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Hifeiman: Fund-raising project construction named, financial director changed twice in a year, financial data may appear in different versions

Southern Capital Center of JZR Research, Zhengze/AUTHOR, Xizhou, Songlan, Yingwei/RISK CONTROL

The first month of 2026 is about to end. Data shows that 1,600 domestic listed companies have disclosed their 2025 earnings forecasts, with 680 reporting positive performance. Over 330 companies expect their net profit attributable to shareholders to increase by more than 100% year-on-year. Turning our attention to Kunshan Hifeiman Technology Group Co., Ltd. (hereinafter referred to as “Hifeiman”), which has applied for listing on the Beijing Stock Exchange, its revenue and net profit for January to September 2025 also achieved 'double growth'.

On the other hand, in 2024, Hifeiman replaced its financial director twice. The following year, in 2025, after changing its auditing firm, Hifeiman made two corrections to accounting errors. In this context, several financial figures disclosed in Hifeiman's ESG report, such as total profit, may appear in 'different versions' compared to the disclosures before and after the two accounting error corrections. Additionally, Hifeiman’s fundraising projects were flagged for notification due to the low attendance rate of key management personnel in October 2025. More than 60% of Hifeiman’s core business revenue comes from overseas. From January to October 2025, both the quantity and value of domestic headphone exports declined, making Hifeiman's current IPO for capacity expansion worth noting.

First, replacing the financial director twice within one year or rushing through accounting error corrections, multiple financial figures disclosed in the ESG report may show 'discrepancies' compared to documents before and after the corrections.

On September 3, 2025, the Ministry of Finance, together with the Ministry of Foreign Affairs and other departments, developed the 'Application Guidelines for the Basic Standards of Corporate Sustainability Disclosure (Trial)' (Caihui [2024] No. 17) based on the 'Basic Standards of Corporate Sustainability Disclosure (Trial).' These guidelines specify the implementation scope and requirements, although companies can voluntarily implement them prior to formal enforcement.

Against this backdrop, Haifiman replaced its financial director twice in 2024, changed its auditing firm the following year, and subsequently made two corrections for accounting errors. Under these circumstances, the total profit and other financial data disclosed in Haifiman's 2023 ESG report do not align with the values disclosed in multiple announcement documents before and after the accounting error corrections. Additionally, compared to two competitors, Haifiman’s performance from January to September 2025 may have grown 'against the trend'.

1.1 Replaced the financial director twice in 2024, changed the auditing firm the following year, and conducted two corrections for accounting errors

According to Haifiman’s prospectus dated December 1, 2025 (hereinafter referred to as the “December 1, 2025 prospectus”), on November 16, 2023, Haifiman appointed Yang Fan as the financial director. On February 26, 2024, Haifimanremoved Yang Fan from the position of financial directorand appointed Yan Haixia as the financial director. On December 12, 2024, Haifiman acceptedYan Haixia's resignation as financial directorand appointed Wang Shande as the financial director, with a term from December 12, 2024, to March 20, 2026. As of December 1, 2025,Haifiman's financial director was still Wang Shande.

It is not difficult to see that Haifiman replaced its financial director twice in 2024.

In addition, in 2025, Haifiman also changed its auditing firm.

According to the prospectus dated December 1, 2025, when Haifeiman initially filed its application for listing on the Beijing Stock Exchange, the auditing firm and the auditing firm for the 2024 annual report was Zhongxingcai Guanghua Certified Public Accountants (Special General Partnership).In July 2025, Haifeiman changed its auditing firmto BDO China Shu Lun Pan Certified Public Accountants LLP (Special General Partnership).

It is worth noting that within the same year after Haifeiman switched auditing firms, the company made two corrections to accounting errors.

According to the prospectus dated December 1, 2025, during the period from 2022 to 2024 and January to June 2025,Haifeiman made two corrections to accounting errors.The first correction to the accounting error was approved by the 28th meeting of the first board of directors of Haifeiman; the second correction to the accounting error was approved by the 30th meeting of the first board of directors of Haifeiman.

