证券代码：688036 证券简称：传音控股 公告编号：2025-015 表决情况：3 票赞成、0 票反对、0 票弃权。 具体内容详见同日刊载于上海证券交易所网站的公司《关于对控股子公司增 资暨关联交易的公告》。 特此公告。 深圳传音控股股份有限公司监事会 2025 年 5 月 22 日 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 深圳传音控股股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日以电 子邮件方式向全体监事发出会议通知，并于 2025 年 5 月 21 日以现场及通讯相结 合的方式召开第三届监事会第十二次会议。会议应出席监事 3 人，实际到会监事 3 人，会议由监事会主席宋英男先生主持。本次会议的召集、召开、表决均符合 有关法律、行政法规、部门规章、规范性文件和《公司章程》等相关规定。经与 会全体监事一致同意，形成决议如下： 一、审议通过《关于对合资公司增资暨关联交易的议案》 监事会认为，公司本次对合资公司进行增资，将有利于推动公司扩品类业务 发展；关联交易定价公允合理，审批程序符合相关规定， ...

Core Viewpoint - Transsion Holdings announces a capital increase of 70 million yuan to its subsidiary, Tiankai Energy, to support its business development [1] Group 1: Investment Details - Transsion Holdings' wholly-owned subsidiary, Zhanxiang Information, plans to invest 70 million yuan in Tiankai Energy, while another shareholder, Xinjuhui Energy, will invest 30 million yuan [1] - After the capital increase, Transsion Holdings will maintain a 70% ownership stake in Tiankai Energy [1] Group 2: Related Party Transaction - Xinjuhui Energy is an affiliate of Transsion Holdings, making this transaction a related party transaction [1] Group 3: Purpose of Capital Increase - The capital increase is primarily aimed at supplementing the funds required for the business development of Tiankai Energy [1] Group 4: Potential Risks - The company may face uncertainties related to macroeconomic conditions, industry policies, and management operations in the future [1]

Core Viewpoint - Transsion Holdings showcased its brands, itel and Syinix, at the "Ethiopia Tamrit" expo, highlighting its commitment to local manufacturing and innovation in Ethiopia [1][2] Group 1: Event Overview - The "Ethiopia Tamrit" expo took place from May 3 to May 7 in Addis Ababa, attracting approximately 24,000 visitors daily, totaling nearly 120,000 attendees [1] - The event was organized by the Ethiopian Ministry of Industry to promote local manufacturing and attract global investment [1] Group 2: Company Achievements - Transsion Ethiopia received the "Outstanding Contribution Award" for its performance in technology innovation, user service, and local manufacturing [1] - The company holds over 40% market share in the African smartphone market, maintaining its position as the leader [1] Group 3: Local Manufacturing Strategy - Transsion began constructing a large manufacturing center in the Ethio-ICT Village in 2016, completing phase A in 2018 to meet local demand and support exports to other African countries [2] - The company showcased its itel smartphones and Syinix TVs at the expo, demonstrating products tailored to the Ethiopian market [2] Group 4: Future Plans - Transsion plans to continue investing in the Ethiopian market and expand its presence in Africa through local investments, technology transfer, and talent development [2]

