Company Overview - Suzhou Aosheng Electronics Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on June 27, 1992. The company went public on April 19, 2021. Its main business involves the research and design of acoustic products, system solutions, and related algorithms [1]. Business Performance - The company's main revenue composition includes: 73.84% from automotive speakers, 19.23% from automotive amplifiers, 4.35% from AVAS, and 2.58% from other supplementary products [1]. - As of September 1, the stock price increased by 5.03% to 30.90 CNY per share, with a trading volume of 144 million CNY and a turnover rate of 2.95%. The total market capitalization is 5.032 billion CNY [1]. Shareholder Information - Among the top ten circulating shareholders, E Fund's New Silk Road Mixed Fund (001373) reduced its holdings by 187,800 shares in the second quarter, now holding 579,400 shares, which accounts for 0.36% of the circulating shares. The estimated floating profit today is approximately 857,500 CNY [2]. - The New Silk Road Mixed Fund was established on May 27, 2015, with a current scale of 2.787 billion CNY. Year-to-date returns are 12.62%, ranking 5308 out of 8254 in its category; the one-year return is 27.68%, ranking 4936 out of 8037; and since inception, the return is 91.9% [2]. Fund Management - The fund managers of E Fund's New Silk Road Mixed Fund are Wang Sinan and Qiu Tianlan. Wang has been in position for 1 year and 16 days, with a total fund size of 2.787 billion CNY, achieving a best return of 26.42% during his tenure. Qiu has been in position for 287 days, with the same fund size, achieving a best return of 9.16% during his tenure [3].

Group 1 - The company, Gongda Electronics, focuses on the development in the acoustic field [1] - The products are widely used in consumer electronics such as smart automotive, smart wearables, smart home devices, smartphones, and the Internet of Things [1]

Financial Performance - The company's revenue increased by 18.4% year-over-year, reaching RMB 13318 million in 1H 2025[4] - Net profit increased significantly by 63.1% year-over-year to RMB 876 million in 1H 2025[4] - Basic EPS increased by 65.2% year-over-year to RMB 0.76 in 1H 2025[4] - Operating cash inflow increased by 9.1% year-over-year to RMB 2.89 billion, with free cash flow at RMB 1.86 billion[8] Segment Performance - Acoustics business revenue increased by 1.8% year-over-year to RMB 3.52 billion in 1H 2025, representing 26% of total revenue[13, 12] - Automotive acoustics business revenue increased by 14.2% year-over-year to RMB 1.74 billion in 1H 2025, accounting for 13% of total revenue[18, 17] - Optics business revenue increased by 19.7% year-over-year to RMB 2.65 billion in 1H 2025, contributing 20% of total revenue[22, 21] - Electromagnetic Drives and Precision Mechanics revenue increased by 27.4% year-over-year to RMB 4.63 billion in 1H 2025, making up 35% of total revenue[26, 25] - Sensor and Semiconductor business revenue increased significantly by 56.2% year-over-year to RMB 608 million in 1H 2025, representing 5% of total revenue[35, 34] Optics Gross Margin Improvement - Optics gross margin significantly improved by 5.5 percentage points year-over-year, reaching 10.2% in 1H 2025[22]

Core Insights - Dongguan's economy shows a mixed performance in the first half of 2025, with strong consumer markets and active foreign trade, but a slowdown in fixed asset investment [2][3][21] Economic Performance - Dongguan's GDP reached 606.78 billion yuan, growing by 4.8% year-on-year, which is 0.6 percentage points higher than the provincial average [3] - Among the 20 towns that reported, Dongkeng, Xiegang, and Gaobu had the highest GDP growth rates of 24.2%, 18.1%, and 8.1% respectively [3][4][6] Consumer Market - The total retail sales of social consumer goods in Dongguan amounted to 2,195.55 billion yuan, with a year-on-year increase of 3.4% [10] - Notably, the retail sales in Liubu and Dongcheng grew by 10.9% and 15.9% respectively, outperforming the city average [10][13] Foreign Trade - Dongguan's total import and export value reached 7,492.8 billion yuan, marking a year-on-year increase of 16.5%, ranking second in the province [17][19] - Noteworthy growth in foreign trade was observed in Tangxia and Xiegang, with increases of 184% and 2.8% respectively [19][20] Fixed Asset Investment - Fixed asset investment in Dongguan decreased by 10.9% year-on-year, although the decline was less severe than in the first quarter [21] - Some towns like Huangjiang and Tangxia experienced declines in fixed asset investment, while others like Dongcheng and Xiegang saw increases of 20.8% and 3.9% respectively [21][22][24]

