Goertek
Goertek Inc. (Chinese: 歌尔股份) is a Chinese high-tech enterprise specializing in the research, development, manufacturing, and sales of precision electro-acoustic components, optical modules, and intelligent hardware products.[1][2] Founded in June 2001 and headquartered in Weifang, Shandong Province, the company has expanded into areas such as virtual reality devices, Bluetooth headsets, and gaming accessories, positioning itself as a top original design manufacturer (ODM) in these sectors.[1][3][4] Listed on the Shenzhen Stock Exchange since 2008, Goertek employs over 81,000 people and reported revenues of approximately $13.5 billion in recent fiscal periods, serving major clients including suppliers to Apple, Google, Huawei, and ByteDance.[5][3][6] Despite its growth through innovation and global expansion, such as a $390 million investment in Vietnam facilities, Goertek has faced allegations of incorporating forced labor from Xinjiang Uyghur detainees in its supply chain, particularly in production for Western brands like Google's Pixel Buds, raising ethical concerns amid broader scrutiny of Chinese manufacturing practices.[7][8]
History
Founding and Initial Development (2001–2008)
Goertek Inc. was established in June 2001 in Weifang, Shandong Province, China, by Jiang Bin, a former electronics technician with prior experience in a local joint venture, and his wife Hu Shuangmei, initially operating as Weifang Yilida Electroacoustic Co., Ltd.[1][3][9] The venture began in a modest 200-square-meter workshop employing fewer than 20 people, primarily focused on producing microphones and basic electroacoustic components for telecommunications devices.[9][10] Early operations yielded initial profitability through microphone manufacturing, but expansion hurdles arose when partners hesitated to commit resources aggressively, prompting the closure of the first plant.[9] Jiang Bin relaunched the company with a small core team, prioritizing electroacoustic innovation and leveraging his background in radio factory work dating back to 1987.[9][10] In 2004, Goertek pivoted toward MEMS (micro-electro-mechanical systems) technology to advance its acoustic component precision and performance.[10] By 2006, the company had secured R&D collaborations with institutions such as the Chinese Academy of Sciences, Tsinghua University, Beihang University, and Harbin Institute of Technology, enhancing its expertise in acoustic transduction and signal processing.[9] Family involvement remained central, with Jiang Bin's brother, Jiang Long, serving as vice chairman to support operational leadership.[9] This foundational phase concluded with Goertek's initial public offering on the Shenzhen Stock Exchange in May 2008, enabling scaled manufacturing and market penetration in acoustic modules.[5][9]Growth and Public Listing (2008–2015)
Goertek Inc. completed its initial public offering on the Shenzhen Stock Exchange in May 2008, issuing 30 million shares and raising 563 million RMB to fund expansion in research, development, and production capacities.[11] [1] The listing marked a pivotal shift, enabling the company to scale operations amid rising global demand for acoustic components in mobile devices.[1] Post-IPO, Goertek pursued aggressive growth, establishing subsidiaries like GoerTek Technology (Shenzhen) Co., Ltd. in 2008 to bolster manufacturing and supply chain integration.[12] Revenue accelerated, reaching approximately 500 million USD by 2010, driven by deepened partnerships with leading electronics manufacturers and investments in precision electro-acoustic technologies.[12] By 2012, annual revenue had surpassed 1 billion USD, reflecting compounded annual growth exceeding 50% in key segments like micro-speakers and receivers.[12] Strategic acquisitions further propelled expansion. In 2014, Goertek acquired Dynaudio, a Danish premium audio brand founded in 1977, integrating high-end transducer expertise to diversify beyond commodity components into professional sound solutions.[12] The following year, it purchased the microphone and speaker business unit from AAC Technologies, adding advanced MEMS (micro-electro-mechanical systems) capabilities and enhancing vertical integration.[12] These moves coincided with global R&D network buildup, including centers in the United States, Denmark, Japan, and South Korea, to support customized acoustic and optical modules.[1] By the end of 2015, Goertek's sales revenue exceeded 13.7 billion RMB, with total assets at 19.2 billion RMB, positioning it as a market leader in acoustic components by share and enabling supply to major clients like Apple and Sony.[13] This period solidified the company's transition from a domestic supplier to a global one-stop provider in consumer electronics acoustics.[1]Expansion into New Markets and Technologies (2016–Present)
