拟募资额方面， 即将上会的3家企业中，拟募集资金最多的是美德乐，预计募集资金6.45亿元，募资拟 投向高端智能化输送系统研发生产项目、美德乐华南智能输送设备研发生产项目、华东工业自动化输送 设备生产及研发项目、大连美德乐四期建设项目等项目。其次是海菲曼、族兴新材，拟募资金额分别为 4.30亿元、2.08亿元。地域分布看，即将上会企业中，湖南省、江苏省、辽宁省分别有1家企业上榜。 | 简称 | 会议日期 | 拟上市板块 | 拟发行数量（万股） | 拟募资金额（亿元） | 注册地 | 保荐机构 | | --- | --- | --- | --- | --- | --- | --- | | 族兴新材 | 2025.12.03 | 北交所 | 2300.00 | 2.08 | 湖南省 | 西部证券 | | 海菲曼 | 2025.11.28 | 北交所 | 1280.83 | 4.30 | 江苏省 | 申港证券 | | 美德乐 | 2025.11.27 | 北交所 | 1600.00 | 6.45 | 辽宁省 | 国泰海通 | 3家北交所公司拟上会 （文章来源：证券时报网） 美德乐主营业务为智能制造装备的研发、设计、制 ...

本报讯 （记者袁传玺）近日，据北交所网站消息，北京证券交易所上市委员会定于11月28日召开2025 年第37次审议会议，审议的发行人为昆山海菲曼科技集团股份有限公司（以下简称"海菲曼"）。 海菲曼创始人边仿表示，公司将继续深化"技术纵深突破"与"应用场景延伸"两大战略方向，在巩固现有 音频技术优势的同时，积极探索声学技术在健康监测、智能家居等新兴领域的跨界融合。随着5G、人 工智能等新技术的发展，音频产业正迎来更广阔的应用空间，中国电声企业有望在全球市场实现从跟随 到引领的角色转变。 据了解，海菲曼的主营业务是自主品牌"HIFIMAN"终端电声产品的设计、研发、生产和销售。公司的 主要产品是头戴式耳机、真无线耳机、有线入耳式耳机、播放设备。 海菲曼方面表示，公司深耕电声行业20年，积累了深厚的行业基础、丰富的核心部件及材料研发、产品 生产组装、调试维修等经验；储备了扎实的专业人才基础、较强的技术研发实力；建立了高效的管理体 系。公司始终坚持将技术创新作为发展核心动力，在数模转换及电声转换方面不断突破，凭借自主研发 的极低功耗高精度DAC（喜马拉雅）、新型纳米振膜扬声器、Wi-Fi流媒体音频等核心技术在音质表现 ...

北交所网站显示，北交所上市委员会定于11月28日召开2025年第37次审议会议，审议的发行人为昆山海菲曼科技集团股份有限公司(简称"海菲曼")。 据了解，今年10月海菲曼在北京召开秋季新品发布会，展示多项自主研发的音频技术，其中低功耗WiFi无线音频技术尤为引人注目。该技术成功攻克了蓝 牙传输带宽不足导致音质受损的行业难题，为高保真(HiFi)音频走进大众消费市场开辟新路径。 当前，消费电子领域的无线音频传输长期受限于蓝牙技术的带宽瓶颈，难以满足高清音频传输需求。而音质出众的台式流媒体设备又因体积庞大、需有线连 接等特点，始终局限于小众的发烧友群体。 海菲曼表示，此次公司推出的多款搭载自研低功耗WiFi无线音频技术的旗舰产品，配合自研高精度低功耗DAC芯片，旨在实现无线传输下的无损音质，打 破高端音频设备与普通消费者之间的技术壁垒。 在电声行业蓬勃发展的背景下，中国视听产业近年来保持快速增长。智研咨询数据显示，我国电声器件行业市场规模已从2019年的305.30亿元增长至2024年 的456.39亿元，其中消费电子领域占比高达62%。完整的产业链基础与技术积累，为行业创新提供了肥沃土壤。 海菲曼是国内屈指可数 ...

瑞财经 王敏 11月24日，据上交所、深交所、北交所，本周3家企业上会，分别为永大股份、美德乐及海菲曼。2只新股将进行申 购。 上周新股首日最高涨1211%，本周2股申购 本周（11月24日-11月28日），共有2只新股将进行申购，均为科创板。 回顾上周（11月17日—11月21日），A股迎来了4只"新成员"。在首日表现中，全线飘红，其中大鹏工业登陆北交所大涨1211.11% 领跑，创今年新股首日最大涨幅。 此外，恒坤新材登陆科创板涨310.61%，北矿检测登陆北交所涨295.52%，南网数字登陆创业板涨224.78%。 大鹏工业是工业精密清洗领域专用智能装备生产商，产品及服务主要应用于车辆动力总成、新能源三电系统等核心零部件的精密 清洗领域。同时，在现有业务技术经验及市场资源等基础上，公司加速布局机器视觉检测产品，形成企业发展的第二曲线。 据招股书，2022年-2024年及2025上半年，大鹏工业实现营业收入分别为2.47亿元、2.6亿元、2.65亿元、1.29亿元；归母净利润分 别为4088.58万元、4869.17万元、4348.61万元、1636.94万元。 本周3家上会，比亚迪供应商美德乐净利超2亿 ...

