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 年度对外担保额度预计的核查意见 东吴证券股份有限公司（以下简称"东吴证券"、"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"、"公司"）持续督导的保荐机 构履行持续督导职责，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》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关规定，对上声电子 2025 年度对外担保额度预计事项进 行了核查，核查情况及核查意见如下： 一、担保情况概述 （一）担保基本情况 为满足公司及全资子公司或控股子公司的生产经营需求，结合公司发展计划， 公司（含子公司）拟在公司合并报表范围内的子公司申请信贷业务及日常经营需 要时为其提供担保（包括但不限于保证担保、抵押担保），担保额度合计不超过 人民币（或等值外币）52,500 万元，具体情况如下： 单位：万元 | 担保方 | 被担保方 | 担保额度 | 公司持股比例 | | --- | --- | --- | --- | | 上声电子 | 苏州乐玹音响有限公司 | 1,000.00 | 100.00% | | | 苏州 ...

Core Viewpoint - The 2025 Shanghai Auto Show, themed "Embrace Innovation and Win the Future," opened on April 23, showcasing advancements in automotive technology and attracting nearly a thousand domestic and international exhibitors, with a record scale and nearly a hundred new car models unveiled [1][2]. Industry Highlights - The auto show highlighted a focus on smart technology, with several automakers launching new products, including Li Auto's new family member, the Li Auto MEGA Home, and upgraded versions of the Li Auto MEGA Ultra and Li L6 [3]. - XPeng Motors showcased its humanoid robot IRON, which stands 178 cm tall and can perform various movements, emphasizing the importance of full-body intelligence in robotics [2][3]. - SAIC Group and Huawei introduced a new brand "SAIC Shangjie," marking a significant collaboration in the smart vehicle sector [3]. - Horizon Robotics presented its new urban driving assistance system, Horizon SuperDrive, and has partnered with over 40 automakers, achieving over 8 million units in pre-production deliveries [4]. Investment Strategy - The automotive sector is advised to focus on undervalued leading manufacturers and component suppliers due to performance improvements, particularly in the fields of new energy and smart technology [5]. - Recommended companies include BYD, Changan Automobile, Geely, and Li Auto in the new energy sector, as well as stable, undervalued component leaders like Huayu Automotive and Fuyao Glass [5]. - Key focus companies for the week include BYD, Li Auto, Top Group, Desay SV, and Sheng Electronics [6].

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The report highlights the strong sales performance of Insta360's new panoramic camera, which has gained significant market attention and has surpassed GoPro to become a leading global brand in the panoramic camera market [5][6] - Insta360's market share in the global panoramic camera segment is projected to reach an impressive 81.7% by 2024, indicating that 8 out of every 10 panoramic cameras sold worldwide will be from Insta360 [5][34] - The report emphasizes the importance of product capability as a competitive moat, showcasing Insta360's rapid innovation and growth from being only one-fortieth the size of GoPro in 2017 to surpassing it in 2024 [6][34] Market Performance Review - During the week of April 21 to April 25, 2025, the Shanghai Composite Index rose by 0.56%, while the Shenzhen Component Index increased by 1.38%. The ChiNext Index saw a rise of 1.74%, and the Sci-Tech 50 Index decreased by 0.40%. The Shenwan Electronics Index increased by 0.83% [4][46] - Among industry indices, optical components performed the best with a rise of 3.61%, while analog chip design showed weaker performance with a decline of 6.22% [4][46] Industry News Highlights - The report notes that Insta360's flagship panoramic camera, the Insta360 X5, created a buzz in the U.S. market, with long queues forming at New York's Grand Central Station for its launch [5][33] - The collaboration between Insta360 and leading SaaS platform DroneDeploy is mentioned, which aims to integrate panoramic cameras into robotic applications for enhanced visual capabilities [7][44] - The report discusses the growing application of AI in various sectors, emphasizing the need for AI-enabled hardware and the potential for panoramic cameras in AI-driven solutions [10][29]

登录新浪财经APP 搜索【信披】查看更多考评等级 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05月06日(星期二)下午14:00-15:00 ●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04月24日(星期四)至04月30日(星期三)16:00前登录上证路演中心网站首页点击"提问 预征集"栏目或通过苏州上声电子股份有限公司（以下简称"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。 董事会秘书：朱文元先生 公司将于2025年04月30日发布公司2024年年度报告、2025年第一季度报告，为便于广大投资者更全面深 入地了解公司2024年度及2025年第一季度经营成果、财务状况，公司计划于2025年05月06日下午14:00- 15:00举行2024年度暨2025年第一季度业绩暨 ...

