，系统展现亚马逊 EASY GO 解决方案助力卖家全球拓展的路径与成效，核心内容如下： 报告围绕 "生而全球" 的愿景，聚焦卖家从 "产品出海" 到 "品牌、供应链与服务全链路布局" 的转型需求，解答 "如何高效拓展全球市场" 的核心问题。全书 分为四大板块：先锋篇呈现出海标杆企业的成功路径；Easy to Start 聚焦高效启动方案；Easy to Ship 主打无忧物流服务；Easy to Grow 助力品牌长期成长。 先锋篇中，盖世小鸡、西昊等企业借助亚马逊全链路解决方案，率先实现全球布局。它们或开拓新兴站点挖掘蓝海市场，或通过用户反馈迭代产品、打造高 端品牌，打破 "中国制造" 刻板印象，为后来者提供了 "成熟站点验证、新兴站点复制" 等可借鉴路径。 Easy to Start 板块强调启动阶段的简化与高效。卖家通过亚马逊选品指南针、商机探测器等工具，结合 AI 赋能实现数据驱动选品；依托一站式合规服务破解 政策壁垒；借助北美远程配送计划（NARF）实现 "零库存成本" 测款与多站点同步上架，大幅降低新市场入场风险，如 KUAILU 通过 NARF 实现加拿大站 点 10 倍 + 增长。 Easy ...

近期在北交所过会的企业名单中，一家耳机公司的"数据反差"吸引了外界关注。 一方面，这家公司2024年的毛利率高达70.1%，超过同期奢侈品公司LVMH的67%，接近爱马仕的毛利率水平。 但另一方面，这家耳机公司2024年的研发费用率只有4.91%，连其销售费用率（19.9%）的四分之一都不到。 这家公司就是昆山海菲曼科技集团股份有限公司（以下简称"海菲曼"）。海菲曼在2024年9月挂牌新三板，同年12月30日便向北交所递交了上市申请，经 过两轮问询之后，已经于2025年11月28日成功过会，并于12月11日提交注册，距离北交所上市仅一步之遥。 随着招股书的披露，海菲曼的更多信息也被摆上台面：超6成营收来自海外市场，在海外多个国家曾因税务问题收到罚单，国内也出现过刷单的违规行 为。 除此之外，公司产品退货金额比例持续增长，在2025年上半年攀升至13.34%。 当冲刺IPO将海菲曼推至资本市场的聚光灯下，也引来了市场对其成长质量与可持续性的严格审视。 1 请化学博士跨界造发烧友耳机，毛利率超LVMH 海菲曼的创始人名叫边仿，他是一位个性鲜明的创业者。边仿1979年出生于江苏徐州，他本科毕业于徐州师范学院（现在的 ...

记者丨骆轶琪 编辑丨朱益民 被称为"中国最贵耳机""耳机界爱马仕"的海菲曼，一家能实现超65%高毛利率的耳机品牌厂商，近日正 式在北交所IPO过会。 2024年，海菲曼毛利率一度飙升至70.1%，直追"奢侈品之王"爱马仕的70.3%。虽然AIoT品类整体毛利 率表现天然高于智能手机等硬件，但海菲曼呈现的水平依然远高于同业。 不过高盈利能力背后，成长挑战也隐隐浮现。21世纪经济报道记者梳理发现，近三年（2022-2024年） 公司研发占营业收入比重在5%上下浮动，但销售推广费用占营收比例却达到超过10%。而消费电子行 业本身有快速迭代属性，本质上对公司的研发和营销投流等能力有综合性考验。 除此之外，支撑海菲曼高毛利率表现的，是其营收构成中有超过一半比例来自海外市场，近些年来公司 也在完善对自建电商平台和国内销售渠道的能力延展，但综合来看，国内市场在耳机品类的消费能力整 体略逊于美、日这类发达消费市场。 而公司在答复交易所问询函中也提到，国内京东等渠道竞争相对激烈，对广告支出成本效益会带来一定 影响。 除了头戴式耳机这类发烧友级别高端市场，海菲曼近些年也在探路扩充产品矩阵，但目前来看，新品退 换货率有所攀升。 应 ...

