Group 1 - The company will hold a performance briefing on December 30, 2025, from 15:00 to 16:00, to discuss the Q3 2025 results and address investor questions [2][3][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][4] - Investors can submit questions from December 23 to December 29, 2025, through the Roadshow Center website or via the company's email [2][4][6] Group 2 - Key participants in the briefing will include the company's Chairman and General Manager, Mr. Zhu Zhaojiang, the Board Secretary, Mr. Zeng Chun, and Independent Director, Mr. Zhang Huailai [4] - After the briefing, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [6]

Core Insights - The African smartphone market is experiencing significant growth, with Omdia projecting a shipment volume of 22.8 million units by Q3 2025, a 24% increase from 18.4 million units in 2024 [1] - Transsion remains the dominant player in the African market, with a market share increase from 50% to 51% and a shipment volume growth from 9.3 million units in Q3 2024 to 11.6 million units in Q3 2025, reflecting a 25% year-on-year growth [1] - However, competition is intensifying, with Xiaomi's shipment volume increasing by 34% and Honor's by 158% in the same period, indicating a narrowing gap with Transsion [2] Market Dynamics - Transsion's revenue from its core mobile business has shown a decline across all major regions, with African revenue dropping from 10.1 billion yuan to 9.651 billion yuan, a decrease of 4.45% [4] - Overall revenue for Transsion's mobile business fell from 31.979 billion yuan to 26.093 billion yuan, a year-on-year decline of approximately 18.4% [5] - The company's market share in Africa decreased from 52% to 47% in Q1 2025, although it rebounded to 51% in Q2 2025 [5] Strategic Initiatives - Transsion is pursuing an IPO in Hong Kong to raise funds primarily for AI technology development, aiming to enhance product iteration and technical capabilities [2][6] - The company plans to leverage AI to address the competitive pressure from brands like Xiaomi and Honor, focusing on local market needs to create new competitive advantages [8] - The IPO is also intended to improve liquidity and enhance the company's international brand image, facilitating global expansion [7] Future Outlook - Despite the strategic focus on AI and IoT, Transsion faces challenges in achieving growth due to intensified competition and the need to balance market share with profitability [10] - The company's core mobile business has been under pressure, with significant revenue declines in both smartphone and feature phone segments [10] - The effectiveness of AI integration and the company's ability to adapt to market demands will be critical for future growth, as the transition from feature phones to smartphones continues in emerging markets [11][12]

Group 1 - Shenzhen Transsion Holdings Co., Ltd. (Transsion Holdings) has appointed J.P. Morgan Securities (Asia Pacific) Limited, China International Capital Corporation Hong Kong Securities Limited, Haitong International Securities Company Limited, and Deutsche Bank Hong Kong Branch as its overall coordinators for its IPO [2][12] - The company submitted its prospectus to the Hong Kong Stock Exchange on December 2, 2025, and has appointed CITIC Securities as the sole sponsor and J.P. Morgan as the financial advisor [2][12] Group 2 - Transsion Holdings, established in 2013, is a leading provider of smart terminal products and mobile internet services, primarily focusing on smartphone design, research, production, sales, and brand operation [3][13] - The company has a strong market presence in emerging markets, particularly in Africa, where it is known as the "King of Africa" due to its significant market share and brand influence [3][13] - In 2024, Transsion Holdings sold over 200 million smartphones, covering 100 countries and regions, and had 270 million monthly active users on its Transsion OS in the first half of 2025 [3][13] Group 3 - The shareholder structure before the Hong Kong listing shows that Transsion Investment, controlled by Mr. Zhu Zhaojiang, holds 46.71% of the shares [4][14] - Other significant shareholders include CSAML (6.22%), Beijing Chuanjiali (5.39%), and other A-share shareholders (41.68%) [4][14]

