---
title: "Headphones sold for 50,000 yuan a pair, HIFIMAN's stock surged 170%"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/277772402.md"
description: "Haifiman (920183.BJ) was listed on March 4th, with an issue price of 19.71 yuan per share, and a first-day increase of 170.42%, resulting in a market value of approximately 2.609 billion yuan. The company is known for high-end headphones, with prices exceeding 50,000 yuan, and a gross profit margin close to that of luxury brands. Despite its outstanding performance in the audiophile headphone market, it faces limitations in market space, and Haifiman plans to transform and enter the fiercely competitive consumer market. Previous attempts to launch consumer-grade headphones have not been successful, and it will need to find new growth points in the future"
datetime: "2026-03-04T11:47:17.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/277772402.md)
  - [en](https://longbridge.com/en/news/277772402.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/277772402.md)
---

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# Headphones sold for 50,000 yuan a pair, HIFIMAN's stock surged 170%

"The Hermes of the Headphone Industry" Debuts in the Capital Market!

On March 4, HIFIMAN (920183.BJ) landed on the Beijing Stock Exchange, with an issue price of 19.71 yuan per share. On its first day of trading, HIFIMAN surged over 500% during the collective bidding phase, and by the close, the increase had settled at 170.42%, closing at 53.30 yuan per share, with a market capitalization of approximately 2.609 billion yuan.

The birth of HIFIMAN began with the passion of its founder, Fang Bian. In 2007, while pursuing a Ph.D. in chemistry overseas, he started HIFIMAN with a scholarship of 3,000 USD, establishing a high-end electroacoustic brand. The JD.com flagship store shows that the headphones it sells have a maximum price exceeding 50,000 yuan.

From 2022 to 2024, and in the first half of 2025, HIFIMAN's gross profit margins for its main business were 65.09%, 68.66%, 70.12%, and 66.83%, respectively. Due to its gross profit margin being on par with luxury brand Hermes, it is also referred to as "the Hermes of the headphone industry."

However, behind the high gross profit is the inherent limitation of the high-end market (audiophile headphone market) in which it operates. According to Business Research Insights, the global audiophile headphone market reached 2.85 billion USD in 2022 and is expected to reach 4.158 billion USD by 2028; while data from Grand View Research shows that the global headphone market size reached 71.5 billion USD in 2023 and is expected to reach 163.8 billion USD by 2030.

Faced with the ceiling of a niche market, HIFIMAN's growth story needs a new chapter.

Attempting to Enter the Consumer Headphone Market

HIFIMAN has turned its attention to the large but fiercely competitive consumer market, hoping to apply high-end technology in a "downscaled" manner. This transformation is not without precedent. As early as 2022, HIFIMAN attempted to launch a mass-market neck-mounted headphone, but the results were not ideal.

At that time, the company produced a large quantity of mass-market neck-mounted headphones BW600 through OEM production. These headphones had a low unit price and high production volume, but the company has already reduced production in 2023 and 2024 based on market conditions, continuously digesting inventory products. By the first half of 2025, HIFIMAN had stopped producing and selling low-priced mass-market neck-mounted headphones.

This attempt also affected its wired in-ear headphone business, leading to significant fluctuations in sales for that category and pressure on gross profit margins. From 2022 to 2024, and in the first half of 2025, HIFIMAN's wired in-ear headphone sales were 84,600 units, 31,700 units, 16,600 units, and 1,352 units, with production and sales rates of 68.18%, 1012.36%, 254.44%, and 114.29%, respectively.

During the same period, the gross profit margins were 37.43%, 49.53%, 38.92%, and 69.27%. HIFIMAN stated that although the revenue scale grew rapidly with the launch of mass-market neck-mounted headphones in 2022, the gross profit margin was relatively low, and with the popularity of wireless headphones, the demand and gross profit margin for wired in-ear headphones have declined From a global perspective, the market share of wired headphones has been continuously eroded by TWS wireless headphones in recent years, which is also reflected in the changes in HIFIMAN's revenue structure.

