Investment Rating - The report does not explicitly state an investment rating for the wireless mouse industry Core Insights - The wireless mouse market is expected to reach a scale of 129.51 billion yuan by 2027, driven by increasing market penetration and consumer demand for wireless convenience [4] - The industry is characterized by rapid automation and intelligent upgrades in production lines, leading to a rise in customized product orders [4][6] - The demand for wireless mice is significantly influenced by price sensitivity, with a majority of consumers preferring products priced below 199 yuan [13] Market Background - The wireless mouse industry has evolved from early infrared technology to stable RF and Bluetooth phases, culminating in high-precision optical and laser sensor developments [8] Market Supply Situation - The cost structure of wireless mice is heavily influenced by three core components: the shell (31.9%), the wheel (20.9%), and the main control chip (19.8%), which together account for 72.6% of manufacturing costs [10][11] Market Demand Situation - In 2022, the majority of consumers in the Chinese wireless mouse market were young males aged 24 to 40, representing nearly 60% of the search population [13] Product Selection Dimensions - Key factors for selecting wireless mice include performance and connection technology, ergonomic design, sensor performance, battery life, and charging methods [15][19] Development Trends - The wireless mouse market is witnessing diversification and specialization, with products tailored for specific scenarios such as gaming, ergonomic use, and mobile office applications [26] - Core technologies in wireless connectivity and sensor performance are continuously evolving, with advancements in response speed and tracking accuracy [28] - The competition in the wireless mouse market is intensifying, with an increase in active brands and a growing focus on performance and design [29] - Consumer demand for wireless mice is on the rise, driven by the need for convenience and aesthetics in desktop setups [30]

Core Viewpoint - Rapoo Technology (SZ002577) reported a decline in both revenue and profit for the first half of 2025, indicating challenges in the market and increased costs [1][3]. Financial Performance - The company's operating revenue for the first half of 2025 was 208.34 million yuan, a decrease of 5.13% compared to the same period last year [2]. - The net profit attributable to shareholders was 15.30 million yuan, down 28.56% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 5.97 million yuan, reflecting a significant decline of 58.92% [2]. - Basic earnings per share were 0.0543 yuan, a decrease of 28.27% from the previous year [2]. - The company's gross margin was 28.29%, down 3.10 percentage points year-on-year, while the net profit margin was 7.34%, a decline of 2.41 percentage points [3]. Expense Analysis - Total operating expenses for the period were 44.09 million yuan, an increase of 7.12 million yuan compared to the previous year, with an expense ratio of 21.16%, up 4.33 percentage points [3]. - Sales expenses increased by 9.53%, while management expenses rose by 2.25%. Research and development expenses decreased by 4.84%, and financial expenses surged by 65.24% [3]. Market Challenges - The decline in performance was attributed to several factors, including a decrease in sales revenue in the European market, foreign exchange losses due to currency fluctuations, and increased marketing investments to expand online channels [3].