Core Viewpoint - Transsion Holdings, known as the "King of Mobile Phones in Africa," has submitted a prospectus for a secondary listing on the Hong Kong Stock Exchange, positioning its energy storage business as a second growth curve with an investment plan of approximately 2 billion yuan, despite the main business facing profitability pressures and needing new growth points [1] Group 1: Business Strategy and Market Position - The company has established a strong distribution network with over 100,000 retail outlets in emerging markets, leveraging local operational experience as a core competitive advantage [2] - In the energy storage sector, Transsion is extending its resources, utilizing its mobile phone sales channels to penetrate markets like Pakistan, where it holds a nearly 15% market share in household energy storage [2][5] - The company aims to integrate its mobile business channels and marketing experience into energy storage products, creating a synergistic effect [3] Group 2: Market Demand and Challenges - The demand for household energy storage in emerging markets is driven by weak electricity infrastructure and frequent power outages, with specific regions showing significant need for reliable backup power solutions [6][8] - Transsion's energy storage products are designed for emergency and outdoor applications, focusing on modular solutions to cater to different household sizes [6] - However, the growth of the energy storage business is constrained by the local power infrastructure's development and the need for professional installation and maintenance services [5][8] Group 3: Competitive Landscape - Transsion faces competition from established players in the energy storage market, who have developed comprehensive service networks and technical expertise over the years [9][10] - The company employs a light-asset model to maintain price competitiveness, but this approach may lead to challenges in achieving the same level of technical reliability and service depth as its competitors [10][11] Group 4: Financial Performance and Investment Outlook - Transsion plans to invest 2 billion yuan in its energy storage business, which is expected to take several years to yield returns, contrasting with the shorter return cycles typical of consumer electronics [12][18] - In the first half of 2025, the revenue from "IoT and other products," including energy storage, reached 2.568 billion yuan, accounting for 8.8% of total revenue, indicating limited contribution from the new business [12] - The company's mobile phone business remains heavily reliant on emerging markets, with nearly 90% of revenue, and faces declining profitability due to increased competition and rising supply chain costs [14][17]

证券代码：688036 证券简称：传音控股 公告编号：2025-051 深圳传音控股股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 投资者可于 2025 年 12 月 23 日 （星期二） 至 12 月 29 日 （星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 investor@transsion.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 深圳传音控股股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布公司《2025 年第三季度报告》，为便于广大投资者更全 面深入地了解公司经营成果、财务状况等情况，公司计划于 2025 年 12 月 30 日（星期二）15:00-16:00 举行 2025 年第三季度业绩说明会， 就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三 会议召开时间：2025 年 12 月 30 日（星期 ...

Core Viewpoint - The Social Security Fund has significantly increased its holdings in technology stocks, reaching a historical high in market value, reflecting a growing preference for the technology sector [2][5]. Group 1: Market Value and Growth - As of the end of Q3 this year, the Social Security Fund's holdings in technology stocks (TMT sectors: Electronics, Communication, Computer, and Media) exceeded 46.9 billion yuan, marking a historical high for the same period [2][4]. - The market value of technology stock holdings has increased by nearly 61% compared to the end of Q3 last year and has grown more than 18 times compared to the same period in 2011 [5]. Group 2: Sector Distribution - Within the technology sector, the Social Security Fund holds the highest market value in the electronics industry, close to 27.4 billion yuan. The computer sector follows with over 7.7 billion yuan, while the media and communication sectors have market values of 7.3 billion yuan and 4.4 billion yuan, respectively [4]. Group 3: Individual Stock Holdings - Transsion Holdings leads the individual stock holdings with a market value exceeding 4.5 billion yuan. The company is expected to maintain rapid growth due to its ongoing transition to mid-to-high-end mobile products and increasing smartphone penetration in Africa [6]. - Other notable stocks with holdings exceeding 1 billion yuan include Pengding Holdings, Focus Media, Unisoc, and Shenzhen South Circuit [7]. Group 4: New Entrants - In Q3, the Social Security Fund's 113 combination and the Basic Pension Insurance Fund's 802 combination newly acquired 20.9 million shares of Unisoc, with a market value nearing 1.9 billion yuan, benefiting from the growth in the special IC industry and domestic substitution demand [9]. - Additionally, the fund established a new position in Giant Network with 27.8 million shares, valued at over 1.26 billion yuan, supported by the steady operation of its game IP series [10]. Group 5: Long-term Holdings - The Social Security Fund has maintained long-term positions in several technology stocks, including Zhongnan Media, Zhongyuan Media, Phoenix Media, and others, with holdings lasting over 24 quarters. Notably, Transsion Holdings and Yilun Network have market values exceeding 1 billion yuan [13]. - The long-term holdings primarily consist of industry leaders with generous dividends and high dividend-yielding media stocks [14].

