Group 1: Market Performance - The A-share market experienced a collective decline, with the Sci-Tech 50 Index ETF (588870) falling by 0.9%, marking its sixth consecutive day of decline [1] - The ETF recorded a turnover rate of nearly 12%, leading its peers, and has seen net inflows on 4 out of the last 5 days, accumulating over 140 million yuan in the past 60 days [1] - The year-to-date share growth rate of the ETF exceeds 20%, outperforming similar products [1] Group 2: Index Composition and Stock Performance - Most of the top ten weighted stocks in the Sci-Tech 50 Index ETF experienced declines, with Cambrian falling over 4% and Transsion Holdings dropping over 3% [3] - Other stocks like Haiguang Information and Zhongwei Company fell slightly, while stocks such as Lanke Technology and Huatai Medical saw minor increases [3] Group 3: Investment Opportunities in Technology Sector - Huatai Securities identified three major investment opportunities in the semiconductor equipment market driven by generative AI and advanced manufacturing processes [5] - The report highlights structural opportunities in domestic advanced manufacturing expansion and the potential for increased market share in China due to overseas export restrictions [5] - Galaxy Securities noted that the "reciprocal tariff" policy presents significant opportunities for domestic substitution and the innovation of the Xinchuang industry chain [5] Group 4: AI Industry Trends - The AI industry continues to evolve, with a focus on three main lines: AIDC and supporting infrastructure, increased demand for integrated training and inference machines, and accelerated development of edge AI [6] - Major companies are increasing capital expenditures, and the demand for AI cloud applications is expected to grow rapidly across various sectors [6] - The Sci-Tech 50 Index ETF (588870) tracks the top 50 stocks in the Sci-Tech board, covering sectors such as electronics, pharmaceuticals, and computer technology [6] Group 5: Cost Efficiency of ETF - The management fee rate for the Sci-Tech 50 Index ETF (588870) is as low as 0.15%, and the custody fee rate is as low as 0.05%, making it one of the lowest in the market [7]

Core Viewpoint - Transsion Holdings (688036.SH) is establishing a mobility division to explore two-wheeled electric vehicle (EV) business, targeting markets in Africa and other developing countries [1][2]. Group 1: Business Development - The two-wheeled electric vehicle business has been incubated internally for nearly three years, with project testing conducted in South Asia and Africa [2]. - Transsion is actively recruiting for various positions related to the mobility business in countries like Nigeria, Côte d'Ivoire, and Colombia, indicating a strategic push into this sector [2][3]. - Revoo, an independent electric motorcycle brand under Transsion, offers a range of models including Revoo A11, A12, C32, C32 Pro, and E52 [3]. Group 2: Financial Performance - In Q1, Transsion reported revenue of 13.004 billion yuan, a year-on-year decline of 25.45%, and a net profit of 490 million yuan, down 69.87% [4]. - The decline in performance is attributed to increased market competition and supply chain costs, with competitors like Xiaomi intensifying their presence in the African market [5][6]. - Despite a 5% year-on-year drop in shipment volume to 9 million units, Transsion maintains a 47% market share, although competitors like Xiaomi, OPPO, and Honor have seen significant growth in their shipments [6].

日前，有消息称传音控股已成立出行事业部，探索两轮电动车等相关业务，传音控股目前正在把两轮电 动车迅速在非洲和另外的发展中国家铺开。6月16日，新京报贝壳财经记者从接近传音控股知情人士获 悉，两轮电动车业务是传音控股内部孵化的一个项目，已经发展了近3年的时间，一直在南亚和非洲两 个项目做测试，此前也尝试过在其他地区测试，但因为整个研发和本地生产上存在一定难度，因此放弃 了该地区的测试。记者对此向传音控股进行求证，传音控股未予置评。(贝壳财经) ...