Since 2016, Goertek has diversified beyond its core acoustic components for mobile devices into virtual reality (VR) and augmented reality (AR) technologies, establishing itself as a key supplier for VR/AR hardware integration. In 2018, the company invested in UK-based waveguide manufacturer WaveOptics to bolster its AR optics capabilities, followed by a 10% stake acquisition in a US optics firm to enhance micro-display technologies. By 2022, Goertek had expanded its VR/AR portfolio to include full device OEM services, leveraging hardware-software integration for terminals like smart glasses and headsets, with a focus on pancake optics modules and diffractive waveguides showcased at CES 2024. This shift positioned Goertek as a major player in the AR/VR supply chain, providing turnkey solutions amid growing demand from clients in consumer electronics.[14][15] Goertek's technological expansion extended to automotive electronics and smart hardware, incorporating sensors, haptics, and optical modules for intelligent vehicles. In 2023, it entered the smart cabin optical business, releasing projection units (PGU) for heads-up displays (HUDs), with the global car HUD market projected to reach 100 billion yuan by 2030. At CES 2024, Goertek debuted an automotive AR HUD module alongside in-vehicle center consoles featuring piezoelectric tactile feedback, targeting integration in electric and autonomous vehicles. Further advancements in 2025 included MicroLED investments, such as a USD 100 million stake in Plessey Semiconductors to support AR/VR and automotive displays, amid a market forecasted to grow from GBP 2.7 billion in 2024 to over GBP 592 billion by 2034. These efforts diversified revenue streams, reducing reliance on mobile acoustics while aligning with trends in AI glasses and edge computing.[16][15][17] Geographically, Goertek pursued new manufacturing markets to mitigate supply chain risks and tap Southeast Asian growth. In 2025, it committed VND 9,717 billion (approximately USD 391 million) to expand facilities in Vietnam, including a 53-hectare complex in Bac Ninh province with a total investment of USD 820 million for electro-acoustic and precision component production. This followed earlier European footholds, such as the acquisition of Danish audio firm AM3D and establishment of an audio R&D center in Sweden, marking its first overseas headquarters. Strategic partnerships, like a 2025 agreement granting 10.1% ownership in US-based Kopin Corporation for USD 24.6 million, further integrated AR display tech into its ecosystem. These moves enhanced global footprint amid US-China trade tensions, prioritizing resilient supply for key clients.[7][18][19] Acquisitions and investments from 2016 onward accelerated this diversification, with Goertek completing eight deals in wearables, AR, and drones by mid-2025. Notable was a July 2025 preliminary agreement to acquire two structural parts makers—Mega Precision Technology and Channel Well Technology—from Luen Fung Holdings for USD 1.3 billion, aiming to secure components for AirPods and VR assemblies. In August 2025, it pursued optics assets via investments to avoid merger risks while ensuring supply stability. At CES 2025, Goertek highlighted acoustic-haptic components for TWS earbuds, VR/AR glasses, and microelectronics, underscoring R&D in 5G, sensors, and intelligent interaction. These initiatives, supported by annual reports emphasizing new tech like semiconductors and cloud computing, drove revenue growth in non-mobile segments despite market volatilities.[20][21][22]Products and Technologies
Acoustic Components
Goertek produces a range of electro-acoustic components, including micro-speakers, receivers, microphones, and speaker modules, primarily for integration into smartphones, true wireless stereo (TWS) earbuds, VR/AR devices, and smart glasses.[23] [22] These components leverage the company's over 20 years of acoustics expertise, emphasizing high-fidelity (Hi-Fi) sound reproduction and integration with technologies like RF antennas and industrial design for optimized performance in compact devices.[24] [25] Speaker modules, a core offering, consist of one or more micro-speakers combined with electronic devices such as amplifiers and enclosures to deliver balanced stereo sound and enhanced bass response.[26] For premium slab smartphones, Goertek has developed advanced models like the DPS 2.0 and Dayin Ultra speakers, which provide subwoofer-like bass while maintaining slim profiles suitable for modern device form factors.