证券代码：688533 证券简称：上声电子 公告编号：2026-018 发行人：苏州上声电子股份有限公司 苏州上声电子股份有限公司（以下简称"上声电子"或"发行人"）向不特 定对象发行可转换公司债券（以下简称"本次发行"）已获得中国证券监督管理 委员会证监许可[2025]2967 号文同意注册。 本次发行的可转换公司债券将向发行人原股东优先配售，原股东优先配售后 余额部分（含原股东放弃优先配售部分）采用网上通过上海证券交易所交易系统 向社会公众投资者发售的方式进行。 本次发行的可转换公司债券募集说明书摘要和发行公告已于 2026 年 3 月 16 日（T-2 日）披露，募集说明书全文及相关资料可在上海证券交易所网站 （http://www.sse.com.cn）查询。 为便于投资者了解上声电子本次向不特定对象发行可转换公司债券的有关 情况和本次发行的相关安排，发行人和保荐人（主承销商）将就本次发行举行网 上路演。 一、网上路演时间：2026 年 3 月 17 日（周二）10:00-11:00 二、网上路演网址：上海证券报•中国证券网（https://roadshow.cnstock.com/） 三、参加人员： ...

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信 用评级报告 中鹏信评【2025】第 Z【1091】号 02 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得修改、复制、转载和出售。除委托评级合同约定外， 未经本评级机构书面同意，本评级报告及评级结论不得用于其他债券的发行等证券业务活动或其他用途。 中证鹏元资信评估股份有限公司 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与 ...

证券代码：688533 证券简称：上声电子 公告编号：2026-016 债券代码：118037 证券简称：上声转债 苏州上声电子股份有限公司（以下简称"公司"）第三届董事会 第二十次会议于 2026 年 3 月 13 日在公司三楼 C105-U 型会议室以现场 结合通讯方式召开。会议通知已于 2026 年 3 月 8 日以书面文件方式送 达全体董事。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《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）逐项审议通过《关于进一步明确公司向不特定对象发行可 转换公司债券具体方案的议案》 公司已收到中国证券监督管理委员会出具的《关于同意苏州上声 电子股份有限公司向不特定对象发行可转换公司债券注册的批复》（证 监许可[2025]2967 号），同意公司向不特定对象发行可转换公司债券 (以下简称"本次发行")的注册申请。 苏州上声电子股份 ...

| 证券代码：688533 | 证券简称：上声电子 公告编号：2026-015 | | --- | --- | | 债券代码：118037 | 债券简称：上声转债 | 公司已取得中国证券监督管理委员会出具的《关于同意苏州上声 电子股份有限公司向不特定对象发行可转换公司债券注册的批复》（证 监许可[2025]2967 号），同意公司向不特定对象发行可转换公司债券 （以下简称"本期可转债"）的注册申请，具体内容详见公司于 2026 年 1 月 1 日在上海证券交易所（www.sse.com.cn）披露的《苏州上声 电子股份有限公司关于向不特定对象发行可转换公司债券申请获得中 国证券监督管理委员会同意注册批复的公告》（公告编号：2026-001）。 公司拟实施本期可转债发行工作，原股东优先配售认购日与网上 申购日为 2026 年 3 月 18 日，股权登记日为 2026 年 3 月 17 日，本期 可转债募集说明书及发行公告将于 2026 年 3 月 16 日在上海证券交易 所网站（www.sse.com.cn）披露。 苏州上声电子股份有限公司 关于"上声转债"停止转股的提示性公告 本公司董事会及全体董事保证本公告 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company reported a revenue of 3.023 billion yuan for 2025, representing a year-on-year growth of 8.89%. The net profit attributable to the parent company was 184 million yuan, down 21.71% year-on-year [8] - In Q4 2025, the company achieved a revenue of 888 million yuan, which is a 13.55% increase year-on-year and a 15.50% increase quarter-on-quarter. The net profit attributable to the parent company for this quarter was 49 million yuan, up 7.92% year-on-year but down 1.89% quarter-on-quarter [8] - The company is deepening its layout in the pure digital audio technology chain and is advancing the commercialization of panoramic sound field solutions. It has introduced innovative products such as a 53-speaker configuration and a 4000W amplifier, showcasing its leadership in automotive acoustic products [8] - The company is accelerating production line upgrades and enhancing its intelligent manufacturing capabilities to meet the demands of overseas projects and respond to global trade risks [8] Financial Forecasts - Projected revenues for 2025, 2026, and 2027 are 30.23 billion yuan, 35.52 billion yuan, and 41.28 billion yuan respectively, with net profits of 184 million yuan, 238 million yuan, and 322 million yuan respectively. The earnings per share (EPS) are expected to be 1.12 yuan, 1.44 yuan, and 1.95 yuan for the same years [2][9] - The company’s gross margin is projected to be 21.5% in 2025, with a slight increase to 22.4% by 2027 [9] - The price-to-earnings (PE) ratio is expected to be 30 for 2025, 24 for 2026, and 17 for 2027, indicating a favorable valuation trend [2][9]