证券代码：688533 证券简称：上声电子 公告编号：2025-005 债券代码：118037 债券简称：上声转债 会议召开时间：2025 年 05 月 06 日(星期二)下午 14:00-15:00 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 04 月 24 日(星期四)至 04 月 30 日(星期 三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏 目或通过苏州上声电子股份有限公司（以下简称"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。 公司将于 2025 年 04 月 30 日发布公司 2024 年年度报告、2025 年第一季度报告，为便于广大投资者更全面深入地了解公司 2024 年 度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 月 06 日下午 14:00-15:00 举行 2024 年度暨 2025 年第一季度业绩暨 现金分红说明会，就投资者关 ...

► 行业新技术：高阶智驾加速普及 高压快充重构体验 智能驾驶：高算力芯片与激光雷达大规模上车。吉利 领克 900 成为全球首款搭载 Thor 芯片的量产车型，双Orin-X芯片成主流配置；零跑B10等车型以激光雷达下探至 10万元级市场，推动智驾平权。 智能座舱：高通骁龙 8295P芯片规模化普及，覆盖15万元以上车型 （如小鹏 G7、零跑B10、比亚迪汉L/唐L、方程豹钛3、吉利银河星 耀8、极氪007 GT）； 电动化： 800V高压快充成标配，续航与补能效率突破。 比亚迪全域 1 , 000V平台、华为尊界S800支持6C超充，续航普遍突破700km。 高端化 ：本次车展华为、小米新车集中发力高端市场，华为尊界定位百万级豪华轿车，通过华为品牌力 +智能驾驶、座舱黑科技赋能品牌；小米SU7 Ultra定位巅峰性能科技轿 车，主打性能、操控、科技，通过技术赋能高端。 ► 新势力新趋势：科技巨头重塑格局 智驾体验定义竞争力 华为： 尊界 S800、问界M8、享界S9增程三箭齐发，以鸿蒙智驾+高压平台技术冲击豪华市场，定位覆盖30万元至百万元级。 小米： S U7 ultra亮相车展， 具备 最大 马力 154 ...

摘要 ► 2025 上海车展：" 拥抱创新 共赢未来"。 第二十一届上海国际汽车工业展览会将于 2025 年 4 月 23 日至 5 月 2 日举办，主题为"拥抱创新 共赢未来"。本届车展规模超 36 万平方米，吸引全球近 1 , 000 家企业 参展，海内外主流品牌悉数亮相，覆盖 26 个国家及地区，预计发布超 100 款全球首发新车。我们拟通过本报告梳理亮点车企，解读整车新技术，洞察产业新趋势。 ► 自主新趋势：技术驱动品牌向 上 混动 + 智驾双线突破 比亚迪： 王朝网汉 L/唐L双旗舰搭载"天神之眼"智驾系统（激光雷达+双Orin-X），第五代DM混动实现1 , 400km续航；方程豹钛3以硬派设计+云辇底盘拓展个性化市 场，技术赋能全价位覆盖。 吉利： 银河星耀 8、极氪9X依托雷神EM-P混动与Thor芯片，实现13万元至百万元级市场布局；领克900以激光雷达+天地门设计定义豪华 新标杆。 长安 /长城/上汽： 长安深蓝 S09、长城坦克400Hi4-Z、上汽智己LS6等差异化产品矩阵，聚焦增程、越野与智能赛道，自主供给呈现高端化、科技化特征。 投资建议 乘用车： 看好 智能化、全球化加速突破的优 ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, focusing on domestic autonomous industry chains and key companies such as BYD, Geely, and Xpeng [5]. Core Insights - The report highlights the impact of recent U.S. tariffs on the automotive sector, noting that the tariffs have a limited effect on automotive parts, particularly for companies with overseas operations [2][3]. - It emphasizes the importance of monitoring tariff developments and suggests a focus on domestic autonomous vehicle manufacturers that are less affected by U.S. tariffs [3][24]. - The report recommends a selection of companies in the automotive sector, particularly those involved in smart and electric vehicles, as well as automotive parts suppliers [3][4]. Summary by Sections Weekly Data - In the first week of April 2025, passenger car sales reached 337,000 units, a year-on-year increase of 25.6% but a month-on-month decrease of 30.2%. New energy vehicle sales were 168,000 units, up 37.8% year-on-year but down 30.4% month-on-month, with a penetration rate of 50.0% [1][3]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 5.26% from April 7 to April 11, ranking 24th among sub-industries [1][3]. Key Recommendations - The report suggests focusing on a core portfolio that includes companies like BYD, Geely, Xpeng, Xiaomi, Berteli, Top Group, and others [1][3]. - It also highlights the potential of companies involved in the new energy vehicle supply chain and those focusing on smart driving technologies [3][4]. Tariff Impact - The U.S. tariffs, particularly the reciprocal tariffs, are expected to have a significant impact on exports and the economy, with a potential drag on GDP growth [10][19]. - The report notes that the automotive parts sector is less affected by the tariffs, especially for companies with production facilities in Mexico and Southeast Asia [2][24]. Company Focus - The report identifies key companies in the automotive parts sector that are well-positioned to benefit from the current market dynamics, including those involved in smart and electric vehicle technologies [3][4][25].

