Group 1 - The company, Transsion Holdings, will hold a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 27, 2025, from 15:00 to 16:00 [1] - The briefing will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [1] - Investors can submit questions from May 20 to May 26, 2025, and the company will address commonly asked questions during the briefing [1] Group 2 - Key participants in the briefing will include the company's Chairman and General Manager, Mr. Zhu Zhaojiang, the Board Secretary, Mr. Zeng Chunxian, and Independent Director, Mr. Zhang Huailai [1] - Investors can access the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [1] - After the briefing, investors can view the main content and outcomes of the session on the Shanghai Stock Exchange Roadshow Center [1]

证券代码：688036 证券简称：传音控股 公告编号：2025-013 深圳传音控股股份有限公司 关于召开 2024 年度暨 2025 年第一季度 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2025 年 05 月 20 日（星期二）至 05 月 26 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。公司将在业绩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 4 月 24 日在 上海证券交易所网站披露了公司《2024 年年度报告》及其摘要，并于 2025 年 4 月 29 日披露了公司《2025 年第一季度报告》，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，公司计划于 2025 年 05 月 27 日（星期二） 15:00-16:00 举行 202 ...

Core Viewpoint - Transsion Holdings, once known as the "king of mobile phones in Africa," is facing a significant decline in profits, with a 69.87% drop in net profit for Q1 2025 compared to the previous year, marking the largest quarterly decline since its listing [2][6]. Financial Performance - In Q1 2025, Transsion reported a revenue of 13.004 billion yuan, a year-on-year decrease of 25.45%, and a net profit of 490 million yuan, down 69.87% [2][6]. - The company has experienced three consecutive quarters of declining performance, with revenues of 16.693 billion yuan, 17.463 billion yuan, and 13.004 billion yuan for the last three quarters, reflecting declines of 7.22%, 9.39%, and 25.45% respectively [6][8]. Market Competition - Transsion's market share in Africa has been eroded by competitors such as Xiaomi and realme, with its market share dropping from 49% in Q4 2024 to 47% in Q1 2025, a decrease of 5% [3][4]. - Xiaomi's market share in Africa has increased by 32%, reaching 13%, while other Chinese brands like OPPO and Honor are also gaining ground [3][4][5]. Supply Chain and Cost Pressures - Rising supply chain costs and increased competition are squeezing Transsion's profit margins, with industry analysts noting that the company lacks independence in systems and chips [2][11]. - The company has faced challenges due to patent lawsuits affecting its supply chain costs, further impacting profitability [5][11]. Strategic Challenges - Transsion is attempting to expand beyond Africa into Southeast Asia, but faces greater competition and operational challenges in these new markets [10][11]. - The company's previous strategy of entering the African market with low-cost devices is becoming less effective as the smartphone market matures and user upgrade cycles slow down [10][11]. Shareholder Actions - Major shareholders have been quietly reducing their stakes, with one significant shareholder decreasing their holding from 1.53% to 0.91%, resulting in a cash-out of approximately 634 million yuan [9][10].

Core Insights - Chinese brands are evolving from market participants to value co-creators, driven by globalization and local market integration [3][11] - The concept of "Glocal" emphasizes global thinking with local innovation, allowing brands to tailor products to meet specific regional needs [4][5] - The overseas brand value of Chinese listed companies has increased significantly, reflecting cultural influence and social responsibility [12][14] Group 1: Brand Globalization - Transsion Holdings has achieved a market share of 51% in Africa, with Chinese brands holding over 80% of the smartphone market in the region [4][5] - The company employs a "Glocal" strategy, focusing on local consumer needs and technological innovation [4][5] - Transsion's products include features tailored for local conditions, such as "four cards and four standby" phones to accommodate multiple SIM cards [5] Group 2: Cultural Integration - The importance of brand recognition is growing, as it helps establish a unique brand image and long-term competitive barriers [7][9] - Chinese liquor brands are also focusing on cultural integration to resonate with foreign consumers, emphasizing the need for cultural understanding in marketing [8][9] - Successful brand globalization requires a balance between expressing universal values and maintaining cultural uniqueness [9] Group 3: Economic Impact - China's foreign trade showed resilience, with a 2.4% increase in total trade value in the first four months of 2025 [10] - Chinese listed companies' overseas business revenue surpassed 3.83 trillion yuan, with a year-on-year growth rate exceeding 12% [10][11] - The combined brand value of the top 50 Chinese companies overseas has increased by 173.1% over eight years, indicating a compound annual growth rate of 13.4% [12][14] Group 4: ESG and Sustainable Development - The growth of Chinese brands aligns with ESG principles, contributing to global sustainable development through green technologies [14][15] - Companies like BYD are expanding their global footprint while emphasizing environmental and social governance [14][15] - Building a strong brand image involves deep local market integration and social responsibility initiatives [15]

