本报记者 陈佳岚 广州报道 传音控股（688036.SH，以下简称"传音"）过去一年业绩表现喜忧参半。 近日，传音发布的2024年年报显示，公司2024年实现营业收入687.15亿元，同比增长10.31%。而归母净 利润达55.49亿元，同比微增0.22%；扣非净利润45.41亿元，同比下降11.54%。扣除非经常性损益后的 基本每股收益同比下降11.87%。 对于业绩增收不增利的情况，传音方面回应称，受市场竞争以及供应链成本综合影响，毛利率有所下 降，扣非净利润因此有所减少。 虽然传音仅用"市场竞争以及供应链成本综合影响"这些模糊词汇概括了去年业绩受到挑战的原因，但 《中国经营报》记者留意到，传音大本营所在的非洲市场正在遭受包括小米、realme、OPPO、荣耀在 内的多家国产手机厂商的进攻与全球供应链成本上升带来的毛利侵蚀挑战，与此同时，传音在东南亚市 场面临的市场竞争压力也不小。 年报增收不增利 传音主要从事以手机为核心的智能终端的设计、研发、生产、销售和品牌运营，有着"非洲手机之王"的 称号。 财报显示，2024年，传音实现总营业收入687.15亿元，同比增长10.31%。2024 年，公司手机整体出 ...

Core Viewpoint - The article provides insights into the latest stock holdings and trading activities of major institutional investors in the A-share market, focusing on the Social Security Fund, QFII, and public funds, highlighting their preferences and adjustments in stock positions during the first quarter of 2025 [2][3][8][13]. Social Security Fund Holdings - As of the end of Q1 2025, the Social Security Fund was involved in 597 listed companies, with a total holding of 10.913 billion shares, a year-on-year decrease of 11.26%, and a total market value of 173.945 billion yuan, down 6.43% year-on-year [3]. - The fund's investments in sectors such as machinery, basic chemicals, electronics, non-ferrous metals, electric equipment, and pharmaceuticals exceeded 13 billion yuan, with the pharmaceutical sector having the highest number of holdings at 61 companies [3]. - The top 50 companies held by the Social Security Fund accounted for 66.579 billion yuan, representing 38.28% of its total holdings, with SANY Heavy Industry leading at 3.352 billion yuan [3][4]. QFII Holdings - By the end of Q1 2025, QFII held shares in 692 listed companies, a decrease of 3.76% year-on-year, with a total market value of 117.213 billion yuan, an increase of 11.5% year-on-year [8]. - Notably, two companies, Ningbo Bank and Nanjing Bank, had QFII holdings exceeding 10 billion yuan, with values of 32.17 billion yuan and 19.264 billion yuan, respectively [10]. - QFII's investments were concentrated, with the top 50 stocks accounting for 81.02% of its total holdings [8]. Fund Holdings - The public fund holdings report indicated that 51 stocks had a market value exceeding 10 billion yuan, with Ningde Times and Kweichow Moutai leading at 146.823 billion yuan and 141.539 billion yuan, respectively [13][16]. - The number of funds holding Ningde Times reached 1,864, while Kweichow Moutai had 1,196 funds, both showing significant growth [13]. - Other notable companies with substantial fund holdings included China Merchants Bank, Midea Group, and Ping An Insurance, each exceeding 50 billion yuan [17]. Market Outlook - Fund managers expressed optimism about the A-share market, citing strong economic resilience and potential recovery signals, particularly in consumer sectors [14].

