21世纪经济报道记者 陈思琦 深圳报道 9月21日，深圳湾体育中心"春茧"，意大利队凭借科恰雷托、保利尼两场单打胜利，2:0成功卫冕2025比 利·简·金杯。 9月27日，"春茧"主场首次迎来深圳中小学班级足球总决赛，小学、初中、高中三个学段6支班级队伍激 烈角逐。 时隔一周，同一场地，镜头既可以对准保利尼、佩古拉、王欣瑜等明星球员，也愿见证稚嫩少年的每一 个冲刺、每一次射门。 2019年WTA年终总决赛，这一场地就曾让完美赛事公司创始人、前WTA董事会成员马库斯印象深 刻："赛事组委会在很短时间内就搭建了一座高标准的场馆，还有一座能容纳600人的餐厅，这是许多欧 洲国家没法做到的。" 顶级赛事与全民健身"一体双面"，让深圳、让南山，这座长期以经济、科技实力闻名全球的城市及城 区，显出了更包容、多元、开放的文化面孔。 赛事"名"城 在全球视野下，一座城市的文明高度，不仅由其经济与科技等"硬实力"定义，更取决于其文化繁荣所彰 显的"软实力"。 这也是为何，伦敦、洛杉矶、纽约等国际化大都市，都拥有英超、美网、纽约马拉松等品牌体育赛事。 "所有的世界名城，几乎都是世界体育名城；而所有的世界体育名城，都是体育赛事名城 ...

Core Viewpoint - The announcement of share reduction by the controlling shareholder of Jiahe Intelligent is seen as a negative signal for the company's financial health, especially following a significant decline in net profit and the exit of major shareholders [1][9]. Group 1: Shareholder Actions - Dongguan Wenfu Industrial Investment Co., Ltd. plans to reduce its holdings by up to 6 million shares, representing 1.59% of the total share capital [1]. - The top ten shareholders' combined holding has decreased from 42.37% in mid-2024 to 33.95% in mid-2025, indicating a significant exit of major shareholders [1][2]. Group 2: Financial Performance - In the first half of 2025, the company reported a 10.82% decline in revenue, with a gross margin dropping to 14.07%, down 4.11 percentage points from the 2023 peak [5][6]. - The net profit for the first half of 2025 fell by 38.12% to 0.25 billion, with the non-recurring net profit plummeting by 90.6% to only 0.25 million [6][7]. Group 3: Industry Context - The consumer electronics industry, particularly in the audio product sector, is facing intense competition, leading to a situation where brand owners are gaining more market power while ODM manufacturers like Jiahe Intelligent struggle [4][7]. - The company relies heavily on major clients such as Harman and Beats, which increases its vulnerability to pricing pressures and order reductions [7][8]. Group 4: Future Outlook - The company's new business segments, such as smart wearables, contribute minimally to overall revenue, with smart wearables accounting for only 10.08% of revenue in the first half of 2025 [8]. - The outlook remains pessimistic due to the slow expansion of new business areas and the ongoing decline in traditional business performance [7][8].

Group 1 - The global game console accessories market is projected to reach $16.49 billion in 2024 and $34.24 billion by 2031, with a compound annual growth rate (CAGR) of 11.2% from 2025 to 2031 [4] - The flexible tactile sensor market is expected to grow from approximately $1.53 billion in 2022 to $5.32 billion by 2029, with a CAGR of 17.9% [7][28] - The IoT smart terminal market for two-wheeled vehicles is forecasted to reach $19.75 billion by 2031, with a CAGR of 16.3% from 2025 to 2031 [11] Group 2 - The Southeast Asian metal packaging market for food and beverages is anticipated to reach $5.75 billion by 2029, providing significant growth opportunities for companies in the region [13] - The global electric scooter market is projected to reach $2.37 billion in 2024 and $5.685 billion by 2031, with a CAGR of 13.5% from 2025 to 2031 [16] - The automotive micro-motor market is expected to reach $20.4 billion by 2031, driven by the increasing use of micro-motors in high-end electric vehicles [18] Group 3 - The global SiC power module market is estimated to reach $65.71 billion by 2030, with a CAGR of 24.1% from 2024 to 2030 [20] - The edge AI chip market is projected to grow from $3.246 billion in 2024 to $9.342 billion by 2031, with a CAGR of 16.5% [22] - The quartz crystal component market is dominated by the top ten manufacturers, holding a combined market share of 66.4%, with the company ranking ninth globally at 3.08% [24] Group 4 - The global robotic multi-finger dexterous hand market is expected to exceed $5 billion by 2030, with a CAGR of 64.6% from 2024 to 2030 [51] - The global high-pressure cleaning machine market is projected to reach $4.42 billion by 2031, with a CAGR of 4.7% from 2025 to 2031 [53] - The global FMM market is expected to grow from $365 million in 2024 to $952 million by 2031, indicating a shift in industry dynamics [56]

