北交所定期报告 2025 年 09 月 30 日 我国电声行业保持快速发展态势,北交所拟上市公司有海菲曼和先歌国际 证券分析师 赵昊 SAC: S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC: S1350525050003 wangyuxuan@huayuanstock. com 北交所消费服务产业跟踪第三十三期(20250928) 投资要点: 国内领先的电声产品制造商逐步向中高端电声市场迈进。我国电声行业自 20世纪 A 80年代以来保持了快速发展态势,已自行研发并逐步掌握了从电声元器件到终端电 声产品的多项生产技术,形成了较为完整的电声工业体系和相关产业链。国内领先 的电声产品制造商逐步从低端电声元器件市场竞争中突围,向中高端电声市场迈进。 全球耳机市场规模从 2013年的 84亿美元增长至 2022年的 583 亿美元,CAGR 为 24.02%。我国耳机行业总产值从 2013 年的 492.56 亿元增长至 2021 年的 1,374.22 亿元,CAGR 达到 13.68%,其中无线耳机为产值增速较快的细分产品。相对于普通 的大众消费级耳机,发烧级耳机 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 09 月 30 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 我国电声行业保持快速发展态势，北交所拟上市公司有海菲曼和先歌国际 ——北交所消费服务产业跟踪第三十三期（20250928） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 国内领先的电声产品制造商逐步向中高端电声市场迈进。我国电声行业自 20 世纪 80 年代以来保持了快速发展态势，已自行研发并逐步掌握了从电声元器件到终端电 声产品的多项生产技术，形成了较为完整的电声工业体系和相关产业链。国内领先 的电声产品制造商逐步从低端电声元器件市场竞争中突围，向中高端电声市场迈进。 全球耳机市场规模从 2013 年的 84 亿美元增长至 2022 年的 583 亿美元，CAGR 为 24.02%。我国耳机行业总产值从 2013 年的 492.56 亿元增长至 2021 年的 1,374. ...

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].

Core Viewpoint - Jiahe Intelligent Technology Co., Ltd. is taking steps to enhance the operational efficiency of its assets by leasing out idle assets from its wholly-owned subsidiary, Dongguan Jiahe Acoustic Technology Co., Ltd. [1] Summary by Relevant Sections - **Asset Leasing Details** - The company plans to lease out part of its idle assets located at No. 151, Shipaizhen Dongyuan Avenue, Dongguan City, Guangdong Province [1] - The rental fee will increase by 10% every three years, with the first rental period from January 1, 2026, to December 31, 2028, set at a monthly rent of 235,930.5 yuan (including tax) [1] - The subsequent rental period from January 1, 2029, to December 31, 2031, will have a monthly rent of 259,523.55 yuan (including tax) [1] - The total contract amount for the lease is 17.8363 million yuan [1]

Group 1: Financial Performance and Challenges - The company's net profit significantly declined in the first half of 2025 due to the ongoing impact of U.S. tariff policies, which began in April 2025, leading to order adjustments and revenue losses [2] - The shift of production to Malaysia to ensure order fulfillment resulted in increased short-term expenses and production efficiency losses, directly affecting gross profit [2] - The company is facing continued pressure on performance in the short term due to increased R&D investments and unfavorable exchange rate fluctuations [3] Group 2: Production Capacity and Expansion - The production area in Malaysia has expanded threefold, with maximum capacity increasing nearly tenfold, laying a solid foundation for future operations [3] - A second overseas production base is being established in Thailand, expected to be operational by Q3 2026, with a planned capacity of approximately 1 billion RMB [4] Group 3: R&D and Innovation - The company has successfully introduced multiple well-known brand clients in 2025, covering various product ranges including optoelectronic products, gaming products, smart speakers, and hearing aid accessories [3] - As of now, the company holds 685 authorized patents, including 59 invention patents, with an additional 120 invention patents pending authorization [3] - The company is focusing on new technologies and products such as LE Audio, optical glasses, AI voiceprint recognition, and multimodal environmental recognition [3] Group 4: Strategic Direction and Core Advantages - The company is restructuring its subsidiaries and divisions into three business groups (BG) to enhance operational efficiency and innovation [4] - BG1 focuses on maintaining and deepening cooperation with major clients [4] - BG2 is responsible for acquiring new clients and innovating in the speaker product line [4] - BG3 aims to develop new wearable products integrating sound, light, electricity, and health technology [4] - Core advantages include 30 years of technical accumulation in the electroacoustic field, long-term service experience with international brand clients, and a differentiated global production base layout [4]

Group 1 - The core viewpoint of the news is that Jiahe Convertible Bond has experienced a decline in its market price and has specific financial characteristics, including a credit rating of "A+" and a conversion premium of 16.46% [1] - The bond has a maturity of 6 years with varying interest rates, starting from 0.20% in the first year to 2.50% in the sixth year, and the conversion price is set at 13.46 yuan [1] - The conversion date for the bond is July 10, 2024, allowing bondholders to convert their bonds into common stock of Jiahe Intelligent [1] Group 2 - Jiahe Intelligent Technology Co., Ltd. was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in October 2019 and is recognized as a national high-tech enterprise [2] - The company specializes in the design, research and development, manufacturing, and sales of electroacoustic products, positioning itself as a leading manufacturer in the domestic market [2] - For the first half of 2025, Jiahe Intelligent reported a revenue of 1.0047 billion yuan, a year-on-year decrease of 10.82%, and a net profit attributable to shareholders of 25.1219 million yuan, down 38.12% year-on-year [2] - The company has a relatively dispersed shareholder structure, with the top ten shareholders holding a combined 35.41% of shares and a total of 52,260 shareholders [2]

