来源：市场资讯 （来源：何支涛） 无需求，不产品。 没有深刻需求洞察，更没有战略大单品！ 打造战略大单品，你的第一步永远永远永远是深挖用户需求，原因很简单，货架上完全不缺产品，消费者常规的需求都已经满足，你如果不能做得更好， 消费者凭什么选你？ 用户的需求分为冰山之上的需求及冰山以下的需求。 洞察需求，就是透过现象、行为看到的动机及欲望，找到客户未被满足的需求，或者潜在需求。 不同的时代客户的动机与欲望都在发生变化。 谁能提前把握消费需求的变化，深挖出新时代下未被满足需求或者潜在需求，或者老需求可以满足得更好，顺着需求的发展研发产品，谁就能创造出优秀 的产品。 这个时候，你就需要一个工具，分辨出哪些是真需求，哪些是伪需求？并且判断需求的优先级。 这个时候，你就需要用到KANO模型，让TA来帮助你： 1. 确认需求是否存在 2. 明确需求的优先级 3. 确定研发的优先级 冰山之上是显性需求，冰山之下是隐形需求。 01 冰山之下藏着客户的动机与欲望。 2. 期望型需求（One-dimensional）：明确表达的需求（如手机续航时间），满足程度与满意度线性相关。 KANO模型，又称为狩野模型，是东京理工大学教授狩 ...

Industry Overview - In 2024, China's smart wrist-worn device market is expected to reach sales of 57.04 million units, representing a year-on-year growth of 14.2% [1] - By 2025, this figure is projected to exceed 71 million units, with an estimated growth rate of approximately 24% [1] - The global consumer-grade wearable market is anticipated to reach a size of $36.273 billion by 2025, with a compound annual growth rate (CAGR) of 15.15% from 2025 to 2032, potentially rising to $97.371 billion by 2032 [1] Company Profile - Founded in 2004, the company initially focused on producing network communication products such as ADSL modems and wireless routers, later expanding into smartphones and smart wearables [2] - The company has built a strong manufacturing experience and technical capability through long-term partnerships with well-known brands, including Huawei and Xiaomi [2] - The company has established a comprehensive R&D innovation system, enabling it to develop a wide range of smart terminal products [2] Technological Advancements - The company leverages advanced wireless communication and IoT technologies to provide efficient and stable network solutions for wearable devices [3] - The production of Wi-Fi 7 products has commenced, which is expected to enhance high-speed data transmission for smart wearables [3] - The company has achieved breakthroughs in Bluetooth 5.3 technology, improving power efficiency and data transmission stability for wearable devices [3] - The company possesses core technologies in sensor technology, such as millimeter-wave sensors, which accurately collect physiological and motion data [3] Product Diversification - The company offers a diverse range of products in the smart wearable sector, including smart bands and smartwatches, which are well-received by consumers for their stylish design and functionality [4] - Products feature essential functions like activity tracking, sleep monitoring, and heart rate monitoring, along with convenient features such as Bluetooth calling and mobile payments [4] - The company has also made strides in the TWS earphone market, providing high-quality audio and comfort for various user scenarios [4] - With increasing consumer focus on health and quality of life, the company has introduced smart wearables with health monitoring capabilities, offering real-time physiological data tracking [4] - The growing demand for smart wearables is expected to benefit the company as technologies like 5G and AI become more prevalent [4]

Core Viewpoint - The company, Chongda Technology, confirmed its supply relationship with Luxshare Precision and GoerTek through its subsidiary, providing IC substrate products for various electronic devices [1] Group 1: Supply Relationship - Chongda Technology's subsidiary, Puno Wei, supplies IC substrate products [1] - These products are utilized in smartphones, TWS earphones, and wearable devices [1]

Core Viewpoint - Company Huacomm Technology has submitted an H-share listing application to the Hong Kong Stock Exchange, marking the initiation of its "A+H" dual capital platform strategy after its A-share listing, aimed at enhancing global expansion and high-end manufacturing transformation [1] Group 1: Financial Performance - Huacomm Technology achieved a revenue of 1,098.78 billion yuan in 2024, with a market share of 22.5%, making it the largest ODM manufacturer in the consumer electronics sector [2] - The company's revenue for 2022, 2023, and 2024 was reported at 926.46 billion yuan, 853.38 billion yuan, and 1,098.78 billion yuan respectively, with a significant increase in the first half of 2025 reaching 839.39 billion yuan, representing a year-on-year growth of 113% [2] - The net profit attributable to shareholders for the first half of 2025 was 18.89 billion yuan, reflecting a year-on-year increase of 46.30% [2] Group 2: Global Expansion Strategy - The listing in Hong Kong is part of Huacomm Technology's strategy to overcome regional limitations and accelerate its global expansion, with manufacturing bases established in Vietnam, India, and Mexico [3] - In the first half of 2025, overseas revenue accounted for 46.92% of the company's total revenue, indicating a strong international presence [3] - The company plans to utilize part of the funds raised from the IPO for operational capital and to continue global strategic investments and vertical integration, focusing on core product R&D and optimizing its global manufacturing system [3] Group 3: Industry Challenges and Opportunities - Despite impressive financial results, Huacomm Technology faces challenges typical of the ODM industry, including low profit margins, with a gross margin of only 7.67% and a net margin of 2.25% in the first half of 2025 [4] - The global smart hardware market is projected to exceed 32 trillion USD by 2025, with increasing penetration of the ODM industry, presenting opportunities for Huacomm Technology to capitalize on high-end manufacturing transformation [4] - The company's evolution from a local manufacturer to a global "invisible champion" in smart hardware reflects the broader trend of China's manufacturing sector transitioning to intelligent manufacturing [4]

