证券代码：688036 证券简称：传音控股 公告编号：2025-022 深圳传音控股股份有限公司 股东询价转让计划书 股东深圳市传音投资有限公司保证向深圳传音控股股份有限公司提供的信 息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性 和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 拟参与深圳传音控股股份有限公司（以下简称"传音控股"或"公司"） 首发前股东询价转让（以下简称"本次询价转让"）的股东为深圳市传音投资有 限公司（以下简称为"出让方"）； 出让方拟转让股份的总数为 22,807,011 股，占传音控股总股本的比例约为 2.00%； 本次询价转让不通过集中竞价交易或大宗交易方式进行，不属于通过二级 市场减持。受让方通过询价转让受让的股份，在受让后 6 个月内不得转让； 本次询价转让的受让方为具备相应定价能力和风险承受能力的机构投资 者。 出让方委托中信证券股份有限公司（以下简称"中信证券"）组织实施本次 询价转让。截至 2025 年 9 月 11 日，出让方所持首发前股份的数量、占公司总股 本比例情况如下： | 序号 ...

中信证券股份有限公司 关于深圳传音控股股份有限公司股东 向特定机构投资者询价转让股份 相关资格的核查意见 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 1 一、本次询价转让的委托 中信证券收到出让方关于本次询价转让的委托，委托中信证券组织实施本次 询价转让。 二、关于参与本次询价转让股东相关资格的核查情况 （一）核查过程 根据相关法规要求，中信证券对出让方的相关资格进行了核查。出让方已出 具《关于向特定机构投资者询价转让首次公开发行前已发行股份出让方资格相关 事宜的承诺函》。中信证券已完成出让方资格核查工作，对出让方进行访谈和问 询，并收集相关核查文件。此外，中信证券还通过公开信息渠道检索等手段对出 让方资格进行了核查。 （二）核查情况 1、深圳市传音投资有限公司 中信证券股份有限公司（以下简称"中信证券"）受深圳传音控股股份有限 公司（以下简称"传音控股"）股东深圳市传音投资有限公司（以下简称"出让 方"）委托，组织实施本次传音控股首发前股东向特定机构投资者询价转让（以 下简称"本次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市公司持续监管办法（试行 ...

传音控股公告，深圳市传音投资有限公司计划参与公司首发前股东询价转让，拟转让股份总数为2280.7 万股，占公司总股本的2.00%。本次询价转让价格下限不低于发送认购邀请书之日（2025年9月11日） 前20个交易日股票交易均价的70%。受让方为具备相应定价能力和风险承受能力的机构投资者，受让后 6个月内不得转让。 ...

Market Overview - The Shanghai Composite Index rose by 1.65% on September 11, with 31 out of 41 sectors experiencing gains, led by the communication and electronics sectors, which increased by 7.39% and 5.96% respectively [1] Fund Flow Analysis - The net inflow of capital in the two markets reached 34.518 billion yuan, with 11 sectors seeing net inflows. The electronics sector topped the list with a net inflow of 21.723 billion yuan, followed by the computer sector with a net inflow of 8.479 billion yuan [1] - Conversely, 20 sectors experienced net outflows, with the pharmaceutical and biological sector leading the outflows at 3.975 billion yuan, followed by the media sector with 2.738 billion yuan [1] Electronics Sector Performance - The electronics sector saw a significant increase of 5.96%, with 443 out of 467 stocks rising, including 28 stocks hitting the daily limit up. Only 23 stocks declined, with 1 stock hitting the daily limit down [2] - Among the stocks in the electronics sector, 280 experienced net inflows, with 41 stocks receiving over 100 million yuan in net inflows. The top stock for net inflow was Luxshare Precision, with 2.788 billion yuan, followed by Haiguang Information and Shenghong Technology with 2.467 billion yuan and 1.361 billion yuan respectively [2] Electronics Sector Capital Outflow - The top stocks with net outflows in the electronics sector included Lens Technology, Tianyue Advanced, and Transsion Holdings, with net outflows of 508 million yuan, 147 million yuan, and 147 million yuan respectively [3]

