以下文章来源于差评X.PIN ，作者差评君 差评X.PIN . Debug The World，关注科技、数码、汽车、产经、游戏，传播能改变世界的科技互联网信息。 在极致的商业竞争面前， 从未有任何一种信仰可以永恒。 文 ｜ 渡渡鸟战士 编辑 ｜ 莽山烙铁头 面线 来源｜ 差评X.PIN（ID：chaping321） 封面来源 ｜ cherry官网 如果你了解过机械键盘的话，一定听过这个名字： Cherry 。 2015年，机械键盘刚火起来的时候，大家提到键盘就是Filco，叫一把大F退烧，提到轴体一定是德国Cherry MX轴，这是划分正统跟杂牌的唯一标尺。 从行业信仰到逐渐溃败，需要多久？ Cherry的答案是： 10年 。 就在前几天，Cherry临时召开了一场特别股东大会。 因为Cherry SE股本亏损直接到了50%的警戒线以下，造成这一情况的主因，正是组件跟外设板块的经营亏损。 在以往的信息中，他们曾明确提到自己受到了中国市场激烈的竞争威胁。 如今，Cherry依然拥有独特的地位，但轴体市场的传奇，早已被后来者改写，大家谈起它时，也不再是极致推崇，而是 几分感慨、几分怅惘 。 Cherry遗失的十 ...

如果你了解过机械键盘的话，一定听过这个名字：Cherry。 2015 年，机械键盘刚火起来的时候，大家提到键盘就是 Filco，叫一把大 F 退烧，提到轴体一定是德国 Cherry MX 轴，这是划分正统跟杂牌的唯一标尺。 从行业信仰到逐渐溃败，需要多久？ Cherry 的答案是：10 年。 就在前几天，Cherry 临时召开了一场特别股东大会。 因为。。。Cherry SE 股本亏损直接到了 50% 的警戒线以下，造成这一情况的主因，正是组件跟外设板块的经营亏损。 在以往的信息中，他们曾明确提到自己受到了中国市场激烈的竞争威胁。 如今，Cherry 依然拥有独特的地位，但轴体市场的传奇，早已被后来者改写，大家谈起它时，也不再是极致推崇，而是几分感慨、几分怅惘。 Cherry 遗失的十年，也正是国产轴体突飞猛进的十年。 十年间，到底发生了什么？ 01 老规矩，先给不太关注键盘的差友们简短科普，已经有了解的差友，请直接滑过。 咱们日常常用的薄膜键盘，键帽下面是橡胶帽，每次按下的触感千篇一律，软趴趴。 机械键盘跟薄膜最大的区别在于：多样化、个性化的手感。 机械键盘每一个键下都是一个微动开关（ 又称：轴 ），通过调 ...

Group 1: Financial Performance - The company's revenue for the first three quarters of 2025 increased by 14.29%, with a net profit attributable to shareholders of 77.08 million yuan, representing a year-on-year growth of 13.47% [3] - Improvement in accounts receivable and net cash flow from operating activities, attributed to stable customer payment terms ensuring healthy cash flow [3] Group 2: Competitive Advantages - Core competitiveness lies in three dimensions: technology, manufacturing, and customer relationships, creating a differentiated competitive edge [4] - The company holds multiple core patents, with advanced technologies such as optical magnetic micro-motion and magnetic axis keyboards, ensuring superior product consistency [4] - Efficient smart manufacturing through self-developed automated production lines, significantly reducing costs while maintaining high delivery efficiency [4] Group 3: Strategic Development - The Vietnam base has achieved large-scale production and stable operations, contributing to performance growth in 2024 [5] - The local supply chain in Vietnam is improving, providing cost advantages and becoming a strategic hub for serving international clients and expanding overseas markets [5] Group 4: Industry Outlook - The global traditional PC market showed a year-on-year growth of 9.4% in Q3 2025, positively impacting the computer peripheral industry [6][7] - The company’s products are categorized into random allocation and single-item retail, with the former closely linked to computer sales growth [7] Group 5: Future Growth Expectations - The company plans to continue expanding production capacity to match order growth and deepen cooperation with core customers [7] - Expected to benefit from industry growth, capacity release, and technological innovation, leading to steady performance growth [7] Group 6: Automation and Technology - The company has built a comprehensive smart manufacturing system to ensure product quality and consistency, incorporating automation across all production processes [7] - Investment in high-end equipment and integration of IoT technology to optimize production scheduling and efficiency [7] Group 7: Magnetic Axis Chip Technology - The magnetic axis chip is used in the company's magnetic axis keyboard products, developed based on years of experience and current industry trends [7] - The magnetic axis keyboard enhances gaming performance by allowing rapid input cessation, gaining recognition in the esports market [7]

