北交所定期报告 2025 年 09 月 30 日 我国电声行业保持快速发展态势,北交所拟上市公司有海菲曼和先歌国际 证券分析师 赵昊 SAC: S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC: S1350525050003 wangyuxuan@huayuanstock. com 北交所消费服务产业跟踪第三十三期(20250928) 投资要点: 国内领先的电声产品制造商逐步向中高端电声市场迈进。我国电声行业自 20世纪 A 80年代以来保持了快速发展态势,已自行研发并逐步掌握了从电声元器件到终端电 声产品的多项生产技术,形成了较为完整的电声工业体系和相关产业链。国内领先 的电声产品制造商逐步从低端电声元器件市场竞争中突围,向中高端电声市场迈进。 全球耳机市场规模从 2013年的 84亿美元增长至 2022年的 583 亿美元,CAGR 为 24.02%。我国耳机行业总产值从 2013 年的 492.56 亿元增长至 2021 年的 1,374.22 亿元,CAGR 达到 13.68%,其中无线耳机为产值增速较快的细分产品。相对于普通 的大众消费级耳机,发烧级耳机 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 09 月 30 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 我国电声行业保持快速发展态势，北交所拟上市公司有海菲曼和先歌国际 ——北交所消费服务产业跟踪第三十三期（20250928） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 国内领先的电声产品制造商逐步向中高端电声市场迈进。我国电声行业自 20 世纪 80 年代以来保持了快速发展态势，已自行研发并逐步掌握了从电声元器件到终端电 声产品的多项生产技术，形成了较为完整的电声工业体系和相关产业链。国内领先 的电声产品制造商逐步从低端电声元器件市场竞争中突围，向中高端电声市场迈进。 全球耳机市场规模从 2013 年的 84 亿美元增长至 2022 年的 583 亿美元，CAGR 为 24.02%。我国耳机行业总产值从 2013 年的 492.56 亿元增长至 2021 年的 1,374. ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market activity of Edifier Technology Co., Ltd., including stock trading data and financial results for the first half of 2025 [1][2]. Group 2 - As of September 17, Edifier's stock price increased by 0.60%, with a trading volume of 185 million yuan. The margin trading data shows a net margin buy of -3.94 million yuan for that day [1]. - The total margin trading balance for Edifier as of September 17 is 263 million yuan, with a financing balance of 262 million yuan, accounting for 2.20% of the circulating market value, which is below the 10% percentile level over the past year [1]. - For the period from January to June 2025, Edifier reported a revenue of 1.353 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 200 million yuan, down 9.07% year-on-year [2]. - The company has distributed a total of 1.632 billion yuan in dividends since its A-share listing, with 578 million yuan distributed over the past three years [2]. - As of June 30, 2025, the number of shareholders for Edifier increased to 75,300, while the average circulating shares per person decreased by 2.75% to 6,922 shares [2].

Group 1 - The core viewpoint of the article highlights that Pacific Securities has given a "buy" rating for the company "漫步者" (002351.SZ) with a current price of 14 yuan, based on its stable revenue performance and rapid growth in sound and overseas income in the first half of 2025 despite pressure on earnings [1] - In Q2 2025, the company's gross profit margin is expected to be under short-term pressure, but the sales expense ratio is being managed reasonably [1] Group 2 - The article mentions a significant market reaction to Nvidia's stock price drop, resulting in a market value loss of 1.28 trillion yuan, attributed to a perceived performance gap of 200 million USD, which has caused investor panic [1]

Core Viewpoint - The article discusses the strategic expansion of the company ChaseMe into the drone market, highlighting its ambition to tap into the trillion-dollar low-altitude economy and its competitive positioning against established players like DJI [2][3][12]. Group 1: Company Expansion - ChaseMe has confirmed its entry into the drone business, marking a significant strategic move into a new market [3]. - The company is actively assembling a professional drone R&D team, indicating that its cross-industry development has reached a substantial stage [4]. - ChaseMe's founder, Yu Hao, has a strong aerospace background, which provides the company with inherent advantages in entering the drone market [5]. Group 2: Technological Advantages - The technical expertise accumulated in ChaseMe's core business of robotic vacuum cleaners, such as 3D spatial perception and dynamic obstacle avoidance, can be directly applied to drone flight control and navigation systems [5][7]. - The company's existing technology for generating centimeter-level dynamic maps can significantly enhance drone recognition accuracy and obstacle avoidance success rates [6][8]. Group 3: Market Context - The domestic robotic vacuum cleaner market is becoming increasingly competitive, with a low market penetration rate, prompting players to explore new growth opportunities [9]. - According to IDC data, the Chinese robotic vacuum cleaner market is expected to ship 5.389 million units in 2024, reflecting a year-on-year growth of 6.7% [9]. - ChaseMe aims to diversify its product offerings and expand into broader markets to unlock additional growth potential [9]. Group 4: Competitive Landscape - The drone market is currently dominated by DJI, which holds over 70% of the global consumer drone market share [12]. - Despite the competitive challenges, the growth prospects of the drone industry continue to attract new entrants like ChaseMe and other players [13]. - Industry experts believe that there are still unresolved user pain points in the drone sector, such as flight experience and intelligent interaction, presenting opportunities for new players [13].

