Core Insights - Transsion Holdings achieved a record high of 201 million mobile phone shipments in 2024, becoming the first Chinese smartphone manufacturer to surpass the 200 million mark in annual shipments [1] - The company's global market share rose to 14%, maintaining its position as the third-largest smartphone manufacturer globally for five consecutive years, despite a 3.2% decline in the global smartphone market [1] - The primary growth driver remains the African market, where smartphone market share exceeds 40% and feature phone market share is over 78% [1] Group 1: Financial Performance - Revenue increased by 10.31% year-on-year to 68.715 billion yuan, but non-net profit decreased by 11.54% to 4.541 billion yuan, resulting in a net profit margin drop from 9.8% in 2020 to 6.6% [2] - Supply chain costs surged, with 4G chip procurement prices rising by 22% and DRAM memory prices increasing by 18%, leading to a 3.2 percentage point decline in gross margin to 21.3% [2] - Currency depreciation in emerging markets, such as a 35% devaluation of the Nigerian Naira and a 28% devaluation of the Ethiopian Birr, resulted in exchange losses of 820 million yuan, equivalent to 14.8% of net profit [2] Group 2: Market Dynamics - Increased competition led to a price war, with Xiaomi's quarterly shipments in Africa growing by 22% and realme's by 70%, causing Transsion's fourth-quarter shipments in Africa to grow only by 1%, reducing market share from 51% to 49% [2] - Inventory pressure rose, with inventory amounts climbing to 15.3 billion yuan, a 29% year-on-year increase, and inventory turnover days extending to 107 days [2] Group 3: Strategic Initiatives - Transsion is pursuing a strategic transformation to break through profitability constraints by entering the mid-to-high-end market with the Tecno Phantom X3 series priced above $400 [3] - The company is expanding its AIoT ecosystem, with its digital accessory brand oraimo ranking 81st in Africa's top 100 brands, and expanding its smart home product line to 32 SKUs, although this segment still accounts for less than 5% of total revenue [3] - Financial strategies show a dual nature, with a total dividend of 3.421 billion yuan, representing 61.65% of net profit, while capital expenditure was reduced to 1.8 billion yuan, a 12% decrease year-on-year [3] Group 4: Industry Challenges - Analysts highlight three critical challenges for Transsion: competing against localized offerings from Xiaomi in Africa, facing low-cost Samsung A-series models in Asia, and achieving a 15% share of 5G models by 2025, up from less than 5% currently [4]

传音控股主要从事以手机(包括功能机和智能机)为核心的智能终端的设计、研发、生产、销售和品牌运 营，营业收入和营业利润均主要来自手机产品销售。2024年，传音控股手机整体出货量约2.01亿部。记 者留意到，这是传音控股自2019年上市以来首次实现年度手机出货量超过2亿部。 统计数据显示，传音控股2019年至2024年的手机出货量分别是1.37亿部、1.74亿部、1.97亿部、1.56亿 部、1.94亿部、2.01亿部；实现的营业收入分别是253.46亿元、377.92亿元、494.12亿元、465.96亿元、 622.95亿元、687.15亿元。 经济观察报记者邹永勤 2024年，根据IDC数据统计，传音控股在全球手机市场的占有率为14.00%，在全球手机品牌厂商中排名 第三位，其中智能机在全球智能机市场的占有率为8.70%，排名第四位。 2025年4月24日，深圳传音控股股份有限公司(688036.SH，下称"传音控股")发布2024年年报。年报显 示，报告期内，传音控股实现营业收入687.15亿元，较上年同期增长10.31%；归属于母公司所有者的净 利润55.49亿元，较上年同期增长0.22%；归属于母公司 ...