According to the announcement of the resolutions of Haifeiman's board meetings, the 28th meeting of the first board of directors of Haifeiman was held on August 29, 2025, and the 30th meeting of the first board of directors of Haifeiman was held on October 28, 2025.

Reviewing the timeline, it is not difficult to find that in 2024, Haifeiman replaced its financial director twice. In July 2025, Haifeiman changed its auditing firm. From August to October 2025, Haifeiman made two corrections to accounting errors.

Against this backdrop, the financial data disclosed in Haifeiman’s ESG report and various versions of its announcements may not match.

The total profit and other financial data for 2023 disclosed in the 1.2 ESG report may not match the data disclosed in documents before and after the two accounting error corrections.

According to the '2023 Annual ESG Report' (hereinafter referred to as the '2023 ESG Report') published on the Hifiman official website on February 2, 2024, the data and cases in this report are sourced from Hifiman's 2023 annual report, internal statistical documents, etc. The time scope of the report covers January 1, 2023, to December 31, 2023, with some content extending beyond this period. The report’s coverage includes Hifiman and its wholly-owned, controlled subsidiaries, branches, etc.

In other words, the reporting period of the '2023 ESG Report' is 2023, and the disclosed scope encompasses Hifiman’s consolidated entities.

However, the financial data disclosed for Hifiman in the '2023 ESG Report' does not seem to align with the data before or after Hifiman’s accounting error corrections.

The '2023 ESG Report' shows that Hifiman has a total of 204 employees.Total corporate assets amount to 210 million yuan, with a debt-to-asset ratio of 28.81%.，Operating revenue stands at 210 million yuan, with a total profit of 69.67 million yuan.。

According to the public transfer statement (hereinafter referred to as the 'Public Transfer Document') signed on June 28, 2024, and the 2024 annual report issued on March 21, 2024, as of the end of 2023, Hifiman's total assets amounted to 218 million yuan, with a debt-to-asset ratio of 29.29%.

In 2023, Hifiman's operating revenue was 202.2206 million yuan.Total profit reached 71.5034 million yuan.

In other words, the public transfer statement and the 2024 annual report were both announcements released before this round of corrections to accounting errors for the listing. The financial data disclosed in the '2023 ESG Report' is inconsistent with Haifeimann's data prior to the two rounds of corrections to accounting errors.

Let’s now turn our attention to the data following the correction of accounting errors.

According to the financial statements and notes issued by Haifeimann on September 23, 2025, after the correction of prior accounting errors, as of the end of 2023, Haifeimann had total assets of 217 million yuan and total liabilities of 64 million yuan. Calculations show that Haifeimann's asset-liability ratio at the end of 2023 was 29.47%.

In 2023, Haifeimann's main business revenue was 201.9701 million yuan,with a total profit of 71.3261 million yuan.

Moreover, according to the prospectus dated December 1, 2025, as of the end of 2023, Haifeimann had total assets of 217 million yuan, with an asset-liability ratio of 29.52%.

In 2023, Haifeimann's main business revenue was 201.9701 million yuan,with a total profit of 71.1189 million yuan.

It can be seen that the total assets, asset-liability ratio, main business revenue, and total profit of Haifeimann in 2023 disclosed in the '2023 ESG Report' do not match the data from before the correction of accounting errors, after the first correction, or after the second correction.

Not only that, the amount of investment in Haifeimann’s R&D projects may also deserve attention.

1.3 Regarding the disclosed investment amounts for the same R&D project, there might be discrepancies between the public transfer statement and the prospectus.

According to the prospectus dated December 1, 2025, during the reporting period (2022-2024 and January-June 2025), all of Hifiman’s R&D investments were recognized as R&D expenses, with no capitalization of R&D expenditures.

According to the prospectus dated December 1, 2025, Hifiman's first accounting error correction involved seven reasons: 'Revenue-cost period adjustment', 'Intermediary fee adjustment', 'Goodwill adjustment', 'Income tax expense adjustment', 'Deferred income tax asset and liability net amount presentation adjustment', 'Capital reserve adjustment', and 'Reclassification adjustment for estimated return payments'. The affected items in the financial statements may not include R&D expenses.

