The invention discloses a loudspeaker, and relates to the technical field of electroacoustic products. The loudspeaker comprises a shell, and a vibration system and a magnetic circuit system are contained in the shell; the vibration system comprises a voice coil, a folding ring bonded to the periphery of a framework of the voice coil and a dust cap located on the framework, and a positioning ring is arranged at the periphery of the framework and arranged under the position where the framework and the folding ring are bonded. The loudspeaker solves the technical problems that in the prior art, the bonding uniformity of a folding ring of a loudspeaker is poor, and the acoustic performance is poor. The loudspeaker is good in uniformity, high in acoustic performance, production efficiency and reliability and long in service life.