近期在北交所过会的企业名单中，一家耳机公司的"数据反差"吸引了外界关注。 一方面，这家公司2024年的毛利率高达70.1%，超过同期奢侈品公司LVMH的67%，接近爱马仕的毛利率水平。 但另一方面，这家耳机公司2024年的研发费用率只有4.91%，连其销售费用率（19.9%）的四分之一都不到。 这家公司就是昆山海菲曼科技集团股份有限公司（以下简称"海菲曼"）。海菲曼在2024年9月挂牌新三板，同年12月30日便向北交所递交了上市申请，经 过两轮问询之后，已经于2025年11月28日成功过会，并于12月11日提交注册，距离北交所上市仅一步之遥。 随着招股书的披露，海菲曼的更多信息也被摆上台面：超6成营收来自海外市场，在海外多个国家曾因税务问题收到罚单，国内也出现过刷单的违规行 为。 除此之外，公司产品退货金额比例持续增长，在2025年上半年攀升至13.34%。 当冲刺IPO将海菲曼推至资本市场的聚光灯下，也引来了市场对其成长质量与可持续性的严格审视。 1 请化学博士跨界造发烧友耳机，毛利率超LVMH 海菲曼的创始人名叫边仿，他是一位个性鲜明的创业者。边仿1979年出生于江苏徐州，他本科毕业于徐州师范学院（现在的 ...

记者丨骆轶琪 编辑丨朱益民 被称为"中国最贵耳机""耳机界爱马仕"的海菲曼，一家能实现超65%高毛利率的耳机品牌厂商，近日正 式在北交所IPO过会。 2024年，海菲曼毛利率一度飙升至70.1%，直追"奢侈品之王"爱马仕的70.3%。虽然AIoT品类整体毛利 率表现天然高于智能手机等硬件，但海菲曼呈现的水平依然远高于同业。 不过高盈利能力背后，成长挑战也隐隐浮现。21世纪经济报道记者梳理发现，近三年（2022-2024年） 公司研发占营业收入比重在5%上下浮动，但销售推广费用占营收比例却达到超过10%。而消费电子行 业本身有快速迭代属性，本质上对公司的研发和营销投流等能力有综合性考验。 除此之外，支撑海菲曼高毛利率表现的，是其营收构成中有超过一半比例来自海外市场，近些年来公司 也在完善对自建电商平台和国内销售渠道的能力延展，但综合来看，国内市场在耳机品类的消费能力整 体略逊于美、日这类发达消费市场。 而公司在答复交易所问询函中也提到，国内京东等渠道竞争相对激烈，对广告支出成本效益会带来一定 影响。 除了头戴式耳机这类发烧友级别高端市场，海菲曼近些年也在探路扩充产品矩阵，但目前来看，新品退 换货率有所攀升。 应 ...

（原标题："耳机界爱马仕"海菲曼IPO过会：超高毛利背后的变数与挑战） 除此之外，支撑海菲曼高毛利率表现的，是其营收构成中有超过一半比例来自海外市场，近些年来公司 也在完善对自建电商平台和国内销售渠道的能力延展，但综合来看，国内市场在耳机品类的消费能力整 体略逊于美、日这类发达消费市场。 而公司在答复交易所问询函中也提到，国内京东等渠道竞争相对激烈，对广告支出成本效益会带来一定 影响。 除了头戴式耳机这类发烧友级别高端市场，海菲曼近些年也在探路扩充产品矩阵，但目前来看，新品退 换货率有所攀升。 21世纪经济报道记者骆轶琪 被称为"耳机界爱马仕"的海菲曼，一家能实现超60%高毛利率的耳机品牌厂商，近日正式在北交所IPO 过会。 虽然AIoT品类整体毛利率表现天然高于智能手机等硬件，但海菲曼呈现的水平依然远高于同业。 不过高盈利能力背后，成长挑战也隐隐浮现。21世纪经济报道记者梳理发现，近三年（2022-2024年） 公司研发占营业收入比重在5%上下浮动，但销售推广费用占营收比例却达到超过10%。而消费电子行 业本身有快速迭代属性，本质上对公司的研发和营销投流等能力有综合性考验。 应该说，海菲曼面临的成长压力，也 ...

