苏州上声电子股份有限公司 可转换公司债券持有人会议规则 第一章 总则 公司将聘请本次可转债发行的承销机构或其他经中国证券监督 管理委员会（以下简称"中国证监会"）认可的机构担任本次 可转债的受托管理人（以下简称"债券受托管理人"或"受托 管理人"）。 第三条 债券持有人会议由全体债券持有人（包括所有出席会议、未出 席会议、反对决议或放弃投票权的债券持有人、持有无表决权 的本次可转债之债券持有人，以及在相关决议通过后受让本次 可转债的债券持有人，下同）依据本规则组成，债券持有人会 议依据本规则规定的程序召集和召开，并对本规则规定的权限 范围内的事项依法进行审议和表决。 1 第一条 为规范苏州上声电子股份有限公司（以下简称"公司"）可转换 公司债券持有人（以下简称"债券持有人"）会议（以下简称"债 券持有人会议"）的组织和行为，界定债券持有人会议的权利和 义务，保障债券持有人的合法权益，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司证券发行注册管理 办法》《可转换公司债券管理办法》《上海证券交易所科创板股 票上市规则》等法律、法规及其他规范性文件的有关规定，并 结合公司的实际情况，特制订本规则。 ...

智通财经5月12日电，上声电子(688533.SH)公告称，公司计划向不特定对象发行可转换公司债券，募集 资金总额不超过3.3亿元，用于扬声器智能制造技术升级项目、车载数字音视频技术产业化项目以及补 充流动资金。债券期限为六年，初始转股价格不低于募集说明书公告日前二十个交易日公司股票交易均 价和前一个交易日均价。转股期限自发行结束之日起满六个月后的第一个交易日起至可转换公司债券到 期日止。 上声电子：拟发行可转债募集资金总额不超3.3亿元 ...

东吴证券股份有限公司 关于苏州上声电子股份有限公司 2024 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"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， 负责上声电子上市后的持续督导工作，并出具本持续督导跟踪报告，具体内容如 下： 一、持续督导工作情况 | | 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划。 | 保荐机构已建立并有效执行了持续 | | | | 督导制度，并制定了本项目的持续 | | | | 督导工作计划。 | | 2 | 根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与上声电子签署相关协 | | | 始前，与上市公司或相关当事人签署持续督导 | 议，明确了双方在持续督导期 ...

Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

2024 年年度股东大会会议资料 证券代码：688533 证券简称：上声电子 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 苏州市-相城区 二〇二五年五月二十日 2024 年年度股东大会会议资料 苏州上声电子股份有限公司 2024 年年度股东大会会议资料 苏州上声电子股份有限公司 为维护广大投资者的合法权益，保证大会的顺利进行，保障股东 在本次股东大会期间依法行使权利，苏州上声电子股份有限公司（以 下简称"上声电子"或"公司"）根据《公司法》、中国证监会《上 市公司股东大会规则》和《公司股东大会议事规则》等有关规定，特 制定本会议须知，内容如下： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格， 会议工作人员将对出席会议者的身份进行必要的核对工作，请被核对 者给予配合。 二、出席大会的股东或其代理人或其他出席者请提前 30 分钟到 达会场签到确认参会资格。会议开始后，会议登记应当终止，由会议 主持人宣布现场出席会议的股东和代理人人数及所持有的表决权数量。 三、为保证股东大会的严肃性和正常秩序，切实维护与会股东及 股东代理人的合法权益，除出席会议的股东及股东代理人、公司董事、 ...

2024 年年度股东大会会议资料 证券代码：688533 证券简称：上声电子 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 2024 年年度股东大会会议资料 苏州市-相城区 二〇二五年五月二十日 1 / 49 2024 年年度股东大会会议资料 苏州上声电子股份有限公司 2025 年年度股东大会会议资料目录 | 2024 | | 年年度股东大会会议须知 3 | | --- | --- | --- | | 2024 | | 年年度股东大会会议议程 6 | | 2024 | | 年年度股东大会会议议案 8 | | 关于公司 | | 2024 年度董事会工作报告的议案 9 | | 2024 | | 年度董事会工作报告 10 | | 关于公司 | | 2024 年度监事会工作报告的议案 21 | | 2024 | | 年度监事会工作报告 22 | | 关于公司 | | 2024 年年度报告及其摘要的议案 28 | | 关于 | 2024 | 年度财务决算报告的议案 29 | | 2024 | | 年度财务决算报告 30 | | 关于 | 2025 | 年度财务预算报告的议案 39 | | 202 ...

