Core Concept - The Partyhouse Starship series home theater sound system has been launched, combining technology and aesthetics to deliver a cinema-level sound experience without occupying much space [1]. Group 1: Audio Performance - The SC-20A decoding integrated amplifier features high-fidelity audio with a power output of 5×150W, supporting Dolby Audio technology for a cinematic surround sound experience [3]. - Frequency response ranges from 20Hz to 20KHz, providing deep low frequencies and clear high frequencies with rich details [3]. - Total harmonic distortion is less than 0.05%, and the signal-to-noise ratio exceeds 100dB, ensuring pure and uncolored sound quality [3]. Group 2: Professional Karaoke Entertainment System - The system includes a professional karaoke chip and high-sensitivity microphone input, allowing for easy switching to karaoke mode and compatibility with major karaoke platforms [6]. - It serves as a multifunctional audio-visual center, supporting 4K/60Hz ultra-clear transmission and HDCP 2.2 content protection for smooth video quality [6]. Group 3: Smart Connectivity - The system supports wireless surround expansion and voice control, simplifying connections and making it user-friendly for all ages [8]. - It features an open system with a powerful quad-core ARM Cortex A55 CPU, 2GB RAM, and 16GB flash storage, allowing for external hard drive expansion and installation of third-party applications [9]. Group 4: Efficient Hardware Design - The aluminum alloy chassis and efficient heat dissipation structure ensure stable operation over long periods, extending the device's lifespan [10]. - It includes a variety of input/output interfaces such as HDMI, USB, and RS232, supporting a one-stop connection for home theater devices [10]. Group 5: User Experience Optimization - The system offers multiple input methods and remote control via mobile devices, enhancing user convenience [12]. - It seamlessly integrates with the Partyhouse smart home system, creating an immersive home entertainment center [12]. Group 6: Subwoofer Performance - The SC-10B active subwoofer delivers 300W dynamic power with a 10-inch driver, achieving a low-frequency response down to 40Hz for an immersive experience [13]. - It features ultra-low distortion technology, maintaining clarity even at high volumes, ensuring every low-frequency detail is discernible [13]. Group 7: Acoustic Design - The subwoofer's cabinet is made of high-strength plywood to effectively suppress resonance and enhance low-frequency response [15]. - It intelligently matches the main speaker frequency range, expanding the overall sound field for a natural transition between sound elements [15]. Group 8: Surround Sound Speakers - The SC-20F/C main and center speakers, along with SC-10F surround speakers, utilize aerospace-grade aluminum alloy for improved heat dissipation and durability [18]. - The speakers feature a dual-unit hybrid design, providing a peak power of 240W and a wide frequency response for cinema-level sound effects [20]. Group 9: Wireless Microphone - The AVK-817SE wireless microphone features a convenient charging dock design, allowing for automatic charging and extended battery life [26]. - It offers a long usage time of up to 8 hours, suitable for high-intensity events and gatherings [28]. Group 10: Packaging and Components - The Starship series includes a comprehensive package with all necessary components such as the main unit, remote control, microphones, and cables [36][37].

证券代码：301318 证券简称：维海德 | | 技术型标的，强化核心环节竞争优势，构建全链条价值；筛选 | | --- | --- | | | 具备协同潜力的优质企业，加速技术融合与市场互补。期望通 | | | 过产能协同优化、研发资源共享及客户渠道联动，释放战略协 | | | 同势能，实现价值倍增效应。 | | 附件清单 | 无 | 编号：2025-05 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他（电话会议） 参与单位名称 国金证券：孟灿 博时基金：李绮雯 天风证券：缪欣君、王祺深 华泰伯瑞基金：曾懿之 时间 2025 年 7 月 7 日-7 月 8 日 地点 深圳市维海德技术股份有限公司会议室、线上会议 上市公司接待人 员姓名 董事会秘书：杨莹 证券事务代表：汪慧 投资者关系活动 主要内容介绍 第一部分：介绍公司基本情况 公司主要从事高清及超高清视频会议摄像机、视频会议终端、 会议麦克风等音视频通讯设备的研发、生产、销售和相关技术 服务，是我国音视频通讯设备及解决方案的主要供应商之一， 产品广泛应用于商务视频会议、教育录播、 ...