Core Insights - A-share listed companies demonstrated strong resilience in 2024, with total operating revenue reaching 62.33 trillion yuan, a year-on-year increase of 0.57%, and net profit attributable to shareholders of 5.06 trillion yuan, up 1.05% [1][2] - The growth was primarily driven by advancements in artificial intelligence (AI) technology, which significantly boosted demand in sectors such as GPU, PCB, and storage chips [2][3] - Despite overall growth, non-financial companies faced challenges, with a slight decline in revenue and a notable drop in net profit [1][3] Financial Performance - Among the 5402 listed companies, 4029 reported positive earnings, with 548 companies achieving over 100% growth in net profit [2] - The chemical company Zhengdan achieved a remarkable 119-fold increase in net profit, driven by soaring TMA prices due to supply-demand imbalances [2][3] - The semiconductor sector saw significant profit increases, with companies like Zhaoyi Innovation and Weir Shares reporting net profit growth of 584.21% and 498.11%, respectively [3] Sector Analysis - The AI sector is identified as a key growth driver, with companies in the GPU, PCB, and optical module industries experiencing substantial performance improvements [2][3] - The consumer electronics market is also rebounding, with a reported 5.6% year-on-year increase in smartphone shipments in China [3][4] International Expansion - A total of 3653 listed companies reported overseas revenue of 9.43 trillion yuan, accounting for approximately 20% of their total revenue [6][7] - Companies like Luxshare Precision and BYD achieved over 100 billion yuan in overseas revenue, with notable growth in emerging markets [6][7] - The internationalization strategies include local market investments and partnerships, particularly in Africa and the Middle East [7][8] Challenges and Losses - Despite overall positive performance, 124 companies reported net losses exceeding 1 billion yuan, with the real estate sector being particularly affected [9][10] - Vanke A led the loss rankings with a staggering 494.78 billion yuan loss, highlighting the difficulties faced in the real estate market [9][10] - The energy sector, including solar and lithium companies, also reported significant losses due to overcapacity and intensified competition [10] Regulatory Environment - The introduction of stricter delisting regulations is expected to normalize the delisting process, with 52 companies delisted in 2024 [11][12] - New rules include higher thresholds for financial delisting criteria, aiming to enhance market stability and protect investor interests [11][12]

Core Viewpoint - In 2023, Transsion Holdings achieved over 30% growth and entered the top five global smartphone manufacturers despite a general decline in shipments among domestic brands. However, the company faced challenges in maintaining this growth in 2024, with a nearly 70% decline in net profit for Q1 2024 compared to the previous year [1][6]. Group 1: Company Performance - Transsion's revenue for 2024 reached 68.7 billion yuan, a year-on-year increase of 10.3%, while net profit was 5.549 billion yuan, showing a slight increase of 0.22% [6][7]. - The company's gross margin in Africa decreased by 1.46 percentage points to 28.59%, although it remained higher than the gross margin of 17.66% in other Asian regions, which saw a decline of 2.52 percentage points [7][8]. - The smartphone segment accounted for over 90% of Transsion's total revenue, with a gross margin of 20.62%, down 2.63 percentage points from the previous year [6][7]. Group 2: Market Competition - Transsion's market share in the Middle East and Africa declined, with its share in the Middle East falling to 34% in Q4 2024, down from 36% the previous year [8]. - Competitors like Xiaomi and realme are rapidly expanding in the African market, with Xiaomi being the largest market share gainer in the Middle East and Africa in 2024, achieving a 15% increase in shipments [8][9]. - The competitive landscape is intensifying as other Chinese brands adopt localized strategies and target similar price segments, which may impact Transsion's profitability and market position [9][10].

Investment Rating - The report maintains a "Buy" rating for the company [1][10][11] Core Views - The company is actively expanding its mobile business in emerging markets, diversifying its product categories, and leveraging mobile internet opportunities for future growth [2][7] - The company achieved a revenue of 68.715 billion yuan in 2024, representing a year-on-year increase of 10.31%, and a net profit of 5.549 billion yuan, which is a slight increase of 0.22% year-on-year [5][6] - The first quarter of 2025 saw a revenue decline of 25.45% year-on-year, with a net profit drop of 69.87% [6] Summary by Sections Recent Performance - The company's stock performance over the past year shows a decline of 25.5%, compared to a 4.2% increase in the Shanghai and Shenzhen 300 index [4] - As of April 29, 2025, the company's stock price is 75.87 yuan, with a total market capitalization of 86.518 billion yuan [4] Market Position - In 2024, the company had a global smartphone market share of 14.0%, ranking third, and an 8.7% share in the global smartphone market, ranking fourth [7] - The company leads the African smartphone market with over 40% share and holds significant positions in South Asia, particularly in Pakistan and Bangladesh [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 75.671 billion yuan, 85.132 billion yuan, and 98.240 billion yuan, respectively, with growth rates of 10%, 13%, and 15% [9][10] - Net profit forecasts for the same years are 5.624 billion yuan, 6.603 billion yuan, and 8.047 billion yuan, with growth rates of 1%, 17%, and 22% [9][10] Profitability Metrics - The company's gross margin for 2024 was 21.28%, a decrease of 3.17 percentage points year-on-year, while the net profit margin was 8.08%, down by 0.81 percentage points [7][8] - The first quarter of 2025 saw a gross margin of 19.27%, reflecting a decline due to market competition and supply chain costs [8]