Summary of Key Points Core Viewpoint The company, Jiahe Intelligent Technology Co., Ltd., is changing the use of raised funds from its convertible bond issuance to acquire all partnership interests in beyerdynamic GmbH & Co. KG, a well-known high-end audio equipment manufacturer, due to the current macroeconomic environment and market uncertainties affecting its original investment projects. Group 1: Fundraising and Investment Projects - The company raised a total of RMB 1,004 million through the issuance of 10,040,000 convertible bonds, with a net amount of RMB 993.91 million after deducting issuance costs [1][4][6] - The original investment projects included the production of 5 million bone conduction headphones, 9 million smartwatches, and 4.5 million smart glasses, which were initially planned to be operational by January 10, 2026 [4][9] - Due to changes in the macroeconomic environment and uncertainties in international trade, the company has postponed the operational date of these projects to January 10, 2028 [4][9] Group 2: Change in Fund Usage - The company plans to use RMB 70.4 million of the uninvested raised funds and its interest income to acquire all partnership interests in beyerdynamic GmbH & Co. KG [6][8] - The acquisition is expected to enhance the company's market competitiveness in the high-end audio sector and align with its strategic goals of high-end manufacturing and brand operation [12][14] Group 3: Financial Impact and Projections - The acquisition is projected to generate RMB 892 million in revenue for the company in 2026, with a gross margin exceeding 50% and a net margin over 10% [12][31] - The transaction is anticipated to significantly improve the company's financial metrics compared to the original investment projects, which had lower expected profitability [12][31] Group 4: Strategic Rationale - The acquisition of beyerdynamic is seen as a strategic move to accelerate the company's transition towards high-end, branded products, enhancing its global market presence [13][30] - The integration of beyerdynamic's established brand and technology is expected to complement the company's existing product lines and manufacturing capabilities, fostering innovation and market expansion [15][32][33]

Summary of Key Points Core Viewpoint The company intends to change the use of funds raised from the issuance of convertible bonds in 2024 to acquire all limited partnership interests in beyerdynamic GmbH & Co. KG, a well-known high-end audio equipment manufacturer, instead of investing in previously planned projects. Group 1: Fundraising and Usage - The company plans to issue 10,040,000 convertible bonds at a face value of 100 yuan each, raising a total of 1,004,000,000 yuan, with a net amount of 993,911,555.61 yuan after deducting issuance costs [2][5]. - The original fundraising was intended for projects including the production of 5 million bone conduction headphones, 9 million smartwatches, and 4.5 million smart glasses, along with supplementary working capital [2][5]. - As of the date of the review, the total investment amount for the projects was 117,388.40 million yuan, with 99,391.16 million yuan already invested [4][5]. Group 2: Change of Fund Usage - The company proposes to use 70,400.00 million yuan of the uninvested funds and their interest income for the acquisition of beyerdynamic GmbH & Co. KG [6][7]. - The change in project implementation is due to the complex macroeconomic environment and the need to maximize shareholder value [10][27]. - The acquisition is expected to generate significant revenue, with projections indicating 892 million yuan in revenue for 2026 and a gross margin exceeding 50% [10][27]. Group 3: Strategic Rationale - The acquisition aligns with the company's long-term strategic goals of enhancing high-end manufacturing and brand operation, facilitating a dual growth trajectory [11][26]. - The company aims to leverage beyerdynamic's established market position and technological expertise to enhance its competitive edge in the high-end audio sector [12][28]. - The transaction is seen as a critical step towards achieving a more diversified product and technology portfolio, thereby accelerating global market expansion [29][30]. Group 4: Financial Assessment - The valuation of beyerdynamic GmbH & Co. KG was assessed at 88,800.00 million yuan, with a significant increase in value compared to the company's book equity [22][23]. - The initial purchase price for the acquisition is set at 12,200.00 million euros, with adjustments based on the final financial conditions at the time of closing [24][30]. - The company plans to fund the acquisition through the reallocation of raised funds, with any shortfall covered by self-raised or self-owned funds [30][31].

佳禾智能表示，BD KG是一家全球知名的高端音频设备品牌商和制造商。公司与BD KG同属于电声行 业，双方业务具有较强协同性，通过本次交易，公司可快速提升在高端音频领域的市场竞争力，进一步 提升公司的整体盈利能力。根据评估报告，本次变更2024年向不特定对象发行可转债募集资金用途，有 利于提升募集资金使用效率，有利于提高公司总体资金利用率，符合公司及全体股东的利益。 北京商报讯（记者 马换换 王蔓蕾）8月13日晚间，佳禾智能（300793）披露公告称，公司拟变更部分募 集资金用途。 公告显示，佳禾智能拟使用"年产500万台骨传导耳机项目""年产900万台智能手表项目"及"年产450万台 智能眼镜项目"尚未投入的募集资金7.04亿元及其利息收入、理财收益用于收购beyerdynamic GmbH & Co. KG（以下简称"BD KG"）的全部有限合伙权益，BD KG的普通合伙人BEYER DYNAMIC Verwaltungs-GmbH的全部股份，以及BD KG的股东借款。 ...