Investment Rating - Industry rating: Recommended [5] Core Insights - Recently, the company has established the "Smart Display Division" to integrate resources in AI algorithms and precision design, marking its entry into the television, projector, display, and audio markets, with new products set to debut at the IFA in Berlin in September [1][9] - The expansion into the display sector is seen as essential for creating a complete smart home ecosystem, as display terminals are necessary for interaction within the existing smart home product line [1][9] - The company aims to capture market share in the television sector, leveraging national subsidy policies that stimulate demand in the market [1][9] Summary by Sections 1. Weekly Topic: Establishment of "Smart Display Division" - The company is entering the display market, integrating AI and design resources [1][9] - The move is strategic for enhancing its smart home ecosystem [1][9] - The company is positioned to benefit from the competitive landscape against Japanese and Korean brands [1][9] 2. Company Dynamics - Stone Technology reported a revenue of 7.903 billion, up 78.96% year-on-year, with a net profit of 678 million, down 39.55% [11] - Ecovacs reported a revenue of 8.676 billion, up 24.37% year-on-year, with a net profit of 979 million, up 60.84% [11] - Spring Power reported a revenue of 9.855 billion, up 30.90% year-on-year, with a net profit of 1.002 billion, up 41.35% [11] 3. Data Tracking 3.1 Raw Material Data - LME copper price as of August 15, 2025, was down 0.1% from the previous week [12] - LME aluminum price was down 0.3% [12] - DCE plastic price increased by 0.7% [12] - Steel price index increased by 0.1% [12] 3.2 Shipping Prices and Exchange Rates - CCFI composite index decreased by 0.62% as of August 15, 2025 [20] - The exchange rate of USD to RMB remained stable [20] 3.3 Real Estate Data - From January to July 2025, the sales area of commercial housing decreased by 4.0% year-on-year [24] - Housing completion area decreased by 16.5% year-on-year [24] - New housing starts decreased by 19.4% year-on-year [24]

Group 1 - The first floating fee fund product in China, the China Europe Core Intelligent Selection Mixed Fund, has raised over 2 billion yuan and ended its issuance early, becoming the first of its kind to exceed this threshold [1] - Multiple public funds have issued warnings about investment fraud, with companies like Guolian Fund and Jianxin Fund alerting investors to scams involving fake software and links [1] - A controversy arose regarding the gambling nature of the fund manager of Shunwan Lingxin Fund, with the fund's performance declining over 8% since its inception [1] Group 2 - A closed-door meeting of key dry-process lithium battery separator manufacturers in Shenzhen resulted in several agreements to combat "involution" competition, including price discipline and capacity management [2] - IDC reported that the Chinese tablet market is expected to see a 15.6% year-on-year increase in shipments in Q2 2025, with consumer demand driving growth [2] - The Chinese automotive industry has faced increased regulatory scrutiny, with four meetings held in two months to address issues of disorder amid rapid transformation and competition [2] Group 3 - Starting August 4, express delivery prices in Guangdong have increased by 0.4 yuan per ticket, raising the average price to over 1.4 yuan, with penalties for companies that do not comply [3][4] - Xiaomi's automotive sales personnel indicated that requiring early payment of tail fees is aimed at specific customers with special circumstances, potentially to improve delivery efficiency [5] - Cambrian Technology's stock surged amid rumors of increased procurement, although the company advised investors to rely on official disclosures for performance updates [5] Group 4 - Zhi Mi has established a new business unit, Zhi Mi Smart Display, to enter the television and audio market, with new products expected to launch in September [6] - China Unicom (Hong Kong) reported a 1.5% year-on-year increase in revenue for the first half of the year, reaching 200 billion yuan, with a 5.1% increase in pre-tax profit [6] - Das Smart signed a contract worth 90.75 million yuan for a smart hospital project, providing specialized systems for various medical areas [7] Group 5 - Kingood Co. received a notification for a low-carbon wheel project from a major domestic passenger car manufacturer, marking the third project from this client this year [9] - Jinyi Industrial signed a contract worth approximately 335 million yuan for the procurement of materials for a new railway project [10] - Zhenray Technology reported a net profit of 62.32 million yuan for the first half of the year, a significant increase of 1006.99% year-on-year [11] - Yongjie New Materials announced a 13.62% year-on-year increase in net profit for the first half of the year, with plans to distribute cash dividends [12] Group 6 - The stock market saw all three major indices reach new highs, with significant trading volume and a notable surge in chip stocks, particularly Cambrian Technology [13]

