证券代码：688533 证券简称：上声电子 公告编号：2025-044 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 年半年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 09 月 19 日(星期五)下午 13:00-14:00 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 09 月 12 日(星期五)至 09 月 18 日(星期 四)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 08 月 29 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 2025 ...

Group 1 - Solid-state battery industry chain companies are experiencing significant investment interest, with multiple related stocks hitting the daily limit up [1][2][3] - Tianji Co., Ltd. (002759.SZ) continues its upward trend, achieving a price of 13.89 yuan with a 9.98% increase, supported by a patent for lithium sulfide materials, crucial for solid-state battery electrolytes [1] - Fengyuan Co., Ltd. (002805.SZ) also saw its first limit up, reaching 14.61 yuan with a 10.02% increase, benefiting from the growing attention on solid-state battery cathode materials [1] - Jinyinhai Co., Ltd. (300619.SZ) recorded a 20.01% increase, reaching 33.16 yuan, recognized for its advanced production equipment for solid-state batteries [1] Group 2 - Guanghua Technology (002741.SZ) achieved its first limit up at 22.35 yuan with a 9.99% increase, as it is currently testing solid-state battery materials with downstream customers [2] - Duofluor (002407.SZ) also reported a first limit up at 15.19 yuan, with a 9.99% increase, focusing on solid-state battery electrolytes while acknowledging the need for extensive technological optimization [2] - Huasheng Lithium Battery (688533.SS) surged by 19.99% to 42.56 yuan, concentrating on long-lasting safe solid-state lithium battery materials, although still in the laboratory stage [2] Group 3 - Tianci Materials (002709.SZ) achieved a first limit up at 25.47 yuan with a 10.02% increase, focusing on semi-solid and solid-state battery electrolytes, currently in the small to medium testing phase [3]

Company Overview - Suzhou Aosheng Electronics Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on June 27, 1992. The company went public on April 19, 2021. Its main business involves the research and design of acoustic products, system solutions, and related algorithms [1]. Business Performance - The company's main revenue composition includes: 73.84% from automotive speakers, 19.23% from automotive amplifiers, 4.35% from AVAS, and 2.58% from other supplementary products [1]. - As of September 1, the stock price increased by 5.03% to 30.90 CNY per share, with a trading volume of 144 million CNY and a turnover rate of 2.95%. The total market capitalization is 5.032 billion CNY [1]. Shareholder Information - Among the top ten circulating shareholders, E Fund's New Silk Road Mixed Fund (001373) reduced its holdings by 187,800 shares in the second quarter, now holding 579,400 shares, which accounts for 0.36% of the circulating shares. The estimated floating profit today is approximately 857,500 CNY [2]. - The New Silk Road Mixed Fund was established on May 27, 2015, with a current scale of 2.787 billion CNY. Year-to-date returns are 12.62%, ranking 5308 out of 8254 in its category; the one-year return is 27.68%, ranking 4936 out of 8037; and since inception, the return is 91.9% [2]. Fund Management - The fund managers of E Fund's New Silk Road Mixed Fund are Wang Sinan and Qiu Tianlan. Wang has been in position for 1 year and 16 days, with a total fund size of 2.787 billion CNY, achieving a best return of 26.42% during his tenure. Qiu has been in position for 287 days, with the same fund size, achieving a best return of 9.16% during his tenure [3].

