证券日报网讯 1月7日，华阳集团发布公告称，公司全资子公司华阳通用、华阳多媒体近日同步完成工 商变更，经营范围在原有智能车载、音响、仪器仪表等制造销售基础上，新增"信息咨询服务（不含许 可类信息咨询服务）"，并已取得惠州仲恺高新区市场监管局换发的营业执照，其余登记事项不变。 （编辑 丛可心） ...

资料显示，深圳市漫步者科技股份有限公司位于广东省深圳市南山区西丽街道松坪山社区朗山路13号清 华紫光科技园3层A302室，成立日期2001年1月16日，上市日期2010年2月5日，公司主营业务涉及家用 音响、专业音响、汽车音响、耳机及麦克风的研发、生产、销售。主营业务收入构成为：耳机 58.42%，音响37.57%，其它3.61%，汽车音响0.39%。 截至9月30日，漫步者股东户数7.94万，较上期增加5.44%；人均流通股6566股，较上期减少5.16%。 2025年1月-9月，漫步者实现营业收入20.56亿元，同比减少4.16%；归母净利润3.00亿元，同比减少 11.35%。 分红方面，漫步者A股上市后累计派现16.32亿元。近三年，累计派现5.78亿元。 12月19日，漫步者涨0.82%，成交额6297.97万元。两融数据显示，当日漫步者获融资买入额1163.82万 元，融资偿还1033.77万元，融资净买入130.04万元。截至12月19日，漫步者融资融券余额合计2.78亿 元。 融资方面，漫步者当日融资买入1163.82万元。当前融资余额2.77亿元，占流通市值的2.53%，融资余额 低于近一年 ...

有投资者在互动平台向朝阳科技提问："你好董秘，请问贵公司和子公司主营业务除耳机、音响等消费 电子产业外，近来有无拓展新的行业并且效果不错的？能否介绍一下？" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 针对上述提问，朝阳科技回应称："公司在电声行业深耕多年，目前公司主营业务包括声学产品（耳 机、音响）业务、精密零组件业务等，服务全球知名终端品牌客户。公司于2023年成立子公司星联技 术，主要产品为连接器，聚焦新能源汽车、储能、工业机器人和消费电子等领域。星联技术积极整合资 源，持续开展产品研发、客户拓展以及按客户需求推进试产、量产等工作。公司将继续推进连接器业 务，加强产品研发，丰富产品选型，做好客户开发和服务工作，保障产品交付，打造新的盈利增长点。 后续订单取决于客户需求和公司业务开拓情况，尚存在不确定性，请投资者注意投资风险。感谢关 注。" ...

Core Insights - The year 2025 marks a significant turning point for China's M&A market, transitioning from "strategic attempts" to "systematic prosperity" due to supportive policies and macroeconomic resilience [2][3] - Capital is increasingly focused on high-quality assets with strong cash flow, brand equity, and market share, moving away from merely chasing high returns [3] - The pressure for exits in the primary market has led to innovative liquidity solutions, with M&A becoming a widely accepted exit strategy for investors and entrepreneurs [3] M&A Trends - Major M&A cases exceeding 5 billion have surpassed 25 by 2025, indicating a robust market environment [3] - Notable transactions include CPE Yuanfeng's acquisition of 83% of Burger King's China operations, which aims to enhance digital operations and local menu innovation [4] - The partnership between Boyu Capital and Starbucks exemplifies strategic collaboration, leveraging local insights to drive growth in lower-tier markets and digital transformation [4] Investment Institutions - The top investment institutions in China's industrial M&A for 2025 include: - Boyu Capital - Dinghui Investment - CPE Yuanfeng - Dazheng Capital - Dehong Capital - Sequoia China - Xincheng Capital - Hillhouse Capital - PAG - Kangqiao Capital [6] Notable M&A Cases - Significant M&A cases in 2025 include: - Dayao Soda - Gaoxin Retail - Burger King - Marshall - Boyu Capital - CPE Yuanfeng - KKR - Dehong Capital - WuXi AppTec - Julamat - Xingchujing - Dagan Capital - Hillhouse Capital - PAG [8]

