智通财经APP讯，上声电子(688533.SH)发布公告，上海证券交易所上市审核委员会于2025年11月24日召 开2025年第58次上市审核委员会审议会议，对公司向不特定对象发行可转换公司债券的申请进行了审 议。根据会议审议结果，公司本次向不特定对象发行可转换公司债券的申请符合发行条件、上市条件和 信息披露要求。 ...

人民财讯11月24日电，上声电子(688533)11月24日公告，上海证券交易所上市审核委员会于2025年11月 24日召开2025年第58次上市审核委员会审议会议，对公司向不特定对象发行可转换公司债券的申请进行 了审议。根据会议审议结果，公司本次向不特定对象发行可转换公司债券的申请符合发行条件、上市条 件和信息披露要求。 ...

证券代码：688533 证券简称：上声电子 公告编号：2025-054 债券代码：118037 债券简称：上声转债 2025 年 11 月 25 日 苏州上声电子股份有限公司 关于向不特定对象发行可换公司债券申请 获得上海证券交易所上市审核委员会审核通过的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依 法承担法律责任。 上海证券交易所上市审核委员会于 2025 年 11 月 24 日召开 2025 年第 58 次上市审核委员会审议会议（以下简称"会议"），对苏州 上声电子股份有限公司（以下简称"公司"）向不特定对象发行可转 换公司债券的申请进行了审议。根据会议审议结果，公司本次向不特 定对象发行可转换公司债券的申请符合发行条件、上市条件和信息披 露要求。 公司本次向不特定对象发行可转换公司债券事项尚需获得中国 证券监督管理委员会(以下简称"证监会")作出同意注册的决定后方 可实施。最终能否获得证监会同意注册的决定及时间尚存在不确定性。 公司将根据事项的进展情况，按照相关规定和要求及时履行信息披露 义务，敬请广大投资者注意投资风险。 ...

11月21日，上声电子跌2.69%，成交额3462.70万元。两融数据显示，当日上声电子获融资买入额572.34 万元，融资偿还540.08万元，融资净买入32.26万元。截至11月21日，上声电子融资融券余额合计1.05亿 元。 分红方面，上声电子A股上市后累计派现1.71亿元。近三年，累计派现1.52亿元。 机构持仓方面，截止2025年9月30日，上声电子十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股103.77万股，为新进股东。中欧永裕混合A（001306）位居第九大流通股东，持股35.00万 股，为新进股东。易方达新丝路混合（001373）退出十大流通股东之列。 责任编辑：小浪快报 资料显示，苏州上声电子股份有限公司位于江苏省苏州市相城区元和街道科技园中创路333号，成立日 期1992年6月27日，上市日期2021年4月19日，公司主营业务涉及声学产品、系统方案及相关算法的研发 设计。主营业务收入构成为：扬声器76.94%，功放17.43%，AVAS4.41%，技术服务费0.57%，其他 0.46%，模具0.19%。 截至9月30日，上声电子股东户数9221.00，较上期增加28.00 ...

Core Insights - The automotive market in China continues to show positive trends with October 2023 sales reaching 3.322 million units, a year-on-year increase of 8.8% [2] - Cumulative sales from January to October 2023 stand at 27.687 million units, reflecting a year-on-year growth of 12.4% [2] - The inventory situation indicates a comprehensive inventory coefficient of 1.2 for October, which is a 6.4% increase year-on-year but a 13.3% decrease month-on-month [2] - The new energy vehicle (NEV) segment is performing particularly well, with October sales of 1.715 million units, a year-on-year growth of 19.9% and a penetration rate of 51.6% [2] Sales and Inventory - October 2023 automotive sales were 3.322 million units, up 8.8% year-on-year [2] - Total automotive sales for the first ten months of 2023 reached 27.687 million units, marking a 12.4% increase compared to the same period last year [2] - The comprehensive inventory coefficient for October was 1.2, which is a 6.4% increase year-on-year and a 13.3% decrease from the previous month [2] - The dealer inventory warning index stood at 52.6%, up 2.1 percentage points year-on-year but down 1.9 percentage points month-on-month [2] New Energy Vehicles - NEV sales in October 2023 were 1.715 million units, representing a year-on-year increase of 19.9% and achieving a penetration rate of 51.6% [2] - From January to October 2023, NEV sales totaled 12.943 million units, with a year-on-year growth of 32.7% and a penetration rate of 46.7% [2] Investment Strategy - The automotive sector is advised to focus on undervalued leading companies in both vehicle manufacturing and parts due to improving performance [3] - Key companies to watch include established domestic brands in the NEV sector such as BYD, Changan Automobile, Geely, and Li Auto [3] - Stable, undervalued parts manufacturers like Huayu Automotive and Fuyao Glass are also recommended [3] - The report highlights opportunities in the domestic replacement market driven by the "domestic circulation" strategy [3] Market Performance - The automotive sector experienced a weekly decline of 2.11%, ranking 26th among 31 sectors tracked by Shenwan [5] - The automotive industry underperformed compared to the CSI 300 index, which saw declines of -0.18% [5] - In the sub-sectors, automotive services increased by 0.51%, while automotive parts and other categories saw declines [5] Notable Stocks - The top five gaining stocks in the automotive sector this week were Langbo Technology, Yingli Automotive, Xinpeng Co., Huafeng Co., and Qin'an Co. [6] - The top five losing stocks included Biaobang Co., Xinquan Co., Haoen Automotive, Sanlian Forging, and Beite Technology [7]