Event Overview - The company released its 2025 semi-annual report, showing a revenue of 1.367 billion yuan for H1 2025, a year-on-year increase of 10.35%. The net profit attributable to shareholders was 85 million yuan, down 23.96% year-on-year, while the net profit excluding non-recurring items was 79 million yuan, down 11.11% year-on-year. In Q2 2025, revenue reached 731 million yuan, up 14.03% year-on-year and 14.85% quarter-on-quarter. The net profit attributable to shareholders was 57 million yuan, up 8.34% year-on-year and 110.40% quarter-on-quarter, with a net profit excluding non-recurring items of 55 million yuan, up 17.57% year-on-year and 129.59% quarter-on-quarter [2]. Revenue and Profitability - Revenue showed steady growth with Q2 2025 revenue at 731 million yuan, reflecting a year-on-year increase of 14.03% and a quarter-on-quarter increase of 14.85%. Major clients such as Li Auto, NIO, and Seres saw respective sales growth of 2.30%, 25.59%, and 7.96% year-on-year, and significant quarter-on-quarter increases of 19.61%, 71.18%, and 121.67%, driving the company's revenue growth [3]. - Profitability remained robust with Q2 2025 net profit attributable to shareholders at 57 million yuan, up 8.34% year-on-year and 110.40% quarter-on-quarter. The net profit excluding non-recurring items was 55 million yuan, up 17.57% year-on-year and 129.59% quarter-on-quarter. The gross margin for Q2 2025 was 19.95%, down 4.95 percentage points year-on-year and 0.68 percentage points quarter-on-quarter, while the net profit margin was 7.87%, down 0.41 percentage points year-on-year but up 3.57 percentage points quarter-on-quarter. Increased price competition in the domestic vehicle market and the ramp-up phase of new factory operations contributed to the pressure on gross margins [3]. - On the expense side, the expense ratios for sales, management, R&D, and financial costs in Q2 2025 were 1.20%, 6.68%, 5.40%, and -3.05%, respectively, showing year-on-year changes of +0.57, -0.76, -0.30, and -3.35 percentage points, and quarter-on-quarter changes of +0.38, -1.17, -1.70, and -2.46 percentage points. The financial expense ratio saw a significant decline year-on-year, primarily due to the appreciation of the euro, resulting in substantial foreign exchange gains [3]. Technological Advancements - The company is deepening its layout in pure digital audio technology, constructing a three-dimensional technical system of self-developed chips, intelligent algorithms, and automotive-grade verification. The company is advancing the commercialization of its panoramic sound field solution for smart cockpits. In H1 2025, the company launched an AI panoramic sound system featuring innovative patented products, including diamond tweeters, ribbon tweeters, series carbon fiber speakers, and array headrest speakers, achieving a configuration of 53 speakers and a 4000W amplifier, combined with 720° panoramic sound field reconstruction technology, providing customers with a cinema-level sound experience, marking a leading position in the automotive acoustics product field [4]. Manufacturing and Production Capacity - To address the risks of trade de-globalization and to keep pace with the acceleration of Chinese automakers going global, the company is advancing the automation of production line renovations and new product line construction in its Czech and Mexican facilities, enhancing delivery capabilities for overseas projects. The new factory in Hefei is set to commence production by the end of 2024, with capacity gradually ramping up. The speaker production line at the Suzhou headquarters is planned for technological upgrades to enhance the company's intelligent manufacturing capabilities [5]. Financial Projections - The company is expected to benefit continuously from the trends of electrification and intelligence in the automotive sector, as well as changes in procurement systems. Revenue projections for 2025-2027 are 3.256 billion yuan, 3.844 billion yuan, and 4.373 billion yuan, with net profits attributable to shareholders of 246 million yuan, 363 million yuan, and 463 million yuan, respectively. The earnings per share (EPS) are projected to be 1.51 yuan, 2.23 yuan, and 2.84 yuan, corresponding to price-to-earnings (PE) ratios of 19, 13, and 10 times, respectively, maintaining a "recommended" rating [6][8].

据证券之星公开数据整理，近期上声电子（688533）发布2025年中报。截至本报告期末，公司营业总收 入13.67亿元，同比上升10.35%，归母净利润8481.93万元，同比下降23.96%。按单季度数据看，第二季 度营业总收入7.31亿元，同比上升14.03%，第二季度归母净利润5749.38万元，同比上升8.34%。本报告 期上声电子应收账款上升，应收账款同比增幅达30.85%。 本次财报公布的各项数据指标表现一般。其中，毛利率20.26%，同比减18.27%，净利率5.99%，同比减 32.6%，销售费用、管理费用、财务费用总计8671.49万元，三费占营收比6.35%，同比减31.5%，每股净 资产9.77元，同比增17.18%，每股经营性现金流0.38元，同比减77.4%，每股收益0.52元，同比减25.71% | 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 12.38亿 | 13.67 亿 | 10.35% | | 归母净利润(元) | 1.12亿 | 8481 ...

