Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," is facing significant challenges due to rising supply chain costs and intensified market competition, leading to a projected net profit decline of approximately 54.11% for 2025 compared to the previous year [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of around 2.546 billion yuan for 2025, a decrease of about 3.003 billion yuan year-on-year [1][3]. - Expected total revenue for 2025 is approximately 65.568 billion yuan, down about 4.58% from 68.715 billion yuan in 2024 [3]. - The net profit excluding non-recurring items is projected to be around 1.904 billion yuan, reflecting a significant reduction of approximately 58.06% compared to the previous year [3]. Market Challenges - The decline in profitability is attributed to increased costs of components, particularly storage chips, which have seen price hikes due to a "super cycle" in the semiconductor industry [4]. - Despite maintaining over 40% market share in the African smartphone market, Transsion is facing heightened competition from Chinese brands like Xiaomi, Honor, and OPPO, which are increasing their presence in Africa [4]. Strategic Responses - To counteract market pressures, the company has increased its marketing and R&D expenditures, further impacting profit margins [4]. - Transsion is also dealing with multiple patent infringement lawsuits from major tech companies, adding to its operational challenges [5]. - In response to these pressures, the company has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to enhance its capital base and address global competition [7].

营收下滑，净利腰斩……素有手机行业"非洲之王"美称的传音控股，交出了一份堪称惨淡的年度答卷。 1月末，传音控股发布2025年年度业绩预告，披露了这份不及预期的成绩单：公司年内预计实现营业收 入约655.68亿元，较上年同期减少31.47亿元，同比下降4.58%；归属于母公司股东的净利润约25.46亿 元，同比大幅下滑54.11%，较上年同期减少约30.03亿元，扣非净利润跌幅更是达到58.06%。 从一季度的"天崩开局"，到半年报颓势难止，再到年末结果落定，传音的2025年，在持续的利润滑坡 中，一步步走向净利腰斩的失意收官。 波动的地位 利润表上的持续滑坡，是传音业务遇阻的具象化体现。全球手机市场的竞争格局、出货量与份额的变 化，是其利润承压的业务根源。 业绩大幅下滑背后，既有2025年贯穿全年的存储芯片涨价潮带来的供应链成本重压，也有非洲本土乃至 全球新兴市场的竞争加剧与拓展困境——前者让其利润空间被持续挤压，后者则让其核心市场基本盘承 压，曾经在新兴市场顺风顺水的传音，如今正被多重难题裹挟，前行脚步愈发沉重。 与此同时，资本市场的表现也未能给予传音更多支撑。为谋求补血，传音正在赴港布局A+H上市途 中， ...

年中发布的半年报，则进一步证明公司并非仅是偶遇短期波动——2025年前六个月，传音营收同比下滑 15.86%，归母净利润跌幅扩大至57.48%，扣非净利润跌幅更是达到63.04%，成本端的重压与市场端的 分流，自一季度的冲击开始，演变为持续拖累。 营收下滑，净利腰斩……素有手机行业"非洲之王"美称的传音控股，交出了一份堪称惨淡的年度答卷。 1月末，传音控股发布2025年年度业绩预告，披露了这份不尽人意的成绩单：公司年内预计实现营业收 入约655.68亿元，较上年同期减少31.47亿元，同比下降4.58%；归属于母公司股东的净利润约25.46亿 元，同比大幅下滑54.11%，较上年同期减少约30.03亿元，扣非净利润跌幅更是达到58.06%。 业绩大幅下滑背后，既有2025年贯穿全年的存储芯片涨价潮带来的供应链成本重压，也有非洲本土乃至 全球新兴市场的竞争加剧与拓展困境——前者让其利润空间被持续挤压，后者则让其核心市场基本盘承 压，曾经在新兴市场顺风顺水的传音，如今正被多重难题裹挟，前行脚步愈发沉重。 与此同时，资本市场的表现也未能给予传音更多支撑。为谋求补血，传音正在赴港布局A+H上市途 中，但其A股股价较历 ...

营收下滑，净利腰斩……素有手机行业"非洲之王"美称的传音控股，交出了一份堪称惨淡的年度答卷。 1月末，传音控股发布2025年年度业绩预告，披露了这份不尽人意的成绩单：公司年内预计实现营业收 入约655.68亿元，较上年同期减少31.47亿元，同比下降4.58%；归属于母公司股东的净利润约25.46亿 元，同比大幅下滑54.11%，较上年同期减少约30.03亿元，扣非净利润跌幅更是达到58.06%。 业绩大幅下滑背后，既有2025年贯穿全年的存储芯片涨价潮带来的供应链成本重压，也有非洲本土乃至 全球新兴市场的竞争加剧与拓展困境——前者让其利润空间被持续挤压，后者则让其核心市场基本盘承 压，曾经在新兴市场顺风顺水的传音，如今正被多重难题裹挟，前行脚步愈发沉重。 与此同时，资本市场的表现也未能给予传音更多支撑。为谋求补血，传音正在赴港布局A+H上市途 中，但其A股股价较历史峰值已蒸发大半。 资深产业经济观察家梁振鹏在接受北京商报记者采访时表示，传音的核心挑战在于维持硬件市场份额的 同时开拓新增长曲线。 但从现状看，旨在走出困境的突围之战愈发凶险，传音的未来依旧充满未知。 01.重压之下的一年 2025年的寒意，从一 ...

