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 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 Viewpoint - HIFIMAN Technology Group Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, with significant involvement from its fifth-largest customer, Huizhou Lagrange Trading Co., Ltd., which was established by a former employee of HIFIMAN's wholly-owned subsidiary [1][2] Group 1: Company Overview - HIFIMAN primarily engages in the design, research, production, and sales of audio products under its own brand "HIFIMAN," including headphones and playback devices [2] - The company has adopted a subcontracting production model, with over 20% of its main business costs attributed to outsourcing in 2024 [5] Group 2: Customer and Financial Performance - Lagrange Trading became HIFIMAN's fifth-largest customer in 2023 and the first half of 2024, with sales amounts of 4.58 million yuan and 1.32 million yuan, respectively [2] - Lagrange Trading reported net profits of 10,600 yuan in 2023 and a loss of 73,700 yuan in the first half of 2024, attributed to a decline in market demand [3] Group 3: Acquisition and Integration - To reduce related-party transactions, HIFIMAN acquired 100% of Lagrange Trading's shares in June 2024, integrating it into its consolidated financial statements [4] Group 4: Outsourcing and Supplier Relationships - HIFIMAN's significant reliance on subcontractors includes various external suppliers for processes such as electroplating and assembly, with a notable increase in revenue from true wireless earphones, rising from 0.54% in 2022 to 11.38% in the first half of 2024 [5][6] - Key external suppliers include Dongguan Shijie Taixin Shengke Hardware Processing Store, which also leases properties to HIFIMAN's subsidiaries for production and office use [6]