证券代码：688533 证券简称：上声电子 公告编号：2025-054 债券代码：118037 债券简称：上声转债 2025 年 11 月 25 日 苏州上声电子股份有限公司 关于向不特定对象发行可换公司债券申请 获得上海证券交易所上市审核委员会审核通过的公告 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。 上海证券交易所上市审核委员会于 2025 年 11 月 24 日召开 2025 年第 58 次上市审核委员会审议会议（以下简称"会议"），对苏州 上声电子股份有限公司（以下简称"公司"）向不特定对象发行可转 换公司债券的申请进行了审议。根据会议审议结果，公司本次向不特 定对象发行可转换公司债券的申请符合发行条件、上市条件和信息披 露要求。 公司本次向不特定对象发行可转换公司债券事项尚需获得中国 证券监督管理委员会(以下简称"证监会")作出同意注册的决定后方 可实施。最终能否获得证监会同意注册的决定及时间尚存在不确定性。 公司将根据事项的进展情况，按照相关规定和要求及时履行信息披露 义务，敬请广大投资者注意投资风险。 ...

Group 1 - The core viewpoint of the news is that Shangsheng Electronics has experienced fluctuations in stock performance and financing activities, indicating a mixed outlook for the company [1][2][3] Group 2 - On November 21, Shangsheng Electronics' stock fell by 2.69%, with a trading volume of 34.627 million yuan. The financing buy-in amount was 5.7234 million yuan, while the financing repayment was 5.4008 million yuan, resulting in a net financing buy of 322,600 yuan [1] - As of November 21, the total balance of margin trading for Shangsheng Electronics was 105 million yuan, with the financing balance accounting for 2.47% of the circulating market value, which is below the 40th percentile level over the past year [1] - The company has not engaged in any short selling activities on November 21, with a short selling balance of 0.00 shares, indicating a high level of short selling activity compared to the 90th percentile over the past year [1] Group 3 - As of September 30, the number of shareholders for Shangsheng Electronics was 9,221, an increase of 28 compared to the previous period. The average circulating shares per person decreased by 21.87% to 17,660 shares [2] - For the period from January to September 2025, Shangsheng Electronics reported revenue of 2.135 billion yuan, a year-on-year increase of 7.06%, while the net profit attributable to the parent company was 135 million yuan, a decrease of 28.83% year-on-year [2] Group 4 - Since its A-share listing, Shangsheng Electronics has distributed a total of 171 million yuan in dividends, with 152 million yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth largest circulating shareholder with 1.0377 million shares, while China Europe Yongyu Mixed A was the ninth largest with 350,000 shares, both being new shareholders [3]

Core Insights - The automotive market in China continues to show positive trends with October 2023 sales reaching 3.322 million units, a year-on-year increase of 8.8% [2] - Cumulative sales from January to October 2023 stand at 27.687 million units, reflecting a year-on-year growth of 12.4% [2] - The inventory situation indicates a comprehensive inventory coefficient of 1.2 for October, which is a 6.4% increase year-on-year but a 13.3% decrease month-on-month [2] - The new energy vehicle (NEV) segment is performing particularly well, with October sales of 1.715 million units, a year-on-year growth of 19.9% and a penetration rate of 51.6% [2] Sales and Inventory - October 2023 automotive sales were 3.322 million units, up 8.8% year-on-year [2] - Total automotive sales for the first ten months of 2023 reached 27.687 million units, marking a 12.4% increase compared to the same period last year [2] - The comprehensive inventory coefficient for October was 1.2, which is a 6.4% increase year-on-year and a 13.3% decrease from the previous month [2] - The dealer inventory warning index stood at 52.6%, up 2.1 percentage points year-on-year but down 1.9 percentage points month-on-month [2] New Energy Vehicles - NEV sales in October 2023 were 1.715 million units, representing a year-on-year increase of 19.9% and achieving a penetration rate of 51.6% [2] - From January to October 2023, NEV sales totaled 12.943 million units, with a year-on-year growth of 32.7% and a penetration rate of 46.7% [2] Investment Strategy - The automotive sector is advised to focus on undervalued leading companies in both vehicle manufacturing and parts due to improving performance [3] - Key companies to watch include established domestic brands in the NEV sector such as BYD, Changan Automobile, Geely, and Li Auto [3] - Stable, undervalued parts manufacturers like Huayu Automotive and Fuyao Glass are also recommended [3] - The report highlights opportunities in the domestic replacement market driven by the "domestic circulation" strategy [3] Market Performance - The automotive sector experienced a weekly decline of 2.11%, ranking 26th among 31 sectors tracked by Shenwan [5] - The automotive industry underperformed compared to the CSI 300 index, which saw declines of -0.18% [5] - In the sub-sectors, automotive services increased by 0.51%, while automotive parts and other categories saw declines [5] Notable Stocks - The top five gaining stocks in the automotive sector this week were Langbo Technology, Yingli Automotive, Xinpeng Co., Huafeng Co., and Qin'an Co. [6] - The top five losing stocks included Biaobang Co., Xinquan Co., Haoen Automotive, Sanlian Forging, and Beite Technology [7]

