本报讯 （记者袁传玺）近日，据北交所网站消息，北京证券交易所上市委员会定于11月28日召开2025 年第37次审议会议，审议的发行人为昆山海菲曼科技集团股份有限公司（以下简称"海菲曼"）。 海菲曼创始人边仿表示，公司将继续深化"技术纵深突破"与"应用场景延伸"两大战略方向，在巩固现有 音频技术优势的同时，积极探索声学技术在健康监测、智能家居等新兴领域的跨界融合。随着5G、人 工智能等新技术的发展，音频产业正迎来更广阔的应用空间，中国电声企业有望在全球市场实现从跟随 到引领的角色转变。 据了解，海菲曼的主营业务是自主品牌"HIFIMAN"终端电声产品的设计、研发、生产和销售。公司的 主要产品是头戴式耳机、真无线耳机、有线入耳式耳机、播放设备。 海菲曼方面表示，公司深耕电声行业20年，积累了深厚的行业基础、丰富的核心部件及材料研发、产品 生产组装、调试维修等经验；储备了扎实的专业人才基础、较强的技术研发实力；建立了高效的管理体 系。公司始终坚持将技术创新作为发展核心动力，在数模转换及电声转换方面不断突破，凭借自主研发 的极低功耗高精度DAC（喜马拉雅）、新型纳米振膜扬声器、Wi-Fi流媒体音频等核心技术在音质表现 ...

北交所网站显示，北交所上市委员会定于11月28日召开2025年第37次审议会议，审议的发行人为昆山海菲曼科技集团股份有限公司(简称"海菲曼")。 据了解，今年10月海菲曼在北京召开秋季新品发布会，展示多项自主研发的音频技术，其中低功耗WiFi无线音频技术尤为引人注目。该技术成功攻克了蓝 牙传输带宽不足导致音质受损的行业难题，为高保真(HiFi)音频走进大众消费市场开辟新路径。 当前，消费电子领域的无线音频传输长期受限于蓝牙技术的带宽瓶颈，难以满足高清音频传输需求。而音质出众的台式流媒体设备又因体积庞大、需有线连 接等特点，始终局限于小众的发烧友群体。 海菲曼表示，此次公司推出的多款搭载自研低功耗WiFi无线音频技术的旗舰产品，配合自研高精度低功耗DAC芯片，旨在实现无线传输下的无损音质，打 破高端音频设备与普通消费者之间的技术壁垒。 在电声行业蓬勃发展的背景下，中国视听产业近年来保持快速增长。智研咨询数据显示，我国电声器件行业市场规模已从2019年的305.30亿元增长至2024年 的456.39亿元，其中消费电子领域占比高达62%。完整的产业链基础与技术积累，为行业创新提供了肥沃土壤。 海菲曼是国内屈指可数 ...

Core Insights - The company reported a significant decline in financial performance for Q3 2025, with total revenue of 1.492 billion yuan, down 11.05% year-on-year, and a net profit of -9.436 million yuan, a decrease of 105.63% [1] - The company's gross margin fell to 13.03%, a drop of 30.06% compared to the previous year, indicating challenges in maintaining profitability [1] - The high accounts receivable level, which reached 262.76% of the net profit, raises concerns about cash flow and financial health [3] Financial Performance - Total revenue for Q3 2025 was 1.492 billion yuan, down from 1.677 billion yuan in Q3 2024, reflecting an 11.05% decrease [1] - The net profit for Q3 2025 was -9.436 million yuan, compared to a profit of 168 million yuan in Q3 2024, marking a decline of 105.63% [1] - The gross margin decreased to 13.03% from 18.63% in the previous year, while the net margin turned negative at -0.63% [1] - Total expenses (selling, administrative, and financial) increased by 36.71% year-on-year, amounting to 82.8717 million yuan, which is 5.55% of revenue [1] Operational Challenges - The company faced operational challenges due to the impact of U.S. tariff policies, which led to order adjustments and reduced revenue [5] - Production adjustments, including relocating some operations to Malaysia, resulted in increased costs and reduced efficiency, further affecting profit margins [5] - The company is expanding its production capacity in Malaysia and investing in a second overseas production base in Thailand to better meet market demands [5][9] Strategic Initiatives - The company is focusing on increasing R&D investments and diversifying its product offerings, successfully onboarding multiple well-known brand clients in 2025 [6] - A new organizational structure has been implemented to enhance operational efficiency and drive growth, with three business groups focusing on different market segments [6][7] - The company aims to strengthen its core competencies in high-potential areas such as health care and smart eyewear, leveraging its 30 years of expertise in the electroacoustic field [7] Future Outlook - The Thai production facility is currently under construction and is expected to be operational by Q3 2024, with a planned capacity of approximately 1 billion yuan [9] - The company is actively expanding its domestic market presence, collaborating with various listed companies to enhance competitiveness in the consumer audio sector [8]