格隆汇8月28日丨上声电子(688533.SH)发布中报，2025上半年实现营业总收入13.67亿元，同比增长 10.35%；归属母公司股东净利润8481.93万元，同比下降23.96%；基本每股收益为0.52元。 ...

Group 1 - The company, Aosheng Electronics, announced the convening of its 15th meeting of the third board of directors on August 28, 2025, to review the semi-annual report for 2025 and its summary [1] - For the year 2024, Aosheng Electronics reported that 97.42% of its revenue came from the manufacturing of acoustic devices and components, while other businesses accounted for 2.58% [1] - As of the report, Aosheng Electronics has a market capitalization of 4.7 billion yuan [1]

证券代码：688533 证券简称：上声电子 公告编号：2025-043 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 第三届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 苏州上声电子股份有限公司（以下简称"公司"）第三届董事会 第十五次会议（以下简称"会议"）于 2025 年 8 月 28 日在公司三楼 C103 会议室以现场会议方式召开。会议通知已于 2025 年 8 月 18 日 以书面文件方式通知全体董事。会议应出席董事 10 人，实际出席董 事 10 人。 本次会议由公司董事长周建明先生召集和主持,公司高级管理人 员列席了会议。会议的召集和召开程序符合有关法律、行政法规、部 门规章、规范性文件和《苏州上声电子股份有限公司章程》（以下简 称"《公司章程》"）的规定，会议决议合法、有效。 二、董事会会议审议情况 本次董事会会议审议议案，经与会董事充分讨论,审议并通过了 如下议案并形成决议： (一) 审议通过《关于公司<2025 年半年度报告 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.367 billion yuan, representing a year-on-year increase of 10.35% [2][3] - The net profit attributable to shareholders was 84.82 million yuan, a decrease of 23.96% compared to the same period last year [2][3] - The net profit after deducting non-recurring gains and losses was 78.84 million yuan, down 11.11% year-on-year [2][3] - The total profit for the period was 96.13 million yuan, reflecting a decline of 28.09% from the previous year [3] - The net cash flow from operating activities was 61.66 million yuan, a significant drop of 77.00% compared to the same period last year [3] Asset and Equity Position - As of the end of the reporting period, the net assets attributable to shareholders were 1.624 billion yuan, an increase of 2.08% from the end of the previous year [3] - The total assets amounted to 3.353 billion yuan, showing a slight increase of 0.69% compared to the end of the previous year [3] Business Development and Strategy - The company has secured new project designations from several well-known automotive manufacturers and aims to enhance customer coverage [2] - The company is advancing smart manufacturing, production line automation upgrades, and energy-saving initiatives to improve capacity and efficiency [4] - The new factory in Hefei is expected to commence production by the end of 2024, with capacity gradually ramping up [4] - The company plans to issue convertible bonds to fund technological upgrades for its speaker production line in Suzhou, enhancing smart manufacturing capabilities [4] Product Innovation - At the Shanghai Auto Show in the first half of 2025, the company showcased an AI panoramic sound system featuring innovative patented products, including diamond tweeters and carbon fiber speakers [5] - The system is designed to deliver a cinema-level sound experience with a configuration of 53 speakers and a 4000W amplifier, marking a significant advancement in automotive audio systems [5] - The company emphasizes its leadership in automotive acoustic products through self-developed hardware, software, and algorithms, and aims to commercialize its digital audio technology [5]

Core Viewpoint - The company reported a revenue increase of 10.35% year-on-year for the first half of the year, but net profit decreased by 23.96%, indicating challenges in profitability despite revenue growth [1] Financial Performance - The company achieved operating revenue of 1.367 billion yuan in the first half of the year [1] - Net profit attributable to shareholders was 84.8193 million yuan, reflecting a significant decline compared to the previous year [1] - Basic earnings per share were reported at 0.52 yuan per share [1] Reasons for Profit Decline - The decline in net profit is primarily attributed to two factors: 1. Increased operating costs during the ramp-up period of the Hefei factory [1] 2. Overall decrease in product gross margin [1]