Core Viewpoint - The company Suzhou Sonavox Electronics Co., Ltd. has announced the adjustment of the convertible bond conversion price due to the implementation of the 2024 annual equity distribution plan, which includes a cash dividend of 4.50 RMB per 10 shares [2][3][5]. Summary by Sections 1. Securities Suspension and Resumption - The company's convertible bonds will stop conversion from May 29, 2025, until the equity distribution registration date, after which they will resume conversion [2][4]. 2. 2024 Annual Equity Distribution Plan - The equity distribution plan involves a cash dividend of 4.50 RMB per 10 shares (tax included), with no stock dividends or capital reserve transfers to increase share capital [2][3]. - The plan was approved at the company's annual general meeting on May 20, 2025 [2][3]. 3. Adjustment of Convertible Bond Conversion Price - The conversion price of the convertible bonds will be adjusted from 29.56 RMB per share to 29.11 RMB per share due to the cash dividend distribution [2][5]. - The adjustment formula used is: P = P0 - D, where P0 is the original conversion price and D is the cash dividend per share [5]. 4. Additional Information - Investors seeking more information about the convertible bonds can refer to the company's prospectus published on July 4, 2023 [5].

股票代码：688533 证券简称：上声电子 公告编号：2025-024 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 关于实施 2024 年年度权益分派时可转债转股价格调整暨 转股连续停牌的提示性公告 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： 证券停复牌情况：适用 二、本次权益分派方案实施时转股连续停牌的安排 （一）公司将于 2025 年 5 月 30 日在《中国证券报》《上海证券报》 《证券时报》及上海证券交易所网站（www.sse.com.cn）披露权益分 派实施公告和可转债转股价格调整公告。 （二）自 2025 年 5 月 29 日至权益分派股权登记日期间，"上声转 债"将停止转股，股权登记日后的第一个交易日起"上声转债"恢复 转股，欲享受权益分派的可转债持有人可在 2025 年 5 月 28 日（含 2025 年 5 月 28 日）之前进行转股。 三、本次权益分派方案实施时转股价格的调整 因实施权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | ...

Meeting Overview - The shareholders' meeting of Suzhou Shansheng Electronics Co., Ltd. was held on May 20, 2025, at the company's conference room in Suzhou [1] - A total of 53 ordinary shareholders attended the meeting, holding 121,008,581 voting rights, which represents a significant portion of the company's total voting rights [1] Voting Results - All proposed resolutions were approved with overwhelming support from ordinary shareholders, with voting results showing a high percentage of agreement: - The first resolution received 99.9697% approval [1] - The second resolution received 99.9638% approval [1] - The third resolution received 99.9638% approval [1] - Additional resolutions also received similar high approval rates, with percentages ranging from 99.9495% to 99.9656% [2][3] Legal Compliance - The meeting's procedures and voting methods were confirmed to comply with the Company Law and the company's articles of association, ensuring the legality and validity of the meeting [3][4] - The presence of legal representatives was noted, affirming that the meeting's organization and execution adhered to relevant legal regulations [3]

证券代码：688533 证券简称：上声电子 公告编号：2025-023 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年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一）股东大会召开的时间：2025 年 5 月 20 日 （二）股东大会召开的地点：苏州市相城区元和科技园中创路 333 号 （四）表决方式是否符合《公司法》及公司章程的规定，大会主持情 况等。 会议采用现场投票和网络投票相结合的表决方式，会议的表决程 序和方式均符合《公司法》和《公司章程》的规定，本次股东大会由 董事长周建明先生主持。 （五）公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席9人； 2、公司在任监事3人，出席3人； 3、董事会秘书朱文元先生出席了本次会议，公司全体高级管理人员 列席了会议。 二、 议案审议情况 （一）非累积投票议案 公司三楼北 C105U 型会议室 （三）出席会议的普通股股东、特别表决权 ...

