韶音在入选《时代》榜单之前，已屡获德国IF工业设计奖、红点奖、CES2025创新奖、日本VGP金奖等 多项国际大奖，展现出卓越的产品设计与创新实力。市场表现方面，品牌连续两年（2023-2024）登顶 全球运动耳机销量第一，长期领跑高端开放式耳机市场。近期数据显示，韶音在美国亚马逊2025年9月 开放式耳机品类榜单中，强势占据前四席中的三席，其中OpenRun Pro 2位居销量榜首，Shokz OpenRun 则以超过3.5万条评论实现断层式口碑领先，充分印证其全球竞争力与用户认可。 此次入选《时代》年度最佳发明，充分体现了韶音在开放式声学领域的技术实力与创新领导力。未来， 韶音将继续深耕声学技术创新，为全球用户带来更出色的开放聆听体验。 近日，《TIME》（时代周刊）公布2025年度最佳发明榜单，韶音OpenRun Pro 2凭借突破性开放式声学 技术、卓越的音质表现，及舒适佩戴体验荣登榜单，成为本年度音频领域备受瞩目的创新产品之一。 《时代周刊》年度最佳发明榜单以其严谨的评选标准和全球影响力著称，甄选出年度最具突破性的产 品。OpenRun Pro 2搭载全球首创的DualPitch 骨气双单元技术，通 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market activity of Edifier Technology Co., Ltd., including stock trading data and financial results for the first half of 2025 [1][2]. Group 2 - As of September 17, Edifier's stock price increased by 0.60%, with a trading volume of 185 million yuan. The margin trading data shows a net margin buy of -3.94 million yuan for that day [1]. - The total margin trading balance for Edifier as of September 17 is 263 million yuan, with a financing balance of 262 million yuan, accounting for 2.20% of the circulating market value, which is below the 10% percentile level over the past year [1]. - For the period from January to June 2025, Edifier reported a revenue of 1.353 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 200 million yuan, down 9.07% year-on-year [2]. - The company has distributed a total of 1.632 billion yuan in dividends since its A-share listing, with 578 million yuan distributed over the past three years [2]. - As of June 30, 2025, the number of shareholders for Edifier increased to 75,300, while the average circulating shares per person decreased by 2.75% to 6,922 shares [2].

2025年9月13日至14日，第七届北京国际耳机展在北京举办，为京津冀地区的耳机发烧友、高端音频爱好者和极客玩家们带来一场至高规模的沉浸式盛宴。 海菲曼携全球静电耳机巅峰之作Shangri-La（香格里拉）等一众明星产品亮相。其中香格里拉静电耳机系统以其细节解析力还原交响乐现场的震撼声场，引 得观众排队等候试听；同时7月夏季新品发布会公布的4款新品也一一亮相，全新增强磁体技术、次世代超纳米振膜技术以及次世代人体工学头带设计等自研 黑科技武器，已投放到新品耳机应用中，即HE600、EDITION XV、ANANDA UNVEILED及封闭式监听平板耳机AUDIVINA LE，此次展会也深得广大烧友 的品鉴与好评。 不止于技术创新，海菲曼携手现象级国漫《灵笼》的TWS600真无线耳机、推出与中国国家大剧院联名的限定款产品，实现科技美学与二次元、高雅艺术的 完美融合。目前，品牌海外业务已覆盖40国120家经销商，推动中国声学标准走向全球。9月4日，新三板海菲曼发布了2025年半年度业绩报告。2025年1月1 日-2025年6月30日，公司实现营业收入1.07亿元，同比增长20.77%，盈利3479.51万元，同比增 ...

Group 1 - The company, Gongda Electronics, confirmed that it does not engage in the business of precision casings for Huawei smartphones, focusing instead on audio development [2] - Gongda Electronics announced its intention to concentrate on core business and market demand, aiming to enhance service response efficiency and drive effective growth in customer share [2]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but it is focusing on product differentiation and market expansion to drive recovery and growth in specific segments [2][4][7]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.353 billion yuan, a decrease of 1.95% year-on-year [2][7]. - The revenue from headphone products was 790 million yuan, down 10.85% year-on-year, while the revenue from speaker products was 508 million yuan, up 17.40% year-on-year [2]. - The gross profit margin was 40.36%, remaining stable compared to the previous year [2][7]. - Domestic sales revenue was 1.043 billion yuan, down 5.93% year-on-year, while export revenue was 310 million yuan, up 14.30% year-on-year [3]. Product Development and Innovation - The company launched several new products in the first half of 2025, including: - TWS headphones X1 Evo, weighing only 3.8g per ear [4]. - Lolli ANC semi-in-ear active noise-canceling headphones with upgraded algorithms [4]. - Lolli Pro 5 headphones featuring a coaxial dual dynamic driver design [4]. - Various new models under sub-brands, including gaming headphones and stylish retro headphones [4][5]. - The company is focusing on the rapidly growing open-ear headphone market, with over ten models launched and plans for continued investment in various product forms and price ranges [6]. Market Strategy - The company is enhancing its overseas operations and expanding international e-commerce channels, which has contributed to the growth of its export business [4][6]. - A dual-line endorsement strategy has been implemented, partnering with local celebrities in Thailand and popular actors in Japan to target key Asian markets [6]. Institutional Ratings and Predictions - In the last 90 days, three institutions provided ratings for the stock, with one buy rating and two hold ratings, and the average target price set at 15.5 yuan [8]. - Profit forecasts for the company indicate a projected net profit of 548 million yuan for 2025, increasing to 626 million yuan in 2026 and 752 million yuan in 2027 [10].

