Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.48 CNY, based on a 24x PE for 2025 [3][6]. Core Insights - The company demonstrated stable performance with a revenue of 46.6 billion CNY in H1 2025, reflecting an 8.2% year-on-year growth, and a net profit of 12.0 billion CNY, up 7.4% year-on-year [10]. - The dual growth drivers are the respiratory and blood glucose monitoring businesses, with the respiratory product line seeing over 40% growth due to continuous R&D and improved sales channels [10]. - The company is actively expanding overseas, achieving 6.1 billion CNY in international revenue in H1 2025, a 26.6% increase year-on-year, with a focus on respiratory therapy products [10]. - The company is investing in AI wearable technology to create a health management ecosystem, integrating various health monitoring devices to enhance brand loyalty [10]. Financial Summary - Revenue projections for 2025-2027 are 8,669 million CNY, 9,971 million CNY, and 11,302 million CNY, respectively, with a growth rate of 14.6%, 15.0%, and 13.4% [5]. - The net profit for 2025 is projected at 2,020 million CNY, with a year-on-year growth of 11.9% [5]. - The earnings per share (EPS) forecast for 2025 is 2.02 CNY, with subsequent years projected at 2.37 CNY and 2.81 CNY [3][5].

代表中国优势供应链的3C消费电子品类，出海还有哪些机遇？国内成熟的3C品类，出海就能红吗？ 南都·湾财社《湾财出海观》《三猫跨境说》对话万魔耳机（1MORE）首席品牌运营官蔡云辉。作为国 内拥有十年出海经验的音频品牌，万魔耳机所背靠的母公司万魔声学，由谢冠宏掌舵，也是小米生态链 的首家企业。 在蔡云辉看来，不同市场的接受度并不同，有些国内成熟的品类有机会在海外仍旧是未成熟需要教育的 市场。比如，当前国内开放式耳机的渗透率就远高于海外，在入局出海的时机上要有讲究。 耳机发展"四步曲" 品牌出海要跟紧AI智能穿戴的发展步调 2013年，谢冠宏创立万魔声学，在代加工业务外，其自主品牌1MORE万魔耳机在2015年启动出海征 程。在十年富士康生涯里主导过Apple iPod、Amazon Kindle等名品的设计生产，谢冠宏又被业界戏称 成"为富士康抢到苹果订单的人"。而在国内市场，为小米落地生产的活塞耳机，以99元产品打败上千元 产品，万魔声学一战成名。 从音频领域稳扎稳打，万魔声学见证了国内3C电子快速发展的黄金十年。用蔡云辉的话来讲，声学产 品正经历着四步变革：从最初的有线耳机，到TWS无线蓝牙耳机，再到开放式 ...