Group 1 - The core viewpoint of the news is that Edifier's stock performance shows a decline in trading volume and financing activities, indicating potential challenges in market sentiment and investor confidence [1][2] Group 2 - On November 11, Edifier's stock price fell by 0.78%, with a trading volume of 123 million yuan. The financing buy-in amount was 11.40 million yuan, while the financing repayment was 14.51 million yuan, resulting in a net financing buy of -3.12 million yuan [1] - As of November 11, the total balance of margin trading for Edifier was 278 million yuan, with a financing balance of 276 million yuan, accounting for 2.43% of the circulating market value, which is below the 30th percentile level over the past year [1] - In terms of securities lending, Edifier had no shares repaid on November 11, with 11,200 shares sold short, amounting to 143,100 yuan at the closing price. The remaining short selling volume was 139,300 shares, with a balance of 1.78 million yuan, exceeding the 90th percentile level over the past year [1] Group 3 - As of September 30, Edifier had 79,400 shareholders, an increase of 5.44% from the previous period, while the average circulating shares per person decreased by 5.16% to 6,566 shares [2] - For the period from January to September 2025, Edifier reported operating revenue of 2.056 billion yuan, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 300 million yuan, down 11.35% year-on-year [2] - Since its A-share listing, Edifier has distributed a total of 1.632 billion yuan in dividends, with 578 million yuan distributed over the past three years [2] Group 4 - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited was the fifth largest, holding 6.2269 million shares, a decrease of 8.9232 million shares from the previous period. The Southern CSI 1000 ETF was the eighth largest, holding 4.0700 million shares, down by 32,500 shares [2] - New shareholders include the招商安本增利债券C and 招商信用增强债券A, holding 3.0342 million shares and 2.5799 million shares respectively, while 银华数字经济股票发起式A exited the top ten circulating shareholders [2]

Core Viewpoint - Edifier is a leading Chinese brand in audio equipment, focusing on high cost-performance audio and headphone products in the market [1] Group 1: Business Performance - In Q3 2025, Edifier's revenue reached 2.056 billion yuan, ranking 7th in the industry, below the top competitor Transsion Holdings at 49.543 billion yuan and second-place Anker Innovations at 21.019 billion yuan [2] - The main business composition includes headphones at 790 million yuan (58.42%), speakers at 508 million yuan (37.57%), other products at 48.9 million yuan (3.61%), and car audio at 5.2563 million yuan (0.39%) [2] - The net profit for the same period was 331 million yuan, ranking 6th in the industry, also below Transsion Holdings at 2.216 billion yuan and Anker Innovations at 1.969 billion yuan [2] Group 2: Financial Health - As of Q3 2025, Edifier's debt-to-asset ratio was 16.51%, lower than the previous year's 20.54% and the industry average of 37.74%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 40.28%, slightly up from 40.18% year-on-year and above the industry average of 29.94%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 5.44% to 79,400, while the average number of circulating A-shares held per shareholder decreased by 5.16% to 6,566.07 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked fifth with 6.2269 million shares, a decrease of 8.9232 million shares from the previous period [5] Group 4: Future Outlook - According to China Galaxy Securities, Edifier is expected to benefit from the AI wave, with projected revenues of 3.04 billion yuan in 2025, 3.41 billion yuan in 2026, and 3.93 billion yuan in 2027, reflecting year-on-year growth of 3.3%, 12.2%, and 15.1% respectively [6] - The company plans to release several high-end products and has developed various AI algorithms, enhancing its product offerings and market competitiveness [7]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1][2]. Financial Performance - The company's revenue for the first three quarters of 2025 was 2.056 billion yuan, a year-on-year decrease of 4.16% [1]. - The net profit attributable to shareholders was 300 million yuan, down 11.35% year-on-year [1]. - The non-recurring net profit was 282 million yuan, a decline of 13.44% compared to the previous year [1]. - Basic earnings per share stood at 0.34 yuan [1]. - The gross profit margin for the first three quarters was 40.28%, an increase of 0.10 percentage points year-on-year [2]. - The net profit margin was 16.08%, a decrease of 1.53 percentage points from the same period last year [2]. Quarterly Analysis - In Q3 2025, the gross profit margin was 40.12%, up 0.32 percentage points year-on-year and quarter-on-quarter [2]. - The net profit margin for Q3 was 15.31%, down 2.02 percentage points year-on-year and 0.11 percentage points from the previous quarter [2]. Expense Analysis - Total operating expenses for the period were 458 million yuan, an increase of 28.28 million yuan year-on-year [2]. - The expense ratio was 22.28%, up 2.25 percentage points from the previous year [2]. - Sales expenses increased by 0.56%, management expenses rose by 8.45%, R&D expenses grew by 9.18%, and financial expenses surged by 40.54% year-on-year [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 79,400, an increase of 4,091 or 5.44% from the end of the previous half [2]. - The average market value per shareholder increased from 155,000 yuan to 158,900 yuan, a growth of 2.51% [2]. Company Overview - Shenzhen Edifier Technology Co., Ltd. was established on January 16, 2001, and went public on February 5, 2010 [3]. - The company specializes in the R&D, production, and sales of home audio, professional audio, automotive audio, headphones, and microphones [3]. - The revenue composition includes 58.42% from headphones, 37.57% from audio systems, 3.61% from other products, and 0.39% from automotive audio [3]. - The company belongs to the electronic-consumer electronics sector and is involved in various concept sectors including streaming media and smart speakers [3].

