A two-way receiver includes a cylindrical frame, a yoke dividing an internal space of the frame and including a cylindrical portion, a first flange portion formed at an outer periphery of the cylindrical portion, a connection wall bent downward from the first flange portion, a second flange portion formed at an outer periphery of the connection wall, and a communication hole formed by deleting a portion of the connection wall and second flange portion. A first speaker unit is installed above the yoke, and a second speaker unit below the yoke. A protector coupled to a lower portion of the frame protects the second speaker. A bass duct formed on an outer periphery of the first speaker unit has a sound emission hole for emitting a sound of the first speaker unit emitted to the communication hole of the yoke to a position spaced apart from the communication hole.