上海市通力律师事务所 关于苏州上声电子股份有限公司 2024 年年度股东大会的法律意见书 致: 苏州上声电子股份有限公司 上海市通力律师事务所(以下简称"本所")接受苏州上声电子股份有限公司(以下简称 "公司")的委托, 指派本所黄新淏律师、陈理民律师(以下简称"本所律师")根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规和规范 性文件(以下统称"法律法规")及《苏州上声电子股份有限公司章程》(以下简称"公司章 程")的规定就公司 2024 年年度股东大会(以下简称"本次股东大会")相关事宜出具法律 意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了核 查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有签 署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有效 的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表意见, 并 不 ...

Core Viewpoint - The company, UpSound Electronics, is accelerating its production expansion by issuing convertible bonds to raise up to 330 million yuan, primarily for upgrading speaker manufacturing technology and industrializing vehicle digital audio-visual technology [1][2]. Funding Utilization - Approximately 78.79% of the raised funds, around 260 million yuan, will be allocated to the speaker intelligent manufacturing technology upgrade project, which has a total investment of about 374 million yuan [2]. - The project aims to upgrade outdated production lines at the company's Suzhou headquarters and purchase highly automated production and testing equipment over a three-year construction period [2]. Market Position and Growth - UpSound Electronics holds the leading market share in vehicle speaker products among domestic suppliers, with global market shares projected to increase from 12.95% in 2022 to 15.24% in 2024 for passenger and light commercial vehicles [2]. - The company has established a diverse client base, including major automotive manufacturers such as Geely, Chery, Ford, and BMW [2]. R&D Investment and Innovation - The company has consistently increased its R&D investment, totaling 573 million yuan from 2020 to 2024, with annual expenditures rising each year [5]. - The company plans to invest 20 million yuan in the vehicle digital audio-visual technology industrialization project, which will focus on developing advanced technologies to meet the growing demand for automotive intelligence [3][5]. Financial Performance - UpSound Electronics has shown a steady increase in revenue and net profit from 2021 to 2024, with revenues rising from 1.302 billion yuan to 2.776 billion yuan and net profits increasing from 60.67 million yuan to 235 million yuan [4]. - Despite a revenue increase of 6.4% in Q1 2025, net profit declined by 53.27% due to initial operational challenges at the Hefei factory and reduced government subsidies [6].

Core Viewpoint - The company plans to issue convertible bonds to raise up to 330 million yuan for two main projects: upgrading speaker manufacturing technology and industrializing in-vehicle digital audio and video technology [1][2]. Group 1: Project Details - The funds will primarily be allocated to two projects: 1. Speaker Intelligent Manufacturing Technology Upgrade Project with a total investment of 374 million yuan, using 260 million yuan from the raised funds, and a construction period of 3 years. This project aims to upgrade old production lines at the company's Suzhou headquarters with high automation equipment to enhance product consistency and production efficiency while reducing costs [2]. 2. In-Vehicle Digital Audio and Video Technology Industrialization Project with a total investment of 21.465 million yuan, using 20 million yuan from the raised funds, and a construction period of 2 years. This project will leverage existing R&D mechanisms and introduce advanced equipment to develop new LCD display materials for streaming rearview mirrors, AI amplifier systems, and digital speaker ASIC chips [2]. Group 2: Financial Performance - In 2024, the company expects speaker revenue to reach 2.05 billion yuan, a year-on-year increase of 10.84%, accounting for 73.84% of total revenue. Amplifier revenue is projected at 534 million yuan, up 47.97%, making up 19.23% of total revenue. AVAS revenue is anticipated to be 121 million yuan, a 40.10% increase, representing 4.35% of total revenue [3]. - The company has maintained a strong market share in the automotive speaker sector, with global market shares of 12.95%, 13.11%, and 15.24% from 2022 to 2024, and domestic market shares of 20.66%, 23.32%, and 25.42% during the same period [3]. Group 3: Expansion and Market Trends - The company is advancing its production line upgrades in Czech Republic and Mexico to enhance overseas delivery capabilities and reduce supply chain risks. The new factory in Hefei has completed basic construction and will begin trial production and small batch deliveries this year [4]. - The trend towards electric and intelligent vehicles positions in-vehicle acoustics as a preferred choice for smart cockpit enhancements. The company is expected to benefit from this trend, with projected revenues of 3.256 billion yuan, 3.844 billion yuan, and 4.373 billion yuan from 2025 to 2027, alongside net profits of 246 million yuan, 413 million yuan, and 559 million yuan respectively [5][6].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company plans to raise up to 330 million yuan through a convertible bond issuance to fund two major projects: the intelligent manufacturing technology upgrade for speakers and the industrialization of in-vehicle digital audio and video technology [1][2] - The speaker business remains robust, with projected revenue of 205 billion yuan in 2024, a year-on-year increase of 10.84%, while the amplifier revenue is expected to reach 53.4 billion yuan, showing a significant growth of 4797% [3] - The company is expanding its production capacity and enhancing its overseas operations, particularly in Czech Republic and Mexico, to reduce supply chain risks and meet increasing demand [4] Summary by Sections Project Funding and Utilization - The convertible bond proceeds will be allocated to two projects: 1. Intelligent manufacturing technology upgrade for speakers with a total investment of 374 million yuan, using 260 million yuan from the bond [2] 2. Industrialization of in-vehicle digital audio and video technology with a total investment of 21.465 million yuan, utilizing 20 million yuan from the bond [2] Revenue and Market Position - The company is expected to maintain a strong market position in the automotive speaker sector, with market shares of 12.95%, 13.11%, and 15.24% in the global market from 2022 to 2024, and 20.66%, 23.32%, and 25.42% in the domestic market [3] - The company is focusing on increasing R&D investments to strengthen its existing advantages in automotive speakers while developing new automotive electronic products [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 325.6 billion yuan, 384.4 billion yuan, and 437.3 billion yuan respectively, with net profits expected to be 24.6 billion yuan, 41.3 billion yuan, and 55.9 billion yuan [5][10] - The report anticipates a steady growth in earnings per share (EPS) from 1.51 yuan in 2025 to 3.43 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 19, 11, and 8 [5][10]