Core Viewpoint - The company is experiencing growth in its automotive acoustic systems, with revenue and product volume increasing, despite facing challenges in profitability due to market competition and operational costs [2][3][10]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 2.135 billion yuan, a year-on-year increase of 7.06%, while net profit attributable to shareholders was 135 million yuan, a decrease of 28.83% [3][10]. - For Q3 2025, revenue was 768 million yuan, up 1.67% year-on-year and 5.19% quarter-on-quarter, with net profit of 50 million yuan, down 35.79% year-on-year and 12.82% quarter-on-quarter [3][10]. - The company's gross margin for Q3 2025 was 20.8%, down 8.0 percentage points year-on-year but up 0.8 percentage points quarter-on-quarter [5][14]. Product and Market Development - The company is enhancing its product offerings by integrating speakers, amplifiers, and AVAS systems, increasing the per-vehicle value from 100-200 yuan to potentially 1000 yuan for certain models [7][27]. - The global market share of the company's automotive speakers has steadily increased from 12.64% in 2020 to 15.24% in 2024 [22][23]. Operational Challenges - The decrease in net profit is attributed to the early operational phase of the Hefei factory, increased competition in the automotive market leading to price reductions, and a decrease in government subsidies [3][10]. - The company is facing challenges in maintaining gross margins due to rising operational costs and competitive pricing pressures [31]. Strategic Initiatives - The company is focusing on expanding its production capacity and upgrading technology to enhance manufacturing capabilities, including the construction of a new factory in Hefei [8][34]. - Continued investment in research and development is a priority, with the aim of strengthening technological advantages and developing new automotive electronic applications [33][34].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][35] Core Insights - The company has shown a revenue growth of 1.7% year-on-year in Q3 2025, with total revenue for the first three quarters reaching 2.135 billion yuan, a 7.06% increase year-on-year. However, the net profit attributable to the parent company decreased by 28.83% to 135 million yuan [1][9] - The company is focusing on enhancing its competitive edge in the automotive acoustic system market, with a significant increase in the value of its products per vehicle, which can reach up to 1,000 yuan for certain models [2][27] - The company is actively expanding its production capacity and improving its manufacturing capabilities, with plans to upgrade its production lines and enhance smart manufacturing [30][32] Financial Performance - In Q3 2025, the company achieved a gross margin of 20.8%, a decrease of 8.0 percentage points year-on-year, but an increase of 0.8 percentage points quarter-on-quarter. The net margin was 6.5%, down 3.7 percentage points year-on-year [1][14] - The company’s revenue projections for 2025-2027 are 3.262 billion, 3.702 billion, and 4.202 billion yuan, respectively, with net profit estimates of 209 million, 305 million, and 398 million yuan [4][35] Market Position - The company has increased its market share in the global automotive speaker market, achieving a share of 15.24% in 2024, up from 12.64% in 2020 [2][23] - The company has been recognized for its leadership in the automotive acoustic product field, having developed a fully self-researched AI panoramic sound system technology [2][31] Future Outlook - The company plans to continue its focus on research and development, with a commitment to maintaining high levels of investment in technology and innovation [31][30] - The company is also looking to expand its customer base and deepen relationships with existing clients, aiming to secure new project approvals from well-known automotive manufacturers [30][31]

证券代码：688533 证券简称：上声电子 公告编号：2025-053 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 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 11 月 17 日(星期一)13:00-14:00 财 务 负 责 人：陆喜春先生 董 事 会 秘 书：朱文元先生 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 11 月 10 日(星期一)至 11 月 14 日(星期 五)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。 苏州上声电子股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 2025 年 ...