Core Insights - Transsion Holdings has successfully captured the African mobile phone market through localized innovations and a deep understanding of consumer needs, achieving a market share of 51% in the African smartphone sector by 2024 [1][3] - The company is facing challenges as competition intensifies from brands like Xiaomi and Honor, leading to a significant decline in revenue and profit in the first quarter of 2025 [3][13] Group 1: Company Overview - Transsion was founded in 2006 and has become a dominant player in the African mobile market, with brands like TECNO, itel, and Infinix [4][6] - The company’s first major product, TECNO T780, was the first dual-SIM phone in Africa, addressing local needs such as long battery life and camera quality for darker skin tones [6][7] - By 2024, Transsion's global shipment volume surpassed 200 million units, ranking third among global mobile phone manufacturers [1][3] Group 2: Financial Performance - In 2024, Transsion reported revenue of 68.715 billion yuan, a year-on-year increase of 10.31%, with a net profit of 5.549 billion yuan, showing a slight increase of 0.22% [3][12] - However, in the first quarter of 2025, the company experienced a 25.45% decline in revenue and a 69.87% drop in net profit, marking the largest quarterly decline since its IPO [3][13] Group 3: Market Dynamics - The African smartphone market is becoming increasingly competitive, with Xiaomi and Honor expanding their presence and capturing market share [15][16] - Xiaomi's sales in Africa grew by 38% in 2024, while Honor's shipments increased by 283% in the first quarter of 2025, indicating a shift in consumer preferences towards higher-end devices [15][16] - As the market matures, consumer expectations are evolving from affordability to performance, posing a challenge for Transsion to maintain its competitive edge [16]

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [3] Core Insights - The electronic industry is experiencing a new wave of performance growth driven by AI, with significant opportunities in semiconductor and consumer electronics sectors [5][6] - The report highlights the strong recovery in the semiconductor sector, particularly in analog and digital chips, with AI being a core growth driver [5][6] - Consumer electronics are also benefiting from AI, with companies like Anker Innovation and Ugreen achieving over 30% revenue growth [5][6] Semiconductor Sector Summary - **Analog Chips**: Revenue reached 24.405 billion yuan, up 13.12% year-on-year, with a net profit of 502 million yuan, up 280.49% [7] - **Digital Chips**: Revenue of 87.129 billion yuan, a 24.72% increase, with net profit of 9.050 billion yuan, up 35.32% [16] - **Power Semiconductors**: Net profit for Q2 reached 2.873 billion yuan, a 45.3% increase year-on-year, indicating a recovery phase [26] - **Semiconductor Manufacturing**: Revenue for H1 was 27.273 billion yuan, down 24.7% year-on-year, but showing signs of recovery in Q2 [34] - **Semiconductor Equipment**: The sector saw a 30.6% increase in revenue, totaling 41.509 billion yuan, with net profit of 6.631 billion yuan, up 19.8% [47] Consumer Electronics Summary - Companies like Anker Innovation and Ugreen reported over 30% growth in revenue and net profit, driven by brand strength and product innovation [5] - The demand for new consumer electronics products such as AR glasses and smart speakers is expected to drive further innovation and market recovery [5] PCB and Components Summary - PCB demand is surging due to AI-related capital expenditures, with companies like Shenzhen Circuit achieving significant order growth [5] - The MLCC market is also showing good growth, with companies expanding their product matrices to meet diverse market needs [5] Investment Recommendations - The report suggests focusing on companies involved in computing power-related sectors, including PCB, domestic computing power, IP licensing, and chip inductors [5] - Key companies to watch include Cambrian, Haiguang Information, and SMIC, among others [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown improvement in gross margin quarter-on-quarter, with multiple growth points in smart devices, product diversification, and mobile internet services [2] - In H1 2025, the company achieved revenue of 29.077 billion yuan, a year-on-year decrease of 15.86%, and a net profit attributable to shareholders of 1.213 billion yuan, down 57.48% year-on-year [5] - The company maintains a leading market share in Africa and is steadily increasing its presence in Southeast Asia, with a global smartphone market share of 7.9% [5] - The company is actively implementing a diversification strategy, expanding into digital accessories and home appliances, and developing mobile internet products and services [5] Financial Performance - In Q2 2025, the company reported revenue of 16.074 billion yuan, a year-on-year decrease of 6.09%, and a net profit attributable to shareholders of 723 million yuan, down 41.03% year-on-year [5] - The gross margin for Q2 2025 was 20.76%, showing a quarter-on-quarter increase of 1.49 percentage points [5] - The company forecasts revenues of 70.568 billion yuan, 76.988 billion yuan, and 89.404 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 3%, 9%, and 16% [8] Market Position - The company holds a 51% market share in the African smartphone market, maintaining its first-place position, while its market share in Southeast Asia has increased to 18% [5] - The weakening US dollar since late 2024 is expected to enhance consumer purchasing power in emerging markets, potentially boosting the company's smartphone shipments [5] Strategic Initiatives - The company is focusing on product diversification and mobile internet services as new growth drivers, with plans to leverage its high market share in smartphones to capture more accessory market share [5] - The company is also developing AI technologies to enhance user experience with smart devices [5]