Group 1 - The "old-for-new" policy has shown positive and significant effects, with 330 million people applying for subsidies and over 10 million applications for automobile subsidies. Retail sales related to these products have maintained double-digit growth in the first three quarters [1] - The government has allocated 300 billion yuan in special bonds for the "old-for-new" subsidies, which have all been distributed [1] - The increase in service consumption is attributed to the rising living standards of residents, leading to a shift from goods consumption to a balance between goods and services [3] Group 2 - The implementation of the "old-for-new" policy has prompted companies to expand production and invest in research and development to meet market demand, enhancing their competitiveness and profit levels [4] - Regulatory measures are being enhanced to prevent unfair competition, including the use of big data for comprehensive monitoring of businesses [2] - There is a suggestion for post-purchase tracking to ensure full-chain regulation of consumer purchases [2]

Group 1 - The "old-for-new" policy has shown significant positive effects, with 330 million people applying for subsidies and over 10 million applications for automobile subsidies [1] - In the first three quarters, retail sales of consumer goods related to the "old-for-new" policy, including home appliances and audio equipment, maintained double-digit growth [1] - The government has allocated 300 billion yuan in special bonds for the "old-for-new" subsidies, which have all been distributed [1] Group 2 - The government is enhancing regulatory measures to prevent unfair competition, including price manipulation and substandard products, using "Internet + big data" for comprehensive oversight [2] - There is a recommendation for post-purchase tracking to ensure full-chain regulation of consumer purchases [2] Group 3 - As residents' living standards improve, there is a shift in consumption patterns from primarily goods to a balance of goods and services, leading to rapid growth in service consumption [3] - The demand for services is increasing alongside the upgrading of physical goods, indicating a need for policies to adapt to diverse consumer demands [3] Group 4 - The "old-for-new" policy encourages companies to expand production and invest in research and development to meet changing market demands, enhancing competitiveness and profit levels [4]

Core Insights - The integration of 5G, artificial intelligence, and IoT technologies is driving the audio industry into a new phase characterized by cross-industry fusion and enhanced user experiences [1] - China has transformed from a follower to a leader in certain areas of the audio industry, becoming the world's largest producer of audio products, with over 80% of global exports [1][2] Industry Development - Shenzhen is recognized as the leading region in the audio industry, having developed a complete industrial chain from chips to components, and housing numerous well-known audio brands [2] - The audio industry in Shenzhen has evolved from a processing model to one focused on R&D and technological innovation, achieving automation, intelligence, and digital transformation [1][2] Technological Integration - The application of AI in the audio sector has shifted from a passive response to an active exploration of product upgrades, with significant adoption rates in various fields such as video conferencing and automotive [3] - The audio technology is increasingly merging with smart home devices, intelligent cockpits, and smart glasses, creating unprecedented application scenarios and business models [2][4] Market Trends - The ongoing advancements in AI technology position voice as a crucial link between the real and virtual worlds, with audio devices playing a key role in this integration [4] - Shenzhen's robust industrial chain supports the rapid development and innovation of audio products, enabling local companies to achieve breakthroughs and launch new products at an impressive pace [3]