Core Viewpoint - The acquisition of a 53.74% stake in Chuguang Automotive by AAC Technologies marks a new chapter in the development of automotive perception technology, enhancing the company's capabilities in the smart automotive sector [1][2]. Group 1: Acquisition Details - AAC Technologies, through its wholly-owned subsidiary, signed an agreement to acquire a 53.74% stake in Hebei Chuguang Automotive Components Co., Ltd. for RMB 288 million [1]. - Following the acquisition, Chuguang Automotive will become an indirect non-wholly-owned subsidiary of AAC Technologies, with the founding team continuing to manage operations [1]. - Chuguang Automotive, established in 2016, specializes in the design, production, and sales of automotive electronic components, holding over 30 patents and various certifications [1]. Group 2: Market Position and Collaboration - Chuguang Automotive holds a 55% market share in the domestic market for automotive digital microphones and over 26% globally [2]. - The acquisition signifies a deep integration of technological advantages and industrial resources between AAC Technologies and Chuguang Automotive, aimed at advancing the automotive intelligence industry [2]. Group 3: Technological Synergy - The collaboration aims to create a closed-loop ecosystem of "perception-processing-output" in automotive acoustics, enhancing user experience through improved microphone technology [3]. - AAC Technologies plans to leverage its global resource network to accelerate the commercialization of Chuguang Automotive's technologies and expand its market reach [3]. - The partnership will focus on the latest trends in the smart automotive industry, optimizing acoustic technology solutions and setting new standards for sound perception in next-generation smart cockpits [3]. Group 4: Financial Projections - The company is projected to achieve revenues of RMB 31.146 billion, RMB 34.950 billion, and RMB 39.202 billion for the years 2025, 2026, and 2027, respectively, with net profits of RMB 2.441 billion, RMB 2.943 billion, and RMB 3.486 billion [4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 18x, 15x, and 12x for the years 2025 to 2027 [4].

研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 公司基本情况 | 最新收盘价（港币） | 39.40 | | --- | --- | | 总股本/流通股本（亿股）11.99 / 11.75 | | | 总市值/流通市值（亿港 | 430 / 422 | | 币） | | | 52 周内最高/最低价 | 54.80 / 24.40 | | 资产负债率(%) | 50.50% | | 市盈率 | 24.69 | | 第一大股东 | Sapphire Hill Holdings | | | Limited | 瑞声科技(2018.HK) 携手初光，构建"感知-处理-输出"闭环生态 ⚫ 投资要点 收购初光 53.74%股权，开启车载感知技术发展新篇章。2025 年 3 月 28 日，瑞声科技间接全资附属公司瑞声（中国）投资集团有限公 司（瑞声投资）与河北初光汽车部件有限公司（初光汽车）、袁长作先 生及郑现杰先生（合称创始人）签署《股权转让及增资协议》，以人民 币 2.88 亿元收 ...

| 答：行业景气度呈现回暖态势，终端市场需求持续走强。公司 | | --- | | 持续深化市场布局，保持高比例研发投入，目前已取得一定成 | | 效。 | | Q2：公司所属行业是否有一定的技术壁垒？ | | 答：视频会议行业中的音视频通讯设备制造涉及到音视频编解 | | 码算法技术、图像处理技术、集成电路应用技术、嵌入式软件 | | 开发技术等多个门类的专业知识与技术，是多种学科的综合应 | | 用。一般企业较难全面掌握本行业所涉及的技术，若依靠自身 | | 研究开发则需要较长时间的研发投入和积累。面对技术不断更 | | 新换代，任何进入该行业的企业都要面临研发力量不足需要不 | | 断增加研发费用投入的问题，并且随着技术的发展和应用领域 | | 的扩大，对技术和研发要求将进一步提高。同时，随着行业技 | | 术与产品不断创新，用户对产品的性能、寿命、可靠性和稳定 | | 性的要求越来越高，对产品功能上智能化、数字化、定制化的 | | 需求日益提升。因此，新进入者面临较高的技术和研发壁垒， | | 随着技术替代的加速，本行业的技术门槛将越来越高。 | | Q3：未来毛利率展望。 | | 答：毛利率方面，公 ...

从智能汽车的人机对话交互，到智能家居的语音控制，再到办公场景的智能辅助，AI技术的每一次迭 代，都在重塑行业生态。然而，在这场激烈的竞争中，技术同质化、场景落地难等问题逐渐凸显，如何 破局成为众多企业面临的难题。思必驰凭借多年深耕AI语音领域的深厚积累，以创新为笔、以技术为 墨，在时代的画卷上勾勒出属于自己的发展轨迹。 思必驰成立于2007年，作为国内最早一批投身AI领域的企业，长期专注于AI语音技术，并逐步构建起 软硬一体化解决方案及AI硬件产品的业务体系。其在AIoT物联网与汽车领域的业务布局，已成为公司 发展的重要支柱之一。 思必驰AI办公本同样亮点十足，自发布以来，月销量持续攀升，荣登京东新品增速Top1。该办公本开 创性采用新一代柔彩护眼类纸屏，有效解决墨水屏办公本卡顿拖影、速度慢的难题。以AI笔记为核心 功能，依托千万小时会议数据训练的跨模态会议大模型2.0，实现会议录音实时转文字、AI笔记结构化 提炼要点，会后自动生成思维导图及AI待办事项，大幅提升识别精准度与内容总结精炼度。支持9种外 语+17种方言实时互译，搭配医疗、法律、金融等8大行业专属词库，结合四麦克风阵列与ClearSpeakAI ...