Core Insights - The Social Security Fund's investment in technology stocks has reached a historical high, with a market value exceeding 46.9 billion yuan as of the end of Q3, reflecting a significant increase in preference for technology stocks [1][2]. Group 1: Investment Trends - The Social Security Fund's holdings in the electronics sector reached nearly 27.4 billion yuan, making it the highest among technology sectors, followed by the computer sector with over 7.7 billion yuan [2]. - Year-on-year, the market value of technology stocks held by the Social Security Fund has increased by nearly 61% compared to the end of Q3 last year, and it has grown more than 18 times compared to the same period in 2011 [2]. Group 2: Individual Stock Holdings - Transsion Holdings has the largest holding among the Social Security Fund's investments, with a market value exceeding 4.5 billion yuan [3]. - Other notable stocks with holdings exceeding 1 billion yuan include Pengding Holdings, Focus Media, Unisoc, and Shenzhen South Electronics [4]. Group 3: New Investments - The Social Security Fund's 113 combination and the Basic Pension Insurance Fund's 802 combination have newly invested in Unisoc with 20.93 million shares, amounting to nearly 1.9 billion yuan [5]. - Giant Network was also newly added to the portfolio with 27.84 million shares, valued at over 1.258 billion yuan [6]. Group 4: Long-term Holdings - The Social Security Fund has maintained long-term positions in six technology stocks for over 24 quarters, including Zhongnan Media, Zhongyuan Media, Phoenix Media, Yilian Network, Sanhuan Group, and Transsion Holdings, with each having a market value exceeding 1 billion yuan [7]. - Additionally, 11 technology stocks have been held for over three years, with Pengding Holdings having a market value exceeding 3.2 billion yuan [8]. Group 5: Investment Strategy - The long-term holdings of the Social Security Fund primarily consist of industry-leading stocks with generous dividends and high dividend-yielding media stocks [9].

Core Insights - The urgency and strategic significance of Chinese companies going global is highlighted, transitioning from "open sea observation" to "strategic overseas expansion" [1] - The "GLOVIDICAL" framework emphasizes the shift from light to heavy investment models, focusing on direct investment and collaborative strategies [2] - The historical evolution of Chinese companies' overseas expansion is categorized into three phases: "open sea observation" (1980-2000), "crazy sea rush" (2001-2017), and "strategic overseas expansion" (2017-present) [3] Phase Analysis - The "open sea observation" phase was characterized by a focus on "bringing in" through OEM and processing trade, with companies primarily participating in the global value chain [3] - The "crazy sea rush" phase saw companies actively pursuing overseas markets, exemplified by Lenovo's acquisition of IBM's PC division, marking a shift to aggressive market competition [3] - The period from 2017-2018 is identified as a critical turning point, coinciding with China's 40th anniversary of reform and the emergence of a new globalization pattern driven by technology [3] Current Trends - Three core transformations in overseas expansion are identified: a shift from light to heavy investment, from product export to capacity export, and from solo efforts to collaborative industry chain strategies [4] - Recent data indicates that 70% of companies going global have achieved profitability or stability, with wholesale retail, leasing, manufacturing, finance, and mining being key sectors [4] - The top three provinces for outbound investment are Guangdong, Zhejiang, and Shandong, with overall foreign investment continuing to grow despite short-term fluctuations [4] Decision-Making Framework - The "ICE triangle model" is proposed for rational decision-making in selecting overseas destinations, focusing on intention, environment, and capability [5] - Companies must clearly define their reasons for going global, assess the target market's environment, and evaluate their own capabilities to avoid random decisions [5] Market Characteristics - Key differences in market characteristics are noted, with mature rules in Western markets and greater opportunities in "Belt and Road" regions [6] - Chinese companies demonstrate stronger adaptability in "Global South" countries compared to Western firms, influenced by diplomatic relations and policy environments [6] Investment Strategies - Two primary investment paths are identified: greenfield investment (new establishment) and brownfield investment (acquisition), with the choice depending on the company's goals and risk tolerance [7] - A "step-by-step investment" strategy is recommended to mitigate risks while gaining local market insights [7] Operational Recommendations - Companies are advised to use flexible trade terms to minimize tariff impacts and focus on enhancing product competitiveness and management capabilities [8] - The new perspective of considering both GDP and GNI in overseas strategies emphasizes the importance of contributing to local economies while enhancing the welfare of Chinese citizens [8] Role of Hong Kong - Hong Kong is positioned as a critical hub for Chinese companies' overseas expansion, with 60% of outbound direct investment routed through the region [10] - The establishment of a dedicated "outbound enterprise task force" in Hong Kong aims to provide integrated services to support companies in leveraging Hong Kong's advantages [10] Strategic Framework - The "GLOVIDICAL" strategy integrates global localization, disruptive innovation, and value innovation, enabling companies to systematically implement new global strategies [11] - Companies like Transsion have successfully utilized AI to tailor products for specific markets, but face challenges from increased competition as technologies become widespread [11] Conclusion - Chinese companies are entering a new phase of strategic overseas expansion, leveraging Hong Kong's unique advantages to enhance their global presence [12]