The reason for the second accounting error correction was 'Inventory impairment provision adjustment', and the affected items in the financial statements may also not include R&D expenses.

Not only that, the public transfer statement, the 2024 annual report, and the prospectus dated December 1, 2025 all disclosed Hifiman’s 2023 R&D expenses as 10.5881 million yuan.

It appears that Hifiman’s two rounds of accounting error corrections did not involve adjustments to R&D investments or R&D expenses.

Strangely, the disclosed values for the investment amounts in the same R&D project differ before and after Hifiman’s accounting error corrections.

According to the 'R&D Investment During the Reporting Period' section of the public transfer statement, from 2022 to 2023, the R&D investments for the 'DAC Chip Project' were 0 yuan and 2.7252 million yuan respectively; for the 'Research and Development of Coating and Processing Methods for Planar Diaphragm Headphones', they were 0 yuan and 1.2722 million yuan respectively; for 'High-Quality Earphone Power Amplifiers and Bluetooth Headphones R&D', they were 1.2189 million yuan and 0 yuan respectively; for 'Smart Noise-Canceling TWS Bluetooth Earphones and Testing Methods R&D', they were 1.0487 million yuan and 0 yuan respectively; for 'R&D on Headphone Storage Components and Storage Methods', they were 0 yuan and 1.031 million yuan respectively; for 'Planar Diaphragm Invisible Magnet Over-Ear Headphones and Playback System R&D', they were0.9938 million yuan and 0 yuanFor 'R&D of High-Precision Low-Power Digital-to-Analog Converters Based on Discrete Resistors', the investments were 1.4472 million yuan and 0 yuan respectively.

According to the 'Analysis of R&D Investment' section in the prospectus dated December 1, 2025, under 'Status of Major R&D Projects During the Reporting Period,' the R&D investments for the 'DAC Chip Project' were 0 yuan and 2.7249 million yuan for the years 2022-2023 respectively. For 'Research and Development of Coating and Processing Methods for Planar Diaphragms Used in Earphones,' the figures were 0 yuan and 1.2722 million yuan respectively. For 'R&D of High-Quality Earphone Power Amplifiers and Bluetooth Earphones,' they were 1.2099 million yuan and 0 yuan respectively. For 'R&D of Smart Noise-Canceling TWS Bluetooth Earphones and Testing Methods,' the investments were 1.0456 million yuan and 0 yuan respectively. For 'R&D of Earphone Storing Components and Methods,' the investments were 0 yuan and 1.0311 million yuan respectively. For 'R&D of Planar Diaphragm Invisible Magnet Headphones and Playback Systems,' the investments were1.0152 million yuan and 0 yuanrespectively. For 'R&D of High-Precision Low-Power Digital-to-Analog Converters Based on Discrete Resistors,' the investments were 1.4563 million yuan and 0 yuan respectively.

It can be observed that in the above two documents, there are seven identical R&D projects, but only one project has consistent investment amounts, while six projects have discrepancies. Among them, the difference in R&D investment for 'R&D of Planar Diaphragm Invisible Magnet Headphones and Playback Systems' in 2022 was approximately 21,400 yuan, which might not be due to rounding or unit conversion. The differences for the other five R&D projects did not exceed 10,000 yuan each, and it is unclear whether this was caused by rounding or unit conversion.

Moreover, research from the Southern Capital Center of JZ Research found that changes in accounting policies, accounting estimates, or consolidation scope likely do not affect the investment amounts for Hifiman's R&D projects.

Notably, Hifiman admitted to having engaged in order-padding behavior.

1.4 Previously Engaged in Order-Padding; Revenue and Net Profit Maintained Growth in January-September 2025 Unlike Two Competitors

According to the prospectus dated December 1, 2025, during the period from 2022 to 2024 and January-June 2025, Hifiman stated that it only conducted a small amount of order-padding behavior on the Tmall platformto increase product exposure during the initial launch phase of new products.The related amounts were not recognized as revenue, with no intent to deceive consumers, and all practices have now been fully standardized.

