东莞这座千万人口之城，在"十四五"时 期交出的优异答卷。 12月12日，中国共产党东莞市第十五届委员会第十次全体会议召开。会议指出，进入"十五五"时期，中 国式现代化的新目标、高质量发展的新要求、千万市民的新期盼，对东莞城市发展提出了全新的要求。 "智创优品、和美宜居"，这是东莞的新目标。这座城市未来五年的发展路径，也因此变得鲜活具体。一 幅洋溢着活力与希望的蓝图，在"智创优品、和美宜居"这8个字间徐徐展开。 1 "智创"，就是把智慧和创新作为培育新质生产力的重要路径，确立以人工智能为主的科技型创新型产业 发展导向。改革开放以来，东莞以农村工业化起步，积累了雄厚的工业基础。此后始终坚持制造业立 市，以产城人深度融合推动经济社会持续转型。近年，东莞提出科技创新+先进制造"的城市特色，不 断引领城市蝶变。 当前，以人工智能等为代表的新技术飞速发展， ...

要点 Omdia最新研究，2025年第三季度，全球真无线耳机（TWS）出货量达到9,260万台，同比微增0.33%。尽管整体增长有限，但开放式耳机（OWS，一种非入耳 TWS设备）出货量突破1,000万台，同比增长69%，弥补了传统TWS出货量下降4%的影响，传统TWS出货总量为8,200万台。 Omdia 研究经理陈秋帆（ Cynthia Chen） 指出："OWS 季度出货量突破 1000 万台不仅是一个里程碑，也验证了 OWS 作为一个正在重塑消费者对音频设备认知的合 法品类。然而，固有的音质限制使大多数 OWS 产品集中在 50–150 美元的中端价位，很难直接与高端入耳式型号竞争。" 领先厂商正积极将平均售价（ASP）推高至 100 美元以上，以避免价格主导的竞争，这也使得 三季度中售价超过 100 美元的 OWS 出货增长快于低于 100 美元的产 品。华为和韶音（Shokz ）在高端 OWS 领域采取了截然不同的策略：韶音聚焦运动与安全听觉体验，而华为则通过高端硬件整合推动AI智能体验。 陈秋帆解释道："不入耳的开放式设计在音质上相比传统 TWS 存在局限，因此长期用户留存将取决于是否能持续提供 ...

在消费电子行业普遍陷入"内卷"的当下，一家被称为"耳机界爱马仕"的公司——昆山海菲曼科技集团股 份有限公司（以下简称"海菲曼"），正以其亮眼的盈利能力，冲击北交所。 近日，海菲曼正式在北交所过会。这家深耕高保真（HiFi）音频领域的公司交出了一份令行业瞩目的成 绩单：2022年至2024年，公司综合毛利率分别高达65.06%、68.18%和70.10%。这一数据不仅碾压了漫 步者、惠威科技等同行业上市公司，甚至在部分年份逼近了"股王"贵州茅台的毛利表现。 然而，资本市场的聚光灯下，光鲜与阴影往往相伴而生。海菲曼在凭借高端定位收割海外发烧友红利的 同时，也面临着从"小众神坛"走向"大众市场"的阵痛。 营销费用高企、研发投入占比下滑，以及供应链数据中显露的种种背离，构成了这家"耳机界爱马 仕"IPO路上的AB面。 高毛利背后的差异化战略 从营收构成来看，发烧级耳机是公司的"压舱石"。报告期各期，该品类销售金额分别录得1.07亿元、 1.35亿元、1.49亿元及7141.33万元。尽管受真无线耳机等新品类快速放量影响，其占主营业务收入的比 重由69.70%微降至66.56%，但仍保持在三分之二的高位。 高企的客单价 ...