Group 1 - The core viewpoint of the news is that Transsion Holdings has seen a 5% increase in stock price, reaching 87.50 CNY per share, with a total market capitalization of 997.81 billion CNY [1] - Transsion Holdings, established on August 21, 2013, and listed on September 30, 2019, focuses on the design, research and development, production, sales, and brand operation of smart terminals, primarily mobile phones [1] - The revenue composition of Transsion Holdings is as follows: smartphones account for 83.91%, other products for 10.22%, and feature phones for 5.86% [1] Group 2 - From the perspective of fund holdings, one fund under Fuan Da has a significant position in Transsion Holdings, with the Fuan Da Consumer Theme Mixed Fund (004549) holding 11,300 shares, representing 5.17% of the fund's net value [2] - The Fuan Da Consumer Theme Mixed Fund has a total scale of 17.37 million CNY and has achieved a year-to-date return of 22.7%, ranking 3314 out of 8248 in its category [2] - The fund has also seen a one-year return of 43.59%, ranking 3137 out of 8051, and an overall return of 80.63% since its inception [2]

Core Viewpoint - Transsion Holdings is expanding its strategic partnership with Pakistani company TECNOPACK TELECOM PVT LTD (TPT) to establish a new industrial park in Karachi, enhancing local production capabilities for smart terminal products and supporting the transformation of Pakistan's manufacturing sector [2][3]. Group 1: Partnership and Collaboration - Transsion Holdings and TPT signed a memorandum of cooperation to deepen their strategic collaboration [2]. - The partnership aims to expand production capacity and efficiency, while also exploring business growth opportunities in overseas markets [3]. Group 2: Industrial Park Development - The new industrial park will feature multiple production lines for mobile phones, chargers, charging cables, and other accessories [3]. - The park will adopt advanced domestic manufacturing standards and adhere to international quality and safety standards [3]. Group 3: Economic Impact - The project is expected to create approximately 8,000 jobs in Pakistan and help train a significant number of local engineers and industrial workers [3]. - The initiative is anticipated to stimulate the development of logistics and supporting facilities, injecting new growth into the local economy [3]. Group 4: Strategic Importance - Pakistan is a key overseas market for Transsion Holdings, with the China-Pakistan Economic Corridor providing a favorable business environment for the company's local development [3].

Core Viewpoint - The communication sector is experiencing significant growth, with the National Communication Index rising by 1.90% and notable increases in individual stocks such as Dekoli and Zhongci Electronics [1][4]. Group 1: ETF Performance - The Communication ETF (159695) has increased by 2.20%, with a cumulative rise of 7.77% over the past two weeks as of September 4, 2025 [1][4]. - The ETF's trading volume was active, with a turnover rate of 23.05% and a transaction value of 57.993 million yuan [4]. - The ETF's scale grew by 31.8469 million yuan over the past week, ranking first among comparable funds, with the latest share count reaching 139 million, a one-year high [4]. Group 2: Financial Metrics - Leading optical module companies achieved a total revenue of 27.682 billion yuan in the first half of 2025, marking an 83.54% year-on-year increase, and a net profit of 8.837 billion yuan, up 127.88% [5]. - The gross margin for these companies was reported at 43.4%, with a net profit margin of 32.82% [5]. - The market for optical modules is expanding, with predictions indicating a 21% market share in Scale-up networks by 2030 [5]. Group 3: Key Stocks and Weightings - The top ten weighted stocks in the National Communication Index account for 64.43% of the index, with significant players including Xinyi, Zhongji Xuchuang, and ZTE [5]. - Notable stock performances include Zhongji Xuchuang rising by 3.35% and Xinyi increasing by 5.13%, while China Telecom and China Mobile saw declines of 2.03% and 0.35%, respectively [7].