It should be noted that the trend of Hifiman's financial data may differ from that of its two peers.

According to the reply dated October 28, 2025, to the 'Review Inquiry Letter on the Application Documents for Public Offering of Shares and Listing on the Beijing Stock Exchange' (hereinafter referred to as the 'first round review reply'), Hifiman mainly engages in the design, research and development, production, and sales of terminal electro-acoustic products under its own brand 'HIFIMAN'. The product categories are mainly divided into over-ear headphones, true wireless earphones, and wired in-ear headphones.

In this listing, Hifiman selected three comparable companies: Shenzhen Edifier Technology Co., Ltd. (hereinafter referred to as 'Edifier'), Xiangge International Audio-Visual Co., Ltd. (hereinafter referred to as 'Xiangge International'), and Guangdong HiVi Acoustics Technology Co., Ltd. (hereinafter referred to as 'HiVi Technology').

Among them, Edifier has a wide variety of products primarily targeting the mass consumer market, with over-ear headphones, true wireless earbuds, and wired in-ear headphones matching Hifiman’s product range. HiVi Technology focuses on selling its own brand of speakers, with a small number of over-ear headphones and true wireless earbuds overlapping with Hifiman’s offerings. Xiangge International mainly offers products such as speakers and amplifiers.

Furthermore, according to the first-round inquiry response, the Beijing Stock Exchange asked Hifiman to clarify its comparative advantages and disadvantages against competitors in aspects like company size.

In response, Hifiman stated that its products target the global high-end electro-acoustic market and have been in direct competition with global professional audio brands such as Sennheiser for many years. Among its main competitors, Sennheiser’s consumer audio business was acquired by Switzerland’s Sonova Group in 2022, allowing for some publicly disclosed information, while there is limited public information available for other rivals. In the domestic market, there are currently no manufacturers directly competing with Hifiman in terms of product positioning, but the listed company Edifier, which mainly sells its own headphone brand, presents some competitive overlap.

Therefore, Hifiman compared itself with Sennheiser and Edifier in terms of scale and other metrics.

Under these circumstances, according to the prospectus dated December 1, 2025, during January to September 2025, Hifiman’s operating revenue increased by 13.23% year-on-year, and net profit grew by 27.69% year-on-year.

According to Edifier’s Q3 2025 report, during January to September 2025, Edifier’s operating revenue decreased by 4.16% year-on-year, while net profit attributable to shareholders of the listed company fell by 11.35% year-on-year.

According to the prospectus dated December 1, 2025, Sennheiser’s consumer business division now belongs to the Sonova Group.

According to the Sonova Group's semi-annual report for 2025, from April 1, 2025, to September 30, 2025, the sales revenue of Sonova Group's consumer business division decreased by 11.6% year-on-year, dropping to 96.8 million Swiss francs. This trend reflects the continued weak demand in the consumer electronics market, partly due to tariff-related impacts. Additionally, there were no major product launches in the first half of the 2025/26 fiscal year, whereas the same period last year benefited from significant product releases.

It can be seen that Hifiman stated that during the initial launch phase of new products, a small amount of order brushing was conducted on the Tmall platform to increase product exposure. The related amounts were not recognized as revenue. It is worth noting that the performance changes of Hifiman from January to September 2025 might differ from those of its two domestic and overseas competitors.

In addition, Hifiman replaced its financial director twice in 2024. In 2025, after changing its auditing institution, Hifiman made two corrections to accounting errors. The financial data disclosed in the '2023 ESG Report,' such as the total profit of Hifiman, may not match the financial data before and after the two corrections. Moreover, although the names of R&D projects disclosed in the prospectus and public offering documents are consistent, and the two corrections to accounting errors did not involve R&D investment categories, the R&D investment amounts for some R&D projects disclosed in the prospectus may not align with those in the public offering documents, indicating potential inconsistencies in information disclosure.

Secondly, the construction project of the fundraising investment once faced criticism due to an excessively low attendance rate of key management personnel. Despite a decline in the number of exported earphones, they still raised funds for production expansion.

