| | | 董事会战略与可持续发展（ESG）委员会工作细则 2 | | --- | --- | --- | | 第一章 | 总则 | 2 | | 第二章 | 人员组成 | 2 | | 第三章 | 职责权限 | 2 | | 第四章 | 决策程序 | 3 | | 第五章 | 议事规则 | 4 | | 第六章 | 附 则 | 5 | | | | 董事会提名委员会工作细则 6 | | 第一章 | 总则 | 6 | | 第二章 | 人员组成 | 6 | | 第三章 | 职责权限 | 6 | | 第四章 | 决策程序 | 7 | | 第五章 | 议事规则 | 7 | | 第六章 | 附 则 | 8 | | | | 董事会审计委员会工作细则 9 | | 第一章 | 总则 | 9 | | 第二章 | 人员组成 | 9 | | 第三章 | 职责权限 | 9 | | 第四章 | 决策程序 | 10 | | 第五章 | 议事规则 | 10 | | 第六章 | 附 则 | 13 | | | | 董事会薪酬与考核委员会工作细则 14 | | 第一章 | 总则 | 14 | | 第二章 | 人员组成 | 14 | | 第三章 | 职责权 ...

深圳传音控股股份有限公司 关于核心技术人员调整的公告 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： ●深圳传音控股股份有限公司（以下简称"公司"）核心技术人员肖明和刘世 超因工作职责调整、陆伟峰因工作调动前往非控股合资公司工作，三人均不再被 认定为公司核心技术人员。 ●公司综合考虑研发人员任职情况、技术经验、主要知识产权等相关因素， 新增认定陈廷波、王海涛为公司核心技术人员。 证券代码：688036 证券简称：传音控股 公告编号：2025-005 ●本次核心技术人员的调整不会对公司的研发管理、生产经营等方面产生不 利影响。 一、 核心技术人员调整的具体情况 公司核心技术人员肖明和刘世超因工作职责调整、陆伟峰因工作调动前往 非控股合资公司工作，三人均不再被认定为公司核心技术人员。公司综合考虑 研发人员任职情况、技术经验、主要知识产权等相关因素，新增认定陈廷波、 王海涛为公司核心技术人员。 （一）原核心技术人员情况 1、基本情况 肖明，1974 年出生，曾在德信无线通讯科技（上海）有限公司、上海锐来 科通信技 ...

本次调整仅就该委员会名称和职权进行调整，其成员数量及成员名单、任期 等不变。 特此公告。 深圳传音控股股份有限公司董事会 证券代码：688036 证券简称：传音控股 公告编号：2025-004 深圳传音控股股份有限公司 关于董事会战略委员会调整为董事会战略与可持续 发展（ESG）委员会并修订相关工作细则的公告 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。 深圳传音控股股份有限公司（以下简称"公司"）于 2025 年 3 月 25 日召开 第三届董事会第十三次会议，审议通过了《关于董事会战略委员会调整为董事会 战略与可持续发展（ESG）委员会并修订相关工作细则的议案》。具体情况如下： 为提升公司环境、社会及公司治理（ESG）管理水平，增强公司可持续发展 能力，根据《中华人民共和国公司法》、《上市公司治理准则》、《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》、《上海证券交易所上 市公司自律监管指引第 14 号——可持续发展报告（试行）》等有关法律、法规 和规范性文件及《公司章程》的有关规定，公司将"董事 ...

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。 深圳传音控股股份有限公司（以下简称"公司"）第三届董事会第十三次会议 于 2025 年 3 月 25 日以现场及通讯相结合的方式召开，会议通知已于 2025 年 3 月 21 日通过电子邮件方式送达全体董事。本次会议由董事长竺兆江先生召集并主持， 公司全体董事出席了会议，本次会议的召集、召开和表决程序均符合国家有关法 律、法规及《公司章程》等有关规定。经全体董事一致同意，形成决议如下： 一、审议通过《关于董事会战略委员会变更为董事会战略与可持续发展 （ESG）委员会并修订相关工作细则的议案》 证券代码：688036 证券简称：传音控股 公告编号：2025-003 深圳传音控股股份有限公司 第三届董事会第十三次会议决议公告 为加强公司市值管理，切实推动公司投资价值提升，增强投资者回报，维护 投资者利益，公司根据《公司法》、《证券法》、《上市公司监管指引第10号— —市值管理》等相关法律法规及《公司章程》的规定，制定了公司《市值管理制 度》。 1 表决结果：9票赞成，0票反对，0票 ...