Core Viewpoint - The company is focusing on integrating advanced AI technologies into various audio products, including OWS headphones, TWS headphones, headsets, speakers, and microphones, while assessing the transition from investment to revenue generation in this sector [2]. Group 1: Investment in AI Technology - The company has made significant investments in AI technology, which are currently within a reasonable range and have not adversely affected its performance [2]. - The application of AI in audio devices is still in the early stages, with user experience needing further enhancement and market awareness being limited [2]. Group 2: Future Outlook - The company plans to continue investing in AI-related technologies, product refinement, and user engagement to gain user recognition and drive revenue growth [2].

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 Insights - The 138th Canton Fair showcases a trend towards experiential engagement for buyers, highlighting the integration of technology in product demonstrations [1] Group 1: Event Highlights - Buyers at the Canton Fair are experiencing various innovative products, including AI glasses, coffee-making robots, and VR gaming devices [2][4][10] - The event features a range of advanced technologies such as exoskeleton assistive devices and smart cockpit systems for new energy vehicles [8][12] - Interactive experiences are emphasized, with buyers engaging in conversations with service robots [16] Group 2: Product Innovations - The fair presents a diverse array of products aimed at enhancing user experience, including head-mounted displays and massage devices [6][14] - The introduction of AI and robotics in everyday applications is a significant focus, indicating a shift towards automation and smart solutions in consumer products [2][4][8]

Core Insights - HIFIMAN, a domestic high-end audio brand in China, reported a revenue of 107 million yuan for the first half of 2025, marking a year-on-year increase of 20.77%, and a net profit of 34.7951 million yuan, up 63.79% [1] Group 1: Financial Performance - The company achieved a revenue of 107 million yuan in the first half of 2025, reflecting a growth of 20.77% compared to the previous year [1] - HIFIMAN's net profit reached 34.7951 million yuan, which is a significant increase of 63.79% year-on-year [1] Group 2: Business Operations - HIFIMAN is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on the design, research and development, production, and sales of its own brand "HIFIMAN" audio products [1] - The company has a diverse product range, including over-ear headphones, true wireless earbuds, wired in-ear headphones, and playback devices [1] - HIFIMAN's overseas business has expanded to cover 40 countries with 120 distributors, contributing to over half of its total revenue of more than 230 million yuan in 2024 [1] Group 3: Market Strategy - HIFIMAN has adopted a "technology + culture + operation" integrated model for its international expansion, directly targeting the challenging high-end markets in Europe, the United States, and Japan [2] - The company has over 40 domestic offline distributors and more than 100 overseas distributors, with a presence in North America, Europe, Australia, Asia-Pacific, the Middle East, Africa, and Latin America [1] Group 4: Risks and Challenges - Despite positive performance, HIFIMAN has indicated potential risks related to declining gross margins, which could arise from adverse changes in brand reputation, user experience, cost control, and technological innovation [3] - The company acknowledges that intensified industry competition could lead to a decrease in product sales prices, further impacting gross margins [3]

Core Insights - The Chinese Bluetooth headset market is experiencing structural changes, with ear clip category sales surpassing ear hook category for the first time in the first half of this year [1][2]. Market Overview - In the first half of 2025, the shipment volume of Bluetooth headsets in China is expected to reach approximately 59.98 million units, representing a year-on-year growth of 7.5% [1]. - True wireless headset shipments are projected at 38.31 million units, with an 8% year-on-year increase, driven primarily by the entry-level market, while the high-end flagship market shows signs of recovery [1]. - The open-type market is expected to see shipments of 14.22 million units, reflecting a significant year-on-year growth of 20.1%, indicating a shift from scale to quality development [1]. - The over-ear market is anticipated to ship 4.13 million units, marking a 30.1% year-on-year increase, significantly driven by entry-level products [1]. Brand Performance - Xiaomi's Bluetooth headset shipments reached 9.89 million units in the first half of 2025, showing a substantial year-on-year growth of 52.6% [2]. - Huawei's FreeClip and other high-end ear clip products are leading the growth in the ear clip market, while Edifier is rapidly developing in the entry-level over-ear market due to its cost-performance advantage [2]. - Apple has shown a notable recovery in the Bluetooth headset market following the launch of AirPods 4 in September 2024 [2]. - OPPO's Bluetooth headset shipments increased by 57.2% year-on-year, attributed to its strategy of expanding online channels and leveraging mobile phone sales [2]. Market Dynamics - The ear clip market's scale and growth rate have for the first time surpassed that of the ear hook market, with shipments of 6.51 million units and a year-on-year growth of 41.0% [2]. - The ear hook market's growth has been limited due to insufficient differentiation in the mid-to-high-end segment, while the ear clip market benefits from high-end benchmark products driving entry-level market expansion [2]. - Both ear clip and ear hook categories are showing significant growth in the mid-price segments (200-400 RMB, 400-600 RMB) [3]. - Users are increasingly seeking a balance between product quality and price, indicating a mature consideration of "quality-price ratio" [3]. - Domestic audio manufacturers are adjusting their product lines towards emerging forms like ear clips and ear hooks to expand profit margins and seize new growth opportunities [3].

Core Insights - The Chinese Bluetooth headset market is projected to ship approximately 59.98 million units in the first half of 2025, reflecting a year-on-year growth of 7.5% [1] Market Segmentation - True wireless headset shipments are expected to reach 38.31 million units, with a year-on-year increase of 8.0% [1] - The entry-level market continues to be the main driving force, while the high-end flagship market shows signs of recovery [1] Open and Over-Ear Headset Trends - Open-type headset shipments are anticipated to be 14.22 million units, marking a significant year-on-year growth of 20.1%, indicating a shift from scale to quality in product development [1] - The over-ear headset market is projected to ship 4.13 million units, with a remarkable year-on-year growth of 30.1%, driven significantly by entry-level products due to demand from gaming and remote learning [1]