证券代码：688533 证券简称：上声电子 公告编号：2025-004 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： ●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 3 月 31 日，"上声转债"转股 的金额为人民币 52,025,000 元，因转股形成的股份数量为 1,757,952 股，占"上声转债"转股前公司已发行股份总额的 1.0987200%。 ●未转股可转债情况：截至 2025 年 3 月 31 日，"上声转债"尚 未转股的可转债金额为人民币 467,975,000 元，占"上声转债"发行 总量的 89.9951923%。 ●本季度转股情况：自 2025 年 1 月 1 日起至 2025 年 3 月 31 日， "上声转债"转股的金额为人民币 0 元，因转股形成的股份数量为 0 股，占"上声转债"转股前公司已发 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company reported a total revenue of 2.77 billion yuan for 2024, representing an 18.9% year-on-year increase, and a net profit attributable to shareholders of 236 million yuan, which is a 48.6% increase year-on-year [1]. - The automotive acoustic products market is expanding due to the electrification and intelligence of vehicles, with the number of speakers in new energy vehicles generally ranging from 8 to over 20, compared to 4-8 in traditional fuel vehicles [4]. - The company is actively expanding its global market presence, with 40.28% of its main business revenue coming from exports in the first half of 2024, particularly strong sales in the United States [4]. - Cost management optimization has led to improved profitability, with a net profit margin of 8.5% for 2024, an increase of 1.7 percentage points year-on-year [4]. - The company forecasts net profits of 340 million yuan and 431 million yuan for 2025 and 2026, respectively, with corresponding EPS of 2.09 yuan and 2.65 yuan [4]. Financial Summary - Total revenue (in million yuan): 1,769 (2022), 2,326 (2023), 2,766 (2024E), 3,653 (2025E), 4,384 (2026E) [5]. - Year-on-year growth rates for total revenue: 35.9% (2022), 31.5% (2023), 18.9% (2024E), 32.1% (2025E), 20.0% (2026E) [5]. - Net profit attributable to shareholders (in million yuan): 87 (2022), 159 (2023), 236 (2024E), 340 (2025E), 431 (2026E) [5]. - Net profit growth rates: 43.7% (2022), 82.4% (2023), 48.6% (2024E), 44.1% (2025E), 26.7% (2026E) [5]. - Gross margin: 20.3% (2022), 25.5% (2023), 26.2% (2024E), 26.5% (2025E), 26.7% (2026E) [5]. - Return on equity (ROE): 7.9% (2022), 12.2% (2023), 15.3% (2024E), 18.0% (2025E), 18.6% (2026E) [5]. - EPS (diluted): 0.54 (2022), 0.98 (2023), 1.45 (2024E), 2.09 (2025E), 2.65 (2026E) [5].