特别提示： 王晓红女士持有深圳市漫步者科技股份有限公司（以下简称"公司"）股份总 数 34,032,390 股（占目前公司总股本比例 3.83%），计划自公告之日起十五个交 易日后的三个月内以集中竞价、大宗交易等方式减持公司股份数量不超过 8,508,097 股（占目前公司总股本比例 0.9569%）； 公司收到股东王晓红女士的《关于股份减持计划的告知函》，现将有关情况公 告如下： 一、 股东基本情况 | 股东名称 | 公司任职情况 | 截止本公告日 | 占公司总股本 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | 持有公司股份数 | 比例 | | | 王晓红 | 董事 | 股 34,032,390 | 3.83% | 协议转让及资本公积金 | | | | | | 转增股本 | 深圳市漫步者科技股份有限公司 关于公司董事股份减持计划的预披露公告 证券代码：002351 证券简称：漫步者 公告编号：2025-025 深圳市漫步者科技股份有限公司 关于公司董事股份减持计划的预披露公告 股东王晓红女士保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导 ...

Core Viewpoint - The company, Edifier (002351), announced that board member Wang Xiaohong plans to reduce his shareholding due to personal financial needs, indicating potential changes in shareholder structure and liquidity concerns [1] Shareholding Details - Wang Xiaohong currently holds 34.0324 million shares, representing 3.83% of the company's total shares [1] - The planned reduction involves selling up to 8.5081 million shares, which accounts for approximately 0.9569% of the company's total share capital [1] - The shares to be sold were acquired through an agreement in July 2018 and subsequent capital reserve transfers [1]

Market Overview - The Shanghai Composite Index closed at 3609.71 points, above the annual line, with a change of 0.33% [1] - The total trading volume of A-shares reached 18293.09 billion yuan [1] Stocks Breaking Annual Line - A total of 26 A-shares have surpassed the annual line today, with notable stocks including Sinochem International, Dier Laser, and Blue Arrow Electronics, showing divergence rates of 8.45%, 4.04%, and 2.76% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include Weimob Communication, Huaibei Mining, and Tongxiang Technology [1] Top Stocks by Divergence Rate - The top three stocks with the highest divergence rates are: - Sinochem International: 10.10% increase, latest price 4.25 yuan, divergence rate 8.45% [1] - Dier Laser: 4.31% increase, latest price 60.98 yuan, divergence rate 4.04% [1] - Blue Arrow Electronics: 2.94% increase, latest price 21.68 yuan, divergence rate 2.76% [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Guangfeng Technology: 3.97% increase, latest price 15.72 yuan, divergence rate 2.62% [1] - Foster: 10.04% increase, latest price 14.69 yuan, divergence rate 2.44% [1] - I Love My Home: 2.56% increase, latest price 3.21 yuan, divergence rate 2.39% [1]

Core Viewpoint - The A-share market shows a slight increase with the Shanghai Composite Index at 3601.27 points, reflecting a 0.09% change, and a total trading volume of 1.449 trillion yuan [1] Group 1: Market Performance - As of the latest data, 15 A-shares have surpassed their annual moving average, indicating positive market sentiment [1] - The stocks with the highest deviation rates from their annual lines include Sinochem International at 8.45%, Blue Arrow Electronics at 3.04%, and Dier Laser at 2.27% [1] Group 2: Individual Stock Analysis - Sinochem International (600500) experienced a daily increase of 10.10% with a turnover rate of 1.95%, latest price at 4.25 yuan [1] - Blue Arrow Electronics (301348) rose by 3.23% with a turnover rate of 9.54%, latest price at 21.74 yuan [1] - Dier Laser (300776) saw a 2.53% increase with a turnover rate of 2.75%, latest price at 59.94 yuan [1] Group 3: Other Notable Stocks - Foster (603806) increased by 9.66% with a turnover rate of 4.13%, latest price at 14.64 yuan [1] - Zhifei Biological (300122) rose by 6.33% with a turnover rate of 7.81%, latest price at 25.02 yuan [1] - Other stocks with minor deviations include I Love My Family (000560) and Baijun Medical (688198), with deviations of 1.76% and 1.13% respectively [1]