Group 1 - Shengyi Electronics plans to repurchase shares with a total amount between 50 million and 100 million yuan, at a price not exceeding 43.02 yuan per share, for employee stock ownership plans [1] - Guoyao Modern's subsidiary has passed the consistency evaluation for the quality and efficacy of a generic drug, which is used for treating severe infections [1] - Tianhe Magnetic Materials' subsidiaries have obtained project filing notices for high-performance rare earth permanent magnet projects, with total investments of 100 million yuan and 50 million yuan respectively [1][2] Group 2 - Dream Lily intends to repurchase shares with an amount between 85 million and 170 million yuan, at a price not exceeding 10.90 yuan per share, supported by a loan commitment of up to 150 million yuan [3] - Weifu High-Tech has received a loan commitment of up to 135 million yuan from a financial institution for share repurchase [3] Group 3 - Lu'an Environmental Energy reported a coal sales volume of 4.51 million tons in April, a year-on-year increase of 17.75% [5] - *ST Tianshan reported a significant decline in livestock sales and revenue, with a revenue of 70,500 yuan in April, down 95.68% year-on-year [7] Group 4 - Feirongda announced a cash dividend of 0.38 yuan per 10 shares, with a total distribution of 21.9 million yuan [8] - Zhejiang Rongtai's shareholders and executives plan to reduce their holdings by up to 1.93% of the company's shares [9] Group 5 - Changhua Group's subsidiary won the land use rights for an industrial site in Ningbo for 27.05 million yuan, intended for manufacturing and related business [11] - Zejing Pharmaceutical's new drug application for a treatment for severe alopecia has been accepted by the regulatory authority [13][14] Group 6 - Hainan Mining plans to distribute a cash dividend of 0.8 yuan per 10 shares, totaling 1.59 billion yuan [15] - China Jushi plans to distribute a cash dividend of 0.24 yuan per share, totaling 9.61 billion yuan [16] Group 7 - Zhengzhong Design's subsidiary has obtained a utility model patent for an acrylic signage guide [18] - Rundu Co., Ltd. received approval for a veterinary drug product, which is intended for treating bacterial diseases in livestock [20] Group 8 - Emei Mountain A announced the resignation of its general manager due to work reasons [22] - Tonghua Dongbao's insulin injection has received a registration certificate in Nicaragua, allowing for sales in that market [23] Group 9 - Dizu Fashion's subsidiary has completed the registration of a private equity investment fund [24] - Ningbo Gaofa plans to increase capital by 60 million yuan in its subsidiary for operational needs [26] Group 10 - Haichuan Intelligent has obtained two utility model patents for material handling devices [27] - Newland's subsidiary signed a deep cooperation agreement with Alibaba Cloud for AI model applications [29] Group 11 - Rui Neng Technology's controlling shareholder plans to reduce its stake by up to 2.89% [30] - Guomai Culture intends to repurchase shares between 50 million and 100 million yuan for capital reduction [31] Group 12 - Shaanxi Construction won major construction projects totaling 7.88 billion yuan in April [32] - Hanyu Pharmaceutical signed a joint development agreement for a new peptide drug with a partner [34] Group 13 - Yunnan Copper is planning to acquire a 40% stake in Liangshan Mining, leading to a stock suspension [35] - Haizheng Pharmaceutical plans to repurchase shares between 50 million