Core Viewpoint - The company, Haosheng Electronics, primarily focuses on the production and sales of micro-acoustic components and audio products, utilizing a direct sales model for both domestic and export markets [1] Group 1: Product Offerings - The main products of the company include micro speakers, micro receivers, micro speaker integrated modules, and audio products such as speakers for vehicles and upright sound systems [1] - The company’s product sales are divided into domestic direct sales and export direct sales [1] Group 2: Sales Model - Domestic direct sales primarily target ODM manufacturers or brand manufacturers of consumer electronics for micro-acoustic components [1] - Export direct sales mainly involve contract manufacturing for overseas audio product brand owners [1]

证券日报网12月19日讯豪声电子在12月18日回答调研者提问时表示，振膜作为微型扬声器的核心部件之 一，其重要性主要体现在声音产生的关键、声音质量的保障、耐用性和可靠性的保障、技术参数的直接 影响以及微型扬声器设计中的关键因素等方面。而公司之所以选择橡胶振膜作为一个开发方向，主要在 于橡胶振膜具备优异的耐磨性、耐腐蚀性、抗老化性等物理性能，以及出色的声学性能，能够有效减少 声音失真和杂音，提供更为纯净和清晰的音质，且低频播放效果尤为突出，能为用户带来深沉而丰富的 低音体验，同时具有良好的可塑性和加工性，能为智能手机、平板电脑等便携式电子设备提供高质量、 小体积的音频解决方案。目前公司已向客户提供采用橡胶振膜材质的微型电声产品。 ...

中国经济网北京12月17日讯天键股份（301383）(301383.SZ)日前披露2025年第三季度报告。年初至报 告期末，该公司实现营业收入14.92亿元，同比下降11.05%；实现归属于上市公司股东的净利润-943.60 万元，同比下降105.63%；实现归属于上市公司股东的扣除非经常性损益的净利润-2499.65万元，同比 下降119.92%；经营活动产生的现金流量净额为-1.23亿元。 天键股份首次公开发行股票募集资金金额总额为134,140.96万元，扣除发行费用后募集资金净额为 121,999.59万元。该公司最终募集资金净额比原计划多61,999.59万元。天键股份于2023年6月2日披露的 招股说明书显示，其拟募集资金60,000.00万元，分别用于赣州欧翔电声产品生产扩产建设项目、天键电 声研发中心升级建设项目和补充流动资金项目。 天键股份首次公开发行股票的发行费用总额为12,141.37万元(发行费用均为不含增值税金额)，其中，保 荐及承销费用10,379.23万元。 天键股份于2023年6月9日在深交所创业板上市，公开发行股票2,906.0000万股，发行价格为46.16元/ 股，保荐人 ...

经济观察网12月4日，商务部发布消息，2025年11月28日，巴西外贸委员会管理执行委员会(GECEX)在 官方日报发布2025年第817号决议，对自中国进口的扬声器(葡萄牙语名称：alto-falantes，南共市税号为 85182100、85182200和85182990)作出反倾销日落复审终裁，裁定对中国的涉案产品继续征收78.3%的反 倾销税，有效期为5年。决议自发布之日起生效。 ...

Core Viewpoint - The company, Kunshan Hifiman Technology Group Co., Ltd. (Hifiman), is set to be reviewed for listing on the Beijing Stock Exchange, aiming to raise 430 million yuan for various projects, including advanced acoustic components and global brand operations [1][3]. Group 1: Company Overview - Hifiman was founded in 2005 by Dr. Fang Bian and is recognized as a leading domestic high-end audio brand in China, focusing on the research, production, and sales of key acoustic components [1][4]. - The company has a strong patent portfolio, holding 195 domestic patents (including 80 invention patents), 21 foreign patents, and various software copyrights, which supports its technological breakthroughs [4]. Group 2: Financial Performance - For the first three quarters of 2025, Hifiman reported a revenue of 164 million yuan, representing a year-on-year growth of 13.23%, and a net profit of 50.35 million yuan, with a growth rate of 29.49% [4]. Group 3: Industry Context - The audio device industry in China has seen rapid growth, with the market size increasing from 30.53 billion yuan in 2019 to an estimated 45.64 billion yuan in 2024, with the consumer electronics sector accounting for 62% of this market [5]. - Hifiman aims to enhance its technological depth and explore new application scenarios in health monitoring and smart home sectors, leveraging advancements in 5G and artificial intelligence [5].