截至4月30日收盘，MLOps概念上涨3.75%，位居概念板块涨幅第3，板块内，16股上涨，创意信息20% 涨停，星环科技、拓尔思、润和软件等涨幅居前，分别上涨8.33%、6.11%、4.39%。跌幅居前的有传音 控股、奥比中光等，分别下跌1.25%、1.20%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | 4.01 | 自由贸易港 | -1.28 | | 华为盘古 | 3.94 | 染料 | -1.21 | | MLOps概念 | 3.75 | 天津自贸区 | -1.06 | | 智谱AI | 3.49 | 人造肉 | -1.02 | | 华为昇腾 | 3.44 | 生物质能发电 | -0.90 | | 兵装重组概念 | 3.43 | NMN概念 | -0.90 | | 人形机器人 | 3.19 | 金属锌 | -0.88 | | 华为欧拉 | 3.11 | 供销社 | -0.84 | | 智能音箱 | 3.05 | 金属铜 | -0.83 | | 共享单车 | 2.93 | 黄金概念 | ...

Group 1: Company Insights - Dekoli's Q1 2025 revenue increased by 6% year-on-year, but profit margins significantly declined due to high-cost DCI business and product structure adjustments [1] - Transsion Holdings reported Q1 2025 revenue of 13.004 billion, a decrease of 25.45% year-on-year, with net profit down 69.87% due to market competition and supply chain costs [2] - Guangdong Hongda's Q1 gross margin for civil explosives improved compared to the previous year, with expectations for further margin increases as market consolidation progresses [3] - Glodon plans to optimize its personnel structure and expand its digital cost management business, with a focus on urban renewal and a positive outlook for growth in this area [4] - Jieshun Technology aims to increase parking revenue by 5% to 20% through various strategies, with a gross margin of over 70% for certain business segments [5] - YHLO is integrating AI technologies into its product matrix and customer service, enhancing its laboratory automation solutions [6] - AVIC Chengfei is in the component production phase, expecting to enter the product delivery cycle in Q2 2025, which will support its annual performance [7] - Jingzhida's semiconductor business revenue share rose to over 30%, with expectations for further growth and improved gross margins through domestic component substitution [8] Group 2: Industry Trends - The DCI market is experiencing a surge in demand driven by computing power needs, with Dekoli prioritizing capacity for existing orders [1] - Transsion Holdings is focusing on emerging markets with low smartphone penetration, aiming to enhance product innovation and expand its business scale [2] - The civil explosives market is expected to see increased concentration and margin improvements as industry consolidation accelerates [3] - Glodon's digital cost management solutions are positioned to meet diverse client needs, particularly in urban renewal projects [4] - The parking industry is leveraging AI and e-commerce models to enhance revenue streams and operational efficiency [5] - The integration of AI in laboratory automation is becoming a key trend, with companies like YHLO leading the charge [6] - The aerospace industry is focusing on high-quality information disclosure and investor relations to enhance market value [7] - The semiconductor sector is witnessing a shift towards domestic component production, which is expected to improve supply chain security and profitability [8]