倍思科技创始人兼 CEO 何世友在发布会上表示："过去十年，我们始终聆听用户的声音，回应大家对更高音质的期 待。2025 年是倍思开启高端音频战略的元年，我们将致力于改变音频市场长期存在的价格两极分化现象——倍思音频 能够打破好声音"奢侈品"的价格门槛，让专业音频走进大众生活！这也将是我们未来的使命！" 倍思 Inspire XC1:全球首款圈铁双单元耳夹耳机，卓越音质的不二之选 近两年，耳夹耳机作为一种革新的开放式聆听方式在音频市场得到爆发式增长，凭借其"舒适不入耳"的设计成为年轻 消费者的耳畔时尚数码配饰，但同时耳夹耳机也一直伴随着音质细节体验不佳等痛点。为攻克这一行业普遍性难题， 倍思颠覆性地引入了全球首发的楼氏动铁单元，推出全球首款圈铁双单元耳夹耳机——倍思 Inspire XC1，以专业声学 与舒适佩戴的双重突破，重塑开放式聆听新体验。 2025 年 9 月 5 日，新生活移动数码品牌 Baseus 倍思举办了 Inspire 系列旗舰音频新品发布会，正式推出与全球声学标 杆品牌 Sound by Bose 联合研发的三款音频产品：全球首款圈铁双单元耳夹耳机倍思 Inspire XC1、Sound ...

发布会上，倍思科技创始人兼CEO何世友面向全球用户宣布，与国际音频与降噪技术的引领者品牌 Bose 达成深度战略合作，将 Bose 六十年来积累的声学架 构、专业音频调校等多项核心技术融入到了此次发布的高端音频产品上。倍思 Inspire系列三款全新力作，不仅是倍思音频过去十年探索之路的里程碑之 作，也是承载着倍思未来"让专业音频，走向大众生活"品牌初衷与使命的开篇之作。新品定价方面，三款产品定价799元起。 在倍思Inspire系列旗舰新品发布会上，有两大亮点引发行业关注与讨论。第一大亮点便是倍思与全球声学技术领导品牌Bose的技术合作。技术研发层面， Bose首次向中国消费电子品牌开放其核心技术，双方围绕声学架构、音质调校展开了深度共研；产品层面，此次合作带来耳夹耳机、头戴式、TWS入耳降 噪三大品类。据倍思科技创始人兼CEO何世友表示，倍思不仅是国内首家和Bose合作的音频品牌，也是Bose目前全球合作中最全面、最深入的品牌。在音频 领域，这种级别的技术共享在行业并不多见。 全球顶尖技术深度赋能 开创国产品牌的国际合作范本 发布会的第二大亮点是全球HiFi级扬声器单元代表品牌"美国楼氏电子"的惊喜亮相。 ...

