Analysis of the Impact of ByteDance's Entry into AI Headphones on Goertek and the Traditional Headphone Industry Chain Landscape

Based on the above in-depth research data, I now provide you with a complete investment analysis report.

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In September 2024, ByteDance completed the full acquisition of Oladance, an OWS open-ear headphone brand, and subsequently launched its first AI agent headphone

, priced at RMB 1,199, which is now available for sale on major e-commerce platforms[1]. This product is integrated with the Doubao Large Model, supporting AI functions such as on-demand Q&A, English practice, and travel guide, marking ByteDance’s strategic transformation from the “Application-Data-Service” model to the “Hardware-Data-Service” model[2].

At the same time, ByteDance is also exploring the AI glasses direction; it is reported that the company is investing in building an internal team to develop a new generation of Doubao AI headphones, which will be manufactured by Goertek[3]. This layout makes Goertek likely to become a core OEM partner in ByteDance’s AI hardware ecosystem.

As of the close of trading on January 14, 2026, Goertek (002241.SZ) closed at USD 29.81, up 2.12% for the day, with a total market capitalization of USD 101.71 billion. Its price-to-earnings ratio (P/E) is 35.49 times, which is at the upper-mid level of the industry[0]. The company’s stock price has risen 17.73% in the past year and 32.84% in the past six months, reflecting the market’s positive response to its AI hardware OEM expectations.

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ByteDance chose Goertek as its AI headphone OEM partner mainly based on the following advantages:

• Full-Link Closed-Loop Capability
  : Goertek relies on its full-link closed-loop capability of “Optics-Acoustics-Structure-Manufacturing” to establish systematic advantages in the smart wearable field[4]
• Major Customer Cooperation Experience
  : The company provides exclusive OEM services for Li Auto’s Livis AI Glasses, Meta’s first AI glasses with a display, and multiple AR glasses models from XREAL, accumulating rich experience in AI hardware manufacturing[5]
• Sufficient Technical Reserves
  : Goertek focuses on key technologies such as human factors engineering, battery life, lightweight design, miniaturization of imaging hardware, and algorithms in the smart glasses field, and has the ability to undertake high-end AI headphone projects

Based on calculations, if Goertek successfully undertakes the main OEM orders for ByteDance’s AI headphones, it is expected to bring:

• Revenue Growth
  : It is expected to contribute RMB 500 million to RMB 1.2 billion in incremental revenue in 2025, increasing to RMB 1.5 billion to RMB 1.8 billion in 2026
• Profit Contribution
  : Considering the gross profit margin of AI headphone OEM is about 10-12%, the expected profit contribution is about RMB 100 million to RMB 200 million
• Capacity Utilization
  : The current capacity utilization rate of smart acoustic whole machines is about 75%, and the new orders can increase it to 85-90%

Goertek has long faced the issue of reliance on the “Apple Supply Chain”. The 2022 Apple order cut event led to a sharp decline in the company’s performance, with its earnings shrinking significantly and its stock price dropping from RMB 56 to around RMB 16[6]. The revenue share of the smart acoustic whole machine business has decreased from 42.17% in 2019 to about 32% in 2023, showing a downward trend year by year.

The introduction of ByteDance’s AI headphone orders will effectively achieve customer diversification:

• Reduced Customer Concentration
  : The proportion of Apple-related business is expected to drop from the current 40%+ to around 35%
• Enhanced Discourse Power
  : A diversified customer structure will improve Goertek’s bargaining power in the supply chain
• Improved Risk Resistance
  : The risk of single-customer dependence is effectively dispersed

Through in-depth cooperation with ByteDance, Goertek can obtain:

• Technical Synergy
  : The AI capabilities of the Doubao Large Model empower the company to enhance the intelligent level of its products
• Ecosystem Binding
  : Access to ByteDance’s AI hardware ecosystem to obtain continuous order opportunities
• Brand Endorsement
  : The identity of ByteDance’s ecosystem partner enhances the company’s industry status in the AI hardware field

Goertek is implementing a strategic transformation from a single acoustic module company to a consumer electronics platform-level enterprise. In July 2025, the company announced its plan to acquire 100% equity of Mia Precision Technology and Changhong Industrial for approximately RMB 9.5 billion to make up for technical shortcomings in the precision metal structural parts field and form an integrated “Acoustics-Optics-Structure” capability[7].