[27] The company also supplies MEMS-based microphone solutions, often in partnership with semiconductor firms, for applications requiring high sensitivity in voice recognition and noise cancellation.[28] In hearables and smart hardware, Goertek's acoustic components focus on premium sound experiences through engineered designs that incorporate mic arrays and haptic feedback integration for immersive audio.[29] At CES 2025, the firm showcased next-generation acoustic technologies tailored for mobile devices and wearables, highlighting improvements in efficiency and sound quality amid rising demand for AI-enhanced audio features.[22] These developments position Goertek as a key supplier in the micro-electro-acoustic market, where components must meet stringent durability and miniaturization standards for consumer electronics.[30]Optical and Sensor Modules
Goertek develops and mass-produces optical modules primarily for virtual reality (VR) and mixed reality (MR) applications, including aspherical lenses, Fresnel lenses, and folded optical modules.[31] These components support high-performance display systems in headsets, with recent advancements such as lightweight AR display modules achieving reduced size and enhanced efficiency as of June 2023.[32] In 2024, Goeroptics, a Goertek subsidiary, introduced VR Pancake modules, AR diffractive waveguide modules, and automotive AR heads-up display (HUD) modules at CES, emphasizing improved field of view and brightness.[15] Goertek has expanded into augmented reality (AR) waveguides through partnerships, including an exclusive manufacturing agreement with WaveOptics for crisp, undistorted imagery in immersive AR experiences.[33] By February 2025, the company launched the Star G-E1 AR full-color waveguide display module using Micro LED technology, delivering a peak brightness of 5000 nits for enhanced visibility in bright environments.[34] These optical solutions integrate with AI-driven eyewear, supporting Goertek's pivot toward AR/VR hardware amid mixed financial results in early 2025.[35] In sensor modules, Goertek Microelectronics, established in 2017, produces pressure sensors and sensing interaction modules applied in consumer electronics, automotive, and industrial sectors, positioning it as the world's fifth-largest provider by volume.[36] The SPL07-003 absolute pressure sensor module, for instance, operates in a 30–110 kPa range with I²C/SPI interfaces, suitable for atmospheric and differential pressure monitoring in compact devices.[37] Optoelectronic sensors, including distance-measuring variants, complement these offerings within Goertek's broader portfolio of 3D packaging modules for smart hardware.[38] Acoustic sensors integrated with AI processing further enhance noise cancellation in these modules, as showcased at CES 2025.[22]Smart Hardware and Assemblies
Goertek's smart hardware and assemblies segment encompasses the design, integration, and manufacturing of advanced devices such as virtual reality (VR), augmented reality (AR), and mixed reality (MR) head-mounted displays (HMDs), as well as AR/AI glasses and related wearables.[23] [31] This business line leverages the company's expertise in hardware-software integration, precision assembly, and automation to deliver one-stop solutions, including industrial design, structural components, circuitry, and software development.[31] As of 2025, smart hardware forms one of Goertek's three core segments alongside precision components and smart acoustic products, with a strategic pivot toward AR optics and AI-enabled devices amid growing demand for immersive technologies.[14] Key offerings include lightweight VR HMDs featuring compacted lens solutions that reduce size and weight by up to 50%, as showcased at CES 2018, and customizable 3D-printed VR headsets tailored for ergonomic fit based on user head measurements.[39] [40] Goertek has also developed MR applications like "iBuild," a platform for interactive building simulations, which earned the Red Dot Product Design Award in 2025 alongside its 3D-printed VR innovations.[40] In wearables, the company produces reference designs for smart rings enabling gesture recognition in AR/VR contexts via NFC wireless charging and sensor integration, as well as smart interactive bracelets for enhanced control in AR glasses ecosystems.[41] [42] Collaborations drive much of Goertek's innovation in this area, including partnerships with Qualcomm for Snapdragon XR2 Gen 2 reference designs announced in January 2024, focusing on next-generation VR and MR hardware.[43] Additionally, a 2025 "Optical Alliance" with Sunny Optical integrates advanced lens technologies for AI glasses, combining Goertek's assembly capabilities with optics expertise to target emerging markets in diffractive waveguides and Micro LED displays.[44] These efforts position Goertek as a key supplier for clients like Apple in XR hardware, with new product introductions (NPIs) secured for AR-related assemblies scheduled for 2026 production. Despite strong technical advancements, the segment faces challenges from cyclical demand in consumer electronics and competition in precision optics.[35]Operations and Supply Chain