Recent Activities - Indonesia Discovery Program 2025: Healthcare is a three-day on-site visit program aimed at helping Chinese companies explore opportunities in the Indonesian healthcare market, scheduled for July 29-31 in Jakarta [2] Company Dynamics - TikTok's overseas monthly active users on mobile devices have surpassed 1 billion for the first time [3] - JD Logistics has reportedly recruited over 1,000 team members in Saudi Arabia [3] - AliExpress has launched a car sales business, initially offering Chinese electric vehicles in the Middle East [3] - Geek+ has received a listing notification from the China Securities Regulatory Commission, indicating plans to list in Hong Kong [4] - The European Central Bank President Christine Lagarde's visit to China signals potential expansion of autonomous driving services in Europe [4] - Trip.com has opened over 1,100 overseas positions across 75 cities in 23 countries, aiming for a significant increase in international revenue [5] - Ant Group's Ant Financial has initiated the application for a stablecoin license in Hong Kong [6] - XPeng Motors aims to introduce advanced driver assistance systems in Hong Kong [7] - Chery plans to use Hong Kong as a new starting point for international capital markets [7] - Leap Motor has officially entered the Hong Kong market and is planning localization in Europe and Southeast Asia [7] - Changan Automobile has established nine out of twenty planned overseas factories and is expanding into over 100 countries [8] - GAC plans to enter the Argentine market by the second half of 2025 [8] - TSMC's construction plans for new factories in Japan and Germany may be adjusted due to local market conditions [8] - TikTok is set to expand its investment in the UK to approximately £140 million, creating over 500 new jobs [9] - Transsion's TECNO has formed a strategic partnership with MCR Group to enter the Spanish market [9] - CnEnergy International has signed strategic cooperation agreements for solar projects in Zambia [9] Macro Policies & Industry Data - In the first five months of 2023, China's electric vehicle exports increased by 19%, and industrial robot exports surged by 55.4% [12] - China's trade with Africa has grown significantly, with an average annual growth rate of 14.2% since the establishment of the China-Africa Cooperation Forum [12] - In the first five months, China's automobile exports reached 2.49 million units, a year-on-year increase of 7.9% [13] - The Hong Kong government is actively seeking to attract more Chinese companies to list in Hong Kong [13] - The interconnectivity project between mainland China and Hong Kong's rapid payment systems is progressing smoothly [13] - The Yangtze River Delta region has seen significant growth in cross-border e-commerce and high-end equipment exports [14] Investment and Financing - Yige Cloud has completed a nearly 100 million yuan Pre-B round of financing to enhance its AI-driven enterprise office support platform [15] - Yinghan Power has secured several million yuan in Pre-A+ financing to develop new training devices for professional sports [15] - Liuxing Technology has completed several million yuan in Pre-A financing to advance its intelligent three-dimensional perception technology [15]

Group 1 - TECNO, a brand under Transsion Holdings, has announced a strategic partnership with MCR Group, a Spanish technology wholesaler [1] - The collaboration aims to introduce AIoT smart ecosystem products into the Spanish market [1]

Summary of Transsion Holdings Conference Call Company Overview - **Company**: Transsion Holdings - **Industry**: Mobile Technology and Consumer Electronics Key Points Product Launch and Sales Performance - Transsion is expected to significantly boost shipment volumes with new product launches scheduled for late May to early June 2025, particularly in the high-end Techno series which has shown strong sales performance [2][4][8] - The company anticipates a gradual recovery in shipment volumes during June and July, validating the inventory destocking efforts from Q1 2025 [4] Market Dynamics - The African market is crucial for Transsion, accounting for less than 40% of its revenue, with a low smartphone penetration rate of approximately 50% [2][5] - Despite challenges, the African market has shown steady growth, being the fastest-growing region globally for nine consecutive quarters [5] - The network structure in Africa primarily relies on 3G, which limits internet business development; however, improvements in infrastructure and decreasing costs are expected to drive future growth [6] Economic Influences - The demand in emerging markets is influenced by the US dollar index and costs, with significant declines observed in 2022-2023 due to US interest rate hikes impacting local currencies and purchasing power [7][10] - Rising food prices and storage costs have pressured Transsion's performance, but material cost pressures are expected to ease by 2025 [10] Competitive Advantages - Transsion's competitive edge in Africa stems from localized supply chains, product designs, and channel strategies, allowing for high cost-performance products tailored to local needs [11][15] - The company has developed products specifically for local markets, such as cameras optimized for African consumers and gaming phones for Indonesia [3][15] Long-term Growth Potential - Emerging markets exhibit a youthful population structure, indicating strong long-term purchasing power and growth potential [12] - The company is investing steadily in R&D, with sales expenses remaining high; however, profit growth is expected to accelerate with rising revenues [13][14] Future Outlook - Transsion is positioned at a turning point, with expectations of significant growth in shipments and performance in Q2 and Q3 2025, driven by technological innovations and product enhancements [21][22] - The mobile internet business, although slow to develop, shows potential for growth, particularly through platforms like HUG Games, which is expected to see a 20%-30% increase in 2025 [20] Additional Insights - The company has plans to introduce high-end models, including foldable phones, to enhance brand image, despite limited sales in lower purchasing power markets [17][18] - The African home appliance market is still developing, but there are expectations for growth in energy storage products and simple appliances [19] This summary encapsulates the key insights from the conference call, highlighting Transsion Holdings' strategic initiatives, market dynamics, and future growth potential.

Core Viewpoint - TrendForce's latest survey indicates that global smartphone production is expected to reach 289 million units in Q1 2025, a decrease of approximately 3% compared to the same period in 2024, although production performance across brands remains relatively stable [1]. Summary by Sections Overall Market Performance - In China, Q1 sales benefited from policy incentives, leading to a slight growth in sales. However, due to uncertainties in the international landscape, market demand is expected to be suppressed, with production performance across brands projected to remain flat compared to Q1 [2]. Major Brand Performances - **Samsung**: In Q1, Samsung's smartphone production approached 64 million units, a quarter-on-quarter increase of about 21%, reclaiming the top position globally [5]. - **Apple**: Apple's production decreased by 40% in Q1, falling to 48 million units, ranking second. The decline is attributed to its products not being included in China's subsidy program and intense competition in the market [7]. - **Xiaomi**: Xiaomi produced nearly 42 million units in Q1, maintaining its third position. The brand's comprehensive product range and the boost from subsidy policies contributed to its strong performance [8]. - **OPPO**: OPPO's production was approximately 27 million units in Q1, a decrease of 26% quarter-on-quarter and a 19% decline year-on-year, primarily due to inventory adjustments [9]. - **Vivo**: Vivo's production totaled 24 million units in Q1, ranking fifth. The brand's sales are mainly driven by the Chinese market, benefiting from subsidy policies [10]. - **Transsion**: Transsion's production was close to 22 million units in Q1, a decrease of 20%. The brand primarily focuses on emerging markets outside of China and has not benefited from consumer subsidy incentives [11].

