Post a Sennheiser 2012 Annual Report Profit and Loss Statement, Deloitte Audit. From http://
Raw materials still account for a large proportion, and labor is also an important cost. The amount of patent rights placed on intangible assets is not large. However, according to the understanding of accounting standards, there is a large amount of research and development expenses that cannot be capitalized to form amortization of assets. Therefore, there should be a costly R&D expenditure for other operating expenses of 186 million. I guess that there is no annual report. Specifically mentioned. Sales expenses, advertising fees, and miscellaneous expenses should also be reflected in this other operating expenses. The net interest rate is about 7.5%, which is not very high.
Sennheiser's product line should be very broad. But in contrast, high-end headphones will not be more profitable than mid-to-low-end headphones, based on several considerations:
The sales of the first and high-end headphones are not large, and there is no scale effect. The ultra-classic version of Sennheiser's HD600 sold for 10 years and sold 10 million pairs, which is still much more sold in high-end headphones. AKG's K701 does not exceed 100,000, and Beyerdynamic's DT990 may also look like tens of thousands. These are products that have been sold for almost 10 years.
Second, due to the needs of production and tuning, the high-end headphones labor costs are much higher. For example, AKG's K701 should be hand-made in Austria, and HD600 should be made in Ireland. The low-end headphones are all from China and the Philippines. You said Sennheiser, AKG has a low end, not a luxury, it is a low-end product. Although I think Austrian manual production is not necessarily a luxury, it is not a low grade with 100 yuan. Similarly, the quality control and tuning of high-end headphones is thought to be done by looking for an individual. Quincy Jones, the AKG Q701's tuner, was the producer of Michael Jackson's record. In addition, these headphones also need special personnel to correct the sound before leaving the factory.
There are a lot of research on headphones. The earplugs mentioned above are the same.
There are also some high-tech costs, such as diaphragms, and there is not much to say.
High-end headphones and low-end headphones are completely two worlds. You can't think of high-end headphones with the thinking of low-end headphones. As for the high-end headset industry, even a 1% upgrade is a huge investment. You don't think it's worth it because you don't know the input, but you still feel that it is worthless after you know it. It feels that the investment is only worth 1%, because you'll never become the target customer.
Add another point of view, high-end headphones / earplugs in addition to professional use (listening, listening back) is a luxury.
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