Group 1: Financial Performance - Gross margin reached 40.35%, an increase of 3.02% compared to the same period last year [1] - Total revenue for 2024 was 2.943 billion CNY, a year-on-year growth of 9.27% [1] - Revenue from headphones and headsets was 1.841 billion CNY, with a gross margin of 39.73%, up 3.53% year-on-year [1] - Domestic sales revenue was 2.312 billion CNY, a year-on-year increase of 11.57% [1] Group 2: Product Development and Market Strategy - The company launched several high-end new products, including NeoBuds Pro3 and Hi-Fi flagship speaker S300 [1] - Open-ear headphones (OWS) are a key growth area, with over ten models launched to date [2] - The company is focusing on enhancing product differentiation and expanding its global consumer base [2] - The introduction of AI products and algorithms has been completed, enhancing the functionality of various offerings [2] Group 3: Competitive Landscape and Brand Positioning - The headphone market has become increasingly competitive with the entry of major smartphone brands [2] - The company emphasizes its sound quality and rapid product iteration as key competitive advantages [2] - Brand expansion includes multiple sub-brands targeting different consumer segments, such as Hi-Fi and esports [2]

Core Insights - The company reported a total revenue of 2.943 billion yuan in 2024, representing a year-on-year growth of 9.27%, while net profit attributable to shareholders was 449 million yuan, up 7.06% year-on-year. However, the growth rates have significantly slowed compared to previous years, particularly net profit growth which dropped from 70.17% in 2023 to 7.06% in 2024, indicating substantial market pressure and operational challenges [1][2]. Revenue Performance - The revenue growth rate for 2024 was significantly lower than the 21.64% growth in 2023. The earphone and headset segment, which is the main revenue source, generated 1.841 billion yuan, with a mere growth of 2.79%, far below the previous year's performance. In contrast, the audio segment achieved 999 million yuan in revenue, growing by 20.39%, but this segment only accounted for 33.9% of total revenue, failing to offset the weakness in the earphone business [2][3]. Market Challenges - The overseas market accounted for 23.07% of revenue in 2024, with domestic sales making up 76.93%. The recent increase in tariffs by the U.S. government poses a significant challenge to the company's growth prospects in international markets. Although the company has established a presence in over 80 countries, the sales scale and market share remain limited. The increased tariffs could either reduce price competitiveness if passed on to consumers or compress profit margins if absorbed by the company [3][4]. Cost and Profitability - Sales expenses surged to 380 million yuan, a 31.52% increase, primarily due to rising advertising and labor costs. Although management expenses decreased, R&D expenses rose by 9.16% to 184 million yuan. The increase in costs has put considerable pressure on the company's profitability, leading to a significant decline in net profit growth [4][7]. Quality Issues - The company has faced numerous consumer complaints regarding product quality, particularly with earphones and speakers. Reports indicate various quality defects, including frequent issues with earphone connectivity and sound quality. This growing concern over product quality could damage the company's brand image and hinder future growth [8][16].

Core Viewpoint - The company, Edifier (漫步者), reported a revenue increase of 9.27% for the fiscal year 2024, with a focus on developing advanced AI headphone products while facing challenges in the traditional TWS headphone market [1][2][3]. Financial Performance - The company achieved total revenue of 294.33 million yuan, up from the previous year [1][2]. - The net profit attributable to shareholders was 44.92 million yuan, reflecting a 7.06% increase year-over-year [1][2]. - The revenue from headphone and headset products was 184.10 million yuan, a growth of 2.79%, while the sound system products saw a revenue increase of 20.39% to 99.66 million yuan [1][2]. Product Development and Market Strategy - The company is focusing on the development of AI headphones, with new products featuring real-time translation capabilities [4]. - The slowdown in headphone business growth is attributed to a strategic shift towards non-in-ear headphones, leading to insufficient updates in traditional mid-to-low-end TWS models [3]. - The company plans to reintroduce mid-to-low-end models to regain market share lost in the previous year [3]. Market Position and Future Outlook - The company aims to break the 30 billion yuan market capitalization barrier, currently valued at 12.57 billion yuan, indicating a potential 58% increase [7]. - The demand for open-ear headphones is rising, and the company has launched over ten related models in 2024 [5]. - The company maintains a focus on its core business and believes that solid performance will lead to increased market value [6]. Investor Relations and Market Sentiment - The company acknowledges the impact of macroeconomic factors on stock price fluctuations but emphasizes its commitment to improving product development and sales performance [6]. - Despite strong financial results, the stock has seen a decline of 30% from its peak, raising concerns among investors [7].

