证券代码：688533 证券简称：上声电子 公告编号：2025-055 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 关于参加 2025 年苏州上市公司投资者集体接待日活动的 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。 为进一步加强与投资者的互动交流，苏州上声电子股份有限公司 （以下简称"公司"）将参加"2025 年苏州上市公司投资者集体接待 日"活动，现将相关事项公告如下： 苏州上声电子股份有限公司董事会 2025 年 11 月 27 日 出席本次年度集体接待日的人员有：公司董事会秘书朱文元先生、 证券事务代表郭鹏先生。 本次活动将采用现场方式举行，投资者可现场参与本次互动交流， 活动时间为 2025 年 12 月 2 日（星期二）15:30-17:00，活动地址为 苏州市姑苏区广济南路 369 号（华贸中心 1 幢 28 楼）。 届时公司将现场就 2025 年前三季度业绩、公司治理、发展战略、 经营状况、融资计划、股权激励和可持续发展等投资者关心的问题， 与投资者进行沟通与交流，欢迎 ...

Group 1: Domestic News - President Xi Jinping and US President Trump had a phone call, emphasizing the importance of stable and positive Sino-US relations and the need for cooperation to benefit both nations and the world [2] - The People's Bank of China (PBOC) conducted a 1 trillion yuan MLF operation, marking the ninth consecutive month of increased net issuance, aligning with market expectations [2] Group 2: Bond Market Dynamics - The interbank market saw significant participation from private enterprises, with over 5.3 billion yuan in sci-tech bonds issued, representing more than 10% of the total issuance in the interbank market [3] - The bond market experienced narrow fluctuations, with the yield on the 10-year government bond slightly decreasing to 1.8120% [9] Group 3: Credit Bond Events - Several companies announced delays in bond repayments, including Fanghai Holdings, which postponed the repayment of approximately 3.56 billion USD in overseas notes until May 2026 [11] - Other companies, such as Fangyuan Real Estate and Xian Construction Group, also reported adjustments to repayment dates or overdue debts, indicating potential credit risks in the market [12][18] Group 4: Convertible Bonds - The convertible bond market saw a collective rise in major indices, with the market's trading volume increasing significantly to 618.80 billion yuan, indicating a rebound following previous declines [19] - Notable individual convertible bonds, such as Zhuomei Convertible Bond, experienced a surge of 57%, while others like Tianci Convertible Bond saw declines [19]

Core Insights - The handheld stabilizer industry in China is experiencing rapid growth, driven by the increasing demand for high-quality video content and the proliferation of mobile imaging technology [1][4][5] - The market size of the handheld stabilizer industry is projected to grow from 0.1 billion yuan in 2015 to 23.33 billion yuan by 2024, with a compound annual growth rate (CAGR) of 83.27% [1][5][6] - The industry has transitioned from a professional niche to a mass consumer market, becoming a crucial tool for enhancing mobile shooting experiences [1][6] Industry Overview - Handheld stabilizers, also known as handheld gimbals, are portable devices that provide stability for cameras and smartphones, primarily used in live streaming, sports, and video production [1][3] - The industry has evolved through four stages: market initiation (2012-2014), exploration (2014-2017), growth (2017-2019), and explosion (2019-present) [3][4] Market Dynamics - The demand for handheld stabilizers is fueled by the high smartphone penetration rate in China and the growing consumer preference for video content over static images [4][5] - The short video industry in China has seen significant growth, with its market size increasing from 55.3 billion yuan in 2017 to an estimated 420 billion yuan by 2024, reflecting a CAGR of 85.63% [4] Competitive Landscape - The Chinese handheld stabilizer market features a diverse range of companies, including leading brands like DJI and Zhiyun, traditional optical firms like Sirui and Benro, and emerging brands focusing on cost-effectiveness [7][13] - The competition is intensifying as domestic manufacturers capture market demand by offering products that balance portability, functionality, and affordability [6][7] Future Trends - The industry is expected to focus on lightweight designs, with a shift towards an integrated ecosystem combining hardware, software, and content creation [7] - Handheld stabilizers will evolve beyond traditional forms, leveraging advanced stabilization algorithms and AI technology to diversify product offerings [7]

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee approved Suzhou Shangsheng Electronics Co., Ltd.'s refinancing plan, confirming it meets issuance, listing, and information disclosure requirements [1]. Group 1: Financing Details - The company plans to issue convertible bonds with a total fundraising amount not exceeding 324.85 million yuan, which will be allocated to projects including speaker intelligent manufacturing technology upgrades, in-vehicle digital audio and video technology industrialization, and supplementing working capital [1][3]. - The total investment for the speaker intelligent manufacturing technology upgrade project is approximately 374.08 million yuan, with 260 million yuan planned to be funded from the bond issuance [3]. - The in-vehicle digital audio and video technology industrialization project has a total investment of 21.47 million yuan, with 20 million yuan from the bond issuance [3]. Group 2: Shareholder Structure - The company has no controlling shareholder or actual controller, with major shareholders holding more than 5% of shares including Shangsheng Investment (25.42%), Tongtai Investment (18.42%), Yuanhe Asset (17.80%), and Yuancan Factory (11.67%) [4]. - There is no concerted action among shareholders, and no single shareholder or related party can control the company's shareholder meeting or board of directors [4]. Group 3: Regulatory Process - The issuance of convertible bonds is subject to approval from the China Securities Regulatory Commission (CSRC), and the timeline for this approval remains uncertain [1]. - The company will fulfill its information disclosure obligations in accordance with relevant regulations as the situation progresses [1].

Core Viewpoint - The company, UpSound Electronics (688533.SH), has received approval from the Shanghai Stock Exchange's Listing Review Committee for its application to issue convertible bonds to unspecified investors, meeting all necessary conditions for issuance and listing [1] Group 1 - The Listing Review Committee meeting took place on November 24, 2025, marking the 58th review session of the year [1] - The application for issuing convertible bonds was found to comply with issuance conditions, listing conditions, and information disclosure requirements [1]

Core Points - The Shanghai Stock Exchange Listing Review Committee held a meeting on November 24, 2025, to review the application of the company for issuing convertible bonds to unspecified objects [1] - The review concluded that the company's application for issuing convertible bonds meets the issuance conditions, listing requirements, and information disclosure requirements [1]

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].