It is important to emphasize that the CSRC pointed out that a systemic perspective must be maintained, with equal emphasis on information disclosure and corporate governance acting as dual drivers.

In this IPO, the proposed execution cycle end date of the fundraising projects disclosed in Hifiman’s prospectus may differ from the estimated completion time publicly announced by its assistant general manager, raising questions about information disclosure. Not only that, but Hifiman's fundraising projects were also set to be reported due to an excessively low real-name attendance rate of key management personnel in October 2025. It is worth mentioning that from January to October 2025, the export volume of the earphone industry declined, yet this IPO intends to raise funds for production expansion.

Based on the shared filing numbers and project codes, it can be concluded that the three fundraising projects are sub-projects of the 'Audio Products Project.'

According to the prospectus dated December 1, 2025, in this IPO, Hifiman plans to raise 430 million yuan, which will be allocated respectively to the 'Advanced Acoustic Components and Finished Goods Production Capacity Enhancement Project' (hereinafter referred to as Production Capacity Enhancement Project), the 'Monitor-grade Nanofilm Diaphragm and Industrial DAC Chip R&D Center Construction Project' (hereinafter referred to as R&D Center Project”), “Global Brand and Operations Headquarters Construction Project” (hereinafter referred to as “Headquarters Construction Project”), the three projects share one filing number “Kunshan Data Filing [2024] No. 166”。

According to the Jiangsu Province Investment Project Online Approval and Supervision Platform, the query results of the filing certificate show that “Kunshan Data Filing [2024] No. 166” corresponds to the filing certificate for “Kunshan Haifiman Technology Group Co., Ltd.Digital Audio Product Production Project” (hereinafter referred to as the “Audio Product Project”), with the project code being “2403-320583-89-01-212708The filing date is December 20, 2024.

It is not difficult to see that this public offering involves three fundraising projects of Hifiman, which may be the three sub-projects of the 'Audio Product Project'.

Against this backdrop, attention should be paid to the proposed execution period of Hifiman's fundraising projects.

According to the prospectus, the planned capacity enhancement project is expected to conclude by the end of 2026. Official disclosures indicate that Hifiman’s General Manager had projected the construction goal would be completed and put into use by 2025.

According to publicly available information from the Beijing Stock Exchange, as of the inquiry date January 30, 2026, Hifiman has disclosed three versions of its prospectus.

According to the Hifiman prospectus dated December 26, 2024 (hereinafter referred to as the 'December 26, 2024 prospectus'), the Hifiman prospectus dated November 20, 2025 (hereinafter referred to as the 'November 20, 2025 prospectus'), and the December 1, 2025 prospectus, as of November 20, 2025, Hifiman has completed the construction permit approval for the 'Capacity Enhancement Project' and is currently in the foundation-laying stage. The main construction includes the building of factory structures and infrastructure installation, with an estimated completion in the first half of 2026. Interior and exterior decoration, along with supporting facility inspections, are expected to be completed by the third quarter of 2026, reaching a state ready for predetermined use.

The proposed implementation periods for the 'Capacity Enhancement Project,' 'R&D Center Project,' and 'Headquarters Construction Project' are January 2025 to December 2026, January 2025 to December 2027, and January 2025 to December 2027, respectively.

According to the December 1, 2025 prospectus, as of September 2025, Hifiman owns one land-use right, covering an area of 6,863 square meters, located at 'South of Dongsheng Road, West of Dongding Road, Bajing Town, Kunshan,' acquired on March 6, 2024.

In addition, neither Hifiman nor its controlled subsidiaries own any other land-use rights or properties.

The 'Capacity Enhancement Project' will utilize the already acquired land-use rights in Bajing Town, Kunshan, to construct a smart factory with a new construction area of approximately 11,982 square meters. Both the 'Capacity Enhancement Project' and the 'R&D Center Project' will be located at 'South of Dongsheng Road, West of Dongding Road, Bajing Town, Kunshan.'