Core Insights - Global TWS shipments reached 92.6 million units in Q3 2025, reflecting a modest year-over-year growth of 0.33% [1] - Open Wireless Stereo (OWS) shipments surpassed 10 million units, marking a significant 69% increase year-over-year, which offset a 4% decline in conventional TWS shipments [1][2] Market Dynamics - The OWS category is reshaping consumer perceptions of hearable devices, with a notable shift towards democratized ANC technology priced under US$25 [2] - The market is diverging into two paths: premium differentiation focusing on advanced ANC and sound quality, and accessible innovation targeting emerging markets [2][4] - Apple remains the revenue leader in the TWS market, capturing around 50% of market value despite a 4% decline in shipments, while Xiaomi achieved triple-digit growth in Latin America and other emerging markets [2][3] Vendor Performance - In Q3 2025, Apple shipped 18.9 million units (20% market share), while Xiaomi shipped 8.6 million units (9% market share), reflecting a 24% growth [7] - Huawei and Shokz lead the advanced OWS segment, with Huawei focusing on AI-enabled experiences and Shokz targeting sports and safe listening [3][4] - OWS shipments are projected to reach 40 million units by 2026, representing 10% of the total TWS market, highlighting the strategic importance of open-ear audio [5] Regional and Technological Trends - Emerging markets are driving volume growth through aggressive pricing and feature democratization, while developed markets prioritize premium experiences and ecosystem integration [4] - The next phase of market differentiation will focus on AI-driven personalization and seamless device ecosystem integration [5]

记者丨骆轶琪 编辑丨朱益民 被称为"中国最贵耳机""耳机界爱马仕"的海菲曼，一家能实现超65%高毛利率的耳机品牌厂商，近日正 式在北交所IPO过会。 2024年，海菲曼毛利率一度飙升至70.1%，直追"奢侈品之王"爱马仕的70.3%。虽然AIoT品类整体毛利 率表现天然高于智能手机等硬件，但海菲曼呈现的水平依然远高于同业。 不过高盈利能力背后，成长挑战也隐隐浮现。21世纪经济报道记者梳理发现，近三年（2022-2024年） 公司研发占营业收入比重在5%上下浮动，但销售推广费用占营收比例却达到超过10%。而消费电子行 业本身有快速迭代属性，本质上对公司的研发和营销投流等能力有综合性考验。 除此之外，支撑海菲曼高毛利率表现的，是其营收构成中有超过一半比例来自海外市场，近些年来公司 也在完善对自建电商平台和国内销售渠道的能力延展，但综合来看，国内市场在耳机品类的消费能力整 体略逊于美、日这类发达消费市场。 而公司在答复交易所问询函中也提到，国内京东等渠道竞争相对激烈，对广告支出成本效益会带来一定 影响。 除了头戴式耳机这类发烧友级别高端市场，海菲曼近些年也在探路扩充产品矩阵，但目前来看，新品退 换货率有所攀升。 应 ...

Core Insights - Deli Group has opened its largest stationery flagship store, "deli world," in Shanghai, covering an area of 1,500 square meters and featuring over ten thousand products, including student stationery, premium stationery, and IP collaboration items [1][2] Group 1: Store Opening and Strategy - The flagship store is located in Shanghai's Jing'an Joy City, a prominent "2D landmark" in the city, and represents a significant strategic upgrade for the Deli brand rather than just a channel expansion [2] - The store aims to create an immersive stationery experience, serving as a direct communication platform between the brand and consumers, showcasing Deli's innovative products [2] Group 2: Product Offerings - The store features a variety of IP collaboration products, prominently including items related to the popular "Nezha" IP, with Deli being the exclusive stationery brand partner for the film "Nezha: The Devil's Child" [2] - Other notable IP products include "Time Agent" and "Self-Mocking Bear," which have garnered attention, particularly among younger consumers [2] - Deli also showcases its "black technology" stationery products, which include advanced writing instruments and art supplies, such as the "Hexagonal Warrior" pen and liquid silicone gel pen [3]