Summary of Transsion Holdings Conference Call Company Overview - Transsion Holdings focuses on the African market, which has decreased to 30% of its total revenue but remains a crucial foundation. The company is actively expanding into South Asia and Southeast Asia, achieving a market share that surpasses competitors like Xiaomi in Southeast Asia [2][12]. Key Insights and Arguments - The mobile internet business is critical for Transsion's future growth. Although growth is expected to slow in 2024, internal restructuring and platform development are anticipated to accelerate growth significantly in 2025, with AI technology enhancing valuation potential [2][7]. - Transsion owns three major brands: Tecno, Infinix, and Itel, catering to different user segments. Tecno and Infinix target similar markets, while Itel focuses on the low-end segment, releasing approximately 30 new models annually to meet diverse market demands [2][11]. - The company employs a global layout strategy with production bases both domestically and internationally, utilizing a flexible and diverse channel structure. This includes localized product offerings tailored to different market needs, enhancing competitiveness [2][22]. - Supply chain advantages are a core competency for Transsion, utilizing a white-label or second-tier brand supply chain to achieve high cost-performance ratios, aligning with the needs of emerging market consumers [2][26]. Financial Projections - Revenue is projected to reach 6.5 billion yuan in 2025 and 8.2 billion yuan in 2026. Despite short-term pressures from rising storage costs, the company has significant growth potential as an entry-point company [3][32]. Market Dynamics - The African market is vital for Transsion, with a large population of unconnected smartphone users. The region is transitioning directly to mobile internet, with network costs decreasing from 4.8% in 2024 to 4.2%, facilitating smartphone adoption [5]. - Transsion's market share outside Africa is rapidly growing, with South Asia and Southeast Asia each accounting for 30% of total revenue, while Latin America and the Middle East contribute around 10% each [6]. Internet Business Development - The mobile internet business is a significant growth driver, with a projected growth rate of around 60% in 2024. The company has made internal adjustments and built platforms similar to Apple’s ecosystem, expecting a notable acceleration in 2025 due to advancements in AI technology [7][31]. Brand and Product Line - Transsion's product line includes three main brands, each with multiple series, releasing around 30 new models annually. The company also ventures into accessories and home appliances, with accessories like power banks and headphones growing rapidly [9][28]. Incentive Mechanisms - The company has implemented a stock incentive plan to bind core suppliers and provide substantial incentives to executives and employees, fostering a strong sense of community and cohesion within the company [2][10]. Global Market Trends - The global smartphone market is stagnating, particularly in mature markets like China and the U.S., while emerging markets in Africa, Southeast Asia, and Latin America continue to grow. Transsion holds nearly 50% market share in Africa, with some countries reaching 70-80% [21][24]. Localization Strategy - Transsion enhances competitiveness through localization, addressing specific user needs in different regions, such as developing sweat-resistant phones for African users and gaming phones with better heat dissipation for Indonesian users [25]. Supply Chain and Cost Competitiveness - The company’s supply chain strategy allows it to offer competitively priced products with superior performance, making it more appealing to consumers in emerging markets compared to brands like Xiaomi [26]. Future Outlook - Transsion's revenue exceeded expectations in 2024, reaching 5.6 billion yuan, with projections of 6.5 billion yuan in 2025 and 8.2 billion yuan in 2026. The company is seen as a significant investment opportunity due to its stable fundamentals and potential for new business growth [8][32].