Core Viewpoint - Transsion Holdings, known as the "King of Mobile Phones in Africa," is facing significant challenges in 2024, with a marked slowdown in revenue growth and a dramatic decline in profits, indicating a multi-faceted crisis in the smartphone market [1][2][4]. Financial Performance - In 2024, Transsion Holdings reported a revenue of 68.715 billion yuan, a year-on-year growth of only 10.31%, and a net profit of 5.549 billion yuan, reflecting a minimal increase of 0.21% [1]. - The first quarter of 2025 saw a staggering 25.45% decline in revenue and a nearly 70% drop in net profit, highlighting the severity of the company's financial downturn [1][2]. - The company's gross margin fell from 24.45% in 2024 to 21.28%, and further to 19.27% in Q1 2025, marking a new low in recent years [4]. Cost and Cash Flow Issues - Operating cash flow plummeted to 2.848 billion yuan in 2024, with a net outflow of 741 million yuan in Q1 2025, driven by declining sales and inventory adjustments [5]. - Sales, management, and R&D expenses increased by 11.72%, 14.99%, and 11.55% respectively in 2024, while revenue growth was nearly stagnant, further pressuring profitability [4]. Market Competition - Despite holding a 51% market share in Africa in 2024, Transsion faces fierce competition from brands like Xiaomi and Realme, which have shown significant growth rates of 38% and 89% respectively [7][8]. - The overall smartphone shipment in Africa grew by 9% in 2024, reaching 74.7 million units, indicating a competitive landscape that is becoming increasingly challenging for Transsion [7][8]. Diversification Efforts - Transsion has attempted to diversify its business into smart home products and related industries, but revenue from these new ventures was only 4.259 billion yuan in 2024, accounting for just 6.3% of total revenue [9]. - The diversification strategy has not yet proven to be as successful as the initial mobile market entry, raising questions about its potential to drive future growth [9].

登录新浪财经APP 搜索【信披】查看更多考评等级 上交所修订并发布《上海证券交易所科创板上市公司自律监管指引第1号——规范运作（2025年5月修 订）》，自发布之日起施行。该修订进一步规范科创板上市公司的运作行为，强化信息披露要求，优化 公司治理结构，提升市场透明度和合规性。 证监会发布《上市公司募集资金监管规则》，明确要求科创板上市公司募集资金应坚持专款专用，优先 用于主营业务，禁止用于永久补充流动资金或偿还银行借款。规则强调对擅自改变募集资金用途及使用 进度缓慢等行为从严监管，并要求上市公司及时披露募投项目延期情况，确保资金使用透明合规。 科创板政策及行业动态一览： l 科创板政策与行业动向： 证监会发布的《上市公司募集资金监管规则》对科创板市场影响深远，其明确要求科创板公司募集资金 必须专款专用、优先投入主营业务，严格禁止用于永久补流或偿贷，并强化对资金挪用、进度滞后等行 为的监管力度，同时要求及时披露募投项目延期信息。 这一政策直接针对科创板企业普遍存在的研发周期长、资金需求大等特点，通过限制资金用途并提升透 明度，既防止了企业通过"伪科创"概念套现或转移资金，又倒逼企业聚焦核心技术攻关和实体项目落 ...

Group 1 - The global smartphone market saw a 3% year-on-year increase in shipments in Q1 2025, with "second" overseas expansion becoming essential for many brands, particularly in Southeast Asia, Africa, and Latin America [1] - Transsion Holdings has maintained rapid growth, with over 200 million units shipped, ranking among the top three globally, and has been the largest smartphone supplier in Africa since 2017 [1][2] - Transsion's strategy focuses on "global localization," effectively covering a market of 4 billion people across Asia, Africa, and Latin America [1] Group 2 - Transsion has a strong presence in Africa, with a 51% market share in smartphone shipments in 2024, reflecting a 10% year-on-year growth [2][3] - The company has built a robust local sales and service network, ensuring quick market response and customer support through its independent after-sales brand, Carlcare [2] - Transsion's localized product development, tailored to African consumers' preferences, has solidified its market dominance [2][4] Group 3 - In 2024, Transsion achieved a 16% market share in Southeast Asia, with significant performance in the Philippines and Indonesia, driven by its Infinix brand targeting the gaming smartphone segment [5][7] - The company recorded a 40% growth rate in the Latin American smartphone market, securing the fourth position with shipments reaching 12.8 million units [7] - In the Middle East, Transsion ranked second in smartphone shipments with a 17% market share, growing by 9% year-on-year [7] Group 4 - Transsion's total revenue for 2024 reached 68.715 billion yuan, marking a year-on-year increase of over 10%, despite fluctuations in Q1 2025 due to high base effects and inventory adjustments [8] - The company has increased its R&D investment by 11.55% in 2024, focusing on core capabilities in imaging, AI, charging, and user experience [8][10] - Transsion's technological innovations, such as full-skin tone imaging and AI video editing, cater to diverse user needs in emerging markets [10] Group 5 - Transsion's multi-brand strategy, with TECNO, Infinix, and itel targeting different market segments, allows it to navigate industry cycles and capture structural opportunities [11][12] - The company has integrated mobile internet services with hardware, creating a localized content ecosystem, exemplified by its music streaming service Boomplay, which has over 94 million monthly active users [12] - Transsion's expansion into AI and smart hardware, including TWS earbuds and AI services, further enhances its market position and user engagement [13][15] Group 6 - Transsion's approach emphasizes deep market understanding and localized strategies, establishing a comprehensive ecosystem that includes smartphones, internet services, and smart devices [17] - The company's success is attributed to its ability to adapt technology to meet local demands, reinforcing its competitive edge in emerging markets [17]