Core Viewpoint - The company, Haifiman, has successfully passed the IPO review by the Beijing Stock Exchange, with a planned fundraising amount of 430 million yuan after adjusting its project funding. The company has shown significant growth in sales, particularly in high-end audio products, but faces scrutiny regarding its financial governance and the rationale behind its frequent acquisitions [1][31]. Group 1: Company Performance and Financials - Haifiman's main business revenue is primarily derived from over 70% of its sales coming from headphones, with a notable 25.44% year-on-year increase in headphone sales for 2023 and an extraordinary 1420.20% increase in true wireless earphone sales [6][7]. - The company reported revenues of 154 million yuan, 203 million yuan, and 227 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 36.03 million yuan, 54.11 million yuan, and 64.36 million yuan during the same period [7][8]. - The gross profit margin has consistently remained high, with figures of 65.06%, 68.18%, 70.10%, and 66.80% across the reporting periods, significantly exceeding that of comparable companies in the industry [9][10]. Group 2: IPO and Fundraising - The initial fundraising target was set at 551 million yuan, which has been adjusted down to 430 million yuan following a reduction of 121 million yuan in the planned investment for the global brand and operations headquarters project [31][32]. - The planned projects for the raised funds include enhancing production capacity for advanced acoustic components, establishing a research center for nano-diaphragms and industrial DAC chips, and building a global brand and operations headquarters [24][25][32]. Group 3: Regulatory Scrutiny and Governance - The company has faced regulatory scrutiny regarding its internal control and governance, particularly due to multiple changes in financial leadership and the resignation of the company secretary shortly after the second round of inquiries [2][19]. - The Beijing Stock Exchange has raised concerns about the rationale behind the company's frequent acquisitions, questioning the necessity and compliance of these transactions [19][20]. - Haifiman has been asked to clarify the impact of its acquisitions on business sustainability and whether there are any conflicts of interest in its transactions [20][21]. Group 4: Market Position and Competitive Advantage - Haifiman is recognized as one of the few high-end audio brands with global influence, focusing on the design, research, production, and sales of its proprietary "HIFIMAN" audio products [6][10]. - The company has established a strong brand presence in the high-end audio market, which contributes to its pricing power and customer loyalty, particularly in overseas markets [10][12]. - Despite its competitive advantages, the company acknowledges the challenges posed by the highly competitive consumer-grade headphone market, which could limit its growth potential if it fails to maintain its market position in high-end products [18].

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 20.56 billion yuan, a decrease of 4.16% compared to the same period last year [2] - The gross profit margin was 40.28%, showing a slight increase year-on-year [2] - The revenue for Q3 2025 was 7.38 billion yuan, indicating a further increase compared to the previous quarter [2] Group 2: Product Development and Market Strategy - The company has launched differentiated, mid-to-high-end 2.0 speakers and desktop integrated speakers, which have helped boost speaker business revenue [2] - Since late March, the company accelerated the launch of new headphones in the domestic market, contributing to a recovery in performance starting from Q2 2025 [2] - The company has introduced over ten models of open-ear headphones, focusing on comfort and suitability for various scenarios [4][5] Group 3: New Product Highlights - Notable new products include the X1 Evo TWS headphones weighing only 3.8g and the Lolli ANC headphones with a noise reduction depth of -48dB [3] - The flagship S201 MKII 2.1 active speaker features high-resolution certification and 150W power [4] - The NeoMic Go is a wireless microphone with active noise cancellation capabilities [4] Group 4: International Expansion and Marketing - The company is focusing on global expansion, partnering with local celebrities in Thailand and popular actors in Japan to enhance brand visibility in key Asian markets [5] - The company is committed to maintaining significant investment in various product forms and pricing ranges for open-ear headphones [5]

Core Viewpoint - Shenzhen Manbo Technology Co., Ltd. has approved the use of up to 1.7 billion yuan of its idle funds for entrusted wealth management, with a rolling usage within a 12-month authorization period starting from the date of the 2025 first extraordinary general meeting [1][13]. Summary by Sections Wealth Management Plans - The company will utilize its idle funds for various wealth management products, including: - **Zhaoyin Wealth Management's Fixed Income Plan**: Invests at least 80% in fixed income assets, with a maximum of 5% in equity and financial derivatives [1]. - **Puyin Wealth Management's Exclusive Product**: Focuses on cash, bank deposits, and various debt instruments, adhering to regulatory standards [3]. - **Xinyin Wealth Management's Fixed Income Product**: Allocates 80%-100% to debt assets, with up to 20% in commodities and financial derivatives [5]. - **Jiaoyin Wealth Management's Flexible Income Products**: Similar allocation as above, with different holding periods [7][8]. Risk Disclosure - Each wealth management product carries specific risks, including credit risk, liquidity risk, market risk, and management risk [2][4][6][8][12]. Company Governance and Oversight - The board of directors has authorized the chairman to make investment decisions and sign contracts, with the finance department responsible for implementation and risk assessment [10]. - The audit department will supervise the use and custody of entrusted funds, conducting regular audits [11]. Impact on Business Operations - The company emphasizes that the entrusted wealth management will not affect its main business operations and aims to enhance overall performance and shareholder returns [13]. Independent Directors' Opinion - Independent directors have reviewed and approved the proposal, confirming that using idle funds for wealth management will improve fund efficiency and investment returns without harming the interests of shareholders, especially minority shareholders [13].