Manufacturing Facilities and Global Footprint
Goertek's manufacturing facilities are concentrated in China and Vietnam, reflecting a strategic diversification from its domestic base amid global supply chain shifts. The company's primary production occurs in Shandong Province, China, including sites such as Yishui Goertek Electronics Co., Ltd. at North Tengfei Road and South Chang'an Road, Yishui County, and Yishui TECO Electronic Technology Co., Ltd. at the northwest corner of Chang'an South Road and Tengfei Road, Yishui County.[45] Additional operations are based in Weifang's High-Tech Industrial Development District, home to the global headquarters at No. 268 Dongfang Road and facilities like Weifang Goertek Microelectronics Co., Ltd.[45] In Vietnam, Goertek has established multiple dedicated manufacturing entities since 2013, primarily in Bac Ninh and Nghe An provinces to support acoustic and smart hardware assembly. Key sites include Goertek Electronics Vietnam Company Limited and Goertek Smart Technology Vina Co., Ltd. in Nam Son-Hap Linh Industrial Park, Bac Ninh; GOERTEK VINA CO., LTD. and Goertek Technology Vina Company Limited in Que Vo Industrial Park, Bac Ninh; Goertek Precision Industry Vietnam Company Limited in WHA No.1 Industrial Park, Nam Son Commune; and GOERTEK MICROELECTRONICS VIETNAM COMPANY LIMITED in WHA Industrial Zone 1, Southeast Nghe An Economic Zone, Nghe An Province.[45] These facilities focus on precision components for clients like Apple, with expansions such as a $280 million project in Bac Ninh commencing production in 2024 and a $390 million investment announced in April 2025 for a 127.3-acre complex featuring 20 production buildings.[46][7] Beyond manufacturing, Goertek's global footprint encompasses regional headquarters and offices for R&D, sales, and coordination in Beijing and other parts of China, Taiwan, Japan, Europe, and the Americas, enabling proximity to key markets and partners without overseas production outside Vietnam.[5] This structure supports just-in-time supply for consumer electronics while mitigating risks from China's geopolitical tensions, though Vietnam remains the sole foreign manufacturing hub as of 2025.[47]Key Clients and Partnerships
Goertek's major clients primarily consist of leading global consumer electronics firms, with a heavy emphasis on suppliers for smartphones, wearables, and virtual reality devices. Apple represents one of its largest customers, providing acoustic components such as speakers and microphones for iPhones, AirPods, Apple Watches, and Vision Pro headsets; the company secured new product introduction (NPI) supplier status for two undisclosed Apple products launching in 2026, signaling renewed growth in this relationship following earlier order suspensions in 2022.[48][49] Samsung is another key client, contributing to Goertek's supply of acoustic and optical modules for mobile devices.[50] Together, Apple and Samsung accounted for approximately 30% of Goertek's total revenues in fiscal year 2024.[51] Additional prominent clients include Huawei, Xiaomi, Meta, Sony, Lenovo, and Amazon, spanning acoustic, optical, and sensor technologies for smartphones, VR/AR hardware, and smart wearables; these relationships have supported Goertek's diversification efforts to mitigate over-reliance on any single customer.[17] Over 90% of Goertek's revenues derive from overseas clients, underscoring its integration into international supply chains despite geopolitical tensions.[48] In terms of partnerships, Goertek maintains strategic collaborations with semiconductor firms like Qualcomm to integrate hardware and software solutions into its acoustic and optical products.[52] The company has pursued upstream investments in emerging technologies, including a US$100 million acquisition of UK-based Micro LED firm Plessey in August 2025 to bolster AR glasses development and reduce dependency on core clients like Apple and Meta.[17] Earlier, in 2023, Goertek acquired domestic micro-nano optics firm Shangyu Optoelectronics Technology for 1.119 billion yuan to enhance its AR/VR capabilities.[53] These moves align with broader efforts to expand into VR/AR and smart hardware ecosystems.[14]Research and Development Efforts