In 2022-2024 and the first half of 2025, HIFIMAN's revenue from wired in-ear headphones was 9.0018 million yuan, 4.8476 million yuan, 1.7370 million yuan, and 800,600 yuan, accounting for 5.87%, 2.40%, 0.77%, and 0.75% respectively; during the same period, the revenue from true wireless headphones reached 827,800 yuan, 12.5842 million yuan, 21.2390 million yuan, and 7.6975 million yuan, accounting for 0.54%, 6.23%, 9.37%, and 7.17% respectively; while the revenue share of its over-ear headphones has long remained above 70%.

Growth potential may still lie overseas.

Faced with the vast and complex consumer market, how should HIFIMAN break through?

Zhang Yi, CEO and chief analyst of iiMedia Research, stated to Times Finance that for many years, the coverage of the consumer headphone market has been relatively broad, posing significant challenges for latecomers, who need to break through from aspects such as segmented scenarios, technological innovation, and product differentiation.

Zhang Yi pointed out that from an industrial trend perspective, the growth rate of TWS is also slowing down, while the demand for open headphones, AI headphones, and mid-to-high-end sound quality headphones is relatively strong.

"Based on the accumulation of HiFi technology and high-end reputation, HIFIMAN has a good foundation for laying out consumer headphones, which can form a downward attack in the consumer market." Zhang Yi believes that consumer users pay more attention to noise reduction, battery life, aesthetics, convenience, and cost-effectiveness. To break through this market, HIFIMAN can consider penetrating from the audiophile circle to the mid-to-high-end mass market. "Especially for phased expansion, it is not recommended to start with low-end products, as it may damage the brand."

"The company also needs to strengthen the construction of its marketing team, enhance market education (core stocks) guidance, and improve public awareness of its products. The company can also collaborate with well-known consumer electronics brands to achieve technology and brand promotion through dual-brand operations. Currently, the company has already collaborated with ASUS's ROG gaming headphones, and the products have been launched in the market and received high praise." In a previous roadshow, an investor asked how the company would maintain its high-end market brand reputation and technological advantages amid fierce competition in the consumer market. HIFIMAN's chairman and general manager, Bian Fang, responded as such.

In this IPO, HIFIMAN plans to raise funds for advanced acoustic component and complete machine production capacity enhancement projects, monitoring-level nano diaphragm and industrial DAC chip research and development center construction projects, and global brand and operation headquarters construction projects, among which, 48.242 million yuan is planned to be invested in the global brand and operation headquarters construction project, possibly to strengthen its marketing shortcomings.

HIFIMAN stated in its prospectus that the company initially focused on the research and promotion of high-end electroacoustic products, with insufficient investment in brand promotion and marketing in the consumer market. By implementing this project, it can continuously tap into market potential and meet the diversified needs of consumers In addition, Haifeiman plans to invest 243 million yuan to implement a capacity enhancement project. Regarding whether this capacity enhancement project will expand the production capacity of consumer-grade products, Times Finance sent an interview outline to Haifeiman, but no response was received by the time of publication.

As a deeply globalized company, Haifeiman's overseas sales have consistently accounted for over 65%, reaching 70.30%, 66.22%, 66.44%, and 65.59% from 2022 to the first half of 2025, respectively. It stated that the overseas markets mainly include economically developed and mature consumer markets such as the United States, Europe, Japan, and South Korea.

Looking ahead, if Haifeiman expands into the consumer-grade market, there may still be growth opportunities overseas. According to Zhang Yi, the domestic headphone market currently requires structural upgrades, and the overseas Southeast Asian market, especially South Asia, has significant incremental space. "These regions have a notable characteristic: there are many young people, and the mid-to-low-end user base is very large; while high-end headphones still have potential in countries like Japan, South Korea, and Europe and the United States."

Listing on the Beijing Stock Exchange is just a new starting point for Haifeiman. With the halo of being the "Hermès of the headphone industry," whether Haifeiman can successfully carve out a new growth path in the vast consumer-grade red ocean will be the core challenge it faces after going public.

More exclusive planning and expert columns in the stock channel, free to check\>\>

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