2026年开年，智能手机行业风云突变，各大厂商的出货量预期集体踩下"刹车"。 据悉，小米、OPPO、vivo、传音纷纷下调了2026年出货量预期。其中，小米、OPPO下调幅度超20%， vivo下调幅度接近15%，而传音更是下调至7000万台以下，各大厂商下调机型主要集中在中低端产品和 海外产品。 尽管小米等厂商尚未对该消息作出回应，但供应链方面流出的数据却为这一情况提供了佐证。 市场研究机构Omdia发布的《智能手机显示市场洞察》显示，2026年全球智能手机AMOLED面板出货量 预计降至8.1亿片，低于2025年的8.17亿片。这是AMOLED面板出货量连续三年增长后的首次下跌。下 跌原因主要是存储芯片供应短缺及价格疯狂上涨，厂商纷纷下调2026年的采购计划所致。 无独有偶，根据市场研究机构Counterpoint Research的报告，受存储芯片价格上涨及供应受限影响， 2026年全球智能手机SoC（系统级芯片）出货量预计将同比下降7%，其中150美元以下的低端机型受冲 击最为严重。 出货量是衡量市场表现的核心指标及直接体现，而出货量修正幅度超过20%，往往预示着厂商在战略层 面的重大调整。在智能手机 ...

Core Viewpoint - The storage chip market is experiencing a "super cycle" driven by AI, leading to significant price increases and improved profitability for storage companies, while terminal manufacturers face pressure to raise prices or reduce specifications [1][3][7]. Group 1: Market Dynamics - The storage market is emerging from a low point, with many companies reporting substantial profit increases due to stabilizing prices driven by AI demand [1][2]. - As of January 29, 2026, 52 storage-related companies in the A-share market have issued performance forecasts for 2025, with 25 companies expecting profit increases, and 31 companies reporting year-on-year net profit growth [1][2]. - Notable profit increases include Bawei Storage with a projected growth of 520.22%, Shangluo Electronics at 344.92%, and Jiangbolong at 210.82% [2]. Group 2: Price Trends - Market research indicates that storage prices are expected to rise by 40% to 50% in Q1 2026 and by approximately 20% in Q2 2026, surpassing historical highs [3][4]. - Companies like Jiangbolong attribute their recovery to the stabilization of storage prices and increased demand from AI servers, leading to a supply-demand imbalance [2][5]. Group 3: Competitive Positioning - Storage manufacturers are shifting focus from consumer markets to enterprise-level markets, such as data centers and AI servers, where profit margins are higher due to lower price sensitivity [5][6]. - Companies are investing in technology and production capabilities to enhance their competitive edge, with Jiangbolong planning to raise 3.7 billion yuan for technology development and production expansion [6]. Group 4: Impact on Terminal Manufacturers - Terminal manufacturers are facing significant cost pressures due to rising component prices, leading to a projected 14.8% decrease in global laptop shipments in Q1 2026 [7][8]. - Major brands like Lenovo and Dell have begun raising prices on their products, with Lenovo increasing prices by 500 to 1500 yuan on mid-to-high-end models [8][9]. - The rising costs of memory components are impacting the profitability of smartphone manufacturers, with companies like Transsion Holdings reporting a 54.11% decline in net profit due to increased supply chain costs [9].