Core Viewpoint - The company is experiencing growth in its automotive acoustic systems, with revenue and product volume increasing, despite facing challenges in profitability due to market competition and operational costs [2][3][10]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 2.135 billion yuan, a year-on-year increase of 7.06%, while net profit attributable to shareholders was 135 million yuan, a decrease of 28.83% [3][10]. - For Q3 2025, revenue was 768 million yuan, up 1.67% year-on-year and 5.19% quarter-on-quarter, with net profit of 50 million yuan, down 35.79% year-on-year and 12.82% quarter-on-quarter [3][10]. - The company's gross margin for Q3 2025 was 20.8%, down 8.0 percentage points year-on-year but up 0.8 percentage points quarter-on-quarter [5][14]. Product and Market Development - The company is enhancing its product offerings by integrating speakers, amplifiers, and AVAS systems, increasing the per-vehicle value from 100-200 yuan to potentially 1000 yuan for certain models [7][27]. - The global market share of the company's automotive speakers has steadily increased from 12.64% in 2020 to 15.24% in 2024 [22][23]. Operational Challenges - The decrease in net profit is attributed to the early operational phase of the Hefei factory, increased competition in the automotive market leading to price reductions, and a decrease in government subsidies [3][10]. - The company is facing challenges in maintaining gross margins due to rising operational costs and competitive pricing pressures [31]. Strategic Initiatives - The company is focusing on expanding its production capacity and upgrading technology to enhance manufacturing capabilities, including the construction of a new factory in Hefei [8][34]. - Continued investment in research and development is a priority, with the aim of strengthening technological advantages and developing new automotive electronic applications [33][34].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][35] Core Insights - The company has shown a revenue growth of 1.7% year-on-year in Q3 2025, with total revenue for the first three quarters reaching 2.135 billion yuan, a 7.06% increase year-on-year. However, the net profit attributable to the parent company decreased by 28.83% to 135 million yuan [1][9] - The company is focusing on enhancing its competitive edge in the automotive acoustic system market, with a significant increase in the value of its products per vehicle, which can reach up to 1,000 yuan for certain models [2][27] - The company is actively expanding its production capacity and improving its manufacturing capabilities, with plans to upgrade its production lines and enhance smart manufacturing [30][32] Financial Performance - In Q3 2025, the company achieved a gross margin of 20.8%, a decrease of 8.0 percentage points year-on-year, but an increase of 0.8 percentage points quarter-on-quarter. The net margin was 6.5%, down 3.7 percentage points year-on-year [1][14] - The company’s revenue projections for 2025-2027 are 3.262 billion, 3.702 billion, and 4.202 billion yuan, respectively, with net profit estimates of 209 million, 305 million, and 398 million yuan [4][35] Market Position - The company has increased its market share in the global automotive speaker market, achieving a share of 15.24% in 2024, up from 12.64% in 2020 [2][23] - The company has been recognized for its leadership in the automotive acoustic product field, having developed a fully self-researched AI panoramic sound system technology [2][31] Future Outlook - The company plans to continue its focus on research and development, with a commitment to maintaining high levels of investment in technology and innovation [31][30] - The company is also looking to expand its customer base and deepen relationships with existing clients, aiming to secure new project approvals from well-known automotive manufacturers [30][31]

证券代码：688533 证券简称：上声电子 公告编号：2025-053 债券代码：118037 债券简称：上声转债 苏州上声电子股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依 法承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 17 日(星期一)13:00-14:00 财 务 负 责 人：陆喜春先生 董 事 会 秘 书：朱文元先生 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 10 日(星期一)至 11 月 14 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏 目或通过公司邮箱 Sonavox_zq@Chinasonavox.com 进行提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 苏州上声电子股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 2025 年 ...