Core Insights - The Southeast Asian smartphone market experienced a 3% year-on-year decline in Q1 2025, marking the first drop after five consecutive quarters of growth [1][2] - Samsung regained the top position with a shipment of 4.3 million units, holding a 19% market share, while Xiaomi was the only top five vendor to achieve year-on-year growth, increasing shipments by 4% to 4 million units, capturing 17% market share [1][7] - The average selling price (ASP) rose by 5% to its highest level since 2023, driven by a wave of high-end product launches in Q4 2024, which reduced disposable income for retailers [2][4] Market Dynamics - The decline in the smartphone market is attributed to high inventory levels due to preemptive stocking by manufacturers in Q4 2024, coupled with inflationary pressures that weakened consumer demand, particularly in the entry-level and mid-range segments [2][4] - Manufacturers are advised to maintain flexible product portfolio strategies to adapt to changing market dynamics, as demonstrated by Xiaomi's strategic acceleration of Note series launches [2][5] Competitive Landscape - Honor achieved an impressive 88% year-on-year growth, with shipments reaching 893,000 units, attributed to a diverse product line that mitigated reliance on a single market segment [2][5] - Samsung's focus on enhancing product value and deepening partnerships with telecom operators has led to a 47% year-on-year increase in shipments of its 5G A series, aiding its transition towards a higher-end product line [2][5] Regional Insights - Vietnam is emerging as a key beneficiary of regional supply chain shifts, supported by stable governance and improved infrastructure, making it an attractive location for long-term smartphone production investments [5] - Other Southeast Asian countries like Malaysia, Indonesia, and Thailand are also enhancing their roles in the smartphone value chain, leveraging local advantages in semiconductor and battery production [5]

Group 1: Company Overview - Transsion Holdings is a leading player in the African smartphone market, holding a 51% market share, with Chinese brands surpassing 80% overall in the region [2][3] - The company adopts a "Glocal" strategy, focusing on global thinking and local innovation to cater to specific consumer needs in Africa [2][3] - Transsion has developed tailored technologies for the African market, including camera features for darker skin tones and solutions for local infrastructure challenges [2][3] Group 2: Market Performance - In 2024, Transsion's global smartphone market share is projected to be 14%, ranking third, with an 8.7% share in the smart device segment, ranking fourth [3] - The company has also achieved the top position in smartphone shipments in countries like Pakistan, Bangladesh, the Philippines, and Indonesia, replicating its African success [3] Group 3: Brand Strategy - Brand building is essential for establishing a unique identity and long-term competitive advantage, as emphasized by Transsion's leadership [4][6] - The company recognizes that effective brand creation involves local innovation and cultural integration, which enhances consumer trust [4][6] - As competition intensifies, brand recognition becomes increasingly important in consumer decision-making [3][4] Group 4: Cultural Integration - Successful international branding requires expressing universally accepted values while maintaining cultural uniqueness to attract local consumers [6] - Transsion's approach to brand building includes deep market integration and corporate social responsibility initiatives, fostering emotional connections with local communities [9]

