Core Viewpoint - The company, Shangsheng Electronics, is a leading player in the automotive acoustic products sector, focusing on self-developed chips, intelligent algorithms, and automotive-grade verification technology [1] Group 1: Business Performance - In Q3 2025, Shangsheng Electronics reported revenue of 2.135 billion yuan, ranking 19th among 36 companies in the industry, significantly lower than the top competitor, Joyson Electronics, which had revenue of 45.844 billion yuan [2] - The net profit for the same period was 132 million yuan, placing the company 17th in the industry, again trailing behind Joyson Electronics and United Power [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 50.13%, a decrease from 53.73% year-on-year, but still above the industry average of 44.11% [3] - The gross profit margin was 20.44%, down from 26.31% year-on-year, yet higher than the industry average of 19.46% [3] Group 3: Executive Compensation - The chairman, Zhou Jianming, received a salary of 1.3136 million yuan in 2024, an increase of 76,700 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 28% to 9,221, while the average number of circulating A-shares held per shareholder decreased by 21.87% to 17,700 shares [5] - Notable new shareholders include Hong Kong Central Clearing Limited and China Europe Fund, while E Fund New Silk Road Mixed Fund exited the top ten circulating shareholders [5] Group 5: Business Highlights and Future Outlook - The company is benefiting from trends in electric and intelligent vehicles, with a revenue growth of 7.06% year-on-year in the first three quarters of 2025, although profitability is under short-term pressure [5] - Key business highlights include advancements in digital audio technology and the gradual ramp-up of production capacity at the new Hefei factory [5][6] - Revenue projections for 2025 to 2027 are 3.256 billion, 3.844 billion, and 4.373 billion yuan, with net profits of 206 million, 339 million, and 434 million yuan respectively [5][6]

Event Overview - The company released its Q3 2025 report, showing revenue of 2.135 billion yuan for the first three quarters, a year-on-year increase of 7.06%. The net profit attributable to shareholders was 135 million yuan, a year-on-year decrease of 28.83%. The net profit excluding non-recurring items was 126 million yuan, down 14.33% year-on-year [2]. Revenue and Profit Analysis - Revenue for Q3 2025 was 768 million yuan, reflecting a year-on-year increase of 1.67% and a quarter-on-quarter increase of 5.19%. The main customer, Li Auto, saw a 39.01% year-on-year decrease in sales, impacting revenue growth [3]. - The net profit attributable to shareholders for Q3 2025 was 50 million yuan, down 35.79% year-on-year and 12.82% quarter-on-quarter. The net profit excluding non-recurring items was 48 million yuan, a year-on-year decrease of 19.17% and a quarter-on-quarter decrease of 13.44%. The gross margin for Q3 2025 was 20.76%, down 8.03 percentage points year-on-year, while the net profit margin was 6.52%, down 3.81 percentage points year-on-year [3]. - The decline in profitability is attributed to several factors: the Hefei factory is still in its early operational phase, leading to costs that cannot be covered by revenue; increased competition in the automotive market has resulted in price reductions for some products, causing a drop in gross margins; and a reduction in government subsidies during the period [3]. Cost Structure - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 0.78%, 5.92%, 6.15%, and 0.96%, respectively. Year-on-year changes were -0.14, -1.02, -0.23, and -0.96 percentage points, while quarter-on-quarter changes were -0.42, -0.77, +0.75, and +4.01 percentage points. The increase in financial cost ratio quarter-on-quarter was mainly due to significant foreign exchange gains from the rise in the euro exchange rate in Q2 2025 [3]. Technological Advancements - The company is deepening its layout in the pure digital audio technology chain, constructing a three-dimensional technology system that includes self-developed chips, intelligent algorithms, and automotive-grade verification. The commercialization of the panoramic sound field solution is being advanced, with the launch of an AI panoramic sound system in H1 2025, featuring innovative patented products and a powerful amplifier, providing a cinema-level sound experience [4]. Production Capacity Enhancement - To address the risks of trade de-globalization and to keep pace with the acceleration of Chinese automotive manufacturers' overseas expansion, the company is advancing the automation of production lines in Czech Republic and Mexico, enhancing delivery capabilities for overseas projects. The new factory in Hefei is set to begin production by the end of 2024, with capacity gradually ramping up. The speaker production line in Suzhou is also undergoing technological upgrades to enhance smart manufacturing capabilities [5]. Future Projections - The company is expected to benefit from the trends of electric and intelligent vehicles and 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 of 206 million yuan, 339 million yuan, and 434 million yuan, respectively. The earnings per share (EPS) are projected to be 1.27 yuan, 2.08 yuan, and 2.67 yuan, with corresponding price-to-earnings (PE) ratios of 22, 13, and 10 [6][7].

