Core Insights - Xiaomi leads the domestic market in TWS (True Wireless Stereo) earphone shipments, followed by Huawei and Apple in second and third places respectively [1] Market Performance - In the Chinese mainland market, the top five brands for TWS earphone shipments are Xiaomi, Huawei, Apple, Edifier, and OPPO [1] - Apple maintains a dominant position in the US market with a 52% market share, followed by JLAB and Samsung in second and third places [1] - In the Indian market, boAt leads with a market share of 36%, with Boult and Noise in second and third places [1] - Xiaomi also ranks first in the markets of Mexico and Thailand, with Apple and Samsung making it to the top three in these markets [1]

全球重点区域： | Africa: top TWS vendors, Q1 2025 | | | | | --- | --- | --- | --- | | Vendor | | Unit share | Annual growth | | #1 # | Transsion | 52% | +26% | | #2 个 | Xiaomi | 20% | +170% | | #3 10 | Samsung | 9% | +6% | | #4 | Apple | 6% | -3% | | #5 + | Huawei | 1% | +109% | | Source: Canalys estimates (sell-in shipments), Smart Personal Audio Analysis, May 2025 | | | | | APAC (excludes Greater China): top TWS vendors, Q1 2025 | | | | | Vendor | | Unit share | Annual growth | | #1 | boAt | 20% | +31% | | #2< | ...

Investment Rating - The report maintains a "Buy" rating for several companies in the electronic industry, particularly those related to AI smart glasses and Apple's supply chain [8][16]. Core Insights - The electronic industry has shown a mixed performance, with a 3.60% increase in the week of June 9-13, ranking third among sectors. The industry’s price-to-earnings (P/E) ratio stands at 49.32 [24][29]. - Apple's WWDC introduced significant updates, including a new iOS design and AI features, which are expected to boost related supply chain companies [3][14]. - The smart glasses market is experiencing explosive growth, with sales increasing over eightfold, and China is projected to lead global shipments in 2025 [4][15]. Summary by Sections Industry Performance - The electronic sector's performance varied, with a 3.60% increase during the week of June 9-13, outperforming the broader market [24][29]. - The brand consumer electronics segment saw the highest gains among electronic sub-sectors [29]. Key Company Recommendations - Companies recommended for investment include: - 康冠科技 (Kangguan Technology) with a projected EPS of 1.69 in 2025 and a "Buy" rating [16]. - 亿道信息 (Yidao Information) with a projected EPS of 1.03 in 2025 and a "Buy" rating [16]. - 国光电器 (Guoguang Electric) with a projected EPS of 0.76 in 2025 and a "Buy" rating [16]. - 歌尔股份 (Goer Technology) with a projected EPS of 1.01 in 2025 and a "Buy" rating [16]. - 立讯精密 (Luxshare Precision) with a projected EPS of 2.41 in 2025 and an "Increase" rating [16]. Market Trends - The smart glasses market is projected to reach 12.8 million units globally by 2025, with a 26% year-on-year growth, and China expected to account for 2.75 million units, marking a 107% increase [4][15]. - The integration of AI and augmented reality technologies is driving the growth of the smart glasses market [4][15]. Investment Opportunities - Suggested stocks related to AI smart glasses include: - 博士眼镜 (Doctor Glasses) - 亿道信息 (Yidao Information) - 国光电器 (Guoguang Electric) - 康冠科技 (Kangguan Technology) - 漫步者 (Edifier) - 恒玄科技 (Hengxuan Technology) [6][15].