Core Points - The company held its first meeting of the seventh board of directors on November 7, 2025, where key leadership positions were elected and various committees were formed [1][26] - The board elected Jiang Bin as the chairman and Jiang Long as the vice chairman, with their terms lasting until the end of the seventh board's tenure [2][26] - The company completed its board restructuring and appointed several senior management positions, including the president and vice presidents [26][28] Board Meeting Resolutions - The board approved the election of the chairman and vice chairman [2] - The board elected members for the audit committee, including independent directors Jiang Fuxiu, Huang Yidong, and Qiu Min, with Jiang Fuxiu serving as the convener [3] - The board approved the election of members for the remuneration and assessment committee, with Huang Yidong as the convener [4] - The board elected members for the nomination committee, with Huang Yidong as the convener [6] - Jiang Long was appointed as the president of the company [7] - The board appointed several vice presidents, including Li Youbo, Duan Huilu, Liu Chunfa, Jiang Hongzhai, Yu Dachao, Gao Xiaoguang, and Rao Yi [8] - The board appointed Li Yongzhi as the financial director [9] - The board appointed Xu Dapeng as the secretary of the board [11] - The board appointed Xu Yanquing as the securities affairs representative [12] - The board appointed Wang Shuping as the internal audit head [13] - The board approved adjustments to the company's organizational structure [17] - The board revised the management system for shares held by directors, supervisors, and senior management [18] - The board revised the investor relations management system [20] - The board established a public opinion management system [22] Board Composition - The seventh board consists of chairman Jiang Bin, vice chairman Jiang Long, and several other directors, including independent directors Huang Yidong and Jiang Fuxiu [26][29] - The independent directors' qualifications and independence have been approved by the Shenzhen Stock Exchange [26][27] - The company will complete the election of additional independent directors to maintain compliance with regulations [27][30] Senior Management Appointments - The company appointed Jiang Long as president and several vice presidents, including Li Youbo, Duan Huilu, Liu Chunfa, Jiang Hongzhai, Yu Dachao, Gao Xiaoguang, and Rao Yi [26][28] - Li Yongzhi was appointed as the financial director, Xu Dapeng as the secretary of the board, Xu Yanquing as the securities affairs representative, and Wang Shuping as the internal audit head [9][11][12][13]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time, with a current price of 19.38 yuan [1][6]. Core Insights - The company, Zhejiang Haosheng Electronics Technology Co., Ltd., specializes in the research, development, production, and sales of micro-acoustic components and audio products, having established itself as a significant player in the industry with strong R&D capabilities [6][15]. - The company's revenue has shown a growth trend, increasing from 463 million yuan in 2019 to an expected 800 million yuan in 2024, with a five-year CAGR of 11.56% [6][23]. - The global consumer electronics market is projected to grow from 788.23 billion USD in 2024 to 1,073.77 billion USD by 2032, driven by rising demand for smart and interconnected devices [52][53]. Financial Data Summary - Total shares outstanding: 137.20 million [2] - A-share circulation ratio: 73.04% [2] - Revenue forecast for 2023A to 2027E shows a growth from 640.82 million yuan to 1,235.06 million yuan, with growth rates of -4.24%, 24.76%, 12.88%, 15.72%, and 18.26% respectively [5][67]. - Net profit attributable to shareholders is expected to decline significantly in 2025E to 71.83 million yuan, down from 171.50 million yuan in 2024A, reflecting a -58.11% growth rate [5][67]. - The company’s gross margin has been relatively stable, with a slight decline in 2023 due to market conditions, but is expected to recover in 2025 [27][28]. Business Overview - The company focuses on micro-acoustic components, which accounted for 83.69% of its revenue in 2024, and audio products, which are used in various consumer electronics [30][36]. - The company has established long-term relationships with notable clients, including OPPO, VIVO, and TCL, enhancing its market position [63][64]. - The company is positioned in the midstream of the supply chain, benefiting from a complete domestic industrial chain for consumer electronics [64][66]. Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 902 million yuan, 1,044 million yuan, and 1,235 million yuan, with corresponding growth rates of 12.88%, 15.72%, and 18.26% [67]. - The average PE ratios for comparable companies are projected at 40.05, 30.87, and 24.01 for 2025-2027, while the company’s expected PE ratios are 36.88, 29.58, and 24.28 [70].

