Sir Gilles H . . . . .
Referring to the resolution limitations being provided by your . . . .DC012.jpg photo.
Your fretting of the relays and hot resistor can be allayed as they are being associated with the tool battery charger portion of the unit.
The sole radio aspects portions are being its power transformer at the right top corner of the speaker frame, then its power board as the one with the fuse and 4 rectifier diodes and storage capacitor(s) being right in line with the top of the speakers central whizzer cone. this is outputted as your mentioned DC voltage supply which routes into your
ORANGE circle at the radio PCB.
All is being well up to there and then you see where my drawing continues with your same
ORANGE circle reference.
Now they may use that full voltage that you are encountering in the supply down at the AUDIO output IC.
BUT . . . . now investigate to see the corner heat sink and its associated power device. (
YELLOW rectangle mark up in two places. )
Looks like it has a Q4 ? as its assigned designator . . . . . thereby making it a power transistor vice a normally suspected 3 terminal regulator.
See if it is not working in conjunction with the small transistor at its side to make a voltage regulator stage to drop your inputted voltage down to a yet lower level supply voltage.
If so, you will find full voltage on its collector and the reduced / regulated voltage being outputted at its emitter.
Then as per my
YELLOW STAR, you probably will find that IC1 device as being a 3 terminal regulator dropping down to a 5V logic supply level.
Supply those parts numberings and we will then sort them out to see whas happening ?
Thaaaaaaaaaaaaassssssssit . . . . .fer now . . .
A MO' BETTAH RADIO CIRCUIT BOARD REFERENCING . . . . .
https://i.postimg.cc/Q8xYGWGT/DC012-Radio-Board.png
73's de Edd . . . . .
I came home and my dog peed a little because he was s o o o o o happy to see me.
Now, in my thinking about it . . . . . NONE of my friends pee when they see me.
Know whuts ? . . . . . I'm now fully beginning to think that I am being surrounded by fake friends.
.