Core Viewpoint - Transsion Holdings has reported a decline in revenue for Q1 2025, but the company is making significant progress in inventory reduction and is expected to experience a turning point in operations with the launch of new models [1] Group 1: Financial Performance - As of the end of Q1 2025, the company's inventory has decreased to 8.343 billion yuan, down from 11.237 billion yuan at the end of Q3 2024, indicating successful inventory management [1] - The company is expected to benefit from the concentrated release of new models, which may lead to improved operational performance [1] Group 2: Market Expansion - Transsion Holdings is expanding its presence in emerging markets outside of Africa, including Southeast Asia, South Asia, the Middle East, and Latin America, which is expected to enhance profitability [1][3] - The company has successfully implemented a localization strategy that resonates with local consumer preferences, particularly in Southeast Asia, where it has achieved a 16% market share [2] Group 3: Product Innovation - The Infinix brand has launched innovative products tailored to local markets, such as the gaming flagship GT20Pro, which features advanced technology and has received certifications for high-performance gaming [2] - Other product innovations include features like bypass charging and low-temperature charging in the NOTE40 series, addressing user pain points related to gaming [2]

Core Viewpoint - Transsion Holdings, known as the "King of Mobile Phones in Africa," reported a significant decline in its first-quarter net profit, down 74.64% year-on-year, prompting the company to focus on AI technology to enhance its mid-to-high-end product offerings [1][2]. Financial Performance - In 2024, Transsion Holdings achieved a revenue of 68.715 billion yuan, a year-on-year increase of 10.31%, but its net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 11.54% [1][2]. - The company's revenue in the first quarter of 2025 fell by 25.45%, with a net profit drop of 74.64%, marking the largest quarterly decline in net profit since its listing [1][2]. Market Position and Product Overview - The majority of Transsion's revenue comes from mobile phones, with 63.197 billion yuan from mobile products, accounting for approximately 92% of total revenue in 2024 [2]. - Transsion's main brands include TECNO, itel, and Infinix, focusing on emerging markets such as Africa, South Asia, Southeast Asia, the Middle East, and Latin America [2]. - The company shipped approximately 201 million mobile phones in 2024, holding a 14.0% share of the global mobile phone market, ranking third among global manufacturers, with an 8.7% share in the smartphone market, ranking fourth [2]. Challenges and Strategic Responses - The decline in revenue and net profit is attributed to market competition and supply chain costs, with the company indicating that its gross margin is affected by competitive dynamics and cost changes [2][3]. - Transsion's gross margin for mobile products in 2024 was 20.62%, a decrease of 2.63 percentage points from the previous year [3]. - The net cash flow from operating activities decreased by 76.05% year-on-year, primarily due to increased procurement payments [3]. Future Growth Strategies - Transsion is optimistic about the potential of emerging markets, which have a population base exceeding 4 billion, and aims to leverage AI technology to enhance its mid-to-high-end product offerings and develop an AIoT ecosystem [4][5]. - The company plans to integrate AI with hardware products to create a smart ecosystem, expanding beyond traditional hardware sales [5]. - At the 2025 Mobile World Congress, Transsion launched new products, including the CAMON 40 series smartphones and AI Glasses, showcasing its commitment to AI integration [5].

Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," reported a significant decline in net profit by 69.87% and a 25.45% drop in revenue for Q1 2025, raising concerns about its competitive position in the market [1][4]. Financial Performance - In Q1 2025, Transsion's net profit was only 490 million yuan, a drastic decrease compared to the previous year [1][4]. - The company's revenue growth rate plummeted from 6.74% in 2023 to 2.97% in 2024, with a decline in gross margin by 1.46 percentage points [4][8]. - Operating cash flow turned negative at -741 million yuan in Q1 2025, worsening from -108 million yuan in the same period last year [4][8]. Market Competition - Despite holding a 49% market share in Africa, Transsion faces fierce competition from Xiaomi and Realme, which have seen significant growth in their smartphone shipments [1][4]. - Xiaomi's shipment growth rate reached 38%, while Realme's Note series achieved an impressive 89% increase [1][4]. - Realme's market strategy, focusing on cost-effective products, has intensified competition in the African market [2][4]. Cost Challenges - The rising prices of DRAM and NAND Flash storage chips have significantly impacted Transsion's cost structure, particularly for its high-memory models [2][4]. - The company struggles to pass on increased costs to consumers due to their price sensitivity in emerging markets [2][4]. Strategic Adjustments - In response to its challenges, Transsion has committed 580 million yuan to R&D in Q1 2025, representing 4.46% of its total revenue, indicating a focus on technological innovation [5][7]. - The R&D investment aims to enhance product features such as camera technology and battery performance, which are crucial for entering the high-end market [7][8]. Long-term Outlook - Despite the current downturn, Transsion generated a net profit of 5.549 billion yuan in 2024 and distributed 3.421 billion yuan in dividends, reflecting strong cash flow generation capabilities [8][9]. - The potential for smartphone penetration in emerging markets remains significant, with a population base exceeding 4 billion, providing a vast market opportunity for Transsion [8][9]. - The company's established service network and localized product features continue to be competitive advantages that are difficult for rivals to replicate [9].