Core Viewpoint - Kunshan HIFIMAN Technology Group Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 83rd company to pass the review this year [1]. Group 1: Company Overview - HIFIMAN specializes in the design, research and development, production, and sales of its own brand "HIFIMAN" audio products, including headphones and playback devices [1]. - The company is controlled by its major shareholder, Bian Fang, who holds 58.03% of the shares and has agreements with other entities to control 85.03% of the voting rights [1]. Group 2: IPO Details - HIFIMAN plans to publicly issue up to 12.80832 million shares, with an option for an additional 1.921248 million shares through an over-allotment option, totaling a maximum of 14.729568 million shares [2]. - The company aims to raise 430 million yuan (approximately 43 million) for projects including advanced acoustic components, a research center for nano-diaphragms and industrial DAC chips, and the establishment of a global brand and operations headquarters [2][3]. Group 3: Review and Inquiry - The review committee raised inquiries regarding the company's technological advancements and competitive advantages compared to peers, as well as the rationale behind recent acquisitions [4].

Core Viewpoint - The company, Haifiman, has successfully passed the IPO review by the Beijing Stock Exchange, with a planned fundraising amount of 430 million yuan after adjusting its project funding. The company has shown significant growth in sales, particularly in high-end audio products, but faces scrutiny regarding its financial governance and the rationale behind its frequent acquisitions [1][31]. Group 1: Company Performance and Financials - Haifiman's main business revenue is primarily derived from over 70% of its sales coming from headphones, with a notable 25.44% year-on-year increase in headphone sales for 2023 and an extraordinary 1420.20% increase in true wireless earphone sales [6][7]. - The company reported revenues of 154 million yuan, 203 million yuan, and 227 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 36.03 million yuan, 54.11 million yuan, and 64.36 million yuan during the same period [7][8]. - The gross profit margin has consistently remained high, with figures of 65.06%, 68.18%, 70.10%, and 66.80% across the reporting periods, significantly exceeding that of comparable companies in the industry [9][10]. Group 2: IPO and Fundraising - The initial fundraising target was set at 551 million yuan, which has been adjusted down to 430 million yuan following a reduction of 121 million yuan in the planned investment for the global brand and operations headquarters project [31][32]. - The planned projects for the raised funds include enhancing production capacity for advanced acoustic components, establishing a research center for nano-diaphragms and industrial DAC chips, and building a global brand and operations headquarters [24][25][32]. Group 3: Regulatory Scrutiny and Governance - The company has faced regulatory scrutiny regarding its internal control and governance, particularly due to multiple changes in financial leadership and the resignation of the company secretary shortly after the second round of inquiries [2][19]. - The Beijing Stock Exchange has raised concerns about the rationale behind the company's frequent acquisitions, questioning the necessity and compliance of these transactions [19][20]. - Haifiman has been asked to clarify the impact of its acquisitions on business sustainability and whether there are any conflicts of interest in its transactions [20][21]. Group 4: Market Position and Competitive Advantage - Haifiman is recognized as one of the few high-end audio brands with global influence, focusing on the design, research, production, and sales of its proprietary "HIFIMAN" audio products [6][10]. - The company has established a strong brand presence in the high-end audio market, which contributes to its pricing power and customer loyalty, particularly in overseas markets [10][12]. - Despite its competitive advantages, the company acknowledges the challenges posed by the highly competitive consumer-grade headphone market, which could limit its growth potential if it fails to maintain its market position in high-end products [18].

Core Viewpoint - Three companies are set to present their IPO applications at the North Exchange, with a total fundraising target of 13.83 billion yuan [1][2]. Group 1: Companies and Their Business Focus - Meidel is primarily engaged in the research, design, manufacturing, and sales of intelligent manufacturing equipment [3]. - Haifiman focuses on the design, research, production, and sales of its own brand "HIFIMAN" audio products, including headphones and playback devices [3]. - Zuxing New Materials specializes in the research, production, and sales of micro-fine spherical aluminum powder and its deep-processing products, such as aluminum pigments [4]. Group 2: IPO Details - Meidel plans to raise 645 million yuan, with funds allocated for high-end intelligent conveyor system projects and other related developments [2]. - Haifiman aims to raise 430 million yuan, while Zuxing New Materials has a target of 208 million yuan [2]. - The upcoming IPOs include Zuxing New Materials (2300,000 shares), Haifiman (1280,830 shares), and Meidel (1600,000 shares), with respective listing dates on November 27, November 28, and December 3, 2025 [4].