责任编辑：何俊熹 新浪科技讯 8月12日下午消息，新浪科技独家获悉，追觅已成立追觅智显事业群，将整合追觅科技在AI 算法和精工设计等领域的资源，正式进军电视、投影仪及音响市场。据知情人士透露，追觅智显新品将 于今年9月初首次亮相。 据悉，在品牌及市场运营思路上，追觅智显将采用全球化的品牌运作方式，与母品牌"追觅"保持一致。 （文猛） ...

Summary of Anker Innovations Conference Call Company Overview - Anker Innovations is recognized as a leading 3C electronics brand expanding internationally, leveraging online channels like Amazon and offline channels such as KA to establish strong channel barriers [2][4] Core Insights and Arguments - **Channel Strategy**: Anker has built deep channel barriers through its early advantages in both online and offline sales, continuously innovating, especially in the smart home sector [2][4] - **Product Development**: The company is focusing on multi-category R&D and enhancing brand strength, which allows it to enter high-barrier channels and increase software development investments to address weaknesses [2][6] - **Sales Performance**: During the July Prime Day, Anker's brands, Anchor and Yubi, performed exceptionally well, contributing to an expected outperformance in July sales [2][7] - **New Product Launches**: Recent products like lawn mowers and 3D printers have shown strong market performance, validating Anker's product innovation capabilities and brand influence [2][8] - **Employee Engagement**: The implementation of an equity incentive plan has effectively increased employee participation and ensured alignment with the company's strategic goals, promoting sustainable growth and value enhancement [2][9] Additional Important Points - **Product Recall Impact**: The impact of the power bank recall on sales is limited, primarily affecting older, lower-priced products. The financial impact is expected to be minor, mainly reflected in the Q3 2025 financial statements [4][12] - **Market Trends**: The online retail market in the U.S. saw a year-over-year growth of approximately 30%, benefiting Anker, although competition among smaller sellers remains intense [7] - **Future Growth Potential**: Anker's strategic planning includes multi-category R&D, which positions the company for high growth potential. The company is expected to maintain strong revenue growth momentum in 2025 and 2026 [6][13] - **Smart Technology Development**: Anker is increasing its R&D investment, particularly in software, to strengthen its product barriers and align with leading brands in the industry [10] - **Conservative Target Setting**: The company has set relatively conservative targets to enhance employee motivation, while still demonstrating strong channel capabilities and potential for product development [11]

Core Viewpoint - The overall price index of Linyi Mall decreased by 0.29% this week, indicating a slight decline in market prices across various categories [1] Price Index Summary - **Household Appliances and Audio-Visual Equipment**: The price index increased to 103.16 points, up by 0.05 points, driven by rising demand for air conditioners and audio equipment due to high temperatures [1] - **Building and Decoration Materials**: The price index rose to 105.73 points, up by 0.03 points, with increases in structural installation and decorative materials, despite a slowdown in construction activities [2] - **Hardware and Electrical Materials**: The price index increased to 119.64 points, up by 0.02 points, mainly due to price rises in instruments, cables, and electric tools, although overall sales volume decreased [3] - **Steel Products**: The price index fell to 96.51 points, down by 1.84 points, as upstream raw material prices decreased, leading to lower factory prices and reduced demand [4] - **Board Materials**: The price index decreased to 97.09 points, down by 0.11 points, influenced by weak demand in the real estate market, prompting dealers to lower prices to alleviate inventory pressure [5] - **Automotive Parts and Accessories**: The price index dropped to 93.79 points, down by 0.04 points, primarily due to declining prices of automotive parts amid a sluggish sales environment [6]