Group 1 - The core viewpoint of the news highlights that Transsion Holdings has faced significant revenue and profit declines in Q1 2025, with revenue at 13.004 billion and a year-on-year decrease of 25.45%, while net profit attributable to shareholders dropped to 490 million, down 69.87% [1] - The decline in revenue and gross profit is attributed to market competition and supply chain costs, with the company indicating that the annual gross margin will be adjusted based on cost changes and market competition [1] - Transsion Holdings is focusing on emerging markets where there is a large population base and low smartphone penetration, aiming to meet the demand for upgrading from feature phones to smartphones [1] Group 2 - The company has launched several new products integrated with AI technology, such as the TECNO CMON 40 series, MEGBOOK S14, and I Glasses Pro, to enhance user experience through smart interaction [1] - The company is enhancing product innovation and experience based on user needs in emerging markets, while also expanding its online and offline channel layout to increase the scale of its product categories [1]

2024年度现金分红总额前10名 2024年度股息率前10名 截至日期：4月29日21时 数据来源：Wind 高志刚 制表 郭晨凯 制图 ◎记者 高志刚 在新"国九条"等政策引导下，A股市场已形成常态化分红机制，2024年度现金分红规模再次创出历史新 高。 Wind数据显示，截至4月29日21时，共有5304家A股上市公司发布2024年年报，其中3600余家披露现金 分红方案，占已发布年报公司总数的近七成，年度现金分红合计金额高达2.3万亿元（含当年季报、半 年报、年报现金分红，下同），这一数字不仅刷新历史纪录，更实现连续三年站上2万亿元关口。 从企业类型看，央企、地方国企、民企"同台共舞"，通过提升分红金额和比例，积极回馈股东。大盘蓝 筹公司更是常年保持超百亿元分红，成为A股市场现金分红的"中流砥柱"。 | 公司简称 | 2024年度累计 分红总额(亿元) | 公司简称 | 2024年度 股息率(%) | | --- | --- | --- | --- | | 工商银行 | 1097.73 | 美盈衰 | 16.13 | | 中国移动 | 1007.89 | 东方雨虹 | 13.81 | | 建设银行 | ...

Core Viewpoint - Transsion, known as the "King of African Mobile Phones," is facing its biggest market challenge in recent years, with a significant decline in smartphone shipments and financial performance in 2025 compared to 2024 [2][3]. Group 1: Market Performance - In Q1 2024, Transsion's smartphone shipments reached 28.5 million units, capturing 9.5% of the global market, ranking fourth among smartphone manufacturers [2]. - By Q1 2025, Transsion's shipments fell below 22.7 million units, resulting in its exclusion from the top five manufacturers, categorized under "Others" [2]. - Transsion's revenue for Q1 2025 was 13.004 billion yuan, a year-on-year decline of 25.45%, while net profit plummeted by 69.87% to 490 million yuan [2]. Group 2: Financial Indicators - The net profit excluding non-recurring gains for Q1 2025 was 343 million yuan, down 74.64% year-on-year [3]. - Basic earnings per share dropped to 0.43 yuan, a decrease of 70.14% from the adjusted 1.44 yuan in the same period last year [2]. - Operating cash flow for the reporting period was -741 million yuan, worsening from -108 million yuan in the previous year [2]. Group 3: Competitive Landscape - Transsion's performance decline is attributed to increased market competition and rising supply chain costs, which have pressured its gross margin [3]. - The company has historically focused on low-cost models in Africa and Latin America, with entry-level models averaging only $70 [4]. - Rising supply chain costs, particularly for DRAM and NAND Flash, are squeezing profit margins, with expected price increases of 13-20% for these components [5]. Group 4: Market Challenges - In 2024, Xiaomi's sub-brand Redmi aggressively entered the African market with low-cost models, achieving a 22% growth in the region [6]. - Realme also gained traction in Africa, with a 70% year-on-year growth, further intensifying competition for Transsion [6]. - Transsion's expansion efforts in India, Southeast Asia, and Latin America are hindered by established competitors like Vivo, OPPO, and Samsung, limiting its market share [7].