Core Viewpoint - The acquisition plan by GoerTek, a major player in the Chinese acoustic industry, has been terminated after nearly three months of planning, with the company unable to reach an agreement on key terms with the seller [1][2]. Acquisition Details - GoerTek announced the termination of its plan to acquire 100% equity of Mega Precision Technology Limited and Channel Well Industrial Limited, both wholly-owned subsidiaries of Luen Fung Commercial Holdings Limited, for approximately HKD 10.4 billion (around RMB 9.5 billion) [2]. - The acquisition was initially disclosed on July 22, 2025, with the aim of enhancing GoerTek's competitiveness in the precision structural components sector and deepening vertical integration capabilities [2][3]. Market Context - The failed acquisition is viewed as a common industry consolidation driven by the "Apple supply chain" logic, where Apple encourages core suppliers to make strategic acquisitions to streamline supply chains and reduce costs [4]. - Mega Precision and Channel Well were key suppliers for Apple's mobile structure components and later became essential for Apple's watch metal frames [4]. Industry Trends - The trend towards lightweight wearable devices is increasing the demand for durable metal precision components, which enhances their value in Apple's product ecosystem [4]. - GoerTek has established a first-mover advantage in integrating components for wearable devices, supplying major companies like Huawei, Samsung, Xiaomi, Meta, and Amazon [4]. Future Strategy - Despite the termination of the acquisition, GoerTek remains committed to its long-term strategic goals, planning to pursue internal growth and diversified investment opportunities to enhance company value and shareholder returns [7]. - The company aims to transition from being a single component supplier to a subsystem integrator, similar to Luxshare Precision, thereby solidifying its position as a core supplier for Apple [6]. Financial Performance - In the first half of 2025, GoerTek reported revenues of RMB 37.549 billion and a net profit attributable to shareholders of RMB 1.417 billion [8]. - Following the announcement of the acquisition plan, GoerTek's stock price rose significantly, reaching a market capitalization of approximately RMB 109.2 billion, with a stock price increase of over 35% [8].

Core Viewpoint - The acquisition plan by GoerTek, a major player in the Chinese acoustic industry, has been terminated after nearly three months of planning, which was aimed at enhancing its competitiveness in the precision structural components sector [1][2]. 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 company stated that the termination was due to the inability to reach consensus on key terms after extensive due diligence and negotiations [1]. Strategic Implications - The acquisition was intended to deepen vertical integration and strengthen partnerships with leading clients, implicitly referring to major consumer electronics companies like Apple [2]. - Analysts noted that Apple often encourages core suppliers to pursue strategic acquisitions to streamline supply chains and reduce costs, which aligns with GoerTek's strategic goals [3]. Market Context - Mega Precision and Channel Well were previously key suppliers for Apple's mobile structure components and have become essential for Apple's watch business as well [3]. - The trend towards lightweight wearable devices has increased the demand for durable metal precision components, enhancing their value in Apple's product ecosystem [3]. Future Outlook - Despite the acquisition's termination, GoerTek remains committed to its long-term strategic goals, focusing on internal growth and diversified investments to enhance company value and shareholder returns [4]. - In the first half of 2025, GoerTek reported revenues of RMB 37.549 billion and a net profit of RMB 1.417 billion [5]. - Following the announcement of the acquisition plan, GoerTek's stock price rose significantly, with a market capitalization increase of approximately RMB 26.1 billion [5].

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 [2][4][5]. 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 the parties could not agree on critical terms after extensive due diligence and negotiations [2][4][5]. - 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 [4][6]. Financial Impact - GoerTek stated 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 [3][5]. Market Reaction - Following the announcement of the acquisition, GoerTek's stock price rose significantly, peaking above 40 RMB with an increase of over 70%, although it has recently experienced a decline [3][4]. 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 [6][7]. - The company emphasized its strategy of "precision components + smart hardware systems," which has shown positive results, with the precision components segment achieving a revenue of 7.604 billion RMB, a year-on-year increase of 20.54% [6][8]. Ongoing Initiatives - Concurrently, GoerTek is pursuing other strategic initiatives, including a significant transaction by its subsidiary GoerTek Optics, which aims to enhance its core competitiveness in micro-nano optical devices [7]. - GoerTek Microelectronics 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].