不过，由于赛莱克斯北京产线仍处于产能爬坡阶段，其尚未盈利。2024年和2025年一季度，赛莱克斯北 京分别实现营业收入2.62亿元、2568.21万元，净利润分别为亏损2.42亿元、7024.4万元。 受赛莱克斯北京亏损以及研发投入力度较高等因素影响，赛微电子MEMS主业整体亏损。2024年，赛微 电子实现营业收入12.05亿元，同比下降7.31%；净利润和扣除非经常性损益后的净利润分别为亏损1.7 亿元、1.91亿元，同比均由盈转亏。 拟收购赛莱克斯北京9.5%股权 资料显示，赛莱克斯北京原名为纳微矽磊国际科技（北京）有限公司（以下简称"纳微矽磊"），由赛微 电子于2015年发起设立，原本为赛微电子的全资子公司。 长江商报消息 ●长江商报记者 徐佳 核心子公司正处于产能爬坡的关键阶段，赛微电子（300456.SZ）将继续收购其股权，加强控制力。 6月30日晚间，赛微电子公告称，公司全资子公司赛莱克斯国际有意向以不高于3.24亿元的价格，摘牌 取得赛莱克斯微系统科技（北京）有限公司（以下简称"赛莱克斯北京"）9.5%股权。本次交易完成后， 赛微电子将合计持有赛莱克斯北京81%的股权。 长江商报记者注意到，赛莱 ...

Core Viewpoint - The article highlights the deceptive practices in live-streaming pearl auctions, where the process of opening oysters to reveal pearls is manipulated to create an illusion of authenticity and excitement, ultimately misleading consumers [4][24][29]. Group 1: Live Streaming Pearl Auctions - The live-streaming auction model for pearls has gained popularity, particularly in Zhuji, which accounts for 80% of China's freshwater pearl sales and 70% globally [5][10]. - Consumers are drawn to the excitement of bidding on oysters, with some live streams attracting thousands of viewers, creating a competitive atmosphere [5][10]. - The auction process often involves artificially inflated prices, where the final bid can be significantly higher than the initial starting price due to orchestrated bidding strategies [12][16]. Group 2: Deceptive Practices - Investigations revealed that some live-streamers use pre-prepared pearls hidden in the oysters, creating a false impression of a genuine "live" opening [25][29]. - The practice of "guessing the pearl size" is employed to engage viewers and encourage bidding, further manipulating consumer behavior [18][24]. - Regulatory authorities have identified these practices as misleading and in violation of competition laws, leading to increased scrutiny and enforcement actions against such live-streaming businesses [29][32]. Group 3: Regulatory Response - Since 2019, over 70 live-streaming shops have been penalized for similar deceptive practices in Zhuji, indicating a growing concern over consumer protection in this sector [32]. - Regulatory bodies are implementing stricter guidelines to ensure transparency in live-streaming, including requiring full visibility of the auction process [34]. - The market supervision department is actively educating consumers about common fraudulent practices in the pearl industry to help them make informed purchasing decisions [36][38].

转自：前瞻产业研究院 行业主要上市公司：慈文传媒(002343.SZ);北京文化(000802.SZ);芒果超媒(300413.SZ);利亚德(300296.SZ);洲 明科技(300232.SZ);浩洋股份(300833.SZ);遥望科技(002291.SZ)等 本文核心数据：演唱会市场规模;演唱会票房场次分布;演唱会巡演项目占比等 行业概况 1、 定义 演唱会(Concert)是指在观众前的现场表演，通常是音乐的表演。音乐可以是由单独的音乐人所表演或是音乐 的集体演出，歌手通常是在舞台上表演。何况还有非常可观的门票收入(当然，也有不少大型演出是免费入 场的)。演唱会对于歌迷来说则是一个狂欢的节日，一般时长在两个小时及以上。 2、 产业链剖析：呈现出较为完整的分工协作模式 演唱会产业链涉及领域较多，呈现出较为完整的分工协作模式。上游涵盖内容制作与软硬件支持，内容制作 涉及歌手、乐队、经纪公司以及主办公司;软硬件支持则包括麦克风、电子屏幕、扬声器、舞台灯光设备 等。中游主要由票务平台、演出场馆方与品牌赞助方构成，票务平台有面向社会大众的一级票务平台和二级 票务平台，还存在内购以及机构黄牛等现象;演出场馆方负责 ...

Core Viewpoint - A recent case revealed that an online seller fabricated transaction volumes to create a false impression of product popularity, highlighting the need for stricter regulation in e-commerce to protect consumer rights [1][3][5]. Group 1: Case Details - The seller claimed over 105,000 transactions for a lapel microphone, while actual sales were found to be less than 1,000 [3]. - The seller exploited a loophole by splitting a main product into accessory links, setting a low price to encourage bulk purchases, resulting in 104,764 inflated transactions through repeated fake orders [3][4]. Group 2: Regulatory Framework - The case falls under the provisions of the E-commerce Law and the Interim Regulations on Anti-Unfair Competition, which prohibit false transactions and misleading commercial practices [4][5]. - The successful investigation marked the first case handled by the Haidian District Market Supervision Bureau under the new regulations, demonstrating a commitment to purifying the digital economy and safeguarding consumer rights [5][6]. Group 3: Market Context - As of December 2024, China's online shopping user base is expected to exceed 900 million, making sales data a critical factor for consumer purchasing decisions [5]. - The rise of e-commerce has led to increased scrutiny of sales practices, with the implementation of new regulations aimed at curbing unfair competition in the digital marketplace [5].