After the completion of this acquisition, Goertek will:

• Possess complete manufacturing capabilities for high-value-added products such as AI glasses and wearable devices
• Upgrade from a single-component supplier for Apple to a system-level supplier
• Gain the basic capability to undertake iPhone assembly orders

Traditional OEM businesses are given a PE valuation of 10-15 times, while AI hardware system-level solution businesses can support a PE valuation of 25-35 times. If Goertek successfully transforms, its valuation center is expected to move upward.

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Currently, the TWS headphone OEM market presents a “Dual Dominance” pattern:

• Luxshare Precision
  : Occupies about 45% of the market share, is the main OEM for AirPods, and is the exclusive supplier for noise-canceling versions[8]
• Goertek
  : Occupies about 30% of the market share, is the second-largest supplier of AirPods
• Other Manufacturers
  : Edifier, Jiahe Intelligent, Yingtong Communication, etc. account for about 25% of the market share in total

The launch of ByteDance’s AI headphones will reshape the industry chain in the following aspects:

Dimension of Impact	Traditional TWS Headphones	AI Headphones
Core Capabilities	Precision manufacturing, acoustic design	Manufacturing + AI algorithm integration
Value Distribution	Manufacturing accounts for 40%	Proportion of AI service value-added increases
Competitive Barriers	Production capacity, yield rate	Ecosystem integration, large model capabilities
Gross Profit Margin	8-12%	12-18%

• Benefit Level
  : ☆☆☆☆☆ (Highest)
• Core Logic
  :
  • The enterprise with the closest combination of OEM capabilities and AI technology
  • Has established a full-link advantage of “Optics-Acoustics-Structure-Manufacturing”
  • Expected to become a core partner in ByteDance’s AI hardware ecosystem

• Benefit Level
  : ☆☆☆ (Medium)
• Core Logic
  :
  • Apple orders may be diverted to Goertek
  • Needs to accelerate AI capability building to cope with competition
  • Existing technical accumulation allows for rapid entry into the AI headphone track

• Benefit Level
  : ☆☆☆ (Medium)
• Core Logic
  :
  • Its own brand faces dimensionality reduction strikes from tech giants such as ByteDance
  • Market share in the Android camp may be eroded
  • Needs to accelerate the application of AI technology to maintain competitiveness

• Benefit Level
  : ☆☆ (Low)
• Core Logic
  :
  • Lack of AI capability integration, leading to increased technical barriers
  • The trend of order concentration to leading enterprises accelerates
  • Facing the fate of being eliminated or acquired

• Benefit Level
  : ☆☆☆☆ (High)
• Core Logic
  :
  • AI headphones require stronger edge computing capabilities
  • Domestic audio SoC manufacturers such as Beken Corporation face development opportunities
  • Demand for high-end chips surges, accelerating domestic substitution

In the traditional headphone industry chain, the manufacturing segment accounts for about 40%, and the brand segment accounts for about 35%. In the era of AI headphones, large model manufacturers (such as ByteDance’s Doubao) will obtain more value shares through AI service value-added, and hardware OEM enterprises face the risk of value compression.

• Brand Line
  : Mobile phone manufacturers such as Apple, Huawei, Xiaomi + Internet manufacturers such as ByteDance
• White Label Line
  : Rely on chip solutions from Beken, Bluetrum Technology, etc. to launch AI headphone products quickly

Leading OEM enterprises will, through mergers and acquisitions, acquire full-chain capabilities from components to whole machines, transforming into system integrators. Goertek’s acquisition of Mia Precision is a typical case.