and 100 million yuan for employee stock ownership [36] Group 14 - Tianqiao Hoisting's controlling shareholder plans to increase its stake by 75 million to 150 million yuan [37] - Tiandi Online's controlling shareholder is transferring shares to introduce a strategic investor [38] Group 15 - Hongchang Technology plans to invest 15 million yuan in a joint venture with a partner [39] - Rabbit Baby's subsidiary is preparing for an IPO in Hong Kong [41] Group 16 - Wol Nuclear Materials is planning to issue H-shares for listing in Hong Kong [42] - Tangyuan Electric plans to raise up to 864 million yuan through a private placement for various projects [43] Group 17 - Tongrun Equipment's major shareholders plan to reduce their holdings by up to 2% [44] - Linzhou Heavy Machinery plans to raise up to 600 million yuan through a private placement [46] Group 18 - China Merchants Securities announced the resignation of its vice president [47] - Shangsheng Electronics plans to issue convertible bonds to raise up to 330 million yuan for various projects [48] Group 19 - Longda Co., Ltd.'s major shareholder plans to reduce its stake by up to 1% [49] - China Medical plans to acquire 100% of Jinsui Technology for 302 million yuan [50] Group 20 - Silek has signed a strategic cooperation agreement with a battery manufacturer [51] - Boyun New Materials' major shareholder plans to reduce its stake by up to 3% [53]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a closing price of 28.07 CNY per share on May 12, 2025 [6]. Core Viewpoints - The company is set to raise up to 330 million CNY through a convertible bond issuance to fund two major projects: the smart manufacturing technology upgrade for speakers and the industrialization of automotive digital audio and video technology [1][2]. - The speaker business remains robust, with projected revenue of 2.05 billion CNY in 2024, reflecting a year-on-year growth of 10.84%. The company is also seeing rapid growth in its amplifier and AVAS product lines, with respective revenue increases of 47.97% and 40.10% [3]. - The company is expanding its production capabilities both domestically and internationally, with ongoing projects in the Czech Republic and Mexico to enhance delivery capabilities and reduce supply chain risks [4]. Summary by Sections Funding and Projects - The convertible bond proceeds will primarily support two projects: 1. Smart manufacturing technology upgrade for speakers, with a total investment of 374 million CNY and a planned use of 260 million CNY from the bond proceeds over a 3-year construction period [2]. 2. Industrialization of automotive digital audio and video technology, with a total investment of 21.465 million CNY and a planned use of 20 million CNY from the bond proceeds over a 2-year construction period [2]. Revenue and Market Position - The company is expected to maintain a strong market position in the automotive speaker sector, with market shares increasing from 12.95% in 2022 to 15.24% in 2024 in the global market, and from 20.66% to 25.42% in the domestic market during the same period [3]. Financial Projections - Revenue projections for 2025-2027 are 3.256 billion CNY, 3.844 billion CNY, and 4.373 billion CNY respectively, with net profits expected to be 246 million CNY, 413 million CNY, and 559 million CNY [5][10]. - The earnings per share (EPS) are projected to grow from 1.51 CNY in 2025 to 3.43 CNY in 2027, with corresponding price-to-earnings (PE) ratios of 19, 11, and 8 [5][10].