在消费电子行业普遍陷入"内卷"的当下，一家被称为"耳机界爱马仕"的公司——昆山海菲曼科技集团股 份有限公司（以下简称"海菲曼"），正以其亮眼的盈利能力，冲击北交所。 近日，海菲曼正式在北交所过会。这家深耕高保真（HiFi）音频领域的公司交出了一份令行业瞩目的成 绩单：2022年至2024年，公司综合毛利率分别高达65.06%、68.18%和70.10%。这一数据不仅碾压了漫 步者、惠威科技等同行业上市公司，甚至在部分年份逼近了"股王"贵州茅台的毛利表现。 然而，资本市场的聚光灯下，光鲜与阴影往往相伴而生。海菲曼在凭借高端定位收割海外发烧友红利的 同时，也面临着从"小众神坛"走向"大众市场"的阵痛。 营销费用高企、研发投入占比下滑，以及供应链数据中显露的种种背离，构成了这家"耳机界爱马 仕"IPO路上的AB面。 高毛利背后的差异化战略 从营收构成来看，发烧级耳机是公司的"压舱石"。报告期各期，该品类销售金额分别录得1.07亿元、 1.35亿元、1.49亿元及7141.33万元。尽管受真无线耳机等新品类快速放量影响，其占主营业务收入的比 重由69.70%微降至66.56%，但仍保持在三分之二的高位。 高企的客单价 ...

Core Viewpoint - The significant advance of the Christmas purchasing season reflects the market's response to uncertainties and exemplifies the irreplaceability of Chinese manufacturing globally [1][6]. Group 1: Early Christmas Orders - Companies are experiencing a notable shift in order timing, with major clients placing Christmas orders as early as May, nearly two months ahead of the usual schedule [2][3]. - The demand for Christmas-related products, such as decorative socks and pet beds, has surged, with some companies reporting order increases of over 50% compared to previous years [2][10]. - The "foreign trade 618" event on June 3 saw a more than 50% increase in orders for Christmas-related products from the U.S., with festive items like accessories seeing a 120% year-on-year surge [2]. Group 2: Impact of Shipping Delays - International shipping times have lengthened by 1 to 2 months due to uncertainties, prompting global clients to place orders earlier to ensure timely delivery [3][6]. - The direct impact of U.S. tariffs on the export of Christmas goods from Yiwu is considered negligible, as the primary reason for early orders is the extended shipping times [6][8]. Group 3: Stable Demand Amidst Uncertainty - Overall foreign trade demand remains relatively stable, with many companies reporting that current order levels are comparable to previous years [7][8]. - High-value industries are less affected by tariffs, with exports to the U.S. remaining significant despite the challenges posed by the trade environment [7][8]. Group 4: Strategies for Adaptation - Companies are focusing on enhancing product value and competitiveness to mitigate the impact of tariffs, with some investing in product development and cost-reduction strategies [9][10]. - Diversification of markets is a key strategy, with companies exploring opportunities beyond the U.S. to reduce reliance on a single market [10][11]. Group 5: Brand Development and Innovation - Chinese brands are increasingly focusing on innovation and cultural appeal to strengthen their global presence, with examples of successful brands entering high-end markets directly [11][12]. - The rise of Chinese brands in international markets is reshaping perceptions of "Made in China," highlighting the potential for brand creation and technological leadership [12].