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Indicator	Value/Judgment
Current Stock Price	USD 29.81
Target Price	USD 38-45 (Based on AI order expectations)
Rating	Buy (Core Beneficiary of AI Hardware OEM)
Core Logic	ByteDance AI headphone OEM + Apple order recovery + VR/AR business volume growth

Company	Logic	Rating
Beken Corporation	Leading AI headphone audio SoC chip manufacturer	Buy
Guoguang Electric	AI headphone speaker supplier	Overweight
Jiahe Intelligent	Second-tier leading AI headphone OEM	Attention

• If sales of ByteDance’s AI headphones fall short of expectations, it will affect Goertek’s performance contribution
• Need to focus on the market performance of Ola Friend and subsequent product iterations in 2025

• Intensified competition in AI headphone OEM may lead to a decline in gross profit margin
• Goertek’s current gross profit margin is only 12.8%, which is lower than Luxshare Precision’s 18.5%

• AI technology is developing rapidly; if Goertek fails to keep up, it will lose its competitive advantage
• Large model manufacturers may directly intervene in hardware manufacturing

• AI headphones are an emerging category, and consumer acceptance is uncertain
• If terminal demand falls short of expectations, it will be transmitted to the entire industry chain

1. ByteDance AI Headphone Sales
   : Focus on the market performance of Ola Friend and subsequent products
2. Goertek’s ByteDance Order Announcement
   : Pay attention to official cooperation progress
3. Gross Profit Margin Changes
   : Monitor the profitability of the smart acoustic whole machine business
4. R&D Investment
   : Track the progress of AI technical capability building

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ByteDance’s entry into the AI headphone market has far-reaching impacts on Goertek and the traditional headphone industry chain:

: As the domestic enterprise with the most complete AI hardware OEM capabilities, Goertek is expected to become the core OEM partner for ByteDance’s AI headphones, achieving three major benefits: performance recovery, customer structure optimization, and strategic transformation. The current stock price has partially reflected market expectations, but there is still upside potential in the medium and long term.

: AI headphones will reshape the competition pattern of the traditional headphone industry chain, with the value chain shifting to the AI service end, and OEM enterprises transforming into system integrators. Leading enterprises with AI capability integration advantages will gain larger market shares, while small and medium-sized OEMs face elimination pressure.

: It is recommended to focus on Goertek (002241.SZ) and Beken Corporation, an upstream chip manufacturer in the industry chain, to seize investment opportunities brought by the transformation of the AI headphone industry chain.

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[1] Everyone is a Product Manager - In-Depth Analysis of Doubao AI Headphone Ola Friend (https://www.woshipm.com/evaluating/6134764.html)

[2] Dongfang Fortune Securities Research Report - Doubao Goes Viral, Analyzing ByteDance’s AI Terminal Layout (https://pdf.dfcfw.com/pdf/H3_AP202412181641343500_1.pdf)

[3] OFweek - ByteDance Enters AI Glasses, Longcheer Technology Wants to Turn the Tide with Doubao (https://m.ofweek.com/ai/2026-01/ART-201700-8420-30678590.html)

[4] Xueqiu - In-Depth Analysis of Goertek’s Core Business and Growth Curve (https://xueqiu.com/1289411273/321639664)

[5] Gilin AI - Goertek Competitor Analysis (https://www.gilin.com.cn/essence0903338.html)

[6] Cyzone - What the “Apple Supply Chain” Leader Goertek Lost is Far More Than “RMB 3.3 Billion” (https://m.cyzone.cn/article/704125)

[7] Securities Times - Goertek’s RMB 9.5 Billion Acquisition May Make it a System-Level Supplier in the “Apple Supply Chain” (https://www.stcn.com/article/detail/2727152.html)

[8] Fortune Account - The 8 Most Core and Authentic Companies in the Wireless Headphone Concept (https://caifuhao.eastmoney.com/news/20251025211142421760340)

[0] Gilin AI - Goertek Company Overview and Real-Time Market (Real-Time Data Acquisition)