Core Viewpoint - Shenzhen Edifier Technology Co., Ltd. has approved the use of up to 1.7 billion yuan of idle funds for entrusted wealth management, aiming to enhance capital efficiency and investment returns without harming the interests of shareholders, especially minority shareholders [2][10]. Summary by Sections Company Decision - The sixth board of directors and the first extraordinary general meeting of shareholders in 2025 approved the proposal for using idle funds for entrusted wealth management [2]. - The authorized period for this decision is effective from the date of approval for 12 months [10]. Financial Details - The company plans to use no more than 1.7 billion yuan for entrusted wealth management, with the funds being allowed for rolling use within the approved limit [2][10]. - Various financial products have been selected for investment, including fixed income and floating rate products, with expected annualized returns ranging from 2.07% to 2.85% [3][4]. Investment Products - The company has engaged in several wealth management products, including: - 1.5 million yuan in a fixed income product with a 2.07% return [3]. - 2.5 million yuan in a floating rate product with a 2.72% return [4]. - 5 million yuan in a fixed income product with a 2.027% return [3]. - The products have varying terms, with some allowing for redemption after 28 days and others having longer holding periods [3][4]. Risk Management - The finance department will analyze and track the investment products and their progress, taking necessary measures to control investment risks if any potential threats to fund safety are identified [5]. - The company emphasizes a principle of "standardized operation, risk prevention, cautious investment, and value preservation" to ensure that wealth management activities do not affect the normal operations of the main business [5][10].

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深圳市漫步者科技股份有限公司 关于举行 2024 年度网上业绩说明会的公告 证券代码：002351 证券简称：漫步者 公告编号：2025-015 （问题征集专题页面二维码） 特此公告。 深圳市漫步者科技股份有限公司 深圳市漫步者科技股份有限公司 关于举行2024年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市漫步者科技股份有限公司将于 2025 年 4 月 2 日（星期三）15:00-17:00 在全景网举办 2024 年度业绩说明会。本次年度业绩说明会将采用网络远程方式举 行，投资者可登录全景网"投资者关系互动平台"（http://ir.p5w.net）参与本次年 度业绩说明会。 出席本次年度业绩说明会的人员有：公司董事长兼总裁张文东先生，董事兼 副总裁肖敏先生，董事兼副总裁张文昇先生，独立董事李全兴先生，董事会秘书 兼副总裁李晓东先生，财务总监王红蓉女士，投资者关系总监张北先生。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提前 向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 ...

深圳市漫步者科技股份有限公司 关于会计政策变更的公告 证券代码：002351 证券简称：漫步者 公告编号：2025-017 深圳市漫步者科技股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 深圳市漫步者科技股份有限公司（以下简称"公司"）本次会计政策变更系根 据中华人民共和国财政部（以下简称"财政部"）颁布的《关于印发的通知》（财 会〔2023〕21号，以下简称"《准则解释第17号》"）以及《关于印发<企业会 计准则解释第18号>的通知》（财会〔2024〕24号，以下简称"《准则解释第18 号》"）的要求变更会计政策。 本次会计政策变更后，能够更客观、公允地反映公司的财务状况和经营成果， 不会对公司财务状况、经营成果和现金流量产生重大影响，亦不存在损害公司及 股东利益的情况。 根据相关法律法规的规定，本次会计政策变更无需提交公司董事会和股东大会 审议。 一、本次会计政策变更概述 1、变更原因 2023年10月25日，财政部发布《准则解释第17号》，对"关于流动负债与非 流动负债的划分"、"关于供应商融资安排的披露 ...