Core Viewpoint - Nothing has completed a $200 million Series C funding round, achieving a valuation of $1.3 billion, with plans to launch AI-native devices in the coming year [5][6]. Funding and Valuation - Nothing announced a $200 million Series C funding round on September 16, with a valuation of $1.3 billion. The round was led by Tiger Global, with participation from Google Ventures, Highland Europe, EQT, Latitude, I2BF, Tapestry, and new strategic investors [5]. - Since its establishment in 2020, Nothing has shipped millions of devices and is projected to surpass $1 billion in cumulative sales by early 2025, with a growth rate of 150% in 2024 [5]. Market Insights - According to IDC, global smartphone shipments are expected to reach 1.22 billion units in 2024, a 6% year-over-year increase, with AI being a key driver of this growth [6]. - The CEO of Nothing, Carl Pei, emphasized that smartphones will remain the only device category with annual shipments exceeding one billion units, highlighting their unique contextual information and user recognition capabilities [6]. Innovation and Future Plans - Pei noted that despite significant advancements in AI over the past three years, smartphone experiences have stagnated, with innovations limited to minor improvements in photography, translation, and voice assistance [6]. - To fully leverage AI's potential, consumer hardware must undergo a transformation, leading to the development of a next-generation operating system characterized by personalized user understanding and adaptive interaction mechanisms [6]. - Nothing plans to introduce its first AI-native devices in the upcoming year, which will be context-aware and capable of generating interactive interfaces based on user goals [7]. Community Financing - Nothing is also preparing for the next round of community financing to support its growth and innovation initiatives [8].

Group 1 - Nothing completed a $200 million Series C funding round, with a valuation of $1.3 billion [1] - The funding round was led by Tiger Global, with participation from existing shareholders including Google Ventures, Highland Europe, EQT, Latitude, I2BF, Tapestry, and new strategic investors Nikhil Kamath and Qualcomm Ventures [1] - Since its establishment in 2020, Nothing has shipped millions of devices and is projected to surpass $1 billion in cumulative sales by early 2025, with a growth rate of 150% in 2024 [1] Group 2 - The CEO of Nothing, Carl Pei, emphasized that smartphones will remain the only device with annual shipments reaching a billion units in the short term, highlighting their unique contextual information and user cognition capabilities [2] - Despite significant advancements in AI over the past three years, smartphone experiences have stagnated, with innovations limited to minor improvements in photography, translation, and voice assistants [2] - Nothing plans to launch its first AI-native devices next year, which will be context-aware and capable of adaptive interactions based on user needs [2] Group 3 - Nothing is also preparing for its next round of community financing [3]

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].

Core Viewpoint - The announcement of share reduction by the controlling shareholder of Jiahe Intelligent is perceived as a warning sign for the company's financial health, especially following a significant decline in profitability and shareholder confidence [1][2]. Company Performance - Jiahe Intelligent's controlling shareholder, Dongguan Wenfu Investment Co., Ltd., plans to reduce its stake by up to 6 million shares, representing 1.59% of the total share capital [1]. - The company reported a net profit decline of over 90% in the first half of 2025, with a net profit of only 2.51 million yuan, indicating severe profitability issues [4]. - In 2023, despite a revenue increase of 9.44%, the net profit fell by 23.58% to 133 million yuan, with a net profit margin decrease of 2.41 percentage points to 5.58% [2]. Industry Context - The consumer electronics sector, particularly in audio products, is facing intense competition, leading to a significant drop in Jiahe Intelligent's gross margin, which fell to 14.07% in the first half of 2025, down 4.11 percentage points from 2023 [3]. - The company's reliance on ODM (Original Design Manufacturer) business model has resulted in weak bargaining power, primarily serving clients like Harman and Beats, while competitors like Edifier have successfully leveraged their own brands for higher margins [3][5]. - The market for TWS (True Wireless Stereo) earphones is experiencing a slowdown, with global shipment growth declining, further exacerbating the company's challenges [5][6]. Future Outlook - The company faces multiple risks, including a high concentration of revenue from a few major clients, which increases vulnerability to order reductions or price cuts [5][6]. - Emerging 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 [7]. - The reduction in R&D expenses may further weaken the company's competitive position, as it struggles to innovate in a rapidly evolving market [6][7].

