Core Viewpoint - The A-share market shows positive momentum with significant gains in the internet e-commerce and gaming sectors, while other sectors like precious metals and port shipping are underperforming [3][4]. Market Performance - The Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index increased by 1.14%, and the ChiNext Index surged by 2.22% [3][5]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.54 trillion yuan, an increase of 134.8 billion yuan compared to the previous trading day [4][8]. - Over 3,200 stocks in the market experienced declines, indicating a mixed performance across sectors [4]. Sector Highlights - The gaming and internet e-commerce sectors led the gains, with notable performances from companies like Ningde Times, which saw its stock price rise over 5% in A-shares and over 4% in Hong Kong shares [5][6]. - The consumer electronics sector also showed strength, with companies like Huaqin Technology hitting their upper limit and reaching historical highs [5][6]. - The AI application sector experienced significant activity, with stocks like Tianxiexiu and Yiwang Yichuang seeing substantial increases [11]. Notable Company Developments - Alibaba announced plans to invest heavily in AI infrastructure, with a commitment of 380 billion yuan, which is expected to drive growth in related sectors [6][12]. - Chery Automobile made its debut on the Hong Kong Stock Exchange, opening with an increase of over 11% [15][17]. Economic Indicators - The People's Bank of China conducted a reverse repurchase operation of 483.5 billion yuan at an interest rate of 1.40%, indicating ongoing liquidity management in the market [17]. - The RMB to USD exchange rate was reported at 7.1118, reflecting a depreciation of 41 basis points [18].

（文章来源：每日经济新闻） 每经AI快讯，9月25日，消费电子板块震荡走强，华勤技术涨停创历史新高，歌尔股份、漫步者、蓝思 科技、比依股份、漫步者等跟涨。 ...

Core Viewpoint - The consumer electronics sector is experiencing a strong rebound, with companies like Huaqin Technology hitting their upper trading limit and reaching historical highs, driven by supportive government policies aimed at boosting digital consumption [1] Group 1: Market Performance - Huaqin Technology has reached its upper trading limit and achieved a historical high [1] - Other companies in the sector, such as GoerTek, Edifier, Lens Technology, and Biyin Technology, have also seen significant gains [1] Group 2: Government Policy - The Ministry of Commerce and seven other departments have jointly issued guidelines to promote digital consumption [1] - The guidelines emphasize increasing the effective supply of artificial intelligence terminal products and unlocking the consumption potential of new products such as AI smartphones, computers, smart robots, wearable devices, and desktop 3D printers [1]

北京市万商天勤律师事务所 关于 深圳市漫步者科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 北京市朝阳区建国门外大街 8 号北京国际财源中心 A 座 32 层 100022 电话：+86 10 82255588 www.vtlaw.cn 北京 深圳 上海 成都 武汉 西安 长沙 杭州 海口 南京 广州 昆明 福州 重庆 天津 合肥 郑州 香港(联营) 北京市万商天勤律师事务所 关于深圳市漫步者科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：深圳市漫步者科技股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》及中国证券监督管理 委员会《上市公司股东会规则》（以下称"《股东会规则》"）等法律、法规和规范性文 件的规定，北京市万商天勤律师事务所（以下称"本所"）接受深圳市漫步者科技股 份有限公司（以下称"公司"）的委托，指派律师参加公司 2025 年第二次临时股东大 会，并出具法律意见。 本所律师同意将本法律意见书随公司本次股东大会决议一并予以公告，并依法对 本法律意见书承担相应的责任。 本所律师根据《股东会规则》第六条的要求，按照律师行业公认的业务标准、道 德规范 ...

深圳市漫步者科技股份有限公司 2025年第二次临时股东会决议公告 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. 本次股东会无增加、变更、否决提案的情况； 深圳市漫步者科技股份有限公司 2025 年第二次临时股东会决议公告 证券代码：002351 证券简称：漫步者 公告编号：2025-032 2. 本次审议的提案 1、提案 2.01、提案 2.02 为特别决议事项，需经出席会 议的股东所持表决权的 2/3 以上通过方可实施。 二、 会议召开的情况 1. 会议召开时间： （1）现场会议时间：2025 年 9 月 23 日（星期二）下午 14:30 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 9 月 23 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 9 月 23 日 9:15）至投票 结束时间（2025 年 9 月 23 日 15:00）期间的任意时间。 2. 现场会议召开地点：广东省东莞 ...