Core Viewpoint - The company, Suzhou Shangsheng Electronics Co., Ltd., has announced adjustments to its plan for issuing convertible bonds, reducing the total amount from RMB 330 million to RMB 324.85 million, while ensuring that the funds will be used for projects related to technological innovation and enhancing operational efficiency [9][10][44]. Financial Data - The company reported that the total amount for the issuance of convertible bonds has been adjusted to not exceed RMB 324.85 million [10][45]. - The net proceeds from the issuance will be allocated entirely to specific projects after deducting issuance costs [12][46]. Board Meeting and Resolutions - The third board meeting of the company was held on October 29, 2025, where all ten directors attended, and the meeting was deemed legally valid [8]. - The board unanimously approved several resolutions, including the adjustment of the convertible bond issuance plan and the feasibility analysis of the use of raised funds [9][13][22]. Use of Proceeds - The funds raised from the convertible bond issuance will be used for projects that enhance the company's core competitiveness and sustainable development capabilities [29]. - The company plans to invest in upgrading its production lines and establishing advanced research laboratories, focusing on automotive acoustic technology [29][30]. Risk Mitigation Measures - The company has outlined measures to mitigate the potential dilution of immediate returns for existing shareholders due to the issuance of convertible bonds [34]. - These measures include improving operational efficiency, ensuring effective use of raised funds, and maintaining a stable profit distribution policy [35][37]. Commitment from Major Shareholders - Major shareholders have committed to not interfering with the company's management and to ensure the fulfillment of measures aimed at mitigating the dilution of immediate returns [39][40].

Core Viewpoint - The company has announced a significant adjustment to its convertible bond issuance plan, reducing the scale to no more than 324.85 million yuan, while also decreasing the supplementary liquidity amount to 44.85 million yuan, a reduction of 5.15 million yuan [1] Group 1: Convertible Bond Issuance - The issuance scale of the convertible bonds has been reduced to no more than 324.85 million yuan [1] - The supplementary liquidity amount has been decreased to 44.85 million yuan, a reduction of 5.15 million yuan [1] - The funding allocation for the two major investment projects remains unchanged [1] Group 2: Production Capacity and Utilization - The overall capacity utilization rate for the company's automotive speakers from 2022 to Q1 2025 has shown a declining trend, with rates of 109.17%, 104.86%, 92.58%, and 82.51% respectively [1] - The decline in capacity utilization is attributed to three main factors: completion of previous investment projects, optimization of production lines to meet order demands, and additional investments in production lines during periods of tight capacity [1] Group 3: Investment Projects - The current investment project is aimed at upgrading and extending existing business operations, with no instances of duplicate construction [2] - The smart manufacturing technology upgrade project has a planned total investment of 374 million yuan, with 260 million yuan expected to be funded from the raised capital [2] - The project focuses on the renovation of outdated production lines at the Suzhou headquarters, primarily updating equipment without increasing existing production capacity, while adding an annual production capacity of 9 million high-frequency speakers [2] Group 4: Financial Performance - In Q3 2025, the company achieved operating revenue of 768 million yuan, a year-on-year increase of 1.67% [2] - Cumulative revenue for the first three quarters reached 2.135 billion yuan, with a year-on-year growth of 7.06% [2] - The net profit attributable to shareholders in Q3 was 50.125 million yuan, a year-on-year decline of 35.79%, primarily due to initial operational costs at the Hefei factory and increased competition in the automotive market [2]

Core Viewpoint - The company reported a revenue increase but a significant decline in net profit for the third quarter of 2025 compared to the previous year [1] Financial Performance - Total revenue for the first three quarters of 2025 reached 2.135 billion yuan, representing a year-on-year growth of 7.06% [1] - Net profit attributable to shareholders was 135 million yuan, showing a year-on-year decrease of 28.83% [1] - Basic earnings per share were reported at 0.83 yuan [1]

Core Insights - Liu Jingkang, founder and CEO of Insta360, praised DJI's chairman Wang Tao, calling him a "monopoly king" in consumer electronics, indicating a strong competitive landscape in the industry [1][3] - Recent market data shows DJI has captured 66% of the global market share in the action camera segment, surpassing GoPro, while Insta360 holds approximately 13% [3][4] - DJI's Osmo 360 has achieved 49% market share in China and 43% globally in the panoramic camera market within three months of its launch, reshaping the industry dynamics [3][4] Market Dynamics - DJI has maintained a dominant position in the global consumer drone market, holding 70-80% market share, attributed to long-term technological investment and product innovation [4][6] - Despite DJI's leading position, competition remains active with players like Insta360, GoPro, and Sony in the action camera and panoramic imaging segments, indicating a dynamic competitive environment [4][6] - The consumer electronics industry is characterized by rapid technological iterations and strong substitutability, making it difficult for any company to achieve true monopoly status [4][6] Competitive Strategies - DJI's recent price cuts during the "Double Eleven" shopping festival have sparked consumer dissatisfaction and are perceived as a strategy to suppress competition [6][7] - Liu Jingkang acknowledged that Insta360's market entry into drones may have influenced DJI's pricing strategies, highlighting the competitive interplay between the two companies [6][7] - Both companies are engaged in direct competition, with Insta360 launching a consumer drone brand and DJI rapidly gaining market share with its Osmo 360 camera [6][7]