June 12, 2025 产业洞察 根据TrendForce集邦咨询最新调查， 2025年第一季全球智能手机生产总数达2.89亿支，虽然较2024 年同期减少约3%，但各品牌生产表现相对平稳 。其中，中国第一季的销售得益于政策红利，带动销 量微幅成长。展望第二季生产表现，因国际形势的不确定性，市场需求受到抑制，各品牌的生产表现 预估持平第一季。 | Ranking | Brand | Production | QoQ | Market share | | --- | --- | --- | --- | --- | | 1 | Samsung | 64 | 21% | 22% | | 2 | Apple | 48 | -40% | 17% | | 3 | Xiaomi | 42 | -7% | 14% | | 4 | OPPO | 27 | -26% | 9% | | 5 | Vivo | 24 | -16% | 8% | | 6 | Transsion | 22 | -20% | 7% | 各主要品牌表现： 三星（ Samsung ） 苹果（ Apple ） Apple（苹果）随着新机铺货进入尾声，第一季生 ...

Core Viewpoint - Transsion Holdings, once the king of mobile phones in Africa, is now facing significant challenges in maintaining its market position due to increased competition and declining financial performance [2] Group 1: Financial Performance - In Q1 2025, Transsion reported revenue of 13.004 billion yuan, a year-on-year decline of 25.45%, and a net profit of only 490 million yuan, down 69.87% year-on-year [2] Group 2: Competitive Landscape - Domestic brands such as Xiaomi, OPPO, and Honor have intensified their efforts in the African market, leading to a decline in Transsion's market share. For instance, Xiaomi's shipments grew by 32% year-on-year, while Transsion's shipments fell by 5% [3] - Competitors have adopted similar distribution models as Transsion, enhancing their appeal to younger consumers with stylish designs and better specifications [3] - The smartphone penetration rate in Africa is increasing, with consumers demanding higher-end features, an area where Transsion struggles to compete [3] Group 3: Market Expansion Challenges - Transsion has had limited success outside of Africa, facing fierce competition from brands like Xiaomi and OPPO in emerging markets such as India and Southeast Asia [4][5] - The smartphone market is becoming saturated, making it increasingly difficult for Transsion to expand its market presence [5] Group 4: Supply Chain Issues - Rising supply chain costs have significantly impacted Transsion's profitability, with prices for DRAM and NAND Flash increasing by 13%-20% [6][7] - Global logistics costs have also risen, further squeezing Transsion's profit margins [7] Group 5: R&D Investment - Transsion has historically focused more on marketing than on research and development, with R&D expenses accounting for only 3.66% of revenue in 2024, compared to 6.6% for Xiaomi and 20.8% for Huawei [8] - The company’s reliance on low-cost strategies limits its ability to invest in R&D, which is crucial for innovation and competitiveness [8] Group 6: Brand Perception and Diversification - Transsion is perceived as a low-end brand, with only 12% brand recognition among middle-class consumers in Africa, significantly lower than competitors like Samsung and Apple [9] - The company has struggled to create a cohesive ecosystem similar to Xiaomi's, limiting its ability to support high-end product transitions [10] Group 7: AI Initiatives - Transsion is attempting to leverage AI to enhance its competitiveness, including the development of a localized AI voice assistant and partnerships with companies like Alibaba Cloud [11][12] - The introduction of AI technologies aims to improve user experience and facilitate a shift towards higher-end products, although more substantial efforts are needed to solidify its market position [12]

Core Insights - The Latin American smartphone market experienced a year-on-year decline of 4% in Q1 2025, ending six consecutive quarters of growth, with total shipments reaching 33.7 million units [1] Company Performance - Samsung maintained its leading position with a shipment of 11.9 million units, reflecting a year-on-year growth of 7% [1] - Xiaomi ranked second with shipments of 5.9 million units, achieving a year-on-year increase of 10% for the second consecutive quarter [1] - Motorola fell to third place with a shipment of 5.2 million units, experiencing a year-on-year decline of 13% [1] - Honor saw a year-on-year growth of 2%, with shipments reaching 2.6 million units, moving up to fourth place [1] - Transsion ranked fifth with shipments of 2.1 million units, marking a significant year-on-year decline of 38%, representing its first drop in this region [1]