深圳市漫步者科技股份有限公司 投资者关系活动记录表 证券代码：002351 证券简称：漫步者 深圳市漫步者科技股份有限公司投资者关系活动记录表 编号：PR2025121901 | 投资者关系 | 特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 （请文字说明其他活动内容） | | 参与单位名称 | 国智投、英大证券、丰坤资本、中金资本、亚威投资、深圳企赋 | | 及人员姓名 | 通、博闻投资、瀚鑫基金共 人 9 | | 时间 | 年 月 年 月 日 2025 12 17 日、2025 12 19 | | 地点 | 公司会议室 | | 上市公司 接待人员 | 投资者关系总监张北 | | | 公司近况及回答提问内容概括如下： | | | 年前三季度业绩简述 一、2025 | | | 2025 年前三季度，公司实现营业收入 20.56 亿元，较上年同 | | | 期下降 年第 4.16%；毛利率 40.28%，同比略有增长。其中 2025 | | | 三季度营业收入 7.38 亿元，环比进一 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.53 billion yuan, a decrease of 1.95% year-on-year [2] - Revenue from headphone products was 7.90 billion yuan, down 10.85% [2] - Revenue from speaker products was 17.40 billion yuan, an increase of 5.08% year-on-year [2] - Gross profit margin was 40.36%, remaining stable compared to the previous year [2] - Domestic sales revenue was 10.43 billion yuan, a decline of 5.93% year-on-year; export revenue was 14.30 billion yuan, an increase of 3.10% [2] Group 2: Product Development and Innovation - The company launched several new products in 2025, including the TWS X1 Evo headphones weighing only 3.8g and the Lolli ANC semi-in-ear active noise-canceling headphones [3] - The Lolli Pro 5 features a coaxial dual dynamic driver acoustic structure with a noise cancellation depth of -48dB [3] - The company introduced the LolliClip AI, an open-type active noise-canceling ear clip, and various other innovative audio products [4] - The company is focusing on the rapidly growing open-ear headphone market, with over ten models launched to date [4] Group 3: Market Strategy and Expansion - The company is enhancing its overseas operations and expanding international e-commerce channels, leading to rapid growth in export business [3] - A dual-line endorsement strategy was implemented in 2025, partnering with local celebrities in Thailand and popular actors in Japan to reach core Asian markets [4] - The company is committed to maintaining significant investment in various forms of open-ear headphones across different price ranges and sub-brands [4]