（文章来源：每日经济新闻） 佳禾智能8月13日晚间发布公告称，根据公司长期战略规划和现阶段发展需求，为提高募集资金使用效 率，实现股东利益最大化，公司拟使用"年产500万台骨传导耳机项目""年产900万台智能手表项 目"及"年产450万台智能眼镜项目"尚未投入的募集资金70,400.00万元及其利息收入、理财收益（具体金 额以实际结转时该项目专户资金余额为准）用于收购 Carol Shirley Beyer、Carina-Gloria Mü;hling、Kaja Mü;hling、Daniela Gruidl、Dennis Gruidl、Samantha Carina Edwards、David Edwards持有的 beyerdynamic GmbH & Co. KG（简称"BD KG"，系一家注册于德国的有限合伙企业）的全部有限合伙权 益，卖方持有的 BD KG 的普通合伙人 BEYER DYNAMIC Verwaltungs-GmbH（简称"BDGmbH"，系一 家注册于德国的有限责任公司）的全部股份，以及卖方持有的标的公司的股东借款。项目实施主体由江 西佳禾电声科技有限公司（简称"江西佳禾"）变更为 ...

Core Viewpoint - The company plans to change the use of previously raised funds for three projects to acquire all limited partnership interests of BD KG, all shares of BD GmbH, and shareholder loans from BD KG, enhancing the efficiency of fund utilization and maximizing shareholder benefits [1] Group 1 - The company intends to repurpose 704 million yuan of unutilized fundraising and its interest income and investment returns for the acquisition of BD KG and BD GmbH [1] - The total investment for the acquisition is approximately 12.2 million euros, with the net amount of raised funds being 704 million yuan [1] - The implementation entity for the projects will change from Jiangxi Jiahe Acoustic Technology Co., Ltd. to Jiahe International [1] Group 2 - BD KG is recognized as a global high-end audio equipment brand and manufacturer [1] - The change in fundraising project is aimed at improving the efficiency of fund usage and achieving better input-output benefits [1]

Group 1 - The article discusses the rising popularity of kale in food and beverage recipes, despite its rough texture and taste, indicating a trend in health-conscious eating [2] - The podcast "Knock Knock World" is a collaborative project aimed at engaging young audiences with global events, featuring updates three times a week [4][5] - The first season of "Knock Knock World" is set to run from March 25, 2025, to March 24, 2026, with a subscription price of 365 yuan available on various audio platforms [6] Group 2 - The article raises questions about the necessity of purchasing Boeing and Airbus aircraft despite the availability of the C919, highlighting competitive dynamics in the aviation industry [3] - It explores JD.com's expansion into the travel and hospitality sector after its foray into food delivery, suggesting strategic advantages in diversifying its business model [3] - The article touches on the enduring appeal of Marvel movies and the success of Japanese anime, indicating cultural influences and market opportunities in the entertainment industry [3]

Group 1 - Huawei's satellite communication technology enables emergency signals in remote areas, while Tencent's AI models support digital transformation across various industries [1] - BYD's blade battery redefines safety standards in electric vehicles, and DJI's drones have become commonplace in everyday life [1] - Shenzhen's leading companies are reshaping global industry rules, creating numerous opportunities for innovation and growth [1] Group 2 - The migration of Yingshi Innovation to Shenzhen in 2015 was driven by a production bottleneck, highlighting the city's efficient supply chain that allows rapid prototyping and mass production [2] - Shenzhen's "super collaborative network" enables quick product development, with a design to prototype timeline of just three days [2] - The ecosystem in Shenzhen provides hardware entrepreneurs with the freedom to experiment and iterate quickly, crucial for competing globally [2] Group 3 - Shenzhen's effective grassroots governance supports its industrial ecosystem, with local governance units acting as resource connectors and partners for businesses [3] - Different districts in Shenzhen have developed unique service models tailored to their industrial strengths, enhancing the overall business environment [3] Group 4 - Nanshan District's service model focuses on creating a top-tier knowledge service ecosystem around innovation sources, while Longgang District emphasizes activating surrounding industries through leading companies [4] - The service approach in Bao'an District is characterized by a focus on manufacturing, providing comprehensive support to ensure the stability of the industrial chain [5] Group 5 - Longhua District is promoting the digital transformation of traditional manufacturing, integrating production, living, and ecological spaces for a harmonious environment [7] - Each district in Shenzhen showcases distinct service strategies, but all share a commitment to proactive, precise, and embedded support within the industrial chain [7] Group 6 - The relationship between Shenzhen and its enterprises is one of mutual shaping and achievement, with businesses expanding the city's industrial boundaries [8] - The evolution from "Shenzhen manufacturing" to "Shenzhen creation" reflects a new interactive relationship between the city, market, and government [9]