Core Viewpoint - The company, Aosheng Electronics (688533.SH), reported that its current production and operational status is normal, indicating a potential stabilization in its business performance [1] Group 1 - The company is expected to release its third-quarter report on October 30, 2025, on the Shanghai Stock Exchange website [1]

Group 1 - The core point of the news is that Shangsheng Electronics (688533) has seen a net financing inflow of 307.9 million yuan on October 10, 2025, with a total financing balance of 1.04 billion yuan, indicating a positive trend in investor interest [1][2][3] - Over the past three trading days, the cumulative net inflow of financing has reached 464.81 million yuan, suggesting a growing confidence among investors [1] - The financing balance increased by 3.04% compared to the previous day, reflecting a steady rise in market activity [2][3] Group 2 - On October 10, 2025, the net financing inflow was 307.9 million yuan, which accounted for 2.21% of the circulating market value [2] - The financing balance on October 9 was 1.01 billion yuan, with a net inflow of 143.69 million yuan, showing a consistent upward trend [2] - The financing balance on September 30 was 997.72 million yuan, with a minimal increase of 13.22 million yuan, indicating stable market conditions [3]

格隆汇10月11日｜有投资者在互动平台向上声电子提问：公司的数字扬声器芯片的开发目前进展如何？ 上声电子回应称，公司于2025年上海车展发布了使用数字芯片扬声器的样车系统。目前正在测试车上更 新方案，调试音质效果，同时针对更大功率需求，提升数字芯片的输出功率性能。 ...

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： 证券代码：688533 证券简称：上声电子公告编号：2025-045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可转债转股结果暨股份变动公告 ●累计转股情况："上声转债"于2024年1月12日起开始进入转股期。自2024年1月12日起至2025年9月30 日，"上声转债"转股的金额为人民币52,028,000元，因转股形成的股份数量为1,758,055股，占"上声转 债"转股前公司已发行股份总额的1.0987844%。 因公司实施2024年年度权益分派方案，"上声转债"转股价格自2025年6月9日起调整为29.11元/股，具体 内容详见公司于2025年5月30日在上海证券交易所网站(www.sse.com.cn)披露的《苏州上声电子股份有限 公司关于实施2024年年度权益分派调整"上声转债"转股价格的公告》。 二、可转债本次转股情况 ●未转股可转债情况：截至2025年9月30日，"上声转债"尚未转股的可转债金额为人民币467,972,0 ...

证券代码：688533 证券简称：上声电子 公告编号：2025-045 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 可转债转股结果暨股份变动公告 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： ●累计转股情况： "上声转债"于 2024 年 1 月 12 日起开始进入 转股期。自 2024 年 1 月 12 日起至 2025 年 9 月 30 日，"上声转债" 转股的金额为人民币 52,028,000 元，因转股形成的股份数量为 1,758,055 股，占"上声转债"转股前公司已发行股份总额的 1.0987844%。 ●未转股可转债情况：截至 2025 年 9 月 30 日，"上声转债"尚 未转股的可转债金额为人民币 467,972,000 元，占"上声转债"发行 总量的 89.9946154%。 经《上海证券交易所自律监管决定书》（〔2023〕164 号）同意， 公司 52,000 万元可转换公司债券于 2023 年 8 月 1 日起在上交所挂牌 交易，该可转换公司债券证券简称 ...

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 18.892 billion yuan, while the Sci-Tech Innovation Board saw a net inflow of 731 million yuan [1] - A total of 217 stocks on the Sci-Tech Innovation Board had net inflows, while 370 stocks had net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 363 stocks rose, with two stocks, Honglida and Zhongke Lanyun, hitting the daily limit, while 215 stocks declined [1] - The top three stocks with the highest net inflow of funds were Haiguang Information (1.264 billion yuan), SMIC (508 million yuan), and Chipone (483 million yuan) [1][2] Continuous Fund Flow - There are 44 stocks with continuous net inflows for more than three trading days, with Cambrian leading at 24 consecutive days of inflow [2] - Conversely, 179 stocks experienced continuous net outflows, with Naike Equipment showing the longest streak at 17 consecutive days [2] Top Fund Inflows - The top stocks by net inflow include: - Haiguang Information: 1263.65 million yuan, with a flow rate of 6.95% and a price increase of 10.70% [2] - SMIC: 507.74 million yuan, with a flow rate of 2.56% and a price increase of 6.25% [2] - Chipone: 483.24 million yuan, with a flow rate of 5.98% and a price increase of 17.34% [2] Notable Outflows - The stock with the highest net outflow was Borui Pharmaceutical, which saw a decline of 13.15% and a net outflow of 367 million yuan [1] - Other notable outflows included Dekeli and Juguang Technology, with net outflows of 235 million yuan and 184 million yuan, respectively [1]

东吴证券股份有限公司 关于苏州上声电子股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上 市规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法律 法规的规定，东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"） 作为苏州上声电子股份有限公司（以下简称"上声电子"或"公司"）持续督 导工作的保荐机构，负责上声电子的持续督导工作，并出具 2025 年半年度持续 督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并 针对具体的持续督导工作制定相应的工作计 | 保荐机构已建立并有效执行了持续督 导制度，并制定了相应的工作计划。 | | | 划 | | | 2 | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与上声电子签订《保荐协 | | | 开始前，与上市公司或相关当事人签署持续 | 议》，该协议明确了双方在持续督导期 | | | 督导协议，明确双 ...