Core Viewpoint - The company, Kunshan Hifiman Technology Group Co., Ltd., is set to raise 430 million yuan through its listing on the Beijing Stock Exchange, focusing on enhancing production capacity and developing new technologies in the audio industry [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 164 million yuan, representing a year-on-year growth of 13.23% [1]. - The net profit reached 50.35 million yuan, with a significant year-on-year increase of 29.49%, indicating an improvement in operational quality [1]. - The basic earnings per share stood at 1.31 yuan, reflecting the company's strong financial performance [1]. Group 2: Technological Innovation - The company has a robust patent portfolio with 195 domestic patents, including 80 invention patents and 21 overseas patents, which supports its technological advancements [1]. - Hifiman's self-developed high-strength nano-diaphragm material is recognized as a key material in the Ministry of Industry and Information Technology's "14th Five-Year" development plan [1]. Group 3: Strategic Directions - The founder emphasized the company's commitment to "deepening technological breakthroughs" and "extending application scenarios," focusing on audio technology's integration into health monitoring and smart home sectors [2][3]. - Hifiman plans to strengthen its foundational research in audio technology while exploring cross-industry applications [3]. Group 4: Market Positioning - Hifiman's products are positioned in the high-end market, with average sales prices comparable to foreign high-end products, while maintaining lower production costs due to self-researched core components [3]. - The company has established a strong brand reputation and market influence, with gross and profit margins exceeding industry averages [3].

Core Viewpoint - HIFIMAN Technology Group Co., Ltd. is set to raise 430 million yuan through its IPO, focusing on enhancing production capacity for advanced acoustic components and developing new audio technologies [1][4]. Company Overview - HIFIMAN is a leading high-end audio brand in China, specializing in the design, research, production, and sales of its own brand "HIFIMAN" audio products, including headphones and audio playback devices [4]. - The company was recognized as a high-tech enterprise by various governmental bodies in November 2024 [4]. Financial Performance - In the first three quarters of the year, HIFIMAN achieved a revenue of 164 million yuan, representing a year-on-year growth of 13.23% [4]. - The net profit reached 50.35 million yuan, with a significant year-on-year increase of 29.49%, indicating improved operational quality [4]. Technological Innovation - HIFIMAN holds 195 domestic patents, including 80 invention patents and 21 overseas patents, showcasing its commitment to innovation [4]. - The company's self-developed high-strength nano-diaphragm material is included in the key materials directory of the Ministry of Industry and Information Technology [4]. Industry Context - The wireless audio transmission in the consumer electronics sector has been limited by Bluetooth bandwidth, which HIFIMAN aims to overcome with its new low-power WiFi audio technology [5]. - The Chinese audio device market is projected to grow from 30.53 billion yuan in 2019 to 45.64 billion yuan by 2024, with the consumer electronics segment accounting for 62% of this market [5]. Strategic Direction - HIFIMAN plans to deepen its technological breakthroughs and extend application scenarios, exploring new fields such as health monitoring and smart home integration [5]. - The company aims to transition from a follower to a leader in the global audio market, leveraging advancements in 5G and artificial intelligence [5].

Group 1 - This week, two new stocks will be available for subscription, both from the Sci-Tech Innovation Board [2][4] - Last week, four new stocks debuted in the A-share market, with Dapeng Industrial leading the gains at 1211.11%, marking the highest first-day increase for new stocks this year [2][3] - Dapeng Industrial's revenue for 2022-2024 is projected to be 247 million, 260 million, and 265 million yuan, with net profits of approximately 40.89 million, 48.69 million, and 43.49 million yuan respectively [3] Group 2 - Three companies are undergoing IPO review this week: Yongda Co., Ltd., Meidel, and Haifiman, all from the North Exchange [4][5] - Yongda Co., Ltd. aims to raise 458 million yuan, focusing on pressure vessel development in various sectors, with projected revenues of 696 million, 712 million, and 819 million yuan from 2022 to 2024 [4] - Meidel plans to raise 645 million yuan, with expected revenues of 1.031 billion, 1.009 billion, and 1.138 billion yuan for 2022 to 2024 [5] Group 3 - Haifiman is set to raise 430 million yuan, with projected revenues for 2025 ranging from 232 million to 266 million yuan, and net profits expected to be between 70 million and 85 million yuan [8][9] - Meidel's major client is BYD, accounting for 31.55% of its revenue in the first half of 2025, with sales amounting to approximately 224.52 million yuan [6][7]

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]