独立董事 2024 年度述职报告 深圳市漫步者科技股份有限公司 独立董事 2024 年度述职报告（张昱波） 本人作为深圳市漫步者科技股份有限公司（以下简称"公司"或"漫步者"） 的独立董事，2024年能够严格按照《公司法》、《证券法》、《上市公司独立 董事管理办法》、及《公司章程》、公司《独立董事工作制度》等相关法律、法 规、制度的规定，恪尽职守，勤勉尽责，充分发挥自己作为独立董事的作用，维 护了公司、公司全体股东尤其是中小股东的利益。 现将本人在2024年履职情况汇报如下： 一、 基本情况 （一）工作履历、专业背景以及兼职情况 本人张昱波，曾任深圳市特尔佳科技股份有限公司董事会秘书、副总经理， 现任广东喜之郎集团有限公司投资总监，广东乐心医疗电子股份有限公司独立董 事。2020年1月起任公司独立董事。 本人符合相关法律法规、监管规章关于上市公司独立董事任职资格条件的规 定。 （二）不存在影响独立性的情况 作为公司独立董事，本人不在公司兼任除董事会专门委员会主任委员外的其 他职务，与漫步者及其主要股东不存在直接或者间接利害关系，或者其他可能影 响其进行独立客观判断关系；本人独立履行职责，不受漫步者及其主要股东 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.5100 | 0.4700 | 8.51 | 0.2800 | | 每股净资产（元） | 3.13 | 2.86 | 9.44 | 2.59 | | 每股公积金(元) | 0.49 | 0.52 | -5.77 | 0.53 | | 每股未分配利润(元) | 1.42 | 1.14 | 24.56 | 0.89 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 29.43 | 26.94 | 9.24 | 22.14 | | 净利润(亿元) | 4.49 | 4.2 | 6.9 | 2.47 | | 净资产收益率(%) | 16.80 | 17.43 | -3.61 | 10.97 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 16835.58万股，累计占流通股比： 32.32%，较上期 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.26 RMB [7][8] Core Views - The company reported a revenue of 100.95 billion RMB for 2024, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 2.67 billion RMB, reflecting a significant year-on-year growth of 144.93% [1] - The growth in revenue is driven by improvements in the revenue scale and profitability of acoustic sensors, XR, wireless earphones, and wearable products [1] - The company anticipates that AI glasses and AR headsets will become new growth drivers in 2025, despite a projected decline in VR/PS5 industry shipments [1][3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 31.31 billion RMB, representing a year-on-year increase of 27% and a quarter-on-quarter increase of 7% [1] - The gross profit margin for 2024 was reported at 11.1%, an increase of 2.1 percentage points year-on-year [1] - The company recorded an asset impairment loss of 4.12 billion RMB in Q4 2024, primarily due to aging inventory and the impairment of old production line equipment [1] Product Line Performance - In the second half of 2024, the precision components segment generated revenue of 8.74 billion RMB, a year-on-year decrease of 11.2% but a quarter-on-quarter increase of 38.6% [2] - The smart acoustic products segment reported revenue of 13.51 billion RMB, down 9.5% year-on-year but up 5.6% quarter-on-quarter, indicating a recovery in market share [2] - The smart hardware segment saw a revenue increase of 27.1% year-on-year, reaching 37.35 billion RMB, with a gross margin of 9.1% [2] 2025 Outlook - For 2025, the company expects a 6% year-on-year increase in smart acoustic product revenue, with a gross margin improvement to 9.9% [3] - The overall revenue is projected to decline by 4% to 96.87 billion RMB, while net profit is expected to grow by 23% to 3.29 billion RMB [3][4] - The company is adjusting its expectations for VR global shipments, forecasting a 12% decline to 6.5 million units, which may impact smart hardware revenue [3][4] Valuation and Estimates - The estimated net profits for 2025, 2026, and 2027 are 3.29 billion RMB, 3.81 billion RMB, and 4.28 billion RMB respectively, with downward adjustments of 18% and 13% for 2025 and 2026 [4] - The company is assigned a PE ratio of 31.13x for 2025, reflecting its potential in AI glasses and AR products, with a target price maintained at 29.26 RMB [4]