Goertek allocates substantial resources to research and development, viewing it as the cornerstone of competitive advantage in acoustics, optics, microelectronics, and precision manufacturing. In 2023, the company invested RMB 4.57 billion in R&D, representing approximately 4.53% of its revenue, to drive technological breakthroughs in intelligent hardware, virtual reality (VR), and augmented reality (AR).[54] This funding supports a global R&D network spanning centers in Qingdao and other Chinese cities such as Beijing, Shenzhen, Shanghai, and Nanjing, alongside facilities in the United States, Denmark, Japan, and South Korea, enabling localized expertise in acoustic and optical solutions.[1] The Qingdao Global R&D Headquarters, established in December 2020, functions as a primary integration platform for advanced research in VR/AR, acoustics, optics, new materials, and artificial intelligence, fostering resource consolidation and talent attraction to accelerate innovation.[55] Goertek's R&D strategy emphasizes vertical integration, combining hardware and software advancements through partnerships, such as with Qualcomm, to deliver one-stop solutions for wearables, hearables, and smart devices.[1] Intellectual property forms a key pillar of these efforts, with Goertek filing over 30,000 patent applications by 2023, including more than 16,000 invention patents and over 18,000 authorized patents covering electro-acoustic components, optical modules, and emerging technologies like micro-LED displays.[56] The company prioritizes continuous R&D investment to protect innovations and counter intellectual property infringements, adhering to national and international laws on patents, trademarks, and unfair competition.[57] Recent R&D initiatives target high-growth areas, including collaborations with firms like Vuzix and Meta on AR/VR microdisplay technologies, and a USD 100 million investment in micro-LED developer Plessey announced in August 2025 to enhance display capabilities for next-generation devices.[17] These endeavors position Goertek to address demands in smart hardware assemblies while maintaining leadership in precision structural components and sensor integration.[1]Financial Performance
Revenue Growth and Business Segments
Goertek's annual revenue grew to 100.95 billion CNY in 2024, reflecting a 2.41% increase from 2023 and crossing the 100 billion CNY threshold for the first time, driven by demand in consumer electronics and emerging technologies.[58] [59] From 2020 to 2024, the company's average annual revenue stood at approximately 88 billion CNY, with a compound annual growth rate of around 12% in recent years amid expansion in acoustic and optical components for smartphones and wearables.[60] [61] Quarterly revenue for the period ending September 30, 2025, reached 30.56 billion CNY, up 4.42% year-over-year, supporting trailing twelve-month revenue of 99.41 billion CNY.[58] [62] The company's operations are segmented primarily into precision components, which include acoustic systems like micro-speakers and receivers, and smart hardware encompassing VR/AR devices, mixed reality products, and wearables.[63] In 2024, precision components and smart acoustic systems together generated 15 billion CNY in revenue, with growth of 16% and 9% respectively, fueled by shipments to major clients in mobile devices.[64] Smart hardware revenue totaled 57.1 billion CNY, declining 3% from 2023 due to softer demand in wearables and VR amid market saturation.[64] Electronic components overall accounted for 98% of total sales in 2024, underscoring the dominance of outsourced manufacturing services in the company's revenue mix.[65]Stock Listing and Market Valuation
Goertek Inc. trades on the Shenzhen Stock Exchange under the ticker symbol 002241.SZ, with its initial public offering completed in May 2008.[66] As of October 25, 2025, the stock closed at 33.28 CNY per share, yielding a market capitalization of approximately 114 billion CNY based on roughly 3.436 billion shares outstanding.[67][68] Key valuation metrics as of the same date include a trailing price-to-earnings ratio of 45.18, a price-to-sales ratio of 1.32, and a dividend yield of 0.93%.[69][63]| Metric | Value (as of Oct 25, 2025) |
|---|---|
| Market Capitalization | 114B CNY |
| Enterprise Value | 115B CNY |
| Trailing P/E Ratio | 45.18 |
| Price/Sales (TTM) | 1.32 |
| Dividend Yield | 0.93% |