Investment Rating - The report maintains a "Buy" rating for Transsion Holdings with a target price of RMB 114.2, indicating a potential upside of 16.9% from the current price of RMB 97.7 [3][5][9]. Core Insights - Transsion Holdings has shown a positive quarter-over-quarter improvement in revenue and profit for Q4 2024, laying a solid foundation for growth in 2025. The company ranks fourth globally in smartphone shipments with a market share of 8.7% [9][12]. - The growth drivers for 2025 include strong smartphone shipment growth, expansion in digital accessories and energy storage products, and accelerated growth in mobile internet services benefiting from operational leverage [9][12]. - The DCF valuation method estimates a target price of RMB 114.2, with assumptions of a 1.8% risk-free rate and a WACC of 6.1% [15][17]. Financial Projections - Revenue projections for Transsion Holdings are as follows: - 2023: RMB 62,295 million - 2024E: RMB 68,743 million - 2025E: RMB 78,105 million - 2026E: RMB 89,470 million - 2027E: RMB 100,537 million - The expected revenue growth rates are 34% for 2023, 10% for 2024E, and 14% for 2025E [4][10]. - Net profit projections are: - 2023: RMB 5,537 million - 2024E: RMB 5,590 million - 2025E: RMB 6,080 million - 2026E: RMB 7,363 million - 2027E: RMB 8,511 million - The net profit growth rates are 123% for 2023, 1% for 2024E, and 9% for 2025E [4][10]. Q4 2024 Performance - For Q4 2024, Transsion's revenue is expected to reach RMB 17,491 million, a 9% year-over-year decline but a 5% quarter-over-quarter increase. Net profit is projected at RMB 1,687 million, reflecting a 2% year-over-year increase and a 60% quarter-over-quarter increase [13][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to experience a clear upward trend in the short term, with AI opening up high-end opportunities in the long term [5] - The company is projected to achieve a net profit of 6.323 billion yuan in 2025, representing a year-on-year growth of 13.11%, and 7.514 billion yuan in 2026, with an 18.83% growth rate [6] - The current price-to-earnings (PE) ratios are 17.04 for 2025 and 14.34 for 2026, indicating a favorable valuation given the company's competitive strength in emerging markets and opportunities driven by AI [6] Financial Performance Summary - The company achieved a revenue of 68.741 billion yuan in 2024, with a year-on-year growth of 10.35% [7] - The net profit for 2024 was 5.590 billion yuan, reflecting a slight increase of 0.96% year-on-year [7] - The company maintained a global smartphone market share of 8.6% in 2024, ranking fourth globally with a total shipment of 106.9 million units, a 12.7% increase year-on-year [8] - The company is focusing on expanding into emerging markets and upgrading its products, which has contributed to its stable market position [8] Future Outlook - The integration of AI technology is expected to enhance the company's product offerings, including the upcoming launch of smart glasses and flagship smartphones [8] - The company has established a partnership with Qualcomm to further drive product and market high-end development, which is anticipated to open new growth avenues [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to see a sales increase in 2024 due to the integration of DeepSeek-R1 into its mobile devices [1] - The company has adjusted its profit forecast upwards, maintaining the "Buy" rating, with 2024 net profit projected to rise from 54 billion to 56 billion [9] - The company has achieved significant growth in smartphone shipments, ranking fifth globally with a market share of 8.1% in 2023 [9] Financial Data and Profit Forecast - Total revenue for 2023 was 62,295 million, with a projected increase to 68,743 million in 2024 and 73,043 million in 2025, reflecting a growth rate of 10.4% for 2024 [8] - The net profit for 2023 was 5,537 million, with a slight increase to 5,590 million expected in 2024, and further growth to 6,217 million in 2025 [8] - The earnings per share (EPS) for 2023 was 6.88, projected to decrease to 4.90 in 2024 before rising to 5.45 in 2025 [8] Market Position and Strategy - The company maintains over 40% market share in Africa and is expanding into Southeast Asia and Latin America, with a global smartphone market share of 14.4% in the first half of 2024 [9] - The company has introduced innovative AI features and technologies, enhancing user experience and operational efficiency [9] - The business model integrates mobile internet services with home appliances and digital accessories, creating a closed-loop ecosystem [9]