【导读】AI点燃涨价潮，存储"超级周期"重分蛋糕：模组厂利润翻倍、加速抢位，终端厂商被迫提价降配 2026年的华强北，空气中不再是焊锡味，而是弥漫着一种"淘金热"的躁动。"前两年还得求着客户清库存，现在报价还赶不上涨价的速度。"一位华强北专 卖内存条的商铺老板笑得合不拢嘴。 伴随着涨价潮，存储芯片相关公司接连交出"翻身账"：有的扭亏，有的翻倍。而在这些不同公告里，反复指向同一原因——存储价格从低位企稳回升，AI 带动需求上行。 与此同时，鲜明对照逐渐显露：一边是存储产业链公司业绩回暖，增长王、翻倍股频出；另一边是终端厂商被成本逼着改价、砍型号，笔电出货预期也被 下修。 在这场"超级周期"里，谁在兑现、谁在抢位，又是谁在挣扎？ 谁在兑现？ 种种信号表明，存储市场正在走出低谷，进入新一轮上行周期。随着2025年业绩预告密集披露，A股存储相关公司也纷纷交出亮眼"成绩单"。 据记者统计，截至1月29日，A股已有52家存储芯片概念公司发布2025年业绩预告，共计25家公司业绩预喜，31家公司实现归母净利润同比增长。其中， 13家公司归母净利润增幅上限超过1倍。 江波龙给出解释：存储价格在一季度触底后企稳回升，三季度末因 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：国际金融报 巴西的一只蝴蝶扇动翅膀，或许会在遥远的德克萨斯引发一场飓风。这一经典的"蝴蝶效应"正在全球半 导体产业链中真实上演。 当前，AI需求的爆发式增长，彻底重构了芯片行业的供货体系与产能布局，直接挤压了传统存储芯片 的生产空间。 连锁反应一路传导至下游，最终让手机行业成为存储芯片涨价潮中最直接的承压方，深耕新兴市场的传 音控股更是首当其冲。 1月29日晚间，传音控股（688036）发布2025年年度业绩预告。 公告显示，经财务部门初步测算，2025年传音控股预计实现营业收入约655.68亿元，同比减少4.58%， 较上年同期减少约31.47亿元；归母净利润预计约25.46亿元，同比大幅下滑54.11%，较上年同期减少约 30.03亿元；扣非后归母净利润预计约19.04亿元，同比下滑58.06%，较上年同期减少约26.37亿元。 这是传音控股自2019年登陆资本市场以来，净利润首次出现"腰斩式"下滑，直观体现了存储芯片涨价冲 击手机行业的现状。 对于国内消费者而言，传音控股或许稍显陌生，其核心原因在于公司产品线全面聚焦海外市场 ...

Group 1: Performance Highlights - Nanwang Energy (600995.SH) expects net profit of 1.5-1.8 billion CNY, a year-on-year growth of 55%-85% driven by large-scale energy storage projects and favorable electricity pricing policies[4] - Transsion Holdings (688036.SH) anticipates net profit of 4.2-4.8 billion CNY, with a year-on-year increase of 75%-100% due to market share growth in emerging markets and product optimization[6] - Green Harmonic (688017.SH) forecasts net profit of 150-180 million CNY, reflecting an 80%-116% year-on-year growth driven by demand for humanoid robots and improved product margins[7] Group 2: Significant Losses - Qidi Environment (000826.SZ) projects a net loss of 2.8-3.5 billion CNY, with losses widening due to substantial investment losses and increasing receivables[40] - Meike Home (600337.SH) expects a net loss of 1.2-1.8 billion CNY, attributed to the downturn in the real estate sector and significant inventory write-downs[41] - Zhaopu Technology (300203.SZ) anticipates a net loss of 200-250 million CNY, facing potential delisting risks due to declining revenue and significant asset impairments[49] Group 3: Industry Trends - The report identifies three core drivers of market performance: technological breakthroughs, cost control, and price cycles[65] - The lithium battery supply chain shows signs of stabilization, with leading companies like Tianqi Lithium (002466.SZ) and Enjie (002812.SZ) returning to profitability, indicating a recovery phase[69] - The automotive sector exhibits a trend where upstream components outperform downstream integrators, highlighting the competitive landscape in the electric vehicle market[68]

"非洲手机之王"也未能抵挡住供应链成本上涨与市场竞争加剧的双重冲击。 1月29日晚间，深圳传音控股股份有限公司（688036.SH，以下简称"传音控股"）发布2025年年度业绩预 告。公告显示，经初步测算，公司预计2025年年度实现归属于母公司所有者的净利润为25.46亿元左 右，与上年同期相比减少约30.03亿元，同比下降54.11%左右。 这也是传音控股自2019年上市以来，首次出现年度净利润"腰斩"。 营收微降，净利失守 根据公告披露的数据，2025年全年，传音控股预计实现营业收入655.68亿元左右，较2024年同期的 687.15亿元减少约31.47亿元，同比下滑4.58%左右。 相比营收，利润端的下滑幅度更为显著。除了归母净利润预降超五成外，更能反映主业盈利能力的扣非 净利润也大幅缩水。公告显示，预计2025年年度归属于母公司所有者的扣除非经常性损益的净利润为 19.04亿元左右，比上年同期减少26.37亿元左右，同比减少58.06%左右。 对于业绩下滑的原因，传音控股在公告中指出，受供应链成本影响，存储等元器件价格上涨较多，对公 司的产品成本和毛利率造成一定影响，导致报告期内公司整体毛利率出现下 ...