Moreover, the 'Capacity Enhancement Project' aims to integrate scattered production resources and achieve centralized management. At a unified production base, Hifiman can implement standardized quality controls and inspection processes. The 'R&D Center Project' will establish electronic laboratories and professional audio labs for developing monitor-grade nanofilm, industrial DAC chips, and designing and verifying acoustic packaging simulations, as well as prototyping high-fidelity operational amplifiers using discrete components.

That is, as of September 2025, Hifiman disclosed that it only owns one land use right. Moreover, the construction sites for the fundraising projects, namely the 'Capacity Enhancement Project' and the 'R&D Center Project,' are likely both located on this owned land.

However, the official disclosure of the commissioning timeline for Hifiman's construction projects on its owned land is worth noting.

According to information released by the Kunshan municipal government on May 28, 2024, Sun **, assistant to the general manager of Hifiman, stated that Hifiman completed the land auction at the beginning of 2024. It plans to construct office buildings, standard factories, and R&D laboratories in 2024 for the HIFIMAN Industrialization Base and a top-tier domestic electro-acoustic technology R&D center, with an expected completion of construction goals by 2025, followed by commissioning.

It is not difficult to see that the land mentioned in the above official information was auctioned at the beginning of 2024. Meanwhile, Hifiman’s prospectus disclosed that its only land use right was also acquired in 2024, possibly referring to the same plot. Additionally, the construction sites for the fundraising projects 'Capacity Enhancement Project' and 'R&D Center Project' are located on this land.

Under these circumstances, the official information mentions the construction of the 'HIFIMAN Industrialization Base' and 'Electro-Acoustic Technology R&D Center' on this land. The scope of construction may overlap with the fundraising projects 'Capacity Enhancement Project' and 'R&D Center Project.' If they are indeed the same project, according to the official information, the project mentioned by Hifiman's assistant to the general manager was expected to be completed and commissioned by 2025. However, Hifiman disclosed in its prospectus that the implementation timeline for the fundraising projects extends until December 2026 or December 2027. Therefore, the progress of the fundraising projects deserves attention.

In addition, key managerial staff involved in Hifiman’s fundraising projects were reportedly reprimanded.

2.3 Self-reported delays in processing filing procedures for audio product projects; official disclosures reveal planned notification in October 2025 due to low attendance rates among key managerial staff overseeing construction projects.

According to the reply dated June 28, 2024, to the 'Review Inquiry Letter on the Application for Public Transfer and Listing of Shares of Kunshan Hifiman Technology Group Co., Ltd.,' regulators noted that Hifiman’s proposed 'Audio Product Project'involved fixed-asset investments that did not comply with timely filing procedures as required.situations.

In this regard, Hifiman stated that during the initial establishment phase of Hifiman and its subsidiaries, there were fixed asset investments related to the purchase of production equipment that were not registered in accordance with regulations in a timely manner. This resulted in procedural deficiencies in historical fixed asset investment projects. These procedural deficiencies arose because the personnel responsible for purchasing the relevant production equipment at the company and its controlled subsidiaries lacked sufficient understanding of the relevant laws, regulations, and procedures regarding investment registration. Moreover, during the implementation of the project, the competent authorities did not request the submission of relevant investment registration certification documents.

In March 2024, Hifiman obtained the Jiangsu Province Investment Project Registration Certificate [Kun Approval Record (2024) No. 99] for the planned 'Audio Product Project.' The project code is2403-320583-89-01-212708。

This means that the parent project of Hifiman’s three fundraising investment projects, the 'Audio Product Project,' had previously experienced delays in completing registration procedures.

Notably, the construction works for Hifiman's fundraising projects may have been subject to potential notifications.

According to an announcement released by the Kunshan Municipal Government on November 24, 2025, titled 'Public Notice of Projects Proposed for Notification Regarding Non-compliance with Attendance Rates of Key Management Personnel in October 2025,' the Kunshan Housing and Urban-Rural Development Bureau will issue notices concerninga list of projects where ongoing construction exhibited issues such as excessively low attendance rates among key management personnel from construction, contracting, and supervisory units in October.Each project will be penalized with a deduction of 0.4 credit points, applied separately to construction enterprises and supervisory enterprises.credit score deductionsaccordingly.

