On June 25, 2026, the 62nd deliberation session of the 2026 Listing Committee of the Beijing Stock Exchange (BSE) announced that Xiangeo International Audio Co., Ltd. (hereinafter referred to as "Xiangeo International") had successfully passed its IPO review. With over 30 years of experience in the high-performance audio sector, Xiangeo International is poised to amplify the resonance of the "Chinese Sound" on the BSE platform.

In the A-share market, Edifier (002351), a leader in headphones and audio systems, commands a market capitalization of nearly nine billion yuan, while Hivi Technology (002888) also holds a significant presence in niche segments. Compared to these industry giants, Xiangeo International's revenue scale remains smaller than Edifier's. However, its unique "Made in China + International Brand" model, superior gross margin levels compared to peers, and leading position in the global high-fidelity audio market position it as a highly valuable case study for observing the evolution of China's audio industry.

01 A Decades-Long Journey of Brand Integration

Xiangeo International's story begins with a decades-long global brand integration endeavor. The company owns a portfolio of internationally renowned high-fidelity audio brands, including Wharfedale (founded in 1932), Luxman (founded in 1925), QUAD (founded in 1936), Audiolab, and Mission, as well as professional audio brands like Wharfedale Pro. These brands have deep-rooted heritage and are revered among global audio enthusiasts.

Unlike domestic audio companies that rely solely on OEM/ODM manufacturing, Xiangeo International's business strategy revolves around acquiring historically rich overseas brands through capital, shifting R&D and manufacturing focus to China, leveraging the cost advantages of the domestic supply chain, and inheriting the brands' premium positioning in developed markets. The company operates a large-scale, independent production base in Ji'an, Jiangxi, featuring a complete industrial chain that spans woodworking, metal processing, SMT patching, painting, and even speaker unit manufacturing. It is one of the few audio brand companies in China with a fully integrated industrial chain.

The effectiveness of this model is underscored by financial data. According to the prospectus, from 2023 to 2025, Xiangeo International's revenue reached 453 million yuan, 462 million yuan, and 486 million yuan, respectively, with net profits attributable to shareholders of 51.7518 million yuan, 52.8666 million yuan, and 63.1434 million yuan, demonstrating a steady growth trajectory. More notably, the company's comprehensive gross margin rose from 39.22% in 2023 to 43.76% in 2025, surpassing the average levels of comparable industry peers Edifier (around 40%) and Hivi Technology (around 30%).

According to a QYR research report, in the 2024 global ranking of home high-fidelity audio systems, Xiangeo International secured a 1.71% market share by sales volume, ranking seventh globally and second in China; by sales revenue, it held a 1.36% market share, ranking eighth globally and first in China.

02 R&D-Driven Growth and Core Technology Advantage

The audio industry is inherently multidisciplinary, encompassing acoustics, materials science, electronic circuitry, engineering structural science, industrial design, and software development, presenting formidable technical barriers. As a national high-tech enterprise and a "specialized, refined, distinctive, and innovative" small-to-medium enterprise in Shenzhen, Xiangeo International continues to ramp up its R&D investment. During the reporting period, the company's R&D expenses amounted to 22.0092 million yuan, 22.7020 million yuan, and 24.6639 million yuan, respectively, with R&D expense ratios of 4.86%, 4.91%, and 5.08%.

The company operates multiple R&D centers in Shenzhen, the UK, and Japan. As of the end of 2025, it had secured 323 authorized patents (including 16 invention patents) and 44 software copyrights. The accumulation of core technologies is evident in the comparison between the company's representative products and competitors: products like the Wharfedale Elysian 2 speakers and Luxman L-505Z amplifiers match or surpass international competitors in core indicators such as frequency response, total harmonic distortion, and signal-to-noise ratio, while offering more competitive pricing.

The company's products have garnered high acclaim from global audio authorities. Products such as the Wharfedale Diamond series, Luxman L-509Z integrated amplifier, and Audiolab 9000N network player have consistently won annual awards and "Five-Star Recommendations" from authoritative media such as What Hi-Fi?, Hi-Fi News, and Stereo Sound. In the professional audio realm, Wharfedale Pro brand products have been deployed in numerous landmark projects, including the Shanghai World Expo, Beijing Palace Museum, Osaka World Expo in Japan, and the Royal Concertgebouw in Amsterdam.

03 Channel Advantages Foster a Global Sales Network

Another defining feature of Xiangeo International is its high degree of globalization. During the reporting period, the company's export revenue accounted for 82.74%, 83.19%, and 84.54% of total revenue, primarily sold to developed markets such as Japan, the UK, the US, and Germany. The company has established subsidiaries in Japan, the UK, and Germany, responsible for R&D, sales, and services in local markets.

This "Made in China + International Brand + Global Channels" model is viewed by market observers as an innovative pathway for Chinese companies to go global. The company does not merely export products but competes in the global high-end market under its own brands by acquiring international brands, integrating global R&D resources, and leveraging China's manufacturing prowess. This approach markedly differs from the strategies of most domestic audio companies, which primarily rely on OEM/ODM exports or focus on domestic sales.

The company's sales network spans over 50 countries and regions worldwide, with more than 1,000 distributors, forming a comprehensive global sales network that covers major consumer markets.

04 Post-Review: Opportunities and Challenges Ahead

Xiangeo International's successful review stems from its unique brand assets, sustained R&D investment, steadily improving profitability, and brand influence cultivated in the global market. The company plans to raise approximately 248 million yuan, primarily for the technological transformation of audio system equipment production lines and R&D center construction, aiming to drive capacity upgrades and technological innovation.

Of course, the company's development also faces certain objective challenges. Brothers Zhang Taiwu and Zhang Guangwu, the actual controllers, collectively hold 93% of the company's shares, resulting in a relatively concentrated ownership structure. This, to some extent, reflects the management's firm confidence and strategic determination in the company's long-term development. Meanwhile, with export revenue accounting for over 80% of total revenue, exchange rate fluctuations are a variable that requires continuous attention during the company's deep global market penetration. During the reporting period, the company has proactively responded through measures such as pricing mechanism optimization. Looking ahead, the company will continue to monitor policy changes and trade environments in major export markets, leveraging its global layout and brand advantages to steadily advance high-quality development.

From a broader perspective, Xiangeo International's successful review marks a phased recognition by the capital market of China's audio industry's transformation from a "world factory" to a "world brand." Amid the trend of consumption upgrading and the rise of domestic brands, this "thirty-year-forged" company is poised to amplify an even louder "Chinese Sound" on the BSE's main platform for serving innovative small-to-medium enterprises.

Note: All content in this article is compiled from publicly available information. For any feedback, please contact Panorama Network for clarification.

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