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 ...

白银价格持续高位震荡 12月11日，美国纽约商品交易所白银期货价格在首次突破每盎司60美元关口之后再次突破每盎司62美 元。国内市场方面，截至12月11日15：00收盘，上海期货交易所沪银主力合约报收于14488元/千克，也 继续上涨。东方金诚研究发展部副总监瞿瑞表示，白银价格短期将高位震荡。"一方面，美联储12月议 息会议如期降息25个基点符合市场预期，可能出现'预期兑现'引发的获利了结压力，同时白银现货紧 张，推升银价涨幅显著大于黄金，也会导致白银面临调整压力；另一方面，在光伏与新能源需求驱动 下，白银供给已连续5年小于需求，同时矿产白银产量增长有限、全球白银库存处于历史低位，供需缺 口持续扩大利好银价。"中长期来看，支撑白银上涨的核心逻辑未发生变化。国信期货研究所首席分析 师顾冯达分析称，随着新能源、电子制造等产业的快速发展，白银的工业应用场景持续拓宽，加剧市场 对白银供需缺口的担忧，吸引资金基于中长期逻辑进行布局。（经济参考报） 年内商业银行"二永债"发行规模达1.66万亿元 中国货币网信息显示，近日，上海银行完成发行年内首只无固定期限资本债券，发行规模为100亿元。 今年以来，商业银行持续通过发行二 ...

Core Viewpoint - The company, Kunshan Haifiman Technology Group Co., Ltd., known as the "Hermès of headphones," is making a significant impact in the high-fidelity audio sector with impressive profitability as it prepares for its IPO on the Beijing Stock Exchange [1] Group 1: Financial Performance - The company reported comprehensive gross margins of 65.06%, 68.18%, and 70.10% for the years 2022 to 2024, outperforming competitors like Edifier and HiVi, and approaching the margins of Kweichow Moutai in certain years [1] - The company's overseas revenue consistently accounts for over 65% of its main business income, primarily from developed markets such as the US, Europe, Japan, and South Korea, where consumers exhibit a high willingness to pay for quality audio experiences [3] - In 2024, the company's overseas business gross margin reached 77.35%, significantly higher than the domestic margin of 55.81% [3] Group 2: Product Strategy - The company has established a product matrix covering mid to high-end markets, with headphone prices ranging from 1,329 yuan to 56,000 yuan [3] - The high-end headphones segment remains a cornerstone of the company's revenue, generating sales of 1.07 billion yuan, 1.35 billion yuan, 1.49 billion yuan, and 714.13 million yuan over the reporting periods [3] - The average selling price of the company's headphones has remained around 2,000 yuan, with sales of products priced above 2,000 yuan consistently accounting for over 60% of total sales [4] Group 3: Marketing and R&D Expenditure - The company's sales expense ratio was significantly higher than industry peers, at 19.75%, 18.85%, and 19.99% from 2022 to 2024, compared to an average of 10% to 12% for comparable companies [5][6] - In contrast, the company's R&D expense ratio has been declining, recorded at 5.66%, 5.20%, and 4.93%, which is below the industry average of approximately 6.7% [6] Group 4: Supply Chain and Production Challenges - The company employs a "self-production primarily, outsourcing secondarily" model, yet the outsourcing costs have consistently accounted for about 20% of the main business costs, surpassing labor and manufacturing costs combined in 2022 and 2023 [7] - There is a notable discrepancy between the increase in procurement costs from its main outsourcing partner, Dolphin Communications, and the decline in production volume of true wireless headphones, which fell by approximately 25.2% in 2024 [8] Group 5: Future Outlook and Challenges - The company plans to raise 243 million yuan through its IPO to enhance production capacity for advanced acoustic components and finished products, aiming to address supply chain concerns and reduce reliance on outsourcing [9] - Balancing marketing and R&D investments, finding equilibrium between niche and mass markets, and clarifying supply chain compliance will be critical challenges for the company post-IPO [9]

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 ...

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 ...

（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].

Group 1 - Three companies are set to present their IPO applications at the North Exchange, including HIFIMAN, Miri Technology, and Zuxing New Materials [1][2] - HIFIMAN aims to raise the highest amount of 430 million yuan, with funds allocated for advanced acoustic components, global brand and operational headquarters, and research center for nano-diaphragms and industrial DAC chips [2][3] - Miri Technology and Zuxing New Materials plan to raise 314 million yuan and 208 million yuan respectively, focusing on smart network cameras and fine spherical aluminum powder products [2][4] Group 2 - HIFIMAN specializes in the design, research, production, and sales of its own brand of audio products, including headphones and playback devices [3][4] - Zuxing New Materials is engaged in the research, production, and sales of micro-fine spherical aluminum powder and its deep-processing products [4] - Miri Technology integrates hardware, software, cloud services, and AI in its development of IoT video products [4]

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].