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company reported a revenue of 3.023 billion yuan for 2025, representing a year-on-year growth of 8.89%. The net profit attributable to the parent company was 184 million yuan, down 21.71% year-on-year [8] - In Q4 2025, the company achieved a revenue of 888 million yuan, which is a 13.55% increase year-on-year and a 15.50% increase quarter-on-quarter. The net profit attributable to the parent company for this quarter was 49 million yuan, up 7.92% year-on-year but down 1.89% quarter-on-quarter [8] - The company is deepening its layout in the pure digital audio technology chain and is advancing the commercialization of panoramic sound field solutions. It has introduced innovative products such as a 53-speaker configuration and a 4000W amplifier, showcasing its leadership in automotive acoustic products [8] - The company is accelerating production line upgrades and enhancing its intelligent manufacturing capabilities to meet the demands of overseas projects and improve delivery capabilities [8] Financial Forecasts - Revenue projections for 2025-2027 are 30.23 billion yuan, 35.52 billion yuan, and 41.28 billion yuan respectively, with net profits of 1.84 billion yuan, 2.38 billion yuan, and 3.22 billion yuan [2][9] - Earnings per share (EPS) are forecasted to be 1.12 yuan in 2025, 1.44 yuan in 2026, and 1.95 yuan in 2027 [2][9] - The price-to-earnings (PE) ratios are projected to be 30 for 2025, 24 for 2026, and 17 for 2027 [2][9]

Core Insights - The company reported a total operating revenue of 3,022.65 million yuan for 2025, representing an 8.89% increase year-on-year, but the net profit attributable to shareholders decreased by 21.71% [2][3] - The basic earnings per share fell to 1.13 yuan, a decline of 23.13% compared to the previous year [2] Financial Performance - Total operating revenue for 2025 was 3,022.65 million yuan, up 8.89% from the previous year [2] - Net profit attributable to the parent company was 184.12 million yuan, down 21.71% year-on-year [2][3] - The net profit excluding non-recurring gains and losses was 165.03 million yuan, a decrease of 12.63% compared to the previous year [2] - The weighted average return on net assets was 10.23%, down 6.4 percentage points from 16.63% in the previous year [2] Reasons for Profit Decline - The subsidiary, Aosheng Electronics (Hefei) Co., Ltd., is still in the early stages of operation, leading to losses as revenue does not fully cover depreciation and manufacturing costs [3] - Increased competition in the downstream automotive market has led to price reductions for some products, resulting in a decline in gross margin [3] - There was a reduction in government subsidies compared to the previous year [3]

Group 1 - The company reported a total operating revenue of 302,265.36 million RMB for the year 2025, representing a year-on-year increase of 8.89% [4] - The total profit for the company was 21,294.18 million RMB, which reflects a year-on-year decrease of 24.53% [4] - The net profit attributable to shareholders of the listed company was 18,412.29 million RMB, showing a year-on-year decline of 21.71% [4] Group 2 - The decline in net profit is primarily attributed to the early operational stage of the subsidiary, Suzhou Shangsheng Electronics (Hefei) Co., Ltd., which has not yet generated sufficient revenue to cover depreciation and manufacturing costs [4] - Increased price competition in the downstream automotive market has led to price reductions for some products, resulting in a decrease in gross profit margin [5] - There has been a reduction in government subsidies during the reporting period [6]

Group 1 - The core point of the article is that the company, 上声电子, reported its 2025 annual performance, showing a total operating revenue of 3022.65 million yuan, which represents a year-on-year increase of 8.89% [1] - The net profit attributable to the parent company for 2025 was 184.12 million yuan, reflecting a year-on-year decrease of 21.71% [1]

Core Viewpoint - The company reported a revenue of 3.023 billion yuan for the fiscal year 2025, reflecting a year-on-year growth of 8.89%, while the net profit attributable to shareholders decreased by 21.71% to 184 million yuan [1][1]. Financial Performance - The company's revenue for the fiscal year 2025 was 3.023 billion yuan, which is an increase of 8.89% compared to the previous year [1]. - The net profit attributable to shareholders was 184 million yuan, showing a decline of 21.71% year-on-year [1]. - The basic earnings per share (EPS) stood at 1.13 yuan [1].