Key Insights - The report highlights the potential growth of Xizi Clean Energy (002534.SZ) as a leading manufacturer of waste heat boilers and a supplier of solar thermal power generation equipment and nuclear power equipment [8][9][10] - The company has established a joint venture, Hangzhou Xizi Nuclear Energy Technology Co., Ltd., to enhance its capabilities in nuclear power equipment manufacturing [9] - Xizi Clean Energy is positioned to benefit from the growing market for solar thermal power, with a market share exceeding 40% in China [10][11] - The report emphasizes the significant market potential for solar thermal power development in China, estimating an annual market space of approximately 420 billion yuan [11][12] Industry Analysis - The macroeconomic environment shows a slowdown in economic growth, with industrial value-added growth at 5.2% year-on-year in August, indicating a need for policy support [15][16] - The renewable energy sector is expected to see increased investment and development, particularly in new energy storage and solar thermal power projects [23] - The report notes that the public utility and environmental protection sectors are experiencing growth, with a focus on new energy development and improved pricing mechanisms for renewable energy [22][24] - The food and beverage industry is under pressure, particularly high-end liquor, with a need to monitor sales performance during traditional peak seasons [25][26]

Core Viewpoint - The company is experiencing growth in revenue and expanding its product offerings in the automotive acoustic system market, with a focus on enhancing its competitive edge through technological advancements and customer collaborations [2][6][8]. Financial Performance - In H1 2025, the company achieved revenue of 1.367 billion yuan, a year-on-year increase of 10.35%, while net profit decreased by 23.96% to 85 million yuan [3][9]. - In Q2 2025, revenue reached 731 million yuan, up 14.03% year-on-year and 14.85% quarter-on-quarter, with net profit of 57 million yuan, reflecting an 8.34% increase year-on-year and a 110.40% increase quarter-on-quarter [3][8]. - The gross margin for H1 2025 was 20.3%, down 4.5 percentage points year-on-year, while the net margin was 6.0%, down 2.9 percentage points year-on-year [5][14]. Product Performance - The company’s revenue from automotive speakers in H1 2025 was 1.052 billion yuan, a growth of 11.6%, with a gross margin of 19.39%. Revenue from automotive amplifiers was 238 million yuan, up 15.2%, with a gross margin of 21.50% [3][8]. - The company is enhancing its product mix from speakers to a combination of speakers, amplifiers, and AVAS, significantly increasing the per-vehicle value from 100-200 yuan to potentially over 1000 yuan for certain models [7][22][23]. Market Position - The company has seen its global market share for automotive speakers increase from 12.64% in 2020 to 15.24% in 2024, indicating a steady growth trajectory in the automotive acoustic market [19][21]. - The company has secured new project designations from several well-known automotive manufacturers, indicating strong customer relationships and market demand [28]. Technological Advancements - The company is focusing on R&D, with 13 patents filed in H1 2025, including advancements in AI panoramic sound system technology, showcasing its leadership in automotive acoustic products [29][30]. - The company is committed to building a comprehensive technology system that includes self-developed chips, smart algorithms, and automotive-grade verification to enhance its product offerings [29][30]. Operational Strategy - The company is expanding its production capacity and upgrading its technology through the establishment of a new factory in Hefei, which began operations in late 2024 [8][30]. - The company is also planning to issue convertible bonds to fund the technological upgrade of its speaker production line in Suzhou, aimed at improving smart manufacturing capabilities [8][30].

Core Viewpoint - The company achieved a revenue of 730 million yuan in Q2 2025, marking a year-on-year growth of 14.0%, while the net profit attributable to shareholders decreased by 23.96% due to rising operational costs and declining overall gross margins [1][2]. Financial Performance - In H1 2025, the company reported a total revenue of 1.367 billion yuan, a year-on-year increase of 10.35%, with a net profit of 85 million yuan, down 23.96% [1]. - Q2 2025 saw a revenue of 731 million yuan, a year-on-year increase of 14.03% and a quarter-on-quarter increase of 14.85%, with a net profit of 57 million yuan, up 8.34% year-on-year and up 110.40% quarter-on-quarter [1]. - The gross margin for Q2 2025 was 19.9%, down 5.5 percentage points year-on-year and 0.7 percentage points quarter-on-quarter, while the net profit margin was 7.6%, down 0.5 percentage points year-on-year but up 3.5 percentage points quarter-on-quarter [2]. Product Performance - In H1 2025, the revenue from automotive speakers was 1.052 billion yuan, up 11.6% year-on-year, with a gross margin of 19.39%. The revenue from automotive amplifiers was 238 million yuan, up 15.2% year-on-year, with a gross margin of 21.50%. The revenue from AVAS was 60 million yuan, up 2.4% year-on-year, with a gross margin of 27.85% [1]. Market Position and Strategy - The company is enhancing its competitive edge in the acoustic system market, with an upgrade in product categories from speakers to a combination of speakers, amplifiers, and AVAS, increasing the per vehicle value from 100-200 yuan to potentially 1000 yuan for certain models [3]. - The company has demonstrated its leadership in automotive acoustic products by achieving full self-research capabilities from hardware to software, including AI panoramic sound system technology [3]. - The company has seen an increase in market share for automotive speakers, rising from 12.64% in 2020 to 15.24% in 2024, and has secured new project designations from several well-known automotive manufacturers [3]. Production Capacity and Investment - The new factory in Hefei began production at the end of 2024, with capacity gradually ramping up. The company plans to issue convertible bonds to fund technological upgrades for its Suzhou speaker production line, aiming to enhance its smart manufacturing capabilities [3].