Summary of the Conference Call for 上声电子 Company Overview - **Company**: 上声电子 - **Industry**: Automotive Electronics Key Financial Performance - **Q1 2025 Revenue**: Exceeded 600 million, a year-on-year increase of approximately 6% [2][3] - **2024 Revenue**: 2.776 billion, a year-on-year increase of 19.32% [3] - **2024 Net Profit**: 235 million, a year-on-year increase of 47.9% [3] - **2025 Revenue Target**: Exceed 3 billion [4] Product Performance - **Product Lines**: Significant growth in amplifiers and AVAS automotive electronic products, both exceeding 40% growth [2][3] - **Speaker Sales**: Expected to reach approximately 90 million units in 2024, with domestic market growth being the fastest [2][11] - **Amplifier Sales**: Targeting 750,000 to 850,000 units in 2024, aiming for 1 million units in 2025 [2][12] Market Dynamics - **Domestic vs. Overseas Market**: Domestic market remains the main revenue source, with overseas market revenue accounting for about 30%, showing a declining trend [2][5] - **Impact of US-China Trade Tensions**: Trade tensions have affected operations, but customer orders remain intact. The company is negotiating solutions such as transshipment trade or production in Mexico [5][7] Operational Insights - **Czech and Mexico Operations**: Revenue growth in Czech and Mexico, but gross margins have declined. The Mexico plant is stabilizing, with ongoing efforts to improve profitability [2][6][8] - **Hefei Plant**: Total investment over 500 million, with significant depreciation impacts. The goal for 2025 is to achieve breakeven [4][15][16] Gross Margin and Cost Management - **Gross Margin Expectations**: 2024 speaker gross margin expected to decrease by 3%, while amplifier gross margin is projected to increase by 9% [2][10] - **Cost Control Measures**: The company plans to reduce losses through cost-cutting and efficiency improvements [13] Future Outlook - **2025 Growth Strategy**: Focus on innovation, including AI amplifiers and digital speakers to enhance market demand and gross margins [31] - **New Client Projects**: Anticipated production of consumer audio products in the second half of 2025, with potential new automotive projects [32] Challenges and Risks - **Competitive Pressure**: The automotive industry is highly competitive, leading to pricing pressures, especially in low-end products [29][33] - **Material Costs**: Rising raw material prices, particularly for rare earth materials, are expected to impact gross margins [45] Global Expansion Plans - **Production Shift to Mexico**: Plans to transfer some production to Mexico by 2026, including new assembly lines for low-frequency and high-frequency speakers [41] - **Market Development**: Focus on expanding client relationships in Europe and Mexico, targeting major automotive brands [44] Additional Insights - **Software Development**: The company has a robust software team focused on various algorithms to enhance audio experiences [40] - **Acoustic Configuration Trends**: Both new and traditional automotive companies are enhancing their acoustic configurations, indicating a shift towards higher quality sound systems [36] This summary encapsulates the key points from the conference call, highlighting the company's performance, market dynamics, operational insights, and future strategies.