Core Insights - The private domain economy has become a core engine for long-term growth for brands as customer acquisition costs rise and traffic dividends fade [1] - By 2024, over 32% of companies are expected to have private domain revenue accounting for more than 10% of their total income, with leading brands doubling their repurchase rates through refined operations [1] Group 1: Campus Scene as a Strategic Market - The university student demographic is a key battleground for brands due to their consumption potential and social sharing attributes, with an expected annual consumption scale of over 960 billion yuan by 2025 [2] - Key factors influencing their purchasing decisions include brand awareness (47.95%) and product design (41.30%), indicating a strong opportunity for brands to cultivate long-term users [2] Group 2: Operational Methodology of "Zhangshang University" - The campus agent system has incubated over 80,000 campus agents, creating a network of trust among peers through a dual incentive mechanism of commissions and high-salary offers [4] - The service model includes differentiated offerings such as "delivery to dorms" and "one-on-one after-sales," enhancing the consumer experience and establishing brands as the first choice when needs arise [5] Group 3: Collaboration with Enterprises - "Zhangshang University" has established "HanDream University Studios" in 11 universities, integrating real business projects into campuses, allowing students to gain practical experience while building emotional connections with brands [6] - This model not only prepares students for future employment but also helps brands secure early consumer loyalty among the future main consumer force [6] Group 4: Value Reconstruction - The operational model of "Zhangshang University" facilitates short-term sales growth while achieving value transitions in three areas: brand youthfulness, user asset accumulation, and talent strategy [7][8] - The campus agent system has helped brands accumulate over one million private domain users, significantly increasing repurchase rates through continuous content engagement and benefits [8] - The initiative has also provided over a thousand students with training opportunities annually, enhancing the brand's image as an employer and creating long-term competitive advantages [8] Group 5: Future Growth Potential - As the private domain economy shifts from "traffic competition" to "value cultivation," "Zhangshang University" employs a three-dimensional empowerment model of "scenes + technology + ecology" to unlock growth in the campus market [8] - The innovative practices of "Zhangshang University" have been recognized for connecting education with industry, providing a model for addressing talent supply-demand mismatches [8]

Group 1 - Tencent Music announced the acquisition of Ximalaya Holdings for a total price of $1.26 billion in cash and Tencent Music Class A ordinary shares, with Ximalaya becoming a wholly-owned subsidiary post-transaction [1] - The acquisition aims to fill Tencent Music's gap in the long audio segment, integrating Ximalaya's content ecosystem, including audiobooks, paid knowledge, and podcasts, to enhance its "music + audio" dual-core strategy [1] - Ximalaya's brand, product independent operations, core management team, and strategic direction will remain unchanged following the acquisition [1] Group 2 - The acquisition is expected to leverage Tencent's ecosystem resources, such as user traffic and technological capabilities, allowing Ximalaya to overcome growth bottlenecks [1] - The audio content is anticipated to become a core entry point for the "ear economy" through AI voice synthesis and multi-scenario distribution [1] - The acquisition may shift the industry from "individual competition" to ecological competition, accelerating the commercialization of long audio models [1] Group 3 - City Media indirectly holds shares in Ximalaya, and its subsidiary Qingdao Publishing House has formed a strategic partnership with Ximalaya, creating a "copyright + audio" ecosystem [2] - The company's audiobooks have been integrated into the Ximalaya platform, promoting the fusion of print publishing and digital content [2] - Edifier collaborates with Tencent Music's "Qingting" to develop smart speakers, being the sole partner for QQMusicInside speakers [3]

Overview - The automotive audio market in China is experiencing rapid growth, with a projected market size of 68.618 billion yuan in 2024, representing a year-on-year increase of 4.60% [1][12] - Consumers are increasingly willing to pay higher prices for high-quality audio systems, leading to diverse demands for sound quality, functionality, and design [1][12] Market Policies - The Chinese government has implemented various policies to support the development of the automotive audio industry, including the "14th Five-Year" technology innovation plans and initiatives for recycling and upgrading equipment [5][7] Industry Chain - The automotive audio industry relies on upstream suppliers of metal materials and electronic components, while downstream demand comes primarily from automotive manufacturers, repair services, and customization markets [8][10] Current Development - The automotive audio market is predominantly driven by the pre-installed market, which accounts for over 90% of the total market, as manufacturers integrate audio systems into vehicles before sale [12] Competitive Landscape - The automotive audio market has high entry barriers, with domestic brands gradually breaking the dominance of foreign brands through improved quality and localized services [15] - Key players in the industry include companies like Aisico, Suzhou Shangsheng Electronics, and Guangdong HiVi Technology, with significant market presence in regions like Guangdong and Zhejiang [15][17][19] Future Trends - The integration of automotive audio systems with AI, IoT, and 5G technologies is expected to enhance user experience through smart voice assistants and personalized audio configurations [21]

