智通财经APP获悉，2月24日，海菲曼(920183.BJ)开启申购，发行价格为19.71元/股，申购上限为47.37万股，市盈率14.99倍，属于 北交所，申港证券为其保荐机构。 招股书披露，海菲曼是国内少数拥有全球影响力的高端电声品牌商，主要从事自主品牌"HIFIMAN"终端电声产品的设计、研发、 生产和销售，公司产品包括头戴式耳机、真无线耳机、有线入耳式耳机、播放设备等。HIFIMAN品牌通过自建官网商城与京东、 天猫、抖音、亚马逊等主流电商平台覆盖全球市场，并与国内四十余家、国外百余家经销商合作满足高端产品线下体验需求。 报告期各期，公司境外收入占主营业务收入的比重分别为70.30%、66.22%、66.44%和65.59%，主要销往美国、欧洲、日韩等经济 发达、消费市场成熟的国家和地区。 根据中国电子音响协会报告，2023年亚马逊、天猫平台销售数据显示海菲曼产品与森海塞尔、索尼、铁三角、歌德、AKG等全球 传统HiFi高端品牌直接竞争，在HiFi头戴式耳机中高端价位各区间均有市占率前5的型号，是细分市场上少数具有全球影响力的国 内厂商。 耳机市场来看，根据Statista数据，全球耳机市场规模从20 ...

根据目前安排，本周将迎来马年首批可申购新股。一只为高端电声"小巨人"，另一只为全球新能源汽车动力电池安全防护部件的核心供应商。 据目前安排，若无变化，本周（2月23日至27日）有2只新股可申购，包括创业板1只和北交所1只。 | 股票代码 | 股票简称 | 网上申购日 | 申购代码 | 发行价(元/股) | 首发市盈率(倍) | 申购上限(股) | | --- | --- | --- | --- | --- | --- | --- | | 920183. BJ | 海菲曼 | 2月24日 周二 | 920183 | 19.71 | 14. 99 | 473, 700 | | 301680. SZ | 固德电材 | 2月25日 周三 | 301680 | | | 4, 500 | 周二 海菲曼： 公司是国内少数拥有全球影响力的高端电声品牌商，主要从事自主品牌"HIFIMAN"终端电声产品的设计、研发、生产和销售，公司产品包括头戴式耳 机、真无线耳机、有线入耳式耳机、播放设备等。公司专注"还原最真实声音"，产品定位高端电声市场，致力于为全球用户提供HiFi（High-Fidelity，高 保真）级听音享受。 海菲曼 ...

【环球网财经综合报道】根据发行安排，A股市场将迎来马年的首批新股申购，共计两只新股。2月24日投资者可申购北交所新股海菲曼，2月25 日可申购创业板新股固德电材。 另一只新股固德电材，是国内新能源汽车电池绝缘材料领域的企业。此次公开发行股票数量为2070万股，网上发行申购上限为4500股，顶格申购 需配深市市值4.5万元。 固德电材深耕新能源汽车动力电池热失控防护领域，同时巩固电力电工绝缘业务，并加速铜铝复合材料等新产品的研发。在新能源汽车领域，固 德电材已成为多家全球知名整车制造商及电池生产商的一级供应商；在电力电工领域，其客户覆盖国内核心电力设备厂商。业绩方面，2023年至 2025年，固德电材营业收入分别为6.51亿元、9.08亿元、11.06亿元，净利润分别为1亿元、1.72亿元、1.79亿元。（闻辉） 公开信息显示，海菲曼是国内少数拥有全球影响力的高端电声品牌商，其发行价定为19.71元/股，发行市盈率为14.99倍。此次公开发行股票数量 为1052.7万股。其自主品牌"HIFIMAN"终端电声产品从事设计、研发、生产与销售，产品种类涵盖头戴式耳机、真无线耳机等多款电声产品。业 绩方面，2023年至 ...

