证券代码：002351 证券简称：漫步者 公告编号：2025-039 深圳市漫步者科技股份有限公司 关于召开 2026 年第一次临时股东会的通知 深圳市漫步者科技股份有限公司 关于召开 2026 年第一次临时股东会的通知 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。 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 3、会议召开的合法合规性：公司第六届董事会第二十一次会议审议通过了《关于召 开 2026 年第一次临时股东会的议案》，决定于 2026 年 1 月 6 日召开公司 2026 年第一次 临时股东会现场会议。本次股东会的召开符合有关法律法规和《公司章程》的规定。 4、会议时间： （1）现场会议时间：2026 年 01 月 06 日 14:30:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 01 月 06 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统 投票的具体时间为 2026 年 01 月 06 日 9: ...

证券代码：002351 证券简称：漫步者 公告编号：2025-036 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 第六届董事会第二十一次会议决议公告 一、以 9 票同意、0 票反对、0 票弃权，表决通过了《关于董事会换届选举 的议案》。 董事会提名张文东先生、肖敏先生、王晓红女士、张文昇先生、周卫斌先生、 范钢娟女士为第七届董事会的非独立董事候选人，李全兴先生、秦永慧先生、徐 佳先生、姜帆先生为第七届董事会独立董事候选人。任期三年，自公司 2026 年 第一次临时股东会通过之日起计算。 《关于董事会换届选举的公告》详见指定披露媒体《证券时报》《中国证券 报》及巨潮资讯网（www.cninfo.com.cn）公告 2025-038。 本议案已经公司董事会提名、薪酬与考核委员会事前审议通过。 本议案需提交公司 2026 年第一次临时股东会审议，将采用累积投票方式逐 项表决。 第六届董事会第二十一次会议决议公告 二、以 9 票同意、0 票反对、0 票弃权，表决通过了《关于召开 2026 年第 一次临时股东会的议案》。 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 ...

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 2.056 billion CNY, 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] - In Q3 2025, the revenue was 738 million CNY, indicating a further increase compared to the previous quarter [2] Group 2: Product Development and Market Strategy - The company launched several new products, including the TWS X1 Evo earphones weighing only 3.8g and the Lolli ANC earphones with upgraded noise-cancellation algorithms [3] - The company is focusing on high-end, differentiated, and scenario-based audio products, which have helped boost speaker revenue [2][3] - The open-ear headphone market is rapidly growing, with the company planning to invest heavily in various forms of open-ear headphones, having already launched over ten models [6] Group 3: International Expansion and Marketing - The company is enhancing its overseas operations and expanding international e-commerce channels, resulting in rapid growth in export business [2] - A dual-line endorsement strategy was implemented in 2025, partnering with local celebrities in Thailand and popular actors in Japan to reach core Asian markets [6] Group 4: Technological Innovations - The company has completed the filing of its "Edifier Summary Extraction Algorithm" and "Edifier Machine Translation Algorithm" with the National Internet Information Office [5] - New AI features are being developed and integrated into products, such as real-time language translation and AI meeting transcription capabilities [5]

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 ...

Core Viewpoint - Dongguan is set to embark on a new five-year economic and social development plan, emphasizing "Intelligent Creation of Quality Products, Harmonious Beauty, and Livability" as its strategic goals for the upcoming period [1][14]. Group 1: Strategic Goals - "Intelligent Creation" focuses on fostering new productive forces through innovation, particularly in technology-driven industries like artificial intelligence, leveraging Dongguan's strong industrial base [6][16]. - "Quality Products" aims to enhance brand strength and product quality, addressing the long-standing challenge of the manufacturing sector in China, with local brands like OPPO and vivo exemplifying this shift [8]. - "Harmonious Beauty" emphasizes a people-centered approach to urban governance, promoting a culture of civility and community engagement to create a shared living environment for its residents [9]. - "Livability" seeks to improve urban infrastructure and services, ensuring a high quality of life for citizens while adopting a "reduction development" strategy to optimize land use [11]. Group 2: Implementation and Challenges - The integration of "Intelligent Creation" and "Quality Products" serves as a driving force for economic growth, while "Harmonious Beauty" and "Livability" provide essential support for sustainable urban development [13][21]. - Dongguan's strategic plan is aligned with Guangdong's broader mission to lead in high-quality development, positioning the city as a benchmark for other urban areas in China [14][19]. - The city faces challenges such as industrial upgrading, spatial constraints, and population integration, which are common among rapidly developing cities in the Guangdong-Hong Kong-Macau Greater Bay Area [21][24]. Group 3: Future Vision - The vision for Dongguan includes a harmonious blend of industrial growth and quality of life improvements, aiming to transform the city into a model of modern urban living that prioritizes human development [22][26]. - The strategic framework is designed to ensure that Dongguan not only maintains its status as a manufacturing powerhouse but also evolves into a leader in innovation and urban governance [16][30]. - The overarching goal is to create a vibrant city that balances economic productivity with cultural and social well-being, ultimately enhancing the quality of life for all residents [29][30].