Financial Data and Key Metrics Changes - The company reported a revenue increase of nearly CHF 60 million compared to the previous year, reflecting a growth of 3.5% in real numbers and 10% quarter on quarter at constant currencies [27][28] - EBITDA improved significantly to CHF 22 million from a loss of CHF 20 million last year, indicating a strong recovery in profitability [30] - The gross margin has been maintained above 50%, attributed to better planning and a larger share of healthcare products, which have higher margins [29] Business Line Data and Key Metrics Changes - The enterprise segment, which constitutes around 75% of the business, saw a revenue increase of approximately 31% year-on-year, driven primarily by retail [14] - The ProAudio segment experienced a decline in revenue to CHF 56 million from CHF 92 million last year, due to a shift from full products to lower-priced modules and longer onboarding times for new customers [17][18] - The healthcare segment reported a positive trend with revenue rising to CHF 52 million from CHF 29 million last year, reflecting growth in infrastructure products [21] Market Data and Key Metrics Changes - The company noted a stabilization in demand patterns across its major customers, indicating a return to normalcy in the enterprise market [10][12] - The impact of a weaker U.S. dollar was acknowledged, with the exchange rate dropping from above seven to around 6.4, affecting results in the current quarter [12] Company Strategy and Development Direction - The company aims to maintain its core strategy of secure and reliable communication while exploring growth opportunities in various segments, particularly in healthcare and first responder applications [42][44] - There is a focus on deepening market understanding and enhancing customer relationships to drive future growth [46][49] - The company plans to invest in technology and market development to achieve its revenue target of CHF 1 billion, although no specific timeline was provided [43][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a normalized fiscal year moving forward, with expectations of stable demand and improved predictability in revenue [76][78] - The company is actively working on diversifying its sourcing strategy to mitigate risks associated with tariffs and supply chain disruptions [104][108] - The outlook for the current financial year remains cautious, with guidance adjusted to reflect uncertainties in customer orders and component availability [36][109] Other Important Information - The company has initiated a share buyback program of CHF 20 million to enhance shareholder value [34] - A significant reduction in component inventory by approximately CHF 35 million was reported, with expectations to decrease further [31] Q&A Session Summary Question: What is the interrelation between segments? - The segments are not heavily interconnected in terms of business, but they share a common technology stack that enhances operational efficiency [62] Question: How sticky is the partnership with Philips? - The partnership is considered fairly sticky due to commitments in the frame agreement, supporting the transition of full ownership [64][65] Question: Can guidance be provided for each segment? - Management acknowledged the request for segment-specific guidance and noted it would be considered for future updates [66] Question: What is the lead time for new client contracts? - The lead time for new client contracts can vary significantly, often taking between nine to eighteen months for full implementation [95] Question: How is the sourcing situation evolving? - The company is accelerating its strategy to diversify sourcing, moving production out of China while maintaining close collaboration with customers [104][106]

Core Viewpoint - The acquisition of 122 million euros by Jiahe Intelligent raises concerns among investors regarding the decision-making process, especially given the company's current focus on mid-to-low-end markets while attempting to integrate a high-end brand [2]. Group 1: Acquisition Details - Jiahe Intelligent announced its acquisition of the high-end audio brand Beyerdynamic, which is recognized for its strong brand heritage and global presence in professional audio products [2]. - The acquisition is part of Jiahe Intelligent's strategy to enhance its operational quality, expand its scale, and strengthen its capabilities in response to supportive policies for mergers and acquisitions in the technology and innovation sectors [2]. Group 2: Strategic Goals - The company aims to transition from an ODM model to developing its own brand, thereby increasing business value and enhancing its market position [2]. - By acquiring Beyerdynamic, Jiahe Intelligent intends to create a "manufacturing + brand" development model, which will help diversify its product and technology offerings and accelerate its globalization efforts [2]. Group 3: Long-term Vision - This acquisition aligns with Jiahe Intelligent's long-term development plan, which focuses on sustainable, stable, and healthy growth while creating greater value for shareholders [2].

Core Insights - The article highlights the participation of HIFIMAN, a leading Chinese high-end audio brand, at the 19th Shenzhen International Audio Exhibition, showcasing its flagship electrostatic headphones, Shangri-La, and several new products featuring advanced technologies [1][5]. Company Overview - HIFIMAN was founded in 2005 by Dr. Fang Bian and established HIFIMAN Technology Group Co., Ltd. in Kunshan, Jiangsu in 2011, becoming a top brand in China's high-end audio equipment market [5]. - The company focuses on the research, production, sales, and service of key acoustic components, differentiating itself from mass-market audio products by emphasizing "high-fidelity sound quality" and "ultimate user experience" [5]. Technological Advancements - HIFIMAN has developed an "enhanced magnetic technology" that utilizes non-rare earth magnetic materials to achieve sensitivity levels close to those using rare earth magnets, improving sound quality and compatibility with audio equipment [5]. - The company has built an innovative system comprising eight core technology matrices and holds over a hundred international patents [5]. Financial Performance - In 2023, HIFIMAN reported a revenue of 226 million yuan, a year-on-year increase of 11.18%, and a net profit of 68.97 million yuan, up 24.27%, indicating improved operational quality [6]. - The growth in revenue is attributed to the increasing market recognition of high-end product lines and enhanced supply chain management efficiency [6]. Market Position and Strategy - HIFIMAN's flagship products, such as the "HE1000" and "SUSVARA" headphone series, have solidified the company's position in the high-end HiFi headphone market [6]. - The company has successfully penetrated the North American and European markets, with overseas revenue accounting for over 60% of total revenue [7]. - HIFIMAN employs a "technology + culture + operation" strategy to enter challenging high-end markets in Europe, the U.S., and Japan, utilizing both online platforms like Amazon and eBay and offline events to enhance brand influence [7]. Future Developments - HIFIMAN's application for listing on the Beijing Stock Exchange has been accepted, with Shenyang Securities as the sponsor [8].