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [3] Core Insights - The electronic industry is experiencing a new wave of performance growth driven by AI, with significant opportunities in semiconductor and consumer electronics sectors [5][6] - The report highlights the strong recovery in the semiconductor sector, particularly in analog and digital chips, with AI being a core growth driver [5][6] - Consumer electronics are also benefiting from AI, with companies like Anker Innovation and Ugreen achieving over 30% revenue growth [5][6] Semiconductor Sector Summary - **Analog Chips**: Revenue reached 24.405 billion yuan, up 13.12% year-on-year, with a net profit of 502 million yuan, up 280.49% [7] - **Digital Chips**: Revenue of 87.129 billion yuan, a 24.72% increase, with net profit of 9.050 billion yuan, up 35.32% [16] - **Power Semiconductors**: Net profit for Q2 reached 2.873 billion yuan, a 45.3% increase year-on-year, indicating a recovery phase [26] - **Semiconductor Manufacturing**: Revenue for H1 was 27.273 billion yuan, down 24.7% year-on-year, but showing signs of recovery in Q2 [34] - **Semiconductor Equipment**: The sector saw a 30.6% increase in revenue, totaling 41.509 billion yuan, with net profit of 6.631 billion yuan, up 19.8% [47] Consumer Electronics Summary - Companies like Anker Innovation and Ugreen reported over 30% growth in revenue and net profit, driven by brand strength and product innovation [5] - The demand for new consumer electronics products such as AR glasses and smart speakers is expected to drive further innovation and market recovery [5] PCB and Components Summary - PCB demand is surging due to AI-related capital expenditures, with companies like Shenzhen Circuit achieving significant order growth [5] - The MLCC market is also showing good growth, with companies expanding their product matrices to meet diverse market needs [5] Investment Recommendations - The report suggests focusing on companies involved in computing power-related sectors, including PCB, domestic computing power, IP licensing, and chip inductors [5] - Key companies to watch include Cambrian, Haiguang Information, and SMIC, among others [5]

Core Viewpoint - The consumer electronics sector is experiencing a stark divide, with leading companies like Luxshare Precision and Industrial Fulian reporting significant profit increases, while nearly 20 other firms face substantial losses, indicating a severe industry reshuffle [1][2][3] Group 1: Performance of Leading Companies - Luxshare Precision reported a quarterly net profit of 6.644 billion yuan, a year-on-year increase of 23.1% [1] - Industrial Fulian achieved a net profit of 12.113 billion yuan, growing by 38.6% year-on-year [1] - The overall revenue for the consumer electronics sector reached 323.105 billion yuan in Q2 2025, marking a 22% year-on-year growth [1] Group 2: Struggles of Smaller Firms - Over 16 companies, including Guangfeng Technology and Jierong Technology, reported losses, with Guangfeng's net profit plummeting by 1300% [2][3] - Smaller firms are characterized by high dependence on the mobile phone downstream market and significant transformation investments that have yet to yield results [3] - Victory Precision's net profit fell by 355.5%, highlighting the challenges faced by companies transitioning to automotive electronics [3] Group 3: Market Dynamics and Trends - The global smartphone shipment was 289 million units in Q2 2025, showing almost zero growth, with Apple and Android shipments experiencing slight declines and increases, respectively [2] - The shift from universal growth to structural growth is evident, with companies needing to adapt to changing market conditions [2] - The competition in the Android camp is particularly fierce, with companies like Transsion Holdings facing a 57.5% drop in net profit despite significant revenue [2] Group 4: Future Strategies - Companies must focus on technological upgrades and global expansion to navigate the increasing industry divide [4][5] - The AI-driven IoT devices are emerging as a significant growth area, with Anker Innovations reporting a 33.3% increase in revenue [4] - Globalization is essential for risk management, with companies like Industrial Fulian and Luxshare Precision expanding production in India and Vietnam [5] Group 5: Industry Transformation - The industry is transitioning from quantity to quality, with firms that leverage AIoT opportunities and maintain technological innovation poised to succeed [6] - Companies relying on single clients and low-value products face an urgent need for transformation [6] - The consumer electronics sector's evolution suggests a reshuffling of market players rather than an end to growth opportunities [6]