The present disclosure discloses a speaker, including a frame, a front cover forming an accommodating space with the frame and a vibration system and a magnetic circuit system which are accommodated in the accommodating space and are respectively fixed to the frame, where the magnetic circuit system includes a magnetic bowl fixed to the frame and a magnet fixed in the magnetic bowl, the magnetic bowl includes a first component forming a framework and a second component embedded into the first component, and the magnetic permeability of the second component is greater than that of the first component. The speaker of the present disclosure can improve the permeability performance of the magnetic circuit system.