Core Viewpoint - The company achieved a revenue of 730 million yuan in Q2 2025, marking a year-on-year growth of 14.0%, while the net profit attributable to shareholders decreased by 23.96% due to rising operational costs and declining overall gross margins [1][2]. Financial Performance - In H1 2025, the company reported a total revenue of 1.367 billion yuan, a year-on-year increase of 10.35%, with a net profit of 85 million yuan, down 23.96% [1]. - Q2 2025 saw a revenue of 731 million yuan, a year-on-year increase of 14.03% and a quarter-on-quarter increase of 14.85%, with a net profit of 57 million yuan, up 8.34% year-on-year and up 110.40% quarter-on-quarter [1]. - The gross margin for Q2 2025 was 19.9%, down 5.5 percentage points year-on-year and 0.7 percentage points quarter-on-quarter, while the net profit margin was 7.6%, down 0.5 percentage points year-on-year but up 3.5 percentage points quarter-on-quarter [2]. Product Performance - In H1 2025, the revenue from automotive speakers was 1.052 billion yuan, up 11.6% year-on-year, with a gross margin of 19.39%. The revenue from automotive amplifiers was 238 million yuan, up 15.2% year-on-year, with a gross margin of 21.50%. The revenue from AVAS was 60 million yuan, up 2.4% year-on-year, with a gross margin of 27.85% [1]. Market Position and Strategy - The company is enhancing its competitive edge in the acoustic system market, with an upgrade in product categories from speakers to a combination of speakers, amplifiers, and AVAS, increasing the per vehicle value from 100-200 yuan to potentially 1000 yuan for certain models [3]. - The company has demonstrated its leadership in automotive acoustic products by achieving full self-research capabilities from hardware to software, including AI panoramic sound system technology [3]. - The company has seen an increase in market share for automotive speakers, rising from 12.64% in 2020 to 15.24% in 2024, and has secured new project designations from several well-known automotive manufacturers [3]. Production Capacity and Investment - The new factory in Hefei began production at the end of 2024, with capacity gradually ramping up. The company plans to issue convertible bonds to fund technological upgrades for its Suzhou speaker production line, aiming to enhance its smart manufacturing capabilities [3].

Event Overview - The company released its 2025 semi-annual report, showing a revenue of 1.367 billion yuan for H1 2025, a year-on-year increase of 10.35%. The net profit attributable to shareholders was 85 million yuan, down 23.96% year-on-year, while the net profit excluding non-recurring items was 79 million yuan, down 11.11% year-on-year. In Q2 2025, revenue reached 731 million yuan, up 14.03% year-on-year and 14.85% quarter-on-quarter. The net profit attributable to shareholders was 57 million yuan, up 8.34% year-on-year and 110.40% quarter-on-quarter, with a net profit excluding non-recurring items of 55 million yuan, up 17.57% year-on-year and 129.59% quarter-on-quarter [2]. Revenue and Profitability - Revenue showed steady growth with Q2 2025 revenue at 731 million yuan, reflecting a year-on-year increase of 14.03% and a quarter-on-quarter increase of 14.85%. Major clients such as Li Auto, NIO, and Seres saw respective sales growth of 2.30%, 25.59%, and 7.96% year-on-year, and significant quarter-on-quarter increases of 19.61%, 71.18%, and 121.67%, driving the company's revenue growth [3]. - Profitability remained robust with Q2 2025 net profit attributable to shareholders at 57 million yuan, up 8.34% year-on-year and 110.40% quarter-on-quarter. The net profit excluding non-recurring items was 55 million yuan, up 17.57% year-on-year and 129.59% quarter-on-quarter. The gross margin for Q2 2025 was 19.95%, down 4.95 percentage points year-on-year and 0.68 percentage points quarter-on-quarter, while the net profit margin was 7.87%, down 0.41 percentage points year-on-year but up 3.57 percentage points quarter-on-quarter. Increased price competition in the domestic vehicle market and the ramp-up phase of new factory operations contributed to the pressure on gross margins [3]. - On the expense side, the expense ratios for sales, management, R&D, and financial costs in Q2 2025 were 1.20%, 6.68%, 5.40%, and -3.05%, respectively, showing year-on-year changes of +0.57, -0.76, -0.30, and -3.35 percentage points, and quarter-on-quarter changes of +0.38, -1.17, -1.70, and -2.46 percentage points. The financial expense ratio saw a significant decline year-on-year, primarily due to the appreciation of the euro, resulting in substantial foreign exchange gains [3]. Technological Advancements - The company is deepening its layout in pure digital audio technology, constructing a three-dimensional technical system of self-developed chips, intelligent algorithms, and automotive-grade verification. The company is advancing the commercialization of its panoramic sound field solution for smart cockpits. In H1 2025, the company launched an AI panoramic sound system featuring innovative patented products, including diamond tweeters, ribbon tweeters, series carbon fiber speakers, and array headrest speakers, achieving a configuration of 53 speakers and a 4000W amplifier, combined with 720° panoramic sound field reconstruction technology, providing customers with a cinema-level sound experience, marking a leading position in the automotive acoustics product field [4]. Manufacturing and Production Capacity - To address the risks of trade de-globalization and to keep pace with the acceleration of Chinese automakers going global, the company is advancing the automation of production line renovations and new product line construction in its Czech and Mexican facilities, enhancing delivery capabilities for overseas projects. The new factory in Hefei is set to commence production by the end of 2024, with capacity gradually ramping up. The speaker production line at the Suzhou headquarters is planned for technological upgrades to enhance the company's intelligent manufacturing capabilities [5]. Financial Projections - The company is expected to benefit continuously from the trends of electrification and intelligence in the automotive sector, as well as 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 attributable to shareholders of 246 million yuan, 363 million yuan, and 463 million yuan, respectively. The earnings per share (EPS) are projected to be 1.51 yuan, 2.23 yuan, and 2.84 yuan, corresponding to price-to-earnings (PE) ratios of 19, 13, and 10 times, respectively, maintaining a "recommended" rating [6][8].

报告期内，公司继续推进智能制造、产线自动化升级、节能降耗，扩充产能降本增效工作。为应对贸易逆全球化的风险以及跟随中国车厂加速出海的步伐， 对捷克科技与墨西哥上声：继续推进自动化生产线改造以及新产品产线建设，提升海外基地的交付能力，迎接更多海外项目在当地落地。通过实施生产制造 过程与工艺技术优化、强化过程管控，加大节能设施应用，落实降本增效具体措施。公司合肥新工厂于2024年底投入生产，当期产能逐步爬坡。公司申请向 不特定对象发行可转换公司债券，拟使用募集资金对苏州本部的扬声器生产线进行技术改造升级，全面提升公司智能制造能力，提升客户满意度。 报告称，在2025年上半年举行的上海车展，公司对外展示了应用AI全景声音响系统技术。该系统特别引入钻石高音、带式高音、系列化碳纤维扬声器和阵 列式头枕扬声器等创新专利产品组成的53扬声器配置，搭配4000W大功率功放，结合720°全景声场重构技术，给客户带来震撼的影院级声场体验。前述方案 属业界首创，是当前车载音响系统的顶级配置。公司实现从硬件到软件，从扬声器、功放到算法的全自研，彰显了上声电子在汽车声学产品领域的领导地 位。公司将继续深化纯数字音频技术链布局，构建自研芯 ...