记者丨骆轶琪 编辑丨朱益民 被称为"中国最贵耳机""耳机界爱马仕"的海菲曼，一家能实现超65%高毛利率的耳机品牌厂商，近日正 式在北交所IPO过会。 2024年，海菲曼毛利率一度飙升至70.1%，直追"奢侈品之王"爱马仕的70.3%。虽然AIoT品类整体毛利 率表现天然高于智能手机等硬件，但海菲曼呈现的水平依然远高于同业。 不过高盈利能力背后，成长挑战也隐隐浮现。21世纪经济报道记者梳理发现，近三年（2022-2024年） 公司研发占营业收入比重在5%上下浮动，但销售推广费用占营收比例却达到超过10%。而消费电子行 业本身有快速迭代属性，本质上对公司的研发和营销投流等能力有综合性考验。 除此之外，支撑海菲曼高毛利率表现的，是其营收构成中有超过一半比例来自海外市场，近些年来公司 也在完善对自建电商平台和国内销售渠道的能力延展，但综合来看，国内市场在耳机品类的消费能力整 体略逊于美、日这类发达消费市场。 而公司在答复交易所问询函中也提到，国内京东等渠道竞争相对激烈，对广告支出成本效益会带来一定 影响。 除了头戴式耳机这类发烧友级别高端市场，海菲曼近些年也在探路扩充产品矩阵，但目前来看，新品退 换货率有所攀升。 应 ...

记者丨骆轶琪 编辑丨朱益民 被称为" 中国最贵耳机"" 耳机界爱马仕"的海菲曼，一家能实现超65%高毛利率的耳机品牌厂 商，近日正式在北交所IPO过会。 2024年，海菲曼毛利率一度飙升至70.1%，直追"奢侈品之王"爱马仕的70.3%。虽然AIoT品类 整体毛利率表现天然高于智能手机等硬件，但海菲曼呈现的水平依然远高于同业。 不过高盈利能力背后，成长挑战也隐隐浮现。21世纪经济报道记者梳理发现， 近三年（2022- 2024年）公司研发占营业收入比重在5%上下浮动，但销售推广费用占营收比例却达到超过 10%。 而消费电子行业本身有快速迭代属性，本质上对公司的研发和营销投流等能力有综合 性考验。 除此之外，支撑海菲曼高毛利率表现的，是 其营收构成中有超过一半比例来自海外市场 ，近 些年来公司也在完善对自建电商平台和国内销售渠道的能力延展，但综合来看，国内市场在耳 机品类的消费能力整体略逊于美、日这类发达消费市场。 而公司在答复交易所问询函中也提到，国内京东等渠道竞争相对激烈，对广告支出成本效益会 带来一定影响。 除了头戴式耳机这类发烧友级别高端市场， 海菲曼近些年也在探路扩充产品矩阵 ，但目前来 看，新品退换 ...

（原标题："耳机界爱马仕"海菲曼IPO过会：超高毛利背后的变数与挑战） 除此之外，支撑海菲曼高毛利率表现的，是其营收构成中有超过一半比例来自海外市场，近些年来公司 也在完善对自建电商平台和国内销售渠道的能力延展，但综合来看，国内市场在耳机品类的消费能力整 体略逊于美、日这类发达消费市场。 而公司在答复交易所问询函中也提到，国内京东等渠道竞争相对激烈，对广告支出成本效益会带来一定 影响。 除了头戴式耳机这类发烧友级别高端市场，海菲曼近些年也在探路扩充产品矩阵，但目前来看，新品退 换货率有所攀升。 21世纪经济报道记者骆轶琪 被称为"耳机界爱马仕"的海菲曼，一家能实现超60%高毛利率的耳机品牌厂商，近日正式在北交所IPO 过会。 虽然AIoT品类整体毛利率表现天然高于智能手机等硬件，但海菲曼呈现的水平依然远高于同业。 不过高盈利能力背后，成长挑战也隐隐浮现。21世纪经济报道记者梳理发现，近三年（2022-2024年） 公司研发占营业收入比重在5%上下浮动，但销售推广费用占营收比例却达到超过10%。而消费电子行 业本身有快速迭代属性，本质上对公司的研发和营销投流等能力有综合性考验。 应该说，海菲曼面临的成长压力，也 ...