Core Points - The Shanghai Composite Index closed at 3822.59 points, above the six-month moving average, with a slight increase of 0.07% [1] - The total trading volume of A-shares reached 13556.41 billion yuan, indicating active market participation [1] - A total of 49 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3822.59 points, reflecting a 0.07% increase [1] - The total trading volume for A-shares today is 13556.41 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 49 A-shares have broken through the six-month moving average [1] - Stocks with the highest deviation rates include: - Shengyuan Environmental Protection: 6.76% - Zhixin Electronics: 6.18% - Weixing Intelligent: 6.16% [1] Additional Stock Information - Other stocks that have recently crossed the six-month line with lower deviation rates include: - Shuanglu Pharmaceutical - China Merchants Jiyu - Libote [1]

Group 1 - Company Edifier (SZ 002351) announced that on September 18, 2025, it will accept investor research from CITIC Securities and other investors, with the company's investor relations director Zhang Bei participating in the reception and answering questions from investors [1] - For the first half of 2025, Edifier's revenue composition is entirely from the electronics industry, with a 100.0% share [2] - As of the time of reporting, Edifier's market capitalization stands at 11.7 billion yuan [3]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.353 billion CNY, a decrease of 1.95% compared to the same period last year [2] - Revenue from headphone products was 0.93 billion CNY, down 10.85% year-on-year [2] - Revenue from speaker products reached 0.508 billion CNY, an increase of 17.40% year-on-year [2] - Gross profit margin was 40.36%, remaining stable year-on-year [2] - Domestic sales revenue decreased by 10.43% to 0.593 billion CNY, while export revenue increased by 14.30% to 0.310 billion CNY [2] Group 2: Product Development and Innovation - The company launched several notable new products in the first half of 2025, including: - TWS X1 Evo headphones weighing only 3.8g [3] - Lolli ANC semi-in-ear active noise-canceling headphones with upgraded algorithms [3] - Lolli Pro 5 headphones featuring a coaxial dual dynamic driver with -48dB noise cancellation [3] - LolliClip AI open-type active noise-canceling ear clips with advanced AI integration [4] - The company is focusing on the rapidly growing open-ear headphone market, with over ten models launched and plans for continued investment in various product forms and price ranges [5] Group 3: Market Strategy and Global Expansion - The company is enhancing its overseas operations and expanding international e-commerce channels, resulting in rapid growth in export business [3] - A dual-line endorsement strategy was implemented in 2025, partnering with popular local celebrities in Thailand and Japan to effectively reach core Asian markets [5] - The company is committed to maintaining compliance with regulations during investor communications, ensuring no undisclosed significant information was leaked [5]

Group 1 - The core viewpoint of the articles highlights the financial performance and market activity of Edifier Technology Co., Ltd., including stock trading data and financial results for the first half of 2025 [1][2]. Group 2 - As of September 17, Edifier's stock price increased by 0.60%, with a trading volume of 185 million yuan. The margin trading data shows a net margin buy of -3.94 million yuan for that day [1]. - The total margin trading balance for Edifier as of September 17 is 263 million yuan, with a financing balance of 262 million yuan, accounting for 2.20% of the circulating market value, which is below the 10% percentile level over the past year [1]. - For the period from January to June 2025, Edifier reported a revenue of 1.353 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 200 million yuan, down 9.07% year-on-year [2]. - The company has distributed a total of 1.632 billion yuan in dividends since its A-share listing, with 578 million yuan distributed over the past three years [2]. - As of June 30, 2025, the number of shareholders for Edifier increased to 75,300, while the average circulating shares per person decreased by 2.75% to 6,922 shares [2].

Core Viewpoint - The announcement of share reduction by the controlling shareholder of Jiahe Intelligent is seen as a negative signal for the company's financial health, especially following a significant decline in net profit and the exit of major shareholders [1][9]. Group 1: Shareholder Actions - Dongguan Wenfu Industrial Investment Co., Ltd. plans to reduce its holdings by up to 6 million shares, representing 1.59% of the total share capital [1]. - The top ten shareholders' combined holding has decreased from 42.37% in mid-2024 to 33.95% in mid-2025, indicating a significant exit of major shareholders [1][2]. Group 2: Financial Performance - In the first half of 2025, the company reported a 10.82% decline in revenue, with a gross margin dropping to 14.07%, down 4.11 percentage points from the 2023 peak [5][6]. - The net profit for the first half of 2025 fell by 38.12% to 0.25 billion, with the non-recurring net profit plummeting by 90.6% to only 0.25 million [6][7]. Group 3: Industry Context - The consumer electronics industry, particularly in the audio product sector, is facing intense competition, leading to a situation where brand owners are gaining more market power while ODM manufacturers like Jiahe Intelligent struggle [4][7]. - The company relies heavily on major clients such as Harman and Beats, which increases its vulnerability to pricing pressures and order reductions [7][8]. Group 4: Future Outlook - The company's new business segments, such as smart wearables, contribute minimally to overall revenue, with smart wearables accounting for only 10.08% of revenue in the first half of 2025 [8]. - The outlook remains pessimistic due to the slow expansion of new business areas and the ongoing decline in traditional business performance [7][8].