Core Viewpoint - Transsion, known as the "King of Africa," reported a surprising financial performance in the first quarter of this year, with a significant decline in revenue and net profit, indicating challenges in maintaining its market position in Africa [1][3]. Financial Performance - In Q1, Transsion's revenue decreased by 25.45% year-on-year to 13.004 billion yuan, while net profit dropped nearly 70% to 490 million yuan, marking the largest quarterly decline on record [1][3]. - The company's smartphone shipments in Africa fell by over 20% year-on-year, despite a 1.5% increase in global smartphone shipments, resulting in Transsion dropping out of the top five global smartphone manufacturers [1][3]. Market Position and Competition - Last year, Transsion held a 8.7% share of the global smartphone market, ranking fourth, but recent data shows its market share in Africa has declined to 47%, down 5% year-on-year [5]. - Competitors like Xiaomi and realme have begun to capture market share in Africa, with Xiaomi's market share increasing by 32% to 13%, making it the second-largest brand in the region [5][9]. - The top five smartphone brands in Africa now include several Chinese brands, indicating a shift in market dynamics [5]. Strategic Challenges - Transsion's core business remains heavily reliant on smartphone sales, which accounted for 91.97% of its revenue last year, with other business segments contributing only 6.2% [7]. - The company's diversification strategy has not yet shown significant results, raising concerns about its future if it loses its foothold in Africa [7][9]. Industry Trends - The smartphone market in Africa is becoming increasingly competitive, with Chinese brands adopting similar strategies to those that Transsion used to establish itself, thereby limiting Transsion's growth potential [9][11]. - The lack of unique applications and independence in systems and chips may further hinder Transsion's future prospects as competition intensifies [9].

Group 1 - The easing of tariffs between China and the US is driving a new wave of enthusiasm for overseas expansion, with container shipping bookings from China to the US surging nearly 300% [1] - Maersk's CEO noted a shift of 20% of their capacity from China-US routes to other routes, indicating a potential "catch-up effect" in trade [1] - The global economic landscape is experiencing significant disruptions, with the US GDP contracting by 0.3% in Q1 2023, marking its worst performance since 2022 [4] Group 2 - The EU's GDP growth is lagging behind the US, with a projected annual growth of only 0.7% for 2024, primarily due to Germany's economic weakness [4] - Japan's GDP decreased by 0.2% in Q1 2025, contrasting sharply with a previous growth of 2.4% [5] - ASEAN countries are showing varied economic performances, with Vietnam's GDP growth at 6.93% in Q1 2025, the highest since 2020 [5] Group 3 - Chinese companies face a low success rate of less than 20% in overseas expansion, with "country selection" being the most critical factor [6] - The current international landscape is complex, requiring Chinese companies to adapt their strategies based on market changes [6][7] - The rise of emerging economies like India and Brazil is reshaping global economic dynamics, providing new opportunities for Chinese firms [7] Group 4 - ASEAN is becoming a preferred destination for Chinese companies due to its large market potential, strong economic growth, and supportive policies [9] - The region's population is projected to exceed 700 million by 2027, with a youthful demographic driving consumption [9] - The RCEP agreement has further facilitated economic integration and trade liberalization in the region [9] Group 5 - The success of J&T Express in Southeast Asia illustrates the importance of localizing operations and understanding market needs [11][15] - Transsion Holdings has become a leading smartphone brand in Africa by addressing local consumer preferences and needs [16][19] - Small countries present unique opportunities for Chinese companies due to less competition and favorable policies [20][21] Group 6 - Huawei's experience in Mauritius highlights the challenges and strategies for entering small markets, emphasizing the need for persistence and adaptability [23][24][26] - Companies should prioritize key markets for expansion rather than adopting a broad approach, as this can lead to more stable growth [33] - The choice between entering mature markets or emerging ones depends on the company's strengths and market conditions [34][35]