Macro Overview - 2025 is characterized as a turning point for China's macroeconomic landscape, with expectations for a brighter macroeconomic outlook in 2026 [2] - The U.S. economy is experiencing a dual-speed growth pattern, with rapid expansion in AI-related investments and slightly below-trend growth in traditional sectors [2][3] Investment Strategy - The profit cycle is expected to rebound due to approaching turning points in capacity and inventory cycles, with positive signals from the real estate cycle and overseas expansion [3] - Relative valuations in the Chinese market still have room for improvement, making Chinese assets attractive [3] - The market style is anticipated to rebalance rather than switch, focusing on seven key investment themes including policy, technology, real estate, and capital market reforms [3][4] Fixed Income Market - The global investment landscape is expected to see a shift with a focus on domestic demand and technology, leading to a potential recovery in nominal GDP growth [6] - The bond market is likely to exhibit characteristics of low interest rates and high volatility, with a projected yield range for ten-year government bonds between 2.0% and 2.1% [6] Equity Market Insights - The insurance sector is shifting towards dividend insurance products, with positive sales trends expected to continue into 2026 [8] - The securities market is undergoing a transformation, with low interest rates enhancing the attractiveness of equity assets and sustainable inflows of new capital [9] Company-Specific Analysis - Xinquan Co., Ltd. reported Q3 revenue of 3.954 billion yuan, a year-on-year increase of 14.91%, but net profit decreased by 27.10% due to competitive pressures [10] - Jifeng Co., Ltd. achieved Q3 revenue of 5.608 billion yuan, with a net profit increase of 116.62% year-on-year, indicating strong order backlog and production ramp-up [11] - Guobo Electronics reported Q3 revenue of 498 million yuan, with a focus on mobile terminal expansion and military product recovery [12] - Icewheel Environment's Q3 revenue grew by 6.88% year-on-year, supported by recovery in commercial cold chain and new applications in data centers [13] - Changfei Optical Fiber's Q3 revenue increased by 16.27% year-on-year, driven by AI data communication demand [14] Sector Performance - The traditional energy sector, represented by Gansu Energy, showed a revenue increase of 1.33% year-on-year in Q3, benefiting from strong profitability in hydropower [26] - The pump manufacturing sector, led by Southern Pump, is expanding into new applications such as liquid cooling and data centers, with Q3 revenue showing a slight decline but net profit growth [27]

Core Viewpoint - The article discusses the global expansion strategy of Insta360, emphasizing the importance of digital transformation and collaboration with SAP to navigate the complexities of international markets and enhance operational efficiency [3][4]. Group 1: Global Market Strategy - Insta360 has achieved an 85% market share in the global panoramic camera market, maintaining its position as the leader for eight consecutive years [3]. - The company shifted its focus to overseas markets in 2016 to escape intense domestic price competition, launching the Insta360 Nano, which gained significant popularity [3]. - The brand's success is attributed to its understanding of the deep-seated human need for "recording and sharing," which has allowed it to connect with a diverse user base [9]. Group 2: Collaboration with SAP - The partnership with SAP is not merely a system upgrade but a rethinking of growth strategies for innovative companies, focusing on how digitalization can drive actual results [4]. - SAP, a veteran in enterprise management and commercial AI, supports 98% of the world's top 100 companies, providing a robust foundation for global business operations [3]. - The collaboration aims to build a solid and efficient digital infrastructure to support Insta360's global operations [3]. Group 3: Insights from Experts - Experts from Deloitte and SAP discussed the necessity for Chinese companies to build core competencies and differentiate themselves in overseas markets, advocating for a collective approach to globalization [11]. - The importance of brand storytelling and enhancing service experience to escape low-price competition was highlighted as crucial for companies targeting direct consumers [11]. - SAP emphasized the need for a unified digital platform to manage global operations effectively, integrating various business functions from marketing to finance [19]. Group 4: Financial Management Challenges - Insta360's financial management faced challenges due to global business expansion, particularly in data integration and cost control across different countries [13]. - The introduction of SAP systems has helped Insta360 create a unified platform to address varying accounting standards and regulations globally [13]. - Financial roles in companies are evolving beyond traditional accounting to encompass operational, compliance, and strategic responsibilities [23]. Group 5: Future Directions - The discussions at the "Walk into Insta360" salon provided insights into the challenges and strategies for Chinese brands going global, suggesting a clear path forward for future expansion [25]. - The emphasis on brand innovation and a global operational perspective is seen as essential for Chinese brands to establish a new era on the world stage [25].