深圳市漫步者科技股份有限公司 投资者关系活动记录表 证券代码：002351 证券简称：漫步者 深圳市漫步者科技股份有限公司投资者关系活动记录表 编号：PR2025101701 深圳市漫步者科技股份有限公司 投资者关系活动记录表 | 3）得益于海外运营能力逐步加强、国际电商渠道持续扩张、 | | --- | | 用户口碑稳步提高，公司出口业务保持快速增长。 | | 二、公司产品、研发及运营近况 | | 年截至目前，公司推出的有代表性的新品包括： 2025 | | 1）主品牌耳机： | | 百元级 耳机 Evo，单耳仅重 3.8g； TWS X1 | | 半入耳主动降噪耳机，升级自适应降噪算法； Lolli ANC | | 采用同轴双动圈声学架构，降噪深度达到-48dB； Lolli Pro 5 | | 全新电镀叠加皮纹设计的 种语 Lolli Air 真无线蓝牙耳机，21 | | 言同声传译让交流更流畅； | | 开放式 主动降噪耳夹新品 OWS LolliClip AI，接入豆包和 | | 双大模型； DeepSeek | | 潮搭老钱风 运动耳机 OWS Comfo SE，抵御最高 28.8km/h | | ...

Core Insights - Shokz has launched its flagship product OpenFit2+, along with new color variants for existing products, enhancing its open-ear headphone lineup and offering personalized audio solutions for users [1][12] Product Launch and Features - The OpenFit2+ emphasizes user comfort, which is a primary demand in the wireless headphone market, and builds on the success of the previous model, OpenFit2, which topped sales in the ear-hook market in H1 2025 [2][12] - OpenFit2+ introduces Dolby audio, wireless charging, and new color options, enhancing sound detail and user convenience [2][5] - The ergonomic design of OpenFit2+ adapts to different ear shapes, ensuring comfort during prolonged use, and features advanced materials for a soft touch [4][5] Sound Quality and Technology - OpenFit2+ incorporates Dolby audio for an immersive listening experience and utilizes Shokz DualBoost technology to enhance soundstage and clarity [5][6] - The product addresses common issues in open-ear headphones, such as sound leakage, with new sound isolation technology [5][6] Battery Life and Usability - OpenFit2+ boasts a remarkable battery life of 48 hours, with 11 hours of continuous playback and quick charging capabilities [6] - The product includes physical buttons for precise control and an app for customizable touch features, enhancing user experience [6][12] Market Positioning and Trends - Shokz recognizes the trend of consumers seeking headphones that reflect personal style, leading to the introduction of diverse color options [7][12] - The company has successfully established a comprehensive product range across four headphone types, positioning itself as a leader in the open-ear headphone market [12]

Core Insights - The report indicates that open-ear headphones are experiencing explosive growth, with shipments expected to reach 24.92 million units in 2024, a year-on-year increase of 212.0% [1][2] - As a pioneer in the open-ear headphone category, the company has maintained its market leadership and is a core driver of industry growth [1][2] Market Demand and Trends - "Wearing comfort" has become the primary requirement for users when purchasing wireless headphones, with open-ear headphones being the preferred choice due to their lightweight design and skin-friendly materials [2] - The expectation for "multi-scenario usage" in headphones, such as for sports, daily commuting, and office use, is further driving the expansion of this category [2] - The company holds the top position in sales revenue in the Chinese open-ear headphone market for 2024, and it has also ranked first globally in sports headphone sales for two consecutive years (2023-2024) [2] High-End Market Position - The market for open-ear headphones priced above 1,000 yuan is expanding, with the high-end segment's market share increasing to 50%, indicating a clear trend towards premium products [4] - The company has established a dominant position in the high-end open-ear headphone market through a comprehensive product line strategy [4] Product Strategy and User Needs - The company's success is attributed to its deep understanding of user needs for "multi-scenario usage" and its product development based on user feedback [5] - Users of wireless headphones switch between more than two usage scenarios daily, with open-ear headphones averaging 2.8 scenarios, outperforming in-ear and over-ear headphones [5] - The company has designed products for various high-intensity activities, such as the OpenRun Pro2 for running and cycling, and the OpenSwim Pro for swimming, showcasing its commitment to meeting diverse user needs [7] Technological Innovation - The company's strong technological capabilities are a core driver of its industry leadership, having overcome early challenges in bone conduction technology [8] - Continuous innovation in key technologies, such as the DirectPitch directional sound field and Shokz DualBoost technology, has significantly enhanced audio experiences [8][11] - The company has filed 1,408 invention patents globally, the highest in the open-ear headphone sector, reflecting its deep technological foundation [11] Future Outlook - The company's development path is centered around "user needs" and "technological innovation," achieving dual leadership in product functionality and market position [13] - Future strategies will focus on acoustic technology, wearing technology, and sports technology, aiming to create differentiated products tailored to various user groups and scenarios [13]

Group 1: Financial Performance - The company's gross profit margin reached 42.62% in 2024, an increase of 1.49% compared to the same period last year [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 429 million yuan, representing a year-on-year growth of 13.66% [1] - In Q1 2025, the gross profit margin was 40.94%, up by 1.64% year-on-year; however, revenue and net profit saw a slight decline compared to the same period last year due to insufficient high-end consumer demand [1] Group 2: Product Development and Launches - The company launched several high-end new products from late 2024 to after the Spring Festival in 2025, including NeoBuds Pro3 and Hi-Fi level flagship speaker S300 [1][2] - New wireless earphones have been upgraded to Bluetooth 6.0 and can achieve real-time multilingual voice translation through the company's apps [2] - The open-ear headphone market is rapidly growing, with the company investing heavily in various forms of open-ear headphones, having launched over ten models to date [2] Group 3: Brand Strategy - The company operates multiple brands, including Hi-Fi audio brand "AIRPULSE" and professional gaming brand "HECATE," aiming to leverage product differentiation globally [2][4] - The brand matrix is being established to cater to a wider consumer base, focusing on music enthusiasts and fashion technology [4]

Group 1: Financial Performance - In 2024, the company achieved total revenue of 2.943 billion CNY, a year-on-year increase of 9.27% [1] - Gross margin reached 40.35%, an increase of 3.02% compared to the previous year [1] - The headset and earphone series generated revenue of 1.841 billion CNY, with a growth of 2.79% and a gross margin of 39.61% [1] - The audio series achieved revenue of 1.1 billion CNY, a year-on-year increase of 20.39% and a gross margin of 41.31% [1] - Domestic sales revenue was 2.312 billion CNY, up 11.57% year-on-year, with a gross margin of 39.73% [1] - Export revenue was 0.631 billion CNY, a year-on-year increase of 1.61%, with a gross margin of 42.62% [1] - The company reported a net profit attributable to shareholders of 429 million CNY, a year-on-year increase of 13.66% [1] Group 2: Recent Developments and Product Launches - The company launched several high-end products, including the NeoBuds Pro3 and S300 flagship speakers [2] - New products in the TWS segment include the TWS X1 Evo and TWS Lolli Pro 3i, with features like lightweight design and extended battery life [2] - The company is focusing on the rapidly growing open-ear headphone market, with over ten models launched [2] - The company has established a multi-brand strategy, introducing brands like "AIRPULSE" and "HECATE" to target different consumer segments [2] - Continuous investment in product differentiation and innovation is planned to enhance brand presence globally [2]