Core Insights - The skincare and daily chemical industry in A-share listed companies shows a persistent trend of high gross margins and low net margins, with over 80% of companies having a gross margin above 50% and more than half having a net margin below 10% [1][2] Group 1: Financial Performance - In the first half of 2025, the top three companies by gross margin are Jinbo Biological (90.68%), Fulejia (81.47%), and Beitaini (76.01%) [2] - Despite high gross margins, over half of the selected companies have net margins below 10%, with Jinbo Biological, Fulejia, and Proya leading in net margins at 45.5%, 26.61%, and 15.41% respectively [2] Group 2: Marketing and Expenses - The high gross margin and low net margin phenomenon is closely linked to the significant marketing expenditures in the industry, with companies like Marubi Biological having a sales expense ratio as high as 56.5% [1][3] - Many companies in the skincare and daily chemical sector are spending over 40% of their revenue on marketing, indicating a highly competitive marketing environment [3] Group 3: Research and Development - The investment in R&D is significantly lower than marketing expenditures, with Marubi Biological's R&D expense ratio being only 2.3% compared to its high sales expense ratio [3] - The focus on marketing over R&D has led to severe product homogeneity, limiting innovation and the ability to meet consumer skincare needs effectively [3]

Core Viewpoint - Lujiazui, a well-established state-owned enterprise in Shanghai, reported a 33.91% increase in total revenue for the first half of 2025, reaching 6.598 billion yuan, while its net profit attributable to shareholders decreased by approximately 7.87% to 815 million yuan, indicating a situation of "increased revenue without increased profit" [2][5][8]. Financial Performance - Total revenue for Lujiazui in the first half of 2025 was 6.598 billion yuan, a year-on-year increase of 33.91% [2]. - The net profit attributable to shareholders was 815 million yuan, reflecting a year-on-year decrease of 7.87% [2][8]. - The gross profit margin decreased by 15.94% but remained significantly higher than industry peers, standing at 50.8% at the end of the reporting period [2][9]. - The total profit for the first half was 1.607 billion yuan, showing a year-on-year increase of 22% [8]. Revenue Sources - The main revenue sources for Lujiazui were real estate sales (41%) and real estate leasing (22%) [5]. - The cash inflow from real estate sales reached 6.187 billion yuan, with residential property sales contributing 5.548 billion yuan [12]. - The total contracted sales area for residential properties was 41,000 square meters, a year-on-year increase of 96%, with a total sales amount of 4.769 billion yuan, up 111% year-on-year [12]. Market Position and Competition - Lujiazui ranked seventh in Shanghai's real estate sales with a total sales amount of 13.66 billion yuan [13]. - Despite its advantageous location, some projects experienced slower sales velocity compared to leading competitors, indicating a gap in product offerings and sales speed [13]. Gross Margin Analysis - Lujiazui's gross margin, although high at 50.8%, has been on a downward trend from 66% in mid-2023 [9][10]. - The gross margins for various segments included: long-term property leasing at 65%, real estate sales at 57%, and financial services at 71% [9]. Development Strategy - Lujiazui has shifted its development focus to the Shanghai Bund area, which is a key urban development zone [3][4]. - The company has enhanced its marketing capabilities by recruiting experienced personnel from leading real estate firms, improving its market competitiveness [12]. Legal and Environmental Issues - The company is currently facing legal challenges related to the "toxic land" issue in Suzhou, which has impacted its stock price and financial performance [14][15]. - Lujiazui has stated that it is actively addressing these issues and has not made provisions for inventory impairment during the reporting period [15].