Core Insights - The smart headphone industry integrates audio technology, communication technology, and artificial intelligence, enabling voice interaction capabilities [2][5] - The global shipment of smart headphones is projected to reach approximately 538 million units in 2024, with TWS (True Wireless Stereo) headphones accounting for about 332 million units [5][6] - The Chinese smart headphone market is experiencing rapid growth, with an expected shipment of around 150 million units in 2024, driven by advancements in AIoT technology and diverse application scenarios [6][2] Industry Definition and Classification - Smart headphones are defined as headphones equipped with built-in circuit sensing systems and AI neural network algorithms, enabling features such as voice wake-up, recognition, and interaction [2] - The smart headphone industry is categorized into TWS headphones, open-type headphones, over-ear headphones, and neckband headphones [2] Current Development Status - The smart headphone industry is characterized by the convergence of multiple technologies, including audio, communication, and AI, leading to enhanced voice interaction capabilities [5] - The demand for smart headphones is increasing, particularly for sports-oriented models that offer features like heart rate monitoring and voice recognition, reflecting a shift towards health and fitness [5][6] - In 2020, global smart headphone shipments reached 430 million units, marking a year-on-year growth of 19.8%, with TWS shipments at 233 million units [5] Market Trends and Future Outlook - The smart headphone market is expected to benefit from the growing trend of health consciousness and the integration of smart features, creating significant opportunities for growth [5][6] - The continuous evolution of AIoT technology and its applications is anticipated to further drive the demand for smart headphones in various consumer segments [5][6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the increasing integration of AI in various hardware forms, particularly focusing on innovative devices like AI glasses and AI companions, which are expected to enhance user interaction and experience [4][5] - The report emphasizes the importance of visual perception as a key component in hardware development, with expectations for advancements in camera technology and signal processing to support AI functionalities [6] Summary by Sections Industry Overview - The report discusses the anticipated growth in AI-related hardware, driven by advancements in visual and acoustic perception technologies [6] Recent Developments - The launch of the Doubao app's video call feature is noted, showcasing its capabilities in visual recognition and environmental understanding, which enhances the user experience [4] - OpenAI's acquisition of an AI hardware startup and plans to release an AI companion device by 2026 are highlighted, indicating a significant shift towards more interactive AI devices [5] Hardware Analysis - Key hardware components necessary for the development of AI devices include advanced cameras, System on Chip (SoC) technologies, and high-speed signal transmission chips [6] - Beneficiary companies in this sector include Xiaomi, GoerTek, Sunny Optical Technology, and others, which are positioned to capitalize on the growing demand for AI-enabled hardware [6]

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深圳市漫步者科技股份有限公司 2024 年年度股东大会决议公告 证券代码：002351 证券简称：漫步者 公告编号：2025-022 二、 会议召开的情况 1. 会议召开时间： （1）现场会议时间：2025 年 5 月 26 日（星期一）下午 14:00 起 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 5 月 26 日 09:15~09:25，09:30~11:30，13:00~15:00；通过深圳 证券交易所互联网投票系统投票的开始时间（2025 年 5 月 26 日 9:15）至投票 结束时间（2025 年 5 月 26 日 15:00）期间的任意时间。 2. 现场会议召开地点：广东省东莞市松山湖产业开发区工业东路 2 号东莞 市漫步者科技有限公司办公大厦 5 层会议室 深圳市漫步者科技股份有限公司 2024年年度股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中 的虚假记载、误导性陈述或重大遗漏承担责任。 一、 重要提示 1. 本次股东大会无增加、变更、否决提案的情况。 2. 本次审议的第四、六、七项提案属于涉及影响中小投资者利 ...