Accelerated Competition in OWS Open-Ear Headphones and Its Impact on GoerTek and Luxshare

MOVA TPEAK launched the Clip Pro at the end of 2025, leveraging its three-magnet tidal acoustic architecture, 17° golden angle, and “4-mic array + dual VPU bone conduction noise reduction” combination to transform open-ear headphones into AI assistant terminals with end-cloud collaboration capabilities, targeting music enthusiasts, digital pioneers, and business professionals. Such high-end open-ear headphones/earclips emphasize lightweight design, all-day wearing comfort, and intelligent interaction, which means the entire supply chain needs to upgrade synchronously—sensors, modules, AI audio processing, bone conduction units, and structural components all require higher integration and R&D capabilities.

1. Order Opportunities and Gross Margin Elasticity
   
   GoerTek’s accumulation in precision structural components, acoustic modules, and AI audio solutions enables it to undertake products like Clip Pro, especially with obvious advantages in three-magnet acoustic architecture and open cavity design. The current stock price is 28.73 yuan, corresponding to a P/E ratio of 34.2x. Although there has been a short-term correction (down about 27% in the past 3 months), the over 23% increase in the past six months indicates market expectations for future order recovery [0]. If the penetration rate of such open-ear headphones continues to rise, GoerTek’s acoustic module shipments and AI audio chip packaging business may see volume growth, driving revenue growth and stable gross margins.

2. R&D Investment and Profit Rhythm
   
   Its ROE is only 8.5%, net profit margin 2.92%, and operating profit margin 3.21%, reflecting that current product gross margins are still under pressure [0]. If market competition intensifies simultaneously, GoerTek needs to continue investing in lightweight structural components, AI noise reduction, and bone conduction control; otherwise, it will face profit decline due to price wars or product homogenization. It is recommended to focus on changes in R&D investment, AI software licensing revenue, and the proportion of orders from high-end customers (such as MOVA, HUAWEI, etc.).

3. Risk Tips
   • Fluctuations in global demand for smart headphones, especially the uncertain recovery speed of high-end consumption in Europe and the US;
   • If artificial intelligence voice interaction is developed in-house by customers (e.g., MOVA building its own VPU), it poses a challenge to GoerTek’s bargaining power;
   • If the popularity of open-ear headphones slows down, short-term high-end R&D investment may be difficult to convert into benefits.

1. Strategic Benefits and Production Capacity Advantages
   
   As a leader in complete machines and structural components, Luxshare has obvious advantages in AI bone conduction, end-cloud collaboration solution packaging, module integration, and global channel capabilities. Its 2026 P/E ratio is about 26x, ROE reaches 21.3%, and operating profit margin is 5.84%, which is a high utilization rate and high profitability performance in the industry [0]. Against the backdrop of rising demand for OWS open-ear headphones, Luxshare can quickly launch high-value-added products to overseas channels and improve overall gross margins through customer integration.

2. Core Business and Growth
   
   The stock price has risen by more than 63% in the past six months, indicating market expectations for its high-end business growth in smart headphones, wearable terminals, etc. [0]. If Clip Pro and similar AI headphones form large-scale orders, Luxshare’s complete machine assembly, bone conduction modules, and core sensor supply chains will see volume growth, especially supporting overseas brand customization and domestic innovative brand projects, which will further optimize the revenue structure.

3. Competitive Pressure and Integration Challenges
   • Open-ear headphone design has extremely high requirements for structural component precision, heat dissipation, and material consistency; Luxshare needs to ensure supply chain stability and continuously reduce defect rates;
   • The bargaining power of customers in the foundry industry is increasing; if major brands switch to in-house production or lower-cost competitors, gross margins still face fluctuation risks;
   • High-end AI terminals require software and hardware collaboration; Luxshare needs to expand cooperation with AI chip/algorithm companies; otherwise, only providing hardware may make it difficult to maintain bargaining space.

1. Track Judgment
   
   If OWS open-ear headphones can reshape the wearing experience through AI interaction and accompany long-term “end-cloud collaboration” ecosystem construction, they will open up global differentiated high-end market space in the future. The industry chain is expected to upgrade from structural components + acoustic components to overall solutions including AI voice, bone conduction, and intelligent algorithms.

2. Priority Ranking
   • If seeking growth and global capabilities, Luxshare Precision is more suitable as the first choice due to its complete machine delivery capabilities and channels (large revenue base, high ROE);
   • If focusing on acoustic modules and AI acoustic R&D, GoerTek, although facing gross margin pressure, still has a positional advantage in segmented technical paths and is suitable for batch allocation at low prices.

3. Observation Indicators
   • Order structure: Whether there are OVS/AI headphone-related customer schedules;
   • Gross margin and inventory: Whether the gross margin from developing high-end products is better than traditional offline headphones;
   • External licensing revenue of AI algorithms/bone conduction modules and annual growth.

4. In-depth Research Recommendations
   
   If you need to further dive into the supply chain structure of MOVA Clip Pro, key component manufacturers of bone conduction systems, or compare the gross margin contributions of Luxshare/GoerTek in new AI headphone projects, it is recommended to activate the in-depth research mode to obtain more comprehensive industry databases and customized chart reports, including customer concentration, technical roadmaps, and global channel expansion progress.

[0] Jinling API Data