Group 1 - Company launched several flagship products featuring self-developed low-power WiFi audio technology, including HE1000WiFi, Arya WiFi headphones, and Shangri-La Tower streaming speaker [1] - The core highlight of the launch is the WiFi technology that addresses wireless audio transmission issues, enabling lossless audio transmission and supporting multiple modes including WiFi, USB Audio, and Bluetooth [1] - The Shangri-La Tower integrates WiFi streaming, DSP audio processing, and high-fidelity speakers, significantly improving efficiency compared to traditional high-end audio systems [1] Group 2 - The founder stated that the company plans to enhance research in electroacoustic technology and explore its applications in health monitoring and smart home integration [2] - As of now, the company holds 195 domestic patents (including 80 invention patents), 21 foreign patents, 29 software copyrights, and 5 works copyrights [2] - In the first half of the year, the company achieved revenue of 107 million yuan, a year-on-year increase of 20.77%, and a net profit of 34.79 million yuan, a year-on-year increase of 63.79% [2] Group 3 - The electroacoustic industry in China has been rapidly developing, with domestic manufacturers gradually moving from low-end to mid-to-high-end markets [2] - The company is one of the few high-end electroacoustic brands in China with global influence, while another listed company, Xian Ge International, possesses a complete industrial chain in audio products [2]

Core Viewpoint - The acquisition plan by GoerTek Inc. has been terminated after nearly three months of consideration, primarily due to the inability to reach an agreement on key terms with the transaction counterparties [1][2]. Group 1: Acquisition Details - The acquisition was initially disclosed on July 23, with an intended investment of approximately 10.4 billion HKD (around 9.5 billion RMB) to acquire 100% equity of two subsidiaries of Luen Fung Commercial Holdings Limited [2]. - The targeted subsidiaries are Mega Precision Technology Limited and Channel Well Industrial Limited, aimed at enhancing GoerTek's competitiveness in the precision components sector [2]. Group 2: Reasons for Termination - GoerTek stated that despite active due diligence, auditing, and negotiations, the parties could not agree on critical transaction terms, leading to the termination of the acquisition [2]. Group 3: Future Strategy - GoerTek emphasized its commitment to pursuing its strategic goals through organic growth and diversified investment and acquisition strategies to enhance long-term development quality and shareholder value [2].

Core Viewpoint - The acquisition plan by GoerTek, a major player in the Chinese acoustic industry, has been terminated after nearly three months of planning, primarily due to the inability to reach consensus on key terms with the transaction counterpart [1][2]. Group 1: Acquisition Details - GoerTek announced the termination of its plan to acquire 100% equity of Mega Precision Technology Limited and Channel Well Industrial Limited from Luen Fung Commercial Holdings Limited for approximately HKD 10.4 billion (around RMB 9.5 billion) [1]. - The acquisition was initially disclosed on July 22, 2025, with the aim of enhancing GoerTek's competitiveness in the precision components sector and deepening vertical integration capabilities [2][6]. Group 2: Strategic Implications - The acquisition was seen as a move driven by the "Apple supply chain" logic, aiming to strengthen GoerTek's position as a core supplier to major clients like Apple [2][4]. - If the acquisition had proceeded, GoerTek would have transitioned from being a single component supplier to a subsystem integration supplier, similar to Luxshare Precision, thereby solidifying its status as a key supplier for Apple [6]. Group 3: Market Performance - Following the announcement of the acquisition plan, GoerTek's stock price rose significantly, with a market capitalization increase of approximately RMB 26.1 billion, reaching a peak market value of over RMB 100 billion [7]. - As of October 17, the stock price was reported at RMB 31.2 per share, reflecting a cumulative increase of over 35% since the acquisition announcement [7]. Group 4: Future Outlook - Despite the termination of the acquisition, GoerTek remains committed to its long-term strategic goals, planning to continue its development through internal growth and diversified investment opportunities [6].