【导读】下周两只新股可申购，系马年A股首批新股 中国基金报记者 闻言 A股打新投资者注意啦！ 根据目前发行安排，下周有2只新股可申购，系马年A股首批新股。 具体来看，2月24日可申购北交所新股海菲曼；2月25日可申购深交所创业板新股固德电材。 海菲曼是一家高端电声品牌商 海菲曼的申购代码是920183，发行价为19.71元/股，发行市盈率为14.99倍，参考行业市盈率为65.52 倍。 海菲曼此次发行股份总数为1053万股，网上发行数量为947万股。投资者参与网上申购海菲曼，申购数 量上限为47.37万股。 招股说明书显示，海菲曼是国内少数拥有全球影响力的高端电声品牌商，主要从事自主品 牌"HIFIMAN"终端电声产品的设计、研发、生产和销售，产品包括头戴式耳机、真无线耳机、有线入 耳式耳机、播放设备等。 亚马逊、天猫平台的销售数据显示，2023年，海菲曼与森海塞尔、索尼、铁三角、歌德等全球专业电声 品牌商直接竞争，在HiFi（高保真）方向头戴式耳机的中高端价位各区间，均有市占率前5的型号。 目前，海菲曼的客户包括北京京东世纪贸易有限公司、亚马逊VC、东莞市特品电源技术有限公司、北 京天域联达科技发展有限公司 ...

Group 1 - Investment Rating: The report suggests to pay attention to HIFIMAN due to its technological and brand advantages, indicating a positive outlook for the company [6][5][4] - Core Viewpoint: HIFIMAN is positioned as a high-end audio brand with a focus on delivering high-fidelity sound experiences, and it has established itself as a global player in the high-end audio market [2][14][17] Group 2 - Business Overview: HIFIMAN specializes in the design, research, production, and sales of high-end audio products, including headphones and playback devices, with a strong emphasis on sound fidelity [2][14][18] - Financial Performance: For Q1-Q3 2025, HIFIMAN achieved revenue of 164 million yuan, a year-on-year increase of 13.23%, and a net profit of 50.35 million yuan, up 29.49% [3][55][56] - Market Growth: The headphone market in China has shown steady growth, with the overall industry output value increasing from 49.26 billion yuan in 2013 to 137.42 billion yuan in 2021, reflecting a CAGR of 13.68% [4][6] Group 3 - Industry Trends: The high-end headphone market is expected to grow significantly, with the global high-end headphone market projected to reach 4.158 billion USD by 2028, growing at a CAGR of 6.5% [4][6][5] - Competitive Landscape: HIFIMAN's PE ratio for 2024 is significantly higher than its peers, indicating its unique market position and potential for growth [6][5][4] - Product Innovation: HIFIMAN has developed multiple innovative products and holds numerous patents, enhancing its competitive edge in the high-end audio market [5][6][17]

Investment Rating - The report suggests a focus on HIFIMAN due to its unique position in the high-end audio market and potential for growth [6][4]. Core Insights - HIFIMAN is recognized as a leading high-end audio brand in China, focusing on the design, research, production, and sales of high-fidelity audio products [3][14]. - The company achieved a revenue of 164 million yuan in Q1-Q3 2025, representing a year-on-year growth of 13.23%, with a net profit of 50.35 million yuan, up 29.49% [3][55]. - The global high-end headphone market is projected to grow from 2.85 billion USD in 2022 to 4.16 billion USD by 2028, with a CAGR of 6.5% [4]. Company Overview - HIFIMAN specializes in high-end audio products, including over-ear headphones, true wireless earbuds, wired in-ear headphones, and playback devices [3][14]. - The company has a strong focus on delivering high-fidelity sound experiences and has established itself as a significant player in the global high-end audio market [3][14]. Financial Performance - In Q1-Q3 2025, HIFIMAN reported a gross margin of 66.88% and a net margin of 30.62% [55][61]. - The company has maintained a compound annual growth rate (CAGR) of 21.49% over the past three years [56]. Industry Analysis - The headphone market in China has shown steady growth, with the total output value increasing from 49.26 billion yuan in 2013 to 137.42 billion yuan in 2021, achieving a CAGR of 13.68% [4]. - The wireless headphone segment is the fastest-growing category, with a CAGR of 36.66% from 2013 to 2021 [4]. - HIFIMAN's products are positioned in the high-end segment, with a gross margin higher than the average of comparable companies [6][4]. Product Development - HIFIMAN has developed multiple innovative products, including the SHANGRI-LA electrostatic headphone system, which is recognized as a flagship product in the high-end audio market [26][27]. - The company has a robust pipeline of new products and has received numerous patents, indicating a strong commitment to research and development [5][17]. Market Position - HIFIMAN competes directly with established global brands like Sennheiser and Sony, achieving significant market share in various high-end headphone categories [5][6]. - The company has a diverse product line and continues to innovate, which positions it well for future growth in the high-end audio market [5][17].