Group 1 - The core viewpoint of the news is the significant institutional ownership in Transsion Holdings, with 835 institutional investors holding a total of 959 million shares, representing 84.13% of the total share capital [1] - The top ten institutional investors collectively hold 73.55% of the shares, although this represents a decrease of 3.41 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 32 funds increased their holdings, with a total increase ratio of 0.27%, while 79 funds decreased their holdings, with a total decrease ratio of 1.59% [2] - One social security fund increased its holdings, specifically the National Social Security Fund 111 Combination, with an increase ratio of 0.17% [2] - A total of 686 new public funds disclosed their holdings in Transsion Holdings, while 63 funds were no longer disclosed [2]

Market Overview - External disturbances have peaked, and the market is gradually returning to fundamentals [1][21] - U.S. stock markets saw a broad increase, with the Dow Jones up 1.07%, Nasdaq up 2.50%, and S&P 500 up 1.67% [3] - Notable individual stock performances include Tesla rising 5.37% despite a 71% drop in quarterly net profit, and Boeing increasing 6.04% due to better-than-expected quarterly losses [3] Commodity Prices - International oil prices weakened, with WTI crude down 2.20% to $62.27 per barrel and Brent crude down 1.96% to $66.12 per barrel, amid rumors of OPEC+ potentially increasing production [4][7] - Gold prices significantly declined, with COMEX gold futures dropping 3.66% to $3276.30 per ounce [4] Economic Indicators - The Federal Reserve's latest Beige Book indicated little change in U.S. economic activity since early March, with several regions experiencing a "significant deterioration" in outlook amid increasing economic uncertainty [4] Corporate Developments - The People's Bank of China introduced a plan to enhance cross-border financial services in Shanghai, aiming to optimize financial service policies [5] - Xiamen's government announced an upgrade to its housing compensation policy, expanding the range of housing options for those affected by property acquisition [6] - Apple was fined €500 million by the EU for antitrust violations under the Digital Markets Act, marking a significant regulatory action against major tech companies [8] Company Earnings - Wens Foodstuff Group reported a net profit of 2 billion yuan in Q1 2025, reversing a loss from the previous year, primarily due to profitability in the pork sector [11] - Nutrien reported a 374% increase in net profit for Q1 2025, driven by increased sales and prices of potash [12] - Zhongke Electric's Q1 net profit surged 465.8% year-on-year, attributed to increased sales and improved gross margins [13] - Tianqi Lithium expects a net profit of 82 million to 123 million yuan for Q1 2025, a significant recovery from a loss in the previous year [14] Strategic Partnerships - CATL announced the launch of 10 battery swap models in collaboration with major automotive companies, expanding its battery swap network [9] - Four-dimensional Map Technology signed a strategic cooperation agreement with Volcano Engine to enhance automotive intelligence technology [10]

转自：证券日报网 重要公告： 中国交建：一季度新签合同额5530.34亿元 同比增长9.02% 北元集团：一季度净利润同比增长442.29% 方大特钢：一季度净利润同比增长167.99% 杰瑞股份：拟1.5亿元—2.5亿元回购公司股份 海泰科：一季度净利润同比增长5738.82% 沪市重要公告： 澜起科技（688008）公告，公司2025年第一季度实现营业收入12.22亿元，同比增长65.78%；净利 润5.25亿元，同比增长135.14%。 上海雅仕：一季度净利润同比增长129.78% 上海雅仕（603329）公告，公司2025年第一季度实现营业收入8.01亿元，同比增长57.5%；净利润 974.87万元，同比增长129.78% 北元集团：一季度净利润同比增长442.29% 中国交建：一季度新签合同额5530.34亿元 同比增长9.02% 中国交建（601800）公告，2025年一季度，公司新签合同额为5530.34亿元，同比增长9.02%，完成 年度目标的27%。 方大特钢：一季度净利润同比增长167.99% 方大特钢（600507）公告，公司2025年第一季度实现营业收入43.46亿元，同比下降26. ...