Core Viewpoint - The acquisition plan by GoerTek, involving a total amount of 9.5 billion RMB (approximately 10.4 billion HKD), has been unexpectedly terminated after nearly three months of planning due to failure to reach consensus on key terms between the parties involved [1][3][5]. Group 1: Acquisition Details - GoerTek announced the termination of the acquisition of 100% equity in Mega Precision Technology Limited and Channel Well Industrial Limited on October 17, citing that both parties could not agree on critical terms after extensive due diligence and negotiations [1][3][4]. - The acquisition was initially disclosed on July 23, 2025, with the aim of enhancing GoerTek's competitiveness in the precision components sector and deepening vertical integration capabilities [3][6]. Group 2: Market Reaction - Following the announcement of the acquisition, GoerTek's stock price surged, peaking above 40 RMB with an increase of over 70%, but has recently experienced a decline [2][6]. Group 3: Future Strategy - Despite the termination of the acquisition, GoerTek remains committed to its long-term strategic goals, focusing on internal development and diversified investments to enhance company value and shareholder returns [6][8]. - GoerTek's precision components business has shown significant growth, achieving revenue of 7.604 billion RMB, a year-on-year increase of 20.54%, with a gross margin of 23.49% [6][8]. Group 4: Ongoing Initiatives - Concurrently, GoerTek is pursuing other strategic initiatives, including a significant transaction by its subsidiary GoerTek Optics, which plans to increase its registered capital by 530 million RMB to acquire 100% equity in Shanghai Aolai for 1.903 billion RMB [7]. - GoerTek Microelectronics, responsible for sensor business, is also preparing for an IPO in Hong Kong, having submitted its application to the stock exchange, with projected revenues of 4.536 billion RMB for the fiscal year 2024 [8].

Core Viewpoint - The acquisition plan by GoerTek, involving a total amount of 9.5 billion RMB (approximately 10.4 billion HKD), has been unexpectedly terminated after nearly three months of planning due to the inability to reach consensus on key terms between the parties involved [1][4][7]. Group 1: Acquisition Details - GoerTek announced the termination of the acquisition of 100% equity in Mega Precision Technology Limited and Channel Well Industrial Limited, subsidiaries of Luen Fung Commercial Holdings Limited, which was initially disclosed on July 23, 2025 [1][4]. - The acquisition aimed to enhance GoerTek's competitiveness in the precision components sector and deepen vertical integration capabilities [4][5]. - The termination was attributed to the failure to agree on critical terms during due diligence and negotiations, despite ongoing efforts from both parties [1][6][7]. Group 2: Market Reaction and Financial Impact - Following the announcement of the acquisition, GoerTek's stock price surged, peaking above 40 RMB with an increase of over 70%, but has recently experienced a decline [2][4]. - GoerTek emphasized that the termination of the acquisition would not adversely affect its operational performance or financial status, and no legal liabilities would arise from this decision [2][7]. Group 3: Future Strategic Direction - Despite the termination of the acquisition, GoerTek reaffirmed its commitment to its long-term strategic goals, focusing on internal growth and diversified investments to enhance company value and shareholder returns [8]. - The precision components segment has shown significant growth, with revenue reaching 7.604 billion RMB, a year-on-year increase of 20.54%, and a gross margin of 23.49% [8]. - GoerTek is pursuing other strategic initiatives, including a significant transaction involving its subsidiary GoerTek Optics, aimed at strengthening its core competitiveness in optical devices [9]. Group 4: Capital Operations - GoerTek Microelectronics, responsible for sensor business, is actively preparing for an IPO in Hong Kong, having submitted its application to the stock exchange [10]. - The company reported projected revenues of 4.536 billion RMB for the fiscal year 2024, with a profit of 309 million RMB, and holds a leading market share in the acoustic sensor sector [10].