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price adjusted to 34.9 CNY [2][8]. Core Insights - The company's performance has been under pressure in recent quarters, but the overall growth logic remains intact. The revenue for 2024 is reported at 2.78 billion CNY, a year-on-year increase of 19%, while the net profit attributable to the parent company is 235 million CNY, up 48% year-on-year. For Q1 2025, revenue is 640 million CNY, a 6% year-on-year increase, but net profit has decreased by 53% to 27 million CNY [2][9]. Financial Performance Summary - The company achieved a revenue of 782 million CNY in Q4 2024, with a year-on-year increase of 7%. However, net profit decreased by 12% quarter-on-quarter and 42% year-on-year to 46 million CNY. In Q1 2025, revenue was 636 million CNY, with a 6% quarter-on-quarter increase but a 19% decrease compared to the previous quarter. The net profit for Q1 2025 was 27 million CNY, down 53% quarter-on-quarter and 40% year-on-year [2][9]. - The gross margin for Q4 2024 was 22.1%, down 5.7 percentage points year-on-year, while Q1 2025 saw a gross margin of 20.6%, down 4 percentage points year-on-year. The company faced high depreciation and labor costs due to the ramp-up of its Hefei factory, which reported a revenue of 22 million CNY and a loss of 24 million CNY for the year [2][9]. - The report projects the company's net profit for 2025 and 2026 to be adjusted to 284 million CNY and 355 million CNY, respectively, with expected growth rates of 20.7% and 25% [2][9]. Market Position and Growth Potential - The company has captured over 15% of the global market share in automotive speakers, leading the domestic market. Future sales are expected to increase from 90 million units to over 100 million units [2][9]. - The company is positioned as a pioneer in domestic substitution for high-end acoustic systems, covering most leading clients in the new energy vehicle sector, with potential for further client and project expansion [2][9]. - The business model is evolving from single component manufacturing to system component manufacturing and human services, which is expected to enhance barriers to entry and return on equity (ROE) [2][9].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price adjusted to 34.9 CNY [2][8]. Core Insights - The company's performance has been under pressure in recent quarters, but the overall growth logic remains intact. The revenue for 2024 is reported at 2.78 billion CNY, a year-on-year increase of 19%, while the net profit attributable to the parent company is 235 million CNY, up 48% year-on-year. For Q1 2025, revenue is 640 million CNY, a 6% year-on-year increase, but net profit has decreased by 53% to 27 million CNY [2][9]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 782 million CNY, with a year-on-year increase of 7%. However, net profit decreased by 12% to 46 million CNY. The gross margin for Q4 2024 was 22.1%, down 5.7 percentage points year-on-year [2][9]. - The company has seen a decline in profitability due to increased costs from new capacity ramp-up and depreciation, particularly from its Hefei and Czech factories, which reported significant losses [2][9]. - The report projects the company's net profit for 2025 and 2026 to be adjusted to 284 million CNY and 355 million CNY, respectively, with expected growth rates of 20.7% and 25% [2][9]. Market Position and Growth Drivers - The company has captured over 15% of the global market share in automotive speakers, leading the domestic market. Future sales are expected to increase from 90 million units to over 100 million units [2][9]. - The company is positioned as a pioneer in domestic substitution for high-end acoustic systems, with a growing client base among leading new energy vehicle manufacturers [2][9]. - The business model is evolving from single component manufacturing to system component manufacturing and human services, which is expected to enhance barriers to entry and return on equity (ROE) [2][9].

Core Viewpoint - The company, Shengsheng Electronics, is facing challenges due to high initial manufacturing costs and is working to improve operational performance and market confidence while navigating uncertainties related to U.S. customer relations and tariffs [2][5]. Group 1: Company Overview - Shengsheng Electronics has commenced operations at its Hefei factory in 2025, which has led to depreciation expenses and higher initial manufacturing costs affecting performance [2]. - The company aims to enhance its operational performance and boost market confidence in its stock price [2]. - A portion of the company's revenue comes from U.S. clients, and it is currently negotiating solutions to address potential impacts from recent events [2]. Group 2: Impact of Policies - The company's operations at its Czech factory have not been affected by China's recent rare earth export restrictions [3]. - The U.S.-China tariff policies are expected to cause short-term disruptions in trade, but the company is actively discussing strategies with U.S. clients to mitigate potential impacts [5]. Group 3: Financial Performance - In Q1 2025, the company reported a main revenue of 636 million yuan, a year-on-year increase of 6.4%, while net profit attributable to shareholders was 27.33 million yuan, a decline of 53.27% [4]. - The company's gross profit margin stood at 20.62%, with a debt ratio of 49.05% [4]. - The company has implemented cost control measures that have improved operational efficiency and profitability [4]. Group 4: Market Ratings and Predictions - Over the past 90 days, four institutions have rated the stock as a buy, with an average target price of 38.76 yuan [6]. - Detailed earnings forecasts indicate projected net profits of 233 million yuan for 2025, increasing to 304 million yuan in 2026 and 359 million yuan in 2027 [8].