记者丨骆轶琪 编辑丨朱益民 被称为" 中国最贵耳机"" 耳机界爱马仕"的海菲曼，一家能实现超65%高毛利率的耳机品牌厂 商，近日正式在北交所IPO过会。 2024年，海菲曼毛利率一度飙升至70.1%，直追"奢侈品之王"爱马仕的70.3%。虽然AIoT品类 整体毛利率表现天然高于智能手机等硬件，但海菲曼呈现的水平依然远高于同业。 不过高盈利能力背后，成长挑战也隐隐浮现。21世纪经济报道记者梳理发现， 近三年（2022- 2024年）公司研发占营业收入比重在5%上下浮动，但销售推广费用占营收比例却达到超过 10%。 而消费电子行业本身有快速迭代属性，本质上对公司的研发和营销投流等能力有综合 性考验。 除此之外，支撑海菲曼高毛利率表现的，是 其营收构成中有超过一半比例来自海外市场 ，近 些年来公司也在完善对自建电商平台和国内销售渠道的能力延展，但综合来看，国内市场在耳 机品类的消费能力整体略逊于美、日这类发达消费市场。 而公司在答复交易所问询函中也提到，国内京东等渠道竞争相对激烈，对广告支出成本效益会 带来一定影响。 除了头戴式耳机这类发烧友级别高端市场， 海菲曼近些年也在探路扩充产品矩阵 ，但目前来 看，新品退换 ...

（原标题："耳机界爱马仕"海菲曼IPO过会：超高毛利背后的变数与挑战） 除此之外，支撑海菲曼高毛利率表现的，是其营收构成中有超过一半比例来自海外市场，近些年来公司 也在完善对自建电商平台和国内销售渠道的能力延展，但综合来看，国内市场在耳机品类的消费能力整 体略逊于美、日这类发达消费市场。 而公司在答复交易所问询函中也提到，国内京东等渠道竞争相对激烈，对广告支出成本效益会带来一定 影响。 除了头戴式耳机这类发烧友级别高端市场，海菲曼近些年也在探路扩充产品矩阵，但目前来看，新品退 换货率有所攀升。 21世纪经济报道记者骆轶琪 被称为"耳机界爱马仕"的海菲曼，一家能实现超60%高毛利率的耳机品牌厂商，近日正式在北交所IPO 过会。 虽然AIoT品类整体毛利率表现天然高于智能手机等硬件，但海菲曼呈现的水平依然远高于同业。 不过高盈利能力背后，成长挑战也隐隐浮现。21世纪经济报道记者梳理发现，近三年（2022-2024年） 公司研发占营业收入比重在5%上下浮动，但销售推广费用占营收比例却达到超过10%。而消费电子行 业本身有快速迭代属性，本质上对公司的研发和营销投流等能力有综合性考验。 应该说，海菲曼面临的成长压力，也 ...

品牌化以及市场和产品的多元化，是外贸企业增强韧性及全球竞争力的明确方向。 "感觉竞争激烈了，需求也很一般。"一家全球跨境电商平台负责人的直观感受，印证了今年欧美"黑色星期 五"（下称"黑五"）促销季遇冷。 作为美国圣诞购物季的起点，今年的"黑五"大规模促销活动从11月20日左右持续至12月初。不管是平台还是卖 家，普遍感受到了需求整体收缩、竞争愈加激烈的现实压力。然而，面对变化中的新形势，灵活出击的中国 跨境电商平台和中小微外贸人，仍然展现出了较强的韧性，也成为了转危为机的幸存者甚至受益者。 关税和经济下行影响 受关税战影响，今年几乎所有跨境电商平台都将开拓的重点转向了欧洲市场。根据国际应用分析平台Sensor Tower数据，2025年"黑五"开卖首日（11月20日），速卖通在欧洲下载量超过亚马逊。 虽然较高峰时的关税已有大幅下降，但当前美国对中国制造仍然加征10%的对等关税和10%的所谓"芬太尼关 税"，处于历史高位。由于中国厂家的利润本就较薄，因此关税绝大部分由海外采购商承担，进而不可避免地 转嫁给消费端，并对市场需求带来冲击。 义乌一家圣诞用品出口商黄萍告诉第一财经，今年"黑五"和圣诞季的订单需求"不 ...

Investment Rating - The report does not explicitly state an investment rating for the headphone industry Core Insights - The global headphone market is projected to grow significantly, reaching 800 million units by 2030, with a compound annual growth rate (CAGR) of 8.3% from 2020 to 2030 [7][11] - The market is shifting from developed regions to emerging economies, particularly India, which is expected to become a key growth market by 2030 [6][12] Market Distribution - The global headphone market is experiencing a transition from developed markets to emerging economies, with China reaching a mature stage and the US and Western Europe showing slow growth [12][16] - The market share of China is expected to decline from 17.5% in 2024 to 15.1% by 2030, while India's market share is projected to rise from 11.1% in 2024 to 13.9% by 2030 [6][16] Competitive Landscape - Apple continues to lead the market, increasing its share from 12.2% in 2018 to 17.7% in 2024, driven by the success of the AirPods series [5][19] - In the mid-to-high-end market, brands like Sony, Bose, and JBL maintain stable market shares due to their superior sound quality and noise-cancellation technology [19] - Emerging brands such as boAt are gaining traction in the Indian market, with their share rising from virtually zero in 2018 to nearly 4% in 2024 [19] Growth Drivers - The rise of open-ear headphones is expected to expand their market share, projected to reach 65.7 million units by 2030, with a CAGR of 11.3% [32][34] - The AI headphone market is anticipated to grow rapidly, reaching a market size of 18.48 billion yuan by 2030, with a CAGR of 32.9% from 2025 to 2030 [36][37]