Core Insights - The keyboard and mouse remain essential tools for consumers, with nearly 90% considering them necessities, and over 60% using them for more than 6 hours daily [1][5][9] Consumer Trends - Comfort, performance enhancement, and personalized design are the top three reasons for purchasing or upgrading keyboards and mice, with ergonomic design and quiet operation being the primary concerns in office settings [1][11] - Game players are the main consumer group for keyboards and mice, with over 70% owning multiple devices and nearly 60% frequently upgrading for new features [2][12] Gaming Segment Insights - Over 80% of hardcore gamers pursue high-performance peripherals, driven by performance needs, configuration anxiety, and the desire for an immersive experience [2][14] - The trend of using different devices for various gaming scenarios is becoming the norm, with nearly 60% of deep players changing equipment based on game type [2][16] Market Dynamics - The term "gaming" is evolving into "e-sports," with 75.9% of respondents aware of e-sports keyboards and mice, indicating a shift in consumer perception towards high performance and lifestyle representation [2][19][23] - The search volume for "e-sports keyboard" and "e-sports mouse" has increased significantly, outpacing traditional gaming-related searches, reflecting a shift in consumer behavior [3][23] Product Preferences - Players define ideal e-sports devices with features like ergonomic design, durability, and precision, with magnetic and optical keyboards becoming the preferred categories [3][26][27] - The sales of magnetic keyboards surged by 225% year-on-year, with high-end models seeing even greater growth, indicating a strong market trend towards premium products [4][27] Industry Evolution - The gaming peripheral market is transitioning from niche products for professionals to mainstream consumer goods, driven by the influence of hardcore gamers on broader consumer preferences [42][43] - The industry is witnessing a "top-down" professionalization upgrade, where high-end features are becoming standard in mainstream products, reshaping consumer expectations [42][43]

Core Viewpoint - Zhidi Technology (301503) focuses on computer peripherals, enhancing human-computer interaction through innovative products [1] Product Overview - The main products of the company are computer peripherals, specifically designed for human-computer interaction scenarios [1] - The magnetic axis keyboard utilizes Hall effect-based magnetic induction chips instead of magnetoelectric storage chips [1] Product Features - The application of magnetic induction chips allows the magnetic axis keyboard to have adjustable trigger key travel, high-speed response, and pressure detection capabilities [1] - These features provide a richer user experience in various human-computer interaction scenarios [1]

Core Viewpoint - The company, Zhidi Technology (301503.SZ), focuses on computer peripherals that enhance human-computer interaction, particularly through its magnetic axis keyboard technology [1] Group 1: Product Overview - The main products of the company are computer peripherals designed for human-computer interaction scenarios [1] - The magnetic axis keyboard utilizes Hall effect-based magnetic induction chips instead of magnetoelectric storage chips, which enhances its functionality [1] Group 2: Product Features - The application of magnetic induction chips allows the magnetic axis keyboard to feature adjustable trigger key travel, high-speed response, and pressure sensitivity detection [1] - These features provide a richer user experience across various human-computer interaction scenarios [1]

Core Viewpoint - The company, Zhidi Technology (301503.SZ), focuses on computer peripherals that enhance human-computer interaction, particularly through its magnetic axis keyboard utilizing Hall effect magnetic sensing chips instead of magnetoelectric storage chips [1] Group 1: Product Features - The magnetic axis keyboard features adjustable trigger key travel, high-speed response, and pressure detection capabilities, providing a richer user experience in various human-computer interaction scenarios [1]

