金九银十，消费电子旺季即将来临，A股相关公司股价开始异动。 作为消费电子龙头，歌尔股份的市值于近日重回千亿，这距离它前次登顶千亿已过去几乎有 半年之久。 记者丨张赛男 编辑丨朱益民 对于2025上半年的全球消费电子行业，歌尔股份给出的定调是"继续温和复苏"，这一表态尽 显谨慎、克制。 诚然，从消费电子中最大品类智能手机业务来看，表现平平，全球出货量只是微增，国内更 是出现同比下滑，市场也的确需要一个燃点。 随着9月消费电子传统旺季将至，加上半年报的催化，消费电子板块相应爆发。 自6月以来，Wind消费电子产业指数开始温和上涨，进入8月上涨加速，本周累计涨幅达 7.74％。 回看歌尔股份的业绩表现，一季度增利不增收的歌尔，终于在第二季度扭转了营收向下的趋 势。尽管上半年营收还在下滑，但较第一季度降幅收窄。 据半年报披露，公司上半年智能声学整机业务实现营收83.24亿元，同比减少34.9%，占营收 比重22.17%；毛利率为9.93%，同比略增0.1个百分点。 据悉，公司的智能声学整机业务聚焦于与声学、语音交互、人工智能等技术相关的产品方 向，主要产品包括智能无线耳机、智能音箱等。前几年公司陷入大客户砍单风波，涉 ...

Core Viewpoint - The consumer electronics sector is entering a peak season, leading to stock price movements for related companies, particularly for Goer Technology, which has recently regained a market capitalization of over 100 billion yuan [1][2]. Group 1: Company Performance - Goer Technology reported a revenue of 37.549 billion yuan for the first half of 2025, a year-on-year decrease of 7.02%, while net profit attributable to shareholders was 1.417 billion yuan, an increase of 15.65% [8]. - In the second quarter, Goer Technology reversed the revenue decline, achieving 21.24 billion yuan in revenue, a year-on-year growth of 0.83%, and a net profit of 948 million yuan, up 12.12% [8]. - The decline in revenue was primarily due to the smart acoustic assembly business, which saw a revenue drop of 34.9% year-on-year, accounting for 22.17% of total revenue [8][10]. Group 2: Market Trends - The global true wireless stereo (TWS) earphone market showed a strong rebound in Q1 2025, with shipments increasing by 18% year-on-year, reaching 78 million units, the highest growth rate since 2021 [9]. - Predictions indicate that global TWS shipments will reach 500 million units by 2025, suggesting potential recovery for Goer Technology's smart acoustic assembly business in the latter half of the year [10]. Group 3: Business Segments - The smart hardware segment, which includes AI smart glasses and wearables, generated 20.34 billion yuan in revenue, a year-on-year increase of 23.49%, making it the largest revenue source for Goer Technology [11]. - The precision components business also grew, with revenue of 7.604 billion yuan, up 20.54% year-on-year, and accounting for 20.25% of total revenue [11]. Group 4: Strategic Focus - Goer Technology is shifting its focus from VR to AI and AR technologies, emphasizing the development of AI smart glasses and related products as key growth areas [12][16]. - The company has made strategic acquisitions to enhance its capabilities in AI and smart hardware, including a recent acquisition of a precision metal structure company and a loan to support the acquisition of a Micro-LED display manufacturer [17][18]. Group 5: Future Outlook - Goer Technology's management expressed optimism about the market potential for AI smart glasses, highlighting their unique advantages in user data collection and human-computer interaction [19]. - The company is actively pursuing opportunities in the AI smart glasses market, aiming to leverage its technological advancements and partnerships with leading industry players [19][20].