Industry Overview - The global headphone market grew from $8.4 billion in 2013 to $58.3 billion in 2022, with a CAGR of 24.02%[15] - China's headphone industry output increased from ¥49.256 billion in 2013 to ¥137.422 billion in 2021, achieving a CAGR of 13.68%[20] - The wireless headphone segment in China saw a rapid growth with a CAGR of 36.66% from ¥7.839 billion in 2013 to ¥95.351 billion in 2021[20] Market Trends - The high-fidelity audio system market is projected to reach $3.101 billion globally by 2024, with a CAGR of 3.90% from 2020[26] - China's high-fidelity audio system market is expected to grow to $0.652 billion by 2024, with a CAGR of 2.84%[31] - The professional audio market globally is forecasted to reach ¥139.824 billion by 2024, with a CAGR of 5.00% from 2020[34] Company Performance - HIFIMAN's revenue for H1 2025 was ¥107 million, a year-on-year increase of 20.77%[45] - HIFIMAN's gross margin and net margin for 2024 were 70.10% and 29.42%, respectively[45] - XGIMI International's revenue for H1 2025 was ¥226 million, with a slight decrease of 0.13% year-on-year[51] Market Sentiment - The median stock price change for the North Exchange consumer service sector was -6.65% from September 22 to September 26, 2025[57] - The median P/E ratio for the consumer service sector decreased from 48.4X to 46.1X during the same period[62] - The total market capitalization for the North Exchange consumer service sector fell from ¥123.863 billion to ¥117.746 billion[67]

Investment Rating - The report indicates a negative trend in the stock prices of the consumer service sector on the Beijing Stock Exchange, with a median decline of -6.65% for the week [2][42]. Core Insights - The Chinese electroacoustic industry has maintained rapid development since the 1980s, with leading domestic manufacturers transitioning from low-end markets to high-end electroacoustic markets [5][6]. - The global headphone market has grown from $8.4 billion in 2013 to $58.3 billion in 2022, with a CAGR of 24.02%. China's headphone industry output value increased from 49.256 billion yuan in 2013 to 137.422 billion yuan in 2021, achieving a CAGR of 13.68% [9][12]. - The report highlights two companies planning to list on the Beijing Stock Exchange: HIFIMAN, a high-end electroacoustic brand, and XGIMI International, which focuses on high-fidelity audio products [2][30]. Summary by Sections 1. Domestic Leading Electroacoustic Manufacturers - The Chinese electroacoustic industry has developed a complete industrial system and supply chain, with manufacturers increasing R&D investments to enhance technical capabilities [6][7]. - The market for high-fidelity audio systems is expected to grow, with the global market projected to reach $3.101 billion by 2024, and China's market expected to reach $652 million [16][20]. 2. Overall Market Performance - The median price-to-earnings (P/E) ratio for the consumer service sector on the Beijing Stock Exchange decreased from 48.4X to 46.1X, indicating a decline in market valuation [42][45]. - The total market capitalization of consumer service enterprises fell from 123.863 billion yuan to 117.746 billion yuan during the reporting period [49][51]. 3. Industry P/E Ratios - The median TTM P/E ratio for the broader consumer industry decreased from 61.2X to 57.2X, reflecting a downward trend in valuations across various sectors [56][58]. - The P/E ratio for the food and beverage sector also saw a decline, dropping from 43.7X to 41.7X [58][60]. 4. Company Announcements - Dahu Biological has established a wholly-owned subsidiary to extend its business into pig farming, indicating a strategic move to diversify its operations [64][65].