Core Insights - The company reported a revenue of RMB 13.318 billion for the six months ending June 30, 2025, representing an 18.4% year-on-year increase, with a profit attributable to shareholders of RMB 876 million, up 63.1% [1] - The company has strengthened its market share in acoustic technology, launching innovative products such as the SLS master-level speaker and coaxial speakers, with over 17 million units shipped in the first half of 2025, a nearly 40% increase year-on-year [1] - The company is actively seizing opportunities in the smart cockpit acoustic system upgrade, achieving revenue of RMB 1.74 billion, a 14.2% increase year-on-year, and has introduced a full-stack vehicle acoustic system [2] Group 1 - The company achieved a basic earnings per share of RMB 0.76 for the first half of 2025 [1] - The company launched the industry's first master-level coaxial symmetrical dual speaker, enhancing low-frequency and high-frequency sound quality for consumers [1] - The company continues to innovate in acoustic solutions, integrating advanced hardware design, intelligent algorithms, and professional tuning services to meet complex acoustic application demands [1] Group 2 - The company announced the acquisition of Hebei Chuguang Automotive Parts Co., which enhances its vehicle acoustic system solutions with products like smart microphones and RNC sensors [2] - The optical business experienced significant growth, with revenue reaching RMB 2.65 billion, a 19.7% year-on-year increase, driven by rising optical specifications in the smartphone market [2] - The gross margin for the optical business improved by 5.5 percentage points to 10.2%, with a notable improvement in the gross margin of plastic lenses exceeding 10 percentage points year-on-year [2]

Core Viewpoint - 瑞声科技 reported a significant increase in revenue and profit for the first half of 2025, driven by advancements in acoustic technology and market share growth [1][2] Group 1: Financial Performance - The company achieved a revenue of 13.318 billion RMB, representing an 18.4% year-on-year increase [1] - Profit attributable to shareholders was 876 million RMB, up 63.1% compared to the previous year [1] - Basic earnings per share were 0.76 RMB [1] Group 2: Acoustic Product Development - The company strengthened its market position by launching innovative acoustic products, including the SLS master-level speaker and coaxial speakers, with over 17 million units shipped, a nearly 40% increase year-on-year [1] - The introduction of the industry's first master-level coaxial symmetrical dual speaker enhances low-frequency performance and high-frequency detail for consumers [1] - The company also unveiled the thinnest speaker in the industry, measuring only 1.4mm in thickness [1] Group 3: Automotive Acoustic Systems - The company capitalized on opportunities in the smart cockpit acoustic system upgrade, achieving revenue of 1.74 billion RMB, a 14.2% increase year-on-year [2] - A flagship SUV project for a domestic new energy brand was secured, featuring a comprehensive acoustic system with 32 speakers and 40-channel amplifiers [2] - The acquisition of Hebei Chuguang Automotive Components Co., Ltd. enhances the company's capabilities in automotive acoustic solutions, including smart microphones and RNC sensors [2] Group 4: Optical Business Growth - The optical business continued to grow rapidly, with revenue reaching 2.65 billion RMB, a 19.7% year-on-year increase [2] - Both plastic lens and optical module shipments increased, with an improvement in average selling price (ASP) [2] - The gross margin for the optical segment improved by 5.5 percentage points to 10.2%, with plastic lens margins improving by over 10 percentage points [2]

Core Viewpoint - Company focuses on the development in the acoustic field, with products widely used in various consumer electronics sectors such as smart automotive, smart wearables, smart home, smartphones, and the Internet of Things [1] Company Summary - Company has not yet participated in the "谷子经济" (Guzi Economy) [1]

Group 1 - The company, Gongda Electronics (002655.SZ), focuses on the development in the acoustic field, with products widely used in smart automotive, smart wearables, smart home, smartphones, and IoT consumer electronics [1] - Currently, the company's products have not participated in the "Grape Economy" [1]

Group 1 - The company has no current product layout in the robotics speaker field [2] - The company will actively monitor new technology development trends [2] - The company aims to leverage its geographical advantages within the automotive supply chain to expand its acoustic business [2]

Core Viewpoint - The company, Shengsheng Electronics (688533.SH), currently has no product layout in the robotics field but is actively monitoring new technology trends to expand its acoustic business within the automotive supply chain [1] Group 1 - The company is not involved in the robotics sector at this time [1] - The company aims to leverage its geographical advantages within the automotive supply chain to explore growth opportunities in the acoustic field [1] - The company is committed to keeping an eye on the development trends of new technologies [1]