Among the list of projects proposed for notification in October 2025, Hifiman's 'New Factory Building for Digital Audio Product Production Project' was included inthe list of projects proposed for notification for construction entities.The project type is a building construction project, located in Bacheng Town, with the supervision team being the Bacheng Group.

According to the Suzhou Municipal Construction Field Credit Information Public Service Platform, as of the query date December 22, 2025, the construction permit number for the 'Digital Audio Product Production Project New Factory Building' is '320583202411050201'. The construction entity is Hifiman, and the issue date was November 6, 2024;

The project number for the 'Audio Product Project' is '3205832407230101', with the construction entity being Hifiman. The project category is a building construction project.

In other words, the parent project of Hifiman's fundraising investment project, the 'Audio Product Project,' which involves constructing a new factory building in Bacheng Town, faced a proposed notice due to excessively low attendance rates of key management personnel in October 2025 and was subjected to credit score deductions.

Next, let's look at the export situation of wireless earphone products and headphones/earbuds within China from January to October 2025.

2.4 Overseas revenue accounts for over 60%, while domestic earphone exports declined in both quantity and value during January-October 2025 against fundraising-driven capacity expansion.

According to the reply to the first round of inquiries, from 2022 to 2024 and January-June 2025, overseas revenue accounted for more than 60% of Hifiman’s core business revenue, primarily targeting markets such as the United States, Europe, Japan, and South Korea.

According to information published by the Electronic Components Industry Association on December 16, 2025, during January-October 2025, the export value amounted to $6,405.27 million,representing a year-on-year decrease of 20.84%,with an export volume of 578.87 million units,Year-on-year growth of -0.14%。

From January to October 2025,Earphones and earbuds productsExport value reached 18.538 billion US dollars,Year-on-year growth of -26.37%; export volume was 13.281 billion units,Year-on-year growth of -6.61%。

According to the reply to the second round of review inquiry letter for the public offering of shares and listing on the Beijing Stock Exchange by Kunshan Hifiman Technology Group Co., Ltd., issued on October 28, 2025, the planned expanded production in this IPO by Hifiman includes over-ear headphones, true wireless earphones, headphone amplifiers, WiFi headphones, gaming headsets, co-branded headphones, and headphone speakers. Moreover, Hifiman stated that there is strong market demand for the products intended for expansion in this fundraising project.

Overall, the prospectus shows that for this IPO, the three fundraising projects of Hifiman are scheduled to be completed by the end of 2026 and 2027. However, in 2024, an assistant to the general manager of Hifiman publicly stated that the industrialization base and electro-acoustic technology research and development center construction goals are expected to be completed and put into use by 2025. In this context, the construction progress of Hifiman's fundraising projects has been subject to potential notification due to issues such as the low attendance rate of key management personnel in October 2025. It is worth noting that while Hifiman plans to raise funds to expand its headphone product lines, both the export volume and value of domestic wireless headphone products and earphone/earbud products from January to October 2025 have declined.

III. Conclusion

In summary, Hifiman changed its chief financial officer twice in 2024 and replaced its auditing firm in 2025, during which two accounting error corrections were made. Under these circumstances, the total profit and other financial data disclosed in Hifiman’s 2023 ESG report may differ from the data in the company’s announcements before and after the two rounds of accounting error corrections. Additionally, discrepancies might exist between the disclosed investment amounts for the same R&D project in the public transfer statement and the prospectus, even though the above-mentioned accounting errors did not involve changes to R&D expenditure items.

On the other hand, this public offering by Hifiman appears to consist of three fundraising projects that may be sub-projects of the 'Audio Products Project.' In 2025, the 'Audio Products Project' was subject to a proposed notification due to an excessively low attendance rate among key management personnel. Against this backdrop, Hifiman's current IPO intends to raise funds to expand its earphone production. However, during the period from January to October 2025, both the export volume and value of wireless earphones and earphone/earbud products declined.

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