Group 1 - The core viewpoint of the article highlights the strong financial performance of Transsion Holdings in 2024, with a revenue of 68.715 billion RMB and a net profit of 5.549 billion RMB, indicating a year-on-year growth of 10.31% and 0.22% respectively [1] - The company announced a cash dividend plan, proposing to distribute 1.5 RMB per share, totaling 1.711 billion RMB, which reflects a commitment to returning value to shareholders [1] - Cumulatively, Transsion Holdings has distributed cash dividends exceeding 10.91 billion RMB since 2021, showcasing a consistent dividend policy supported by strong performance [1] Group 2 - Transsion Holdings primarily focuses on the design, research, production, sales, and brand operation of mobile devices, with a total shipment of approximately 201 million units in 2024 [2] - The mobile business generated a revenue of 63.197 billion RMB, with the African market contributing 22.719 billion RMB, demonstrating a 2.97% growth and a gross margin of 28.59% [2] - The company achieved a global market share of 14.0% in the smartphone sector, ranking third among global manufacturers, with leading positions in several emerging markets [2] Group 3 - The achievements of Transsion Holdings reflect its accurate strategic positioning in emerging markets and its comprehensive capabilities in brand building, product development, marketing, and supply chain management [3] - The outlook for smartphone development in emerging markets remains strong, suggesting continued robust growth potential for the company [3]

深圳传音控股股份有限公司全体股东： 一、审计意见 我们审计了深圳传音控股股份有限公司（以下简称传音控股公司）财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以及相关 财务报表附注。 目 录 | 一、审计报告……………………………………………………… 第 1—5 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 6—13 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 6 页 | | （二）母公司资产负债表………………………………………… | 第 | 7 页 | | （三）合并利润表………………………………………………… | 第 | 8 页 | | （四）母公司利润表……………………………………………… | 第 | 9 页 | | （五）合并现金流量表……………………………………………第 | | 10 页 | | （六）母公司现金流量表…………………………………………第 | | 11 ...

中信证券股份有限公司 关于深圳传音控股股份有限公司 2024 年度募集资金存放与使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为深圳 传音控股股份有限公司（以下简称"传音控股"、"公司"）首次公开发行股票 并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证 券交易所科创板股票上市规则》《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》《上海证券交易所上市公司自律监管指引第 11 号— —持续督导》等相关法规和规范性文件的要求，对传音控股 2024 年度募集资金 存放与使用情况的事项进行了审慎核查，情况如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意深圳传音控股股份有限公司首次公 开发行股票注册的批复》（证监许可〔2019〕1656 号），公司向社会公众公开 发行人民币普通股（A 股）股票 8,000 万股，发行价为每股人民币 35.15 元，共 计募集资金 281,200.00 万元，坐扣承销和保荐费用 11,033.20 万元后的募集资金 为 270,166.80 万元，已由主 ...

目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕6791 号 深圳传音控股股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了深圳传音控股股份有限公司（以下简称传音控股公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 第 1 页 共 2 页 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 天健会计师事务所（特殊普通合伙） 中国注册会计师： 中国·杭州 中国注册会计师： 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是传音 控股公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， ...

深圳传音控股股份有限公司 2024年度独立董事沐职报告 本人作为深圳传音控股股份有限公司(以下简称"公司")的独立董事,严格 按照《公司法》、《证券法》、《上市公司治理准则》、《上市公司独立董事管理 办法》、《上海证券交易所科创板股票上市规则》等相关法律法规的要求和《公司 章程》及公司《独立董事工作制度》的规定,在 2024年的工作中,本人诚信、勤勉、 认真履行职责,积极出席各相关会议,对重大事项发表独立、客观的意见,切实维 护公司整体利益和中小股东的合法权益。现将 2024年度履职情况报告如下: 一、独立董事的基本情况 (一)独立董事个人工作履历、专业背景以及兼职情况 本人张怀雷,1976年出生,博士研究生学历。曾在贵州财经大学公共管理学院 任教,现任武汉学院副教授:2023年10月至今担任公司独立董事。 (二)独立性说明 作为公司的独立董事,本人符合中国证监会《上市公司独立董事管理办法》中 关于独立性的要求。同时,本人具有专业资质及能力,可以在履职过程中保持客观 独立的专业判断,维护全体股东特别是中小投资者的利益。履职期间,本人不存在 影响独立董事独立性的情况。 二、独立董事年度履职概况 (一) 参加公司 ...