证券代码：688533 证券简称：上声电子 苏州上声电子股份有限公司 Suzhou Sonavox Electronics Co.,Ltd. （住所：江苏省苏州市相城区元和街道科技园中创路 333 号） 向不特定对象发行可转换公司债券预案 （修订稿） 二〇二五年十月 公司声明 1、公司及董事会全体成员保证本预案内容真实、准确、完整， 并确认不存在虚假记载、误导性陈述或重大遗漏，并对本预案内容的 真实性、准确性、完整性承担个别和连带的法律责任。 2、本次向不特定对象发行可转换公司债券完成后，公司经营与 收益的变化，由公司自行负责；因本次向不特定对象发行可转换公司 债券引致的投资风险，由投资者自行负责。 3、本预案是公司董事会对本次向不特定对象发行可转换公司债 券的说明，任何与之相反的声明均属不实陈述。 4、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专 业会计师或其他专业顾问。 5、本预案所述事项并不代表审核、注册部门对于本次向不特定 对象发行可转换公司债券相关事项的实质性判断、确认、批准或注册。 本预案所述本次向不特定对象发行可转换公司债券相关事项的生效 和完成尚待上海证券交易所发行上市审核并报经中国证 ...

证券代码：688533 证券简称：上声电子 苏州上声电子股份有限公司 Suzhou Sonavox Electronics Co.,Ltd. （住所：江苏省苏州市相城区元和街道科技园中创路 333 号） （修订稿） 二〇二五年十月 1 第一节 本次发行证券及其品种选择的必要性 苏州上声电子股份有限公司（以下简称"上声电子"、"公司"或 "发行人"）系上海证券交易所（以下简称"上交所"）科创板上市公 司。为满足公司发展的资金需求，扩大公司经营规模，增强公司综合 竞争力，提升盈利能力，公司结合自身实际状况，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）以及《上市公司证券发行注册管理办法》 （以下简称"《注册管理办法》"）等相关规定，拟通过向不特定对象 发行可转换公司债券（以下简称"本次发行"；可转换公司债券以下 简称"可转债"）的方式募集资金。 一、本次发行证券种类 本次发行证券的种类为可转换为公司股票的可转债。该等可转债 及未来转换的公司股票将在上交所科创板上市。 二、本次募集资金投资项目的可行性及必要性 向不特定对象发行可转换公司债券方案的 论证 ...

证券代码：688533 证券简称：上声电子 公告编号：2025-049 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 关于调整公司向不特定对象发行可转换公司债券方案 及相关文件修订说明的公告 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。 苏州上声电子股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日召开第三届董事会第十三次会议、第三届监事会第九次会议， 审议通过了《关于公司符合向不特定对象发行可转换公司债券条件的 议案》等相关议案，相关文件已于 2025 年 5 月 13 日在上海证券交易 所网站（www.sse.com.cn）披露。 公司于 2025 年 6 月 19 日召开第三届董事会第十四次会议、第三 届监事会第十次会议，审议通过了《关于公司<前次募集资金使用情 况报告>的议案》，相关文件已于 2025 年 6 月 20 日在上海证券交易所 网站（www.sse.com.cn）披露，且相关文件（更正版）已于 2025 年 6 月 27 日在上海证券交易所网站（www.sse ...

信永中和会计师事务所（特殊普通合伙） 关于苏州上声电子股份有限公司 向不特定对象发行可转换公司债券申请文件的审核问询函的回复 XYZH/2025SUAA1B0267 苏州上声电子股份有限公司 上海证券交易所： 信永中和会计师事务所（特殊普通合伙）（以下简称"申报会计师"）通 过保荐机构东吴证券股份有限公司（以下简称"保荐机构"）收悉贵所于 2025 年 9 月 4 日出具的《关于苏州上声电子股份有限公司向不特定对象发行可转换 公司债券申请文件的审核问询函》（上证科审（再融资）〔2025〕113 号） （以下简称"问询函"）。申报会计师已会同苏州上声电子股份有限公司（以 下简称"上声电子"、"发行人"、"公司"）已就问询函中提到的问题逐项 进行了认真讨论、核查和落实，现回复如下，请予审核。 如无特别说明，本回复中使用的简称或名词释义与《苏州上声电子股份有 限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"募集说明 书"）一致。本问询回复中若出现总计数尾数与所列数值总和尾数不符的情 况，均为四舍五入所致。本问询回复中的字体代表以下含义： | 问询函所列问题 | 黑体 | | --- | --- | | ...