Core Insights - Omdia's latest research indicates that global True Wireless Stereo (TWS) headphone shipments will reach 92.6 million units in Q3 2025, reflecting a slight year-on-year increase of 0.33% [1][9] - Open Wireless Stereo (OWS) headphone shipments surpassed 10 million units, showing a significant year-on-year growth of 69%, compensating for a 4% decline in traditional TWS shipments [2][9] - The market is evolving along two distinct paths: one focusing on high-end differentiation with advanced Active Noise Cancellation (ANC) and AI features, and the other offering cost-effective innovative products in emerging markets [4][8] TWS Market Dynamics - Apple maintains its leading position in the TWS market, capturing approximately 50% of the market value, despite a 4% decline in shipments [4][9] - Xiaomi ranks second, achieving triple-digit growth in Latin America and other emerging markets by accelerating the launch of products priced below $50 [4][9] - The average selling price (ASP) of OWS products is being pushed above $100 to avoid price-driven competition, with higher-priced OWS shipments growing faster than lower-priced ones [7] OWS Market Potential - OWS shipments are projected to reach 40 million units by 2026, accounting for 10% of the overall TWS market, highlighting the strategic importance of OWS in reshaping the audio market [8] - The long-term retention of OWS users will depend on the continuous provision of functional value beyond initial use, as the open design has inherent sound quality limitations [7][8] - Key manufacturers are exploring integration with specific use cases, such as sports or office environments, to enhance functionality and maintain growth momentum [7][8]

Core Viewpoint - The company, Kunshan Haifiman Technology Group Co., Ltd., known as the "Hermès of headphones," is making a significant impact in the high-fidelity audio sector with impressive profitability as it prepares for its IPO on the Beijing Stock Exchange [1] Group 1: Financial Performance - The company reported comprehensive gross margins of 65.06%, 68.18%, and 70.10% for the years 2022 to 2024, outperforming competitors like Edifier and HiVi, and approaching the margins of Kweichow Moutai in certain years [1] - The company's overseas revenue consistently accounts for over 65% of its main business income, primarily from developed markets such as the US, Europe, Japan, and South Korea, where consumers exhibit a high willingness to pay for quality audio experiences [3] - In 2024, the company's overseas business gross margin reached 77.35%, significantly higher than the domestic margin of 55.81% [3] Group 2: Product Strategy - The company has established a product matrix covering mid to high-end markets, with headphone prices ranging from 1,329 yuan to 56,000 yuan [3] - The high-end headphones segment remains a cornerstone of the company's revenue, generating sales of 1.07 billion yuan, 1.35 billion yuan, 1.49 billion yuan, and 714.13 million yuan over the reporting periods [3] - The average selling price of the company's headphones has remained around 2,000 yuan, with sales of products priced above 2,000 yuan consistently accounting for over 60% of total sales [4] Group 3: Marketing and R&D Expenditure - The company's sales expense ratio was significantly higher than industry peers, at 19.75%, 18.85%, and 19.99% from 2022 to 2024, compared to an average of 10% to 12% for comparable companies [5][6] - In contrast, the company's R&D expense ratio has been declining, recorded at 5.66%, 5.20%, and 4.93%, which is below the industry average of approximately 6.7% [6] Group 4: Supply Chain and Production Challenges - The company employs a "self-production primarily, outsourcing secondarily" model, yet the outsourcing costs have consistently accounted for about 20% of the main business costs, surpassing labor and manufacturing costs combined in 2022 and 2023 [7] - There is a notable discrepancy between the increase in procurement costs from its main outsourcing partner, Dolphin Communications, and the decline in production volume of true wireless headphones, which fell by approximately 25.2% in 2024 [8] Group 5: Future Outlook and Challenges - The company plans to raise 243 million yuan through its IPO to enhance production capacity for advanced acoustic components and finished products, aiming to address supply chain concerns and reduce reliance on outsourcing [9] - Balancing marketing and R&D investments, finding equilibrium between niche and mass markets, and clarifying supply chain compliance will be critical challenges for the company post-IPO [9]

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]

Core Viewpoint - Haifiman, known as "China's most expensive headphones" and "the Hermes of the headphone industry," has recently passed its IPO on the Beijing Stock Exchange, showcasing a high gross margin exceeding 65% [1][2]. Financial Performance - In 2024, Haifiman's gross margin peaked at 70.1%, closely trailing behind Hermes' 70.3% [1]. - The company's total assets increased from approximately 156.6 million yuan in 2022 to about 280.2 million yuan by June 2025 [6]. - Revenue for 2024 was reported at approximately 226.7 million yuan, with a net profit of around 66.5 million yuan [6]. Market Positioning - Haifiman focuses on the global high-end, audiophile headphone market, with over 50% of its revenue derived from overseas markets [1][5]. - The company has a diverse product range, with headphone prices ranging from 5,600 yuan to 132,900 yuan, catering to various market segments [7]. Sales and Marketing Strategy - The sales promotion expenses accounted for over 10% of revenue, while R&D expenses fluctuated around 5% [1][12]. - The company has been expanding its domestic sales channels, investing in platforms like JD.com and Tmall, but faces intense competition that affects advertising cost efficiency [16][21]. Product Development and Challenges - Haifiman is expanding its product matrix beyond high-end headphones, but new products have seen an increase in return rates [1][21]. - The company reported a significant rise in return rates for its true wireless earphones, from 6.61% to 15.81%, attributed to consumer expectations not meeting actual product performance [21]. Future Outlook - The IPO proceeds will be used to enhance production capacity, build a research center, and strengthen global brand operations [21]. - The company aims to transition its self-developed DAC chips from FPGA modules to ASIC chips to reduce costs and improve performance [21].

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]