Group 1 - The core viewpoint of the news is the performance and characteristics of Jiahe Convertible Bonds, which have seen a decline in price and a specific conversion premium rate [1] - Jiahe Convertible Bonds have a credit rating of "A+" and a maturity period of 6 years with varying interest rates, starting from 0.20% in the first year to 2.50% in the sixth year [1] - The conversion price for the bonds is set at 13.46 yuan, with the conversion period starting on July 10, 2024 [1] Group 2 - Jiahe Intelligent Technology Co., Ltd. is a national high-tech enterprise listed on the Shenzhen Stock Exchange's Growth Enterprise Market since October 2019, specializing in the design, research and development, manufacturing, and sales of electroacoustic products [2] - The company has achieved a revenue of 487.3 million yuan in the first quarter of 2025, representing an increase of 8.95% year-on-year, while the net profit attributable to shareholders was 15.775 million yuan, up by 7.63% year-on-year [2] - The concentration of shares among the top ten shareholders is relatively low, with their combined holdings accounting for 36.22%, and the top ten circulating shareholders holding 34.78% [2]

Group 1 - The core viewpoint of the news is that Jiahe Convertible Bonds have shown a price increase and are linked to Jiahe Intelligent Technology Co., which is a leading manufacturer in the electroacoustic products industry [1][2] - Jiahe Convertible Bonds rose by 2.08% to 180.0 yuan per bond, with a trading volume of 5.0325 million yuan and a conversion premium rate of 24.36% [1] - The credit rating of Jiahe Convertible Bonds is "A+", with a maturity period of 6 years and a conversion price of 13.46 yuan starting from July 10, 2024 [1] Group 2 - Jiahe Intelligent Technology Co., established in October 2019, is a national high-tech enterprise specializing in the design, research and development, manufacturing, and sales of electroacoustic products [2] - The company has achieved a revenue of 487.3 million yuan in the first quarter of 2025, representing a year-on-year increase of 8.95%, while the net profit attributable to shareholders was 15.775 million yuan, up 7.63% year-on-year [2] - The concentration of shares among the top ten shareholders is relatively low, with their combined holdings accounting for 36.22%, and the number of shareholders is 52,100, with an average holding of 7,140 shares per person [2]

Core Viewpoint - Shandong Bank is committed to providing financial support for strategic emerging industries, future industries, and the upgrading of traditional industries in Shandong Province, aligning with the province's mission to take the lead in development [1] Group 1: Financial Support and Innovation - Shandong Bank is deepening financial reforms and innovating various financial service solutions to meet the financial needs of regional characteristic industries, focusing on new industries, models, and dynamics [2] - A polymer technology company in Weifang received a special loan of 10 million yuan within 72 hours to address raw material procurement shortages due to new projects and overseas orders, significantly reducing financing costs [2] - Weifang Bank has implemented a "Plastic Industry Cluster Inclusive Financial Plan," enhancing the loan approval rate for light asset enterprises by 40% through a "white list" system that incorporates patent technology and order quality into credit assessments [3] Group 2: Enhancing Core Competitiveness - Shandong Bank is optimizing its organizational structure to provide continuous financial support throughout the entire lifecycle of technology enterprises, addressing common issues such as identification and access [4] - A customized financing plan was developed for a project in Zaozhuang, resulting in a 120 million yuan loan approval that enabled the project to be completed in 2024, generating an output value of over 1.3 billion yuan [4] Group 3: Cross-Border Financing and Global Expansion - A leading global manufacturer of smart wireless headphones received nearly 200 million USD in financing services from Shandong Bank since 2025, facilitating the company's expansion in response to increasing overseas orders driven by rapid AI development [5] Group 4: Promoting Sustainable Development - Shandong Bank is supporting the construction of a modern smart agriculture demonstration base through innovative financing solutions, including a 200 million yuan loan for agricultural projects that overcome traditional collateral limitations [7] - The bank is committed to driving the innovative allocation of production factors through effective financial power, supporting Shandong's high-level technological self-reliance and development [7]

8月22日，朝阳科技跌5.18%，截至发稿，报34.20元/股，成交3.44亿元，换手率8.32%，总市值46.26亿 元。 资料显示，广东朝阳电子科技股份有限公司位于广东省东莞市企石镇旧围工业区，成立日期2005年3月 30日，上市日期2020年4月17日，公司主营业务涉及电声部件及电声产品研发、生产及销售。主营业务 收入构成为：耳机成品70.36%，精密零组件及其他15.27%，音响类13.62%，其他(补充)0.76%。 从朝阳科技十大流通股东角度 数据显示，博道基金旗下1只基金位居朝阳科技十大流通股东。博道成长智航股票A（013641）一季度 新进十大流通股东，持有股数28.3万股，占流通股的比例为0.24%。根据测算，今日浮亏损失约52.92万 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 博道成长智航股票A（013641）成立日期2021年10月26日，最新规模9.99亿。今年以来收益34.99%，同 类排名421/4222；近一年 ...