Group 1: Financial Performance - The company's gross profit margin for 2024 reached 42.62%, an increase of 1.49% compared to the same period last year [1] - In Q1 2025, the gross profit margin was 40.94%, up by 1.64% year-on-year [1] - However, due to insufficient high-end consumer demand, the company's revenue and net profit slightly declined compared to the previous year [1] Group 2: Product Development and Launches - The company has focused on developing and launching mid-to-high-end and differentiated products, contributing to sustained brand growth [1] - New product launches include the X1 Evo TWS earphones, Lolli Pro 3i with 40-hour battery life, and Lolli ANC semi-in-ear headphones with adaptive noise cancellation [2] - The company has also introduced various AI functionalities in its wireless earphones, such as real-time multilingual voice translation [3] Group 3: Market Strategy - The company is expanding its presence in the overseas market, collaborating with local celebrities in Thailand and popular actors in Japan to reach core Asian markets [4] - The open-ear headphone market is a key focus area, with over ten models launched and plans for continued investment in various product forms and price ranges [3]

Summary of AI Smart Glasses Industry Conference Call Industry Overview - The smart glasses market is projected to reach 5 million units in sales by 2025, potentially doubling in 2026, indicating strong market potential for the integration of AI with smart glasses [1][2] - The global optical and sunglasses market is substantial, with demand expected to reach 2 billion pairs in the next three to five years, leading to a market space of 1 billion units for smart glasses [1][9] Core Insights and Arguments - Smart glasses are categorized into three main types: audio glasses, shooting glasses, and AR glasses, with a focus on shooting glasses due to their advantages in mass production, cost, and functionality [1][5] - The integration of functions in smart glasses is significant, allowing them to replace TWS earbuds and action cameras, monitor health metrics, and provide features like e-book reading and projection [1][8] - The combination of AI technology with smart glasses enhances human-computer interaction, making them effective personal assistants [3][4] Market Dynamics - The smart glasses industry has seen rapid growth, particularly benefiting from advancements in AI models, with sales reaching 1.52 million units in 2024 [2] - The average price of smart glasses, such as Xiaomi's priced at 1999 yuan, is considered reasonable given the quality of components used [15] - By 2035, it is estimated that 70% of traditional glasses will be smart, potentially leading to a market size of 1.4 billion units [9] Key Players and Competitive Landscape - Major companies involved in the smart glasses sector include Meta, Google, ByteDance, Baidu, Alibaba, and smartphone manufacturers like Xiaomi, Samsung, and Huawei [10][12] - The entry of various players, including those from VR/AR backgrounds, indicates a growing interest and investment in the smart glasses market [11] Technological Innovations - Electronic tinting technology is highlighted as a significant future direction for smart glasses, enhancing usability in various scenarios [16][17] - The application of waveguide technology is crucial for the development of lightweight and efficient display systems in smart glasses [19][23] Challenges and Opportunities - The traditional eyewear industry faces challenges in customization and the complexity of fitting processes during the transition to smart glasses [27] - The shift towards smart glasses is expected to increase industry concentration, with a few leading companies dominating the market [28][29] Future Trends - The smart glasses market is anticipated to become more concentrated, with leading companies collaborating with established brands to enhance market share and product value [28][29] - The demand for higher quality components, such as lenses with increased refractive indices, will drive up product prices and influence the entire supply chain [28][29]

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.46, which places it in the 19.4% percentile of the non-innovation system AHP model [10][11]. Core Insights - The company is a leading high-end audio ODM manufacturer with strong product development and application expansion capabilities. It offers a comprehensive range of high-end audio products and solutions, including streaming modules, audio terminal products, and cloud platforms [5][10]. - The AIoT development is driving market expansion, with the global smart home market expected to grow from $117.6 billion in 2022 to $222.9 billion by 2027, representing a CAGR of 13.64% [5][16]. - The company has established long-term partnerships with renowned international audio brands and has a significant international presence, with over 97% of its revenue coming from exports in recent years [5][15]. Summary by Sections AHP Score and Expected Allocation Ratio - The company has an AHP score of 1.46, indicating a lower position in the market, with expected allocation ratios for different investor classes being 0.0245% for Class A and 0.0218% for Class B under neutral conditions [10][11]. Fundamental Highlights and Features - The company is recognized for its comprehensive technology and product chain in high-end audio, with a focus on high-performance audio signal processing and a robust international layout [5][12][14]. - The company is actively developing innovative AIoT audio products, expanding its customer base beyond the audio industry into sectors like smart education and healthcare [16][17]. Comparable Company Financial Metrics - The company’s revenue for 2022-2024 was reported at 13.86 billion, 10.31 billion, and 14.54 billion respectively, with a net profit of 1.90 billion, 1.36 billion, and 2.54 billion, showing a compound annual growth rate (CAGR) of 2.41% and 15.67% [22][26]. - The gross margin has improved from 28.49% in 2022 to 32.50% in 2024, significantly higher than the average of comparable companies [22][26]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the production of 1.5 million high-end audio products annually and the development of smart audio IoT products, with total investments projected at 100.19 million yuan [34][35].