Investment Rating - The report maintains a "Buy" rating for Transsion Holdings with a target price of RMB 114.2, indicating a potential upside of 16.9% from the current price of RMB 97.7 [3][5][9]. Core Insights - Transsion Holdings has shown a good sequential improvement in revenue and profit for Q4 2024, laying a solid foundation for growth in 2025. The company is expected to rank fourth globally in smartphone shipments in 2024, with a market share of 8.7%, continuing to grow from 2023 [9][12]. - The growth drivers for 2025 include strong smartphone shipment growth, expansion in digital accessories and energy storage products, and accelerated growth in mobile internet business, benefiting from operational leverage [9][12]. - The DCF valuation method estimates a target price of RMB 114.2, with assumptions of a 1.8% risk-free rate, a 10% growth rate from 2030 to 2034, and a WACC of 6.1% [15][17]. Financial Summary - Revenue projections for Transsion Holdings from 2023 to 2027 are as follows: - 2023: RMB 62,295 million - 2024E: RMB 68,743 million (34% YoY growth) - 2025E: RMB 78,105 million (10% YoY growth) - 2026E: RMB 89,470 million (14% YoY growth) - 2027E: RMB 100,537 million (15% YoY growth) [4][10]. - Net profit projections are: - 2023: RMB 5,537 million - 2024E: RMB 5,590 million (123% YoY growth) - 2025E: RMB 6,080 million (1% YoY growth) - 2026E: RMB 7,363 million (9% YoY growth) - 2027E: RMB 8,511 million (21% YoY growth) [4][10]. - The gross margin is expected to fluctuate, with estimates of 24.5% in 2023, decreasing to 21.4% in 2024E, and then gradually improving to 22.0% by 2027E [4][10]. Performance Metrics - Q4 2024 performance highlights: - Revenue: RMB 17,491 million, down 9% YoY but up 5% QoQ - Net profit: RMB 1,687 million, up 2% YoY and up 60% QoQ [13]. - Adjusted forecasts for 2025E and 2026E show a decrease in revenue and profit expectations due to slightly lower than anticipated market share and gross margin improvements [12][13].

Investment Rating - The report maintains a "Buy" rating for Transsion Holdings with a target price of RMB 114.2, indicating a potential upside of 16.9% from the current price of RMB 97.7 [3][5][9]. Core Insights - Transsion Holdings has shown a quarter-on-quarter improvement in revenue and profit for Q4 2024, laying a solid foundation for growth in 2025. The company is expected to rank fourth globally in smartphone shipments in 2024, with a market share of 8.7%, continuing to grow from 2023 [9][12]. - The growth drivers for 2025 include strong smartphone shipment growth, expansion in digital accessories and energy storage products, and accelerated growth in mobile internet business, benefiting from operational leverage [9][12]. - The DCF valuation method estimates a target price of RMB 114.2, with a WACC of 6.1% and a perpetual growth rate of 3% [15][17]. Financial Summary - Revenue projections for Transsion Holdings from 2023 to 2027 are as follows: - 2023: RMB 62,295 million - 2024E: RMB 68,743 million - 2025E: RMB 78,105 million - 2026E: RMB 89,470 million - 2027E: RMB 100,537 million - The expected revenue growth rates are 34% for 2023, 10% for 2024, and 14% for 2025 [4][10]. - Net profit projections are: - 2023: RMB 5,537 million - 2024E: RMB 5,590 million - 2025E: RMB 6,080 million - 2026E: RMB 7,363 million - 2027E: RMB 8,511 million - The net profit growth rates are 123% for 2023, 1% for 2024, and 9% for 2025 [4][10]. Performance Metrics - The report highlights the following key financial ratios: - Gross margin is projected to be 24.5% in 2023, decreasing to 21.4% in 2024E, and stabilizing around 22.0% by 2027E [4][10]. - The target P/E ratios are 16.6x for 2023, increasing to 23.3x in 2024E, and then decreasing to 15.3x by 2027E [4][10].