Core Viewpoint - The company, Zhidi Technology, reported significant growth in its first half of 2025, driven by increased demand in the computer peripherals industry and successful implementation of core technology innovations and global capacity expansion strategies [1][2]. Financial Performance - The company achieved operating revenue of 672 million yuan, a year-on-year increase of 23.95% [1] - Net profit attributable to shareholders reached 51.19 million yuan, up 19.25% compared to the same period last year [1] - The net profit after deducting non-recurring items was 50.54 million yuan, reflecting a growth of 20.18% year-on-year [1] Capacity Expansion - In response to sustained market demand, the company is focusing on capacity expansion as a foundation for growth [1] - The company is accelerating the implementation of domestic fundraising projects and enhancing capacity construction in its Vietnam subsidiary to optimize the global supply chain [1] - The total number of employees increased to 3,211, a growth of 21.05% from the beginning of the year [1] Research and Development - The company increased its R&D expenditure to 34.30 million yuan in the first half of 2025, a year-on-year increase of 22.06% [2] - R&D efforts are focused on three main areas: deep iteration of magnetic axis keyboard products, development of environmentally friendly materials, and optimization of wireless connection technology [2] ESG and Sustainability - The company has integrated sustainable development concepts into its operations, achieving positive results in ESG management, with its latest report rated AA by Wind, an improvement from last year's A rating [2] - The company is committed to "ecology first, green development," effectively reducing carbon emission intensity per unit of output through measures like clean energy substitution [2] Market Strategy - The company has established long-term stable partnerships with numerous international computer manufacturers and peripheral brands, with products sold in major markets such as Europe, North America, and Japan [2] - The company aims to deepen cooperation with existing customers while actively exploring new customer resources, leveraging the recovery of the PC industry [2] Future Outlook - The company plans to continue advancing fundraising project construction, increasing R&D investment, deepening customer cooperation, and actively addressing risks related to supply chains, exchange rates, and trade environments to seize industry development opportunities for sustainable growth [3]

Group 1: Industry Trends and Company Strategy - The esports industry is experiencing significant growth, leading to increased demand for gaming peripherals, which the company plans to leverage by focusing on high-end products like magnetic axis keyboards [2][3] - The rise of remote work and online education is changing the demand structure for computer peripherals, prompting the company to enhance its product strategy to meet these new needs [3] - The company aims to deepen its presence in the esports market and optimize product experiences through technological upgrades [2][3] Group 2: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 305 million, representing a year-on-year growth of 32.9% [3][5] - For the year 2024, the company reported a revenue of CNY 1.324 billion, a 49.01% increase compared to the previous year, and a net profit of CNY 115 million, up 72.49% [4][12] - The company’s R&D investment for the year was CNY 58.7 million, reflecting a 32.27% increase, focusing on enhancing product competitiveness and user experience [12] Group 3: Market Expansion and International Strategy - The company employs an ODM model to collaborate with international brands, supplying peripherals like keyboards and mice, with a sales network covering Europe, North America, and Japan [4][5] - The company plans to continue strengthening partnerships with international clients and expand its market presence through effective resource sharing and collaboration [5][6] Group 4: Product Development and Innovation - The company is advancing its new product development projects, focusing on key technology indicators and performance optimization, with plans to accelerate the launch of new products [7][12] - The product categories with the highest sales in 2024 were keyboards (48.72%), mice (21.35%), and keyboard-mouse sets (23.76%) [12] - The company is committed to continuous innovation in product design and technology, aiming to enhance user comfort and operational efficiency [12] Group 5: Future Outlook and Shareholder Returns - The company maintains an optimistic outlook for 2025, supported by strong order volumes and ongoing capacity expansion projects in Zhuhai and Vietnam [5][6] - A shareholder return plan has been established, proposing a cash dividend of CNY 6.5 per 10 shares, totaling CNY 52 million, pending approval at the annual shareholder meeting [8][12]