Core Insights - F&D Audio, a brand under Fenda Technology, showcased its advancements in the smart audio sector during Shenzhen TV's "Daily New Products" program, highlighting its 32 years of expertise and commitment to innovation [1][6] Brand Focus - F&D Audio has established a clear brand development path amidst fierce competition in the smart hardware market, leveraging its extensive R&D capabilities and a strong pursuit of sound quality [2][6] - The company maintains close partnerships with leading chip manufacturers to ensure rapid integration of cutting-edge technology into its products, enhancing user experience [2][6] Product and Experience - F&D Audio offers a diverse range of products, including smart speakers, TWS earbuds, and portable audio devices, designed to optimize sound quality and integrate seamlessly into home environments [5][8] - The smart speakers feature high-sensitivity microphone arrays and noise reduction algorithms, enabling clear voice interaction and smart home control [5][8] - The company focuses on user feedback, receiving widespread recognition for its superior sound quality, stable connectivity, and practical smart features [11] Future Vision - F&D Audio aims to deepen the integration of AI with hardware, expanding its AI product ecosystem and strengthening its foundational technologies in audio processing and wireless connectivity [9][13] - The brand is committed to its mission of enhancing human life through innovative sound technology, aiming to provide intelligent and convenient auditory experiences across various life scenarios [9][13]

Core Viewpoint - The company focuses on the research, production, and sales of electroacoustic products, aiming to become a leading manufacturer of micro electroacoustic components and acoustic solutions in the consumer electronics sector [1] Group 1 - The company is dedicated to enhancing its technological research and development capabilities to increase market share [1] - The mission of the company is to "create a wonderful and moving living space" [1] - The operational philosophy emphasizes "craftsmanship to create a brand, and wholeheartedly serving customers" [1] Group 2 - The company aims to expand its production and operational scale to deliver more core value to customers [1] - The focus is on steady and rapid development of the enterprise [1]

Group 1 - The core business of the company includes acoustic products (headphones, speakers) and precision components, serving globally recognized terminal brand clients [1] - In 2023, the company established a subsidiary, Xinglian Technology, focusing on connectors for sectors such as new energy vehicles, energy storage, industrial robots, and consumer electronics [1] - Xinglian Technology is actively integrating resources, conducting product research and development, expanding customer outreach, and advancing trial and mass production based on customer needs [1] Group 2 - The company aims to enhance its connector business by strengthening product development, diversifying product selection, and improving customer development and service [1] - The future order volume is contingent on customer demand and the company's business expansion efforts, indicating a level of uncertainty [1]

Group 1: IPO Review and Approval - This week, the Beijing Stock Exchange (BSE) concluded its IPO review, with 3 companies undergoing scrutiny and 2 successfully passing the review [2] - Yongda Co., Ltd. became the first project this year to have its IPO review postponed, raising market concerns due to ongoing issues regarding the sustainability of its performance and the rationality of its fundraising projects [2] - Yongda has adjusted its fundraising plans twice during the review process, eliminating a liquidity support project and reducing the proposed investment scale for its "Heavy Chemical Equipment Production Base Phase I" project, adding uncertainty to its review [2] Group 2: Companies Approved for IPO - Kunshan Haifiman Technology Group Co., Ltd. was approved for IPO, specializing in high-end audio products under the brand "HIFIMAN," with projected revenues of 1.54 billion yuan in 2022 and a net profit of 360 million yuan [3] - Dalian Meidele Industrial Automation Co., Ltd. also received approval, focusing on intelligent manufacturing equipment, with revenues of 10.31 billion yuan in 2022 and a net profit of 2.22 billion yuan [4] Group 3: Newly Listed Companies - Hai'an Group officially listed on the Shenzhen Stock Exchange, opening with a surge of over 68%, closing at 83.52 yuan per share, with a total market value of 15.532 billion yuan [5] - Innovation Industry, an electrolytic aluminum company, debuted on the Hong Kong Stock Exchange with a first-day increase of 32.76%, focusing on alumina refining and electrolytic aluminum smelting [6] - Nant Technology saw a significant first-day increase of 183.03% on the BSE, closing at 24.51 yuan per share [7] Group 4: Companies Filing for IPO - Kewang Pharmaceutical, founded in 2017, focuses on tumor immunotherapy with a pipeline of 7 major assets, including the core product ES102, which is in clinical development [11] - Mingyu Pharmaceutical, established in 2018, has a core pipeline in the tumor field, including ADC and dual-target antibodies, with a recent valuation of 3.936 billion yuan after a financing round [12] - Baoji Pharmaceutical, founded in 2019, specializes in recombinant biopharmaceuticals and is in the clinical stage with its core pipeline KJ017, aimed at treating complex diseases [13]