Group 1: Company Overview - CICC International Consulting is a licensed unit for foreign-related surveys by the National Bureau of Statistics and an AAA enterprise credit certification agency, providing comprehensive solutions such as market position certification, market research, and data analysis for government departments and various enterprises [2] - The company has been deeply engaged in the market research field for 16 years, completing a total of 20,000 successful cases by 2025, including various certifications like "Pioneer Certification" and "Sales Champion Certification," receiving high recognition from officials, enterprises, and media [2][9] Group 2: Industry Insights - The headphone industry is experiencing growth driven by increased consumer demand for high-quality music experiences, the proliferation of smart wearable devices, and technological advancements leading to product upgrades [4] - China, as one of the largest consumer electronics markets globally, shows a robust development trend in the headphone industry, with intense competition among well-known brands like Sony, Apple, and Huawei [4] - Brand sales are crucial in the headphone industry, impacting not only sales volume and market share but also brand image and reputation, necessitating continuous product innovation and service quality improvement by brand owners [4] - International development is a key future direction for the headphone industry, with manufacturers expanding into overseas markets and participating in international competition to enhance brand recognition and market share [4]

Core Viewpoint - The seventh Beijing International Headphone Expo showcased HIFIMAN's high-end audio products, including the Shangri-La electrostatic headphones, highlighting the brand's advancements in audio technology and its growing presence in the global market [1][4]. Group 1: Product Innovation - HIFIMAN introduced four new products featuring self-developed technologies such as enhanced magnetic technology, next-generation ultra-nano diaphragm technology, and ergonomic headband design [4]. - The company has independently developed the Himalaya R2R decoding module, which is crucial for audio systems, similar to the importance of CMOS modules in mirrorless cameras [4]. Group 2: Market Performance - HIFIMAN's revenue for 2024 is projected to exceed 230 million yuan, with overseas revenue accounting for over 60% of total revenue, successfully penetrating mainstream audio equipment channels in Europe, America, Japan, and South Korea [5]. - The brand has achieved a 36.59% market share in the mid-to-high-end segment on Amazon, being recognized as a benchmark for Chinese manufacturing by Forbes [4][5]. Group 3: Strategic Approach - HIFIMAN has adopted a "technology + culture + operation" model for its international strategy, directly targeting the challenging high-end markets in Europe, America, and Japan, rather than following the conventional path of starting locally [5]. - The founder emphasized the combination of technical dedication and rich cultural heritage as a means to redefine global perceptions of "Chinese manufacturing" [5]. Group 4: Research and Development - The company maintains high levels of R&D investment, with new patents in key areas such as diaphragm materials and acoustic algorithms, which are quickly applied to new product development [7]. - Recent advancements include a new generation of planar diaphragm headphones with lower distortion rates and wider frequency response ranges, as well as improvements in wireless audio quality through self-developed Bluetooth transmission optimization [7][8]. Group 5: Competitive Positioning - HIFIMAN's growth is attributed to increased market recognition of its high-end product lines and enhanced supply chain management efficiency [6]. - The company focuses on high-fidelity sound quality and exceptional user experience, differentiating itself from mass-market audio products and fostering a loyal customer base [6].

Core Insights - The report indicates that open-ear headphones have entered a growth phase, with shipments expected to reach 24.92 million units in 2024, representing a year-on-year increase of 212.0% [1] - The demand for comfort and multi-scenario adaptability has made open-ear headphones a mainstream necessity rather than a niche choice [2] Market Position - The company has established a dominant position in the open-ear headphone market, achieving the highest sales in China for 2024 and ranking first globally in sports headphone sales for the second consecutive year [2] - The high-end open-ear headphone market is expanding, with the market share for products priced above 1,000 yuan increasing to 50%, indicating a clear trend towards premiumization [5] Product Strategy - The company has effectively captured user needs for multi-scenario usage, with users switching between an average of 2.8 scenarios daily, which is significantly higher than other headphone types [6] - The product lineup includes specialized models for various activities, such as OpenRun Pro2 for high-intensity sports and OpenSwim Pro for underwater listening, demonstrating a comprehensive approach to user needs [9] Technological Innovation - The company holds 1,408 patents, establishing a strong technological moat in the open listening space, with innovations in sound quality and comfort being key drivers of its market leadership [10][13] - Recent advancements include the DirectPitch directional sound technology and the Shokz DualBoost technology, which enhance audio performance and user experience [10] Future Outlook - The company aims to continue its focus on acoustic technology, wearing comfort, and sports technology, with plans to further refine its offerings based on user needs and experiences [17]