Financial Performance - The company's gross margin reached 42.62% in 2024, an increase of 1.49% compared to the previous year [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 4.29 billion, reflecting a growth of 13.66% [1] - In Q1 2025, the gross margin was 40.94%, up by 1.64% year-on-year, although revenue and net profit showed a slight decline due to insufficient high-end consumer demand [1] Product Development and Launches - The company has focused on high-end and differentiated product development, launching several new products in the market, including: - TWS earphones X1 Evo, weighing only 3.8g per ear [1] - Lolli ANC semi-in-ear active noise-canceling headphones with upgraded adaptive noise cancellation [1] - Mixed active noise-canceling Bluetooth headphones X5 Evo [2] - Open-type headphones Comfo Clip Q with IP67 waterproof rating [2] - The company has also introduced AI functionalities in its products, such as real-time multilingual voice translation and smart assistant capabilities in the LolliClip AI [3] Market Strategy - The company is expanding its presence in the open-ear headphone market, which is experiencing rapid growth, with over ten models launched since 2024 [3] - A dual-line endorsement strategy has been implemented, partnering with popular local celebrities in Thailand and Japan to enhance brand reach in key Asian markets [4]

Core Insights - The competition between AI simultaneous translation and human interpreters has intensified, with Shenzhen's W4 Pro AI translation headset winning by a score of 1170 to 1062, showcasing its capability to reduce translation delays to 3-5 seconds [1] - The AI headset market in China is projected to see significant growth, with sales expected to reach 315,000 units in 2024, marking a year-on-year increase of over 405.9% [1] - Shenzhen's AI headset industry is evolving from a manufacturing hub to a center for high-end innovation, with companies expanding their global presence and shedding their past image as mere OEMs [1][2] Industry Developments - Shenzhen's action plan aims for the AI terminal industry to exceed 800 billion yuan by 2026, with a focus on smart glasses, smartwatches, and AI headsets [2] - The global AI headset market is expected to grow over sevenfold by 2024, with Canalys forecasting a double-digit growth rate and annual shipments surpassing 100 million units by 2025 [4] Technological Advancements - The W4 Pro headset utilizes advanced bidirectional simultaneous translation and vector noise reduction technologies, integrating multiple AI models for contextual understanding [4] - Companies like Cleer and韶音科技 are innovating in the open-ear headset segment, with Cleer launching the world's first open-ear AI headset, reducing weight by nearly 85% [5][6] Market Trends - The AI headset market is characterized by rapid brand iteration, with new products emerging every 1-2 months, focusing on AI and acoustic technology integration [6] - Shenzhen's brands are increasingly entering global markets, with companies like时空壶 achieving over 30% market share in North America and韶音科技 capturing 70% of the global bone conduction headset market [7][8] Supply Chain and Collaboration - The success of Shenzhen's AI headset brands is supported by a robust supply chain, with companies like中科蓝讯 and立讯精密 providing essential components and technology [8] - The local ecosystem allows for rapid product development, with prototype designs completed in as little as 3 days to a week, significantly faster than in other regions [8] Future Outlook - The ongoing development of AI and audio technology in Shenzhen positions the city as a leader in the smart headset market, with expectations for significant innovation and market expansion [9][10]

其 他 报 告 2025年07月07日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3472 | 0.32 | 1.91 | | 深证成份指数 | 10509 | -0.25 | 3.73 | | 沪深300指数 | 3982 | 0.36 | 1.95 | | 创业板指数 | 2156 | -0.36 | 5.69 | | 上证国债指数 | 226 | 0.04 | 0.02 | | 上证基金指数 | 6942 | 0.03 | 0.37 | 资料来源:同花顺iFinD | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23916 | -0.64 | 3.20 | | 中国香港国企指数 | 8609 | -0.45 | 2.76 | | 中国台湾加权指数 | 22548 | -0.73 | 2.42 | | 道琼斯指数 | 44829 | 0.77 | 3.82 | ...