Group 1 - The communication index has shown a strong increase of 1.23%, with notable stocks such as Qiyu Technology reaching the daily limit increase and Cambridge Technology rising by 7.18% [1] - The communication ETF has seen a weekly increase of 5.11%, ranking first among comparable funds [1] - The trading volume of the communication ETF was 4.34%, with a transaction value of 4.74 million yuan [3] Group 2 - The communication ETF has experienced a significant growth in scale, increasing by 2.26 million yuan over the past two weeks, leading among comparable funds [3] - The ETF's share count has grown by 22 million shares in the last three months, also ranking first among comparable funds [3] - Zhongji Xuchuang, a leading company in optical communication, reported a revenue of 23.862 billion yuan for 2024, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [3] Group 3 - The first quarter of 2025 saw Zhongji Xuchuang achieve a revenue of 6.674 billion yuan, a year-on-year increase of 37.82%, and a net profit of 1.583 billion yuan, up 56.83% [3] - Predictions indicate that global AI spending will reach 500 billion dollars in 2025, suggesting sustained high growth in revenue and profit for related companies [3] - Companies in the server and connector sectors are expected to perform well due to increased AI demand and capital expenditure growth from domestic and international internet firms [3] Group 4 - The top ten weighted stocks in the communication index account for 58.92% of the total, including major players like China Telecom, ZTE, and China Mobile [4] - Investors can access optical communication investment opportunities through the communication ETF linked fund [4]

Group 1 - The core viewpoint of the news highlights the significant performance of the STAR Market Index and its constituent stocks, with notable increases in stock prices for companies like Aerospace South Lake and China Post Technology [2][3] - The STAR Market Index ETF, Huaxia, has seen a recent increase of 0.85%, with a latest price of 0.95 yuan, and a trading volume of 49.9287 million yuan [2] - The ETF has achieved a scale of 2.898 billion yuan, ranking 2nd among comparable funds, and has experienced a substantial increase in shares by 2.168 billion, leading in growth among similar funds [3] Group 2 - Huawei's launch of the "Hongmeng Computer" marks a significant breakthrough for domestic operating systems in the PC sector, reflecting China's push for technological self-reliance [2] - The article published by Renmin Daily emphasizes the importance of maintaining control over the development of AI large models, aligning with the current trend of promoting domestic technology [2] - Guotai Junan Securities notes that the support for domestic software and AI is expected to increase, aiding China's technological advancement on a global scale [2]

◎记者 赵明超 A股优质资产正在被社保基金、养老金、QFII等长线资金持续加码，截至一季度末持仓市值已经超过 6000亿元。从最近一个月来的调研情况看，外资机构频频出动，密集调研上市公司。从机构观点看，当 前权益资产长期配置价值凸显，有较多投资机会可以挖掘。 长线资金密集调研 进入二季度以来，在市场波动行情中，长线资金持续加码。4月8日，全国社会保障基金理事会公告称， 始终坚持长期投资、价值投资、责任投资理念，坚定看好资本市场发展前景，主动融入国家发展战略， 近日已主动增持国内股票，近期将继续增持。在积极开展股票投资的同时实现基金安全和保值增值。 从机构调研情况看，外资机构也在加紧调研上市公司，积极寻找投资机会。Choice数据显示，二季度以 来，超300家外资机构调研了A股上市公司，包括高盛、瑞士联合银行集团、新加坡政府投资有限公 司、花旗、摩根士丹利等知名外资机构。 从机构持仓情况看，以社保基金、养老金、QFII为代表的长线资金一直是A股重要的机构投资者。 Choice数据显示，截至今年一季度末，上述机构的持仓市值合计达到6224.14亿元。从整体来看，长线 资金重点布局绩优龙头公司。 数据显示，社保基金 ...