Core Viewpoint - Transsion Holdings (688036.SH) has submitted its prospectus to the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy, focusing on local innovation and accelerating its layout in IoT and edge AI technologies [2][3]. Group 1: Company Overview - Transsion is a leading player in the global emerging smartphone market, with annual revenues nearing 70 billion yuan and profits of 5.6 billion yuan, emphasizing "extreme localization" as its core strategy [3]. - The company operates three major smartphone brands: TECNO, Infinix, and itel, serving a diverse user base and extending into smart home, wearable devices, and energy storage products, with a total of 270 million monthly active users globally [3]. Group 2: Market Position and Growth - Transsion holds the number one market position in several regions, including a 24.1% market share in the global emerging market and 61.5% in Africa, with projected compound annual growth rates of 6.7% and 8.4% respectively from 2024 to 2029 [5]. - The company is actively optimizing its business structure by focusing on IoT hardware and edge AI technologies to address practical challenges in emerging markets, such as traffic congestion and unstable power grids in Africa [3]. Group 3: IPO and Future Plans - The upcoming IPO aims to raise approximately $1 billion, which will be allocated to three core areas: accelerating IoT hardware R&D, advancing edge AI technology, and expanding the global partner network [5]. - This IPO is intended to inject new momentum into Transsion's "hardware innovation-local service-sustainable growth" model, facilitating its transformation from a hardware leader to an ecosystem builder [5]. Group 4: User-Centric Approach - The company maintains a "user-first" mission, continuously enhancing user experience through features like extended battery life and deep skin tone photography [7]. - Transsion plans to leverage its advantages in R&D investment, channel networks, and localized operations to explore innovative paths for digital transformation in emerging markets [7].

Core Viewpoint - Transsion Holdings, known as the "King of Mobile Phones in Africa," is seeking a dual listing on the Hong Kong Stock Exchange amid a challenging financial landscape, indicating a shift from growth to survival as it faces declining performance and increased competition [2] Financial Performance - In the first half of 2025, Transsion's revenue fell by 15.9% year-on-year to 29.08 billion RMB, while its net profit plummeted by 56.6% to 1.24 billion RMB, leading to a stock price drop of over 25% for the year [3] - The company's smartphone shipments in Africa decreased, with its market share dropping from 61.5% in 2024 to 51% in Q3 2025 [4] Market Dynamics - Competitors like Xiaomi and Honor have gained ground in Africa, with their shipment growth rates reaching 34% and 158% respectively, while Transsion's expansion into other regions has also faced setbacks [6] - The competitive landscape has shifted, with rivals employing online sales and targeted marketing strategies to penetrate Transsion's traditional market [5] Business Model Challenges - Transsion's reliance on hardware sales remains high, with nearly 90% of its revenue coming from mobile devices, while internet service revenue accounts for only 1.4% [9] - The company struggles to transition to a profitable internet service model, unlike Xiaomi, which has a stable internet service revenue contributing 8%-9% of its total revenue [9] Strategic Shift - Transsion is attempting to pivot from a focus on internet services to hardware solutions, increasing its IoT business share to 8.8% and investing in local AI solutions to address market challenges [12] - The upcoming IPO is seen as a means to secure funding for this strategic shift and to rebrand itself as a technology company rather than just a hardware manufacturer [12] Future Outlook - The company aims to prove its capability in solving complex issues in emerging markets within a two to three-year window, as it faces pressure from competitors [12]