Macro Overview - 2025 is characterized as a turning point for China's macroeconomic landscape, with expectations for a brighter macroeconomic outlook in 2026 [2] - The U.S. economy is experiencing a dual-speed growth pattern, with rapid expansion in AI-related investments and slightly below-trend growth in traditional sectors [2][3] Investment Strategy - The profit cycle is expected to rebound due to approaching turning points in capacity and inventory cycles, with positive signals from the real estate cycle and overseas expansion [3] - Relative valuations in the Chinese market still have room for improvement, making Chinese assets attractive [3] - The market style is anticipated to rebalance rather than switch, focusing on seven key investment themes including policy, technology, real estate, and capital market reforms [3][4] Fixed Income Market - The global investment landscape is expected to see a shift with a focus on domestic demand and technology, leading to a potential recovery in nominal GDP growth [6] - The bond market is likely to exhibit characteristics of low interest rates and high volatility, with a projected yield range for ten-year government bonds between 2.0% and 2.1% [6] Equity Market Insights - The insurance sector is shifting towards dividend insurance products, with positive sales trends expected to continue into 2026 [8] - The securities market is undergoing a transformation, with low interest rates enhancing the attractiveness of equity assets and sustainable inflows of new capital [9] Company-Specific Analysis - Xinquan Co., Ltd. reported Q3 revenue of 3.954 billion yuan, a year-on-year increase of 14.91%, but net profit decreased by 27.10% due to competitive pressures [10] - Jifeng Co., Ltd. achieved Q3 revenue of 5.608 billion yuan, with a net profit increase of 116.62% year-on-year, indicating strong order backlog and production ramp-up [11] - Guobo Electronics reported Q3 revenue of 498 million yuan, with a focus on mobile terminal expansion and military product recovery [12] - Icewheel Environment's Q3 revenue grew by 6.88% year-on-year, supported by recovery in commercial cold chain and new applications in data centers [13] - Changfei Optical Fiber's Q3 revenue increased by 16.27% year-on-year, driven by AI data communication demand [14] Sector Performance - The traditional energy sector, represented by Gansu Energy, showed a revenue increase of 1.33% year-on-year in Q3, benefiting from strong profitability in hydropower [26] - The pump manufacturing sector, led by Southern Pump, is expanding into new applications such as liquid cooling and data centers, with Q3 revenue showing a slight decline but net profit growth [27]

Core Viewpoint - The article discusses the global expansion strategy of Insta360, emphasizing the importance of digital transformation and collaboration with SAP to navigate the complexities of international markets and enhance operational efficiency [3][4]. Group 1: Global Market Strategy - Insta360 has achieved an 85% market share in the global panoramic camera market, maintaining its position as the leader for eight consecutive years [3]. - The company shifted its focus to overseas markets in 2016 to escape intense domestic price competition, launching the Insta360 Nano, which gained significant popularity [3]. - The brand's success is attributed to its understanding of the deep-seated human need for "recording and sharing," which has allowed it to connect with a diverse user base [9]. Group 2: Collaboration with SAP - The partnership with SAP is not merely a system upgrade but a rethinking of growth strategies for innovative companies, focusing on how digitalization can drive actual results [4]. - SAP, a veteran in enterprise management and commercial AI, supports 98% of the world's top 100 companies, providing a robust foundation for global business operations [3]. - The collaboration aims to build a solid and efficient digital infrastructure to support Insta360's global operations [3]. Group 3: Insights from Experts - Experts from Deloitte and SAP discussed the necessity for Chinese companies to build core competencies and differentiate themselves in overseas markets, advocating for a collective approach to globalization [11]. - The importance of brand storytelling and enhancing service experience to escape low-price competition was highlighted as crucial for companies targeting direct consumers [11]. - SAP emphasized the need for a unified digital platform to manage global operations effectively, integrating various business functions from marketing to finance [19]. Group 4: Financial Management Challenges - Insta360's financial management faced challenges due to global business expansion, particularly in data integration and cost control across different countries [13]. - The introduction of SAP systems has helped Insta360 create a unified platform to address varying accounting standards and regulations globally [13]. - Financial roles in companies are evolving beyond traditional accounting to encompass operational, compliance, and strategic responsibilities [23]. Group 5: Future Directions - The discussions at the "Walk into Insta360" salon provided insights into the challenges and strategies for Chinese brands going global, suggesting a clear path forward for future expansion [25]. - The emphasis on brand innovation and a global operational perspective is seen as essential for Chinese brands to establish a new era on the world stage [25].

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].