| | | 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 ...

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 ...

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 ...

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 ...

2024 年 Q4 全球智能手机市场总结 数据来源：Counterpoint Research 市场监测服务 全球智能手机市场份额 Q2 2023 - Q4 2024 尽管 2024 年 Q4 全球智能手机市场整体持平，但全年仍实现 4% 的增长，主要得益于加勒 比和拉美以及欧洲市场的增长。 苹果以 23% 的市场份额领先 2024 年 Q4 全球智能手机市场，三星以 16% 的份额位居第 二。 小米排名第三，出货量同比增长 5%，而 vivo 同比增长 13%，成为 2024 年 Q4 前五大品牌 中增长最快的品牌。 OPPO 在 2024 年 Q4 出货量同比下降 3%，但在中国、拉美和西欧市场表现良好。 在 5G 细分市场，苹果以 32% 的市场份额占据全球领先地位，三星以 16% 紧随其后。 在前五大品牌中，小米以 33% 的同比增长率成为 5G 领域增长最快的品牌，主要受中国、 印度和俄罗斯市场的强劲需求推动。 低成本 5G 机型的普及以及 GenAI 在中低价位段的渗透，将成为 2025 年需要关注的关键趋 势。 OPPO 自 Q3 2021 起包含 OnePlus 扫码跳转 阅读全文 Count ...

Core Insights - The article highlights the significant opportunities for Chinese companies in Africa, particularly in sectors like construction, consumer goods, and technology, as the continent experiences rapid urbanization and industrialization [1][2][3] African Consumer Market - The construction industry in Africa is thriving, with Chinese building materials companies achieving high profit margins, such as 43.3% for Keda Manufacturing, which is significantly higher than domestic competitors [2] - The low urbanization level and fast urbanization rate in Africa present a unique opportunity for Chinese building material companies to expand and profit [2] - The consumer goods market, particularly in household appliances, is rapidly evolving, with rising incomes transforming previously luxury items into necessities [2][3] Internet and E-commerce Opportunities - The telecommunications and internet sectors in Africa are experiencing rapid growth, with companies like Transsion achieving a 30% increase in mobile phone shipments, securing a 50% market share [5] - The e-commerce market in Africa is projected to grow at an annual rate of 15.5%, reaching a market size of $40.758 billion by 2025, indicating a significant opportunity for Chinese brands to establish a strong presence [5][6] Strategic Layout and Local Adaptation - Chinese companies are encouraged to understand local market dynamics and establish a presence in Africa through partnerships and local manufacturing, as demonstrated by companies like Anqi Yeast and SHEIN [6][11] - The article emphasizes the importance of engaging with local governments and understanding investment policies to facilitate smoother market entry for Chinese enterprises [12] Conclusion - The article concludes that Africa represents a promising frontier for Chinese companies, with the potential for substantial growth and profitability as they navigate the unique challenges and opportunities presented by the continent [13]

Investment Rating - The report indicates a positive investment outlook for the domestic computing power industry, driven by the surge in AI applications and infrastructure investments from major cloud service providers [3]. Core Insights - The demand for AI applications is expected to lead to significant growth in the domestic computing power industry, with major investments from cloud service providers like Alibaba, ByteDance, and Tencent [3][12]. - Advances in semiconductor manufacturing processes are reshaping the global semiconductor landscape, with China making notable progress in advanced processes [3][27]. - AI-enabled devices are anticipated to proliferate across various sectors, including smartphones, PCs, wearables, and IoT devices, with a focus on enhancing user experience through AI integration [3][48]. Summary by Sections Infrastructure: Cloud Providers Leading Domestic Computing Power Breakthrough - Major cloud providers are expected to drive a resurgence in capital expenditures, with Alibaba planning to invest over 380 billion yuan in AI computing centers and data centers over the next three years [12]. - The AIDC hardware spending is projected to benefit from increased demand for computing chips and storage solutions, particularly in the context of AI infrastructure [13]. Advanced Manufacturing: Multi-Dimensional Breakthroughs in Advanced Processes - China has achieved an 8% market share in advanced semiconductor processes as of 2023, with local foundries like SMIC and HHGrace making strides in narrowing the technology gap [27]. - The report highlights the importance of advanced packaging technologies such as CoWoS and SoIC, which are being industrialized in China [37]. Intelligent Terminals: A Blooming Era for Edge AI - The report forecasts that by 2025, the global market for GenAI smartphones will reach approximately 420 million units, representing a year-on-year growth of 82.7% [48]. - Apple is expected to lead in smart edge devices, with significant investments in IoT and wearable technology, enhancing AI capabilities across its product lines [50]. Key Investment Targets - The report identifies several key companies across various sectors, including: - Infrastructure: Lanqi Technology, Demingli, and Jiewate [3]. - Advanced Manufacturing: SMIC, Huahong, and Changdian Technology [3]. - Edge AI/SoC: Xiaomi Group, Lenovo Group, and Rockchip [3]. - Autonomous Driving: Horizon Robotics and Weir Shares [3].

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].

Core Viewpoint - The company reported a steady performance for 2024, with total revenue of 68.743 billion yuan, a year-on-year increase of 10.35%, and a net profit attributable to shareholders of 5.590 billion yuan, a year-on-year increase of 0.96% [2] Group 1: Financial Performance - In Q4 2024, the company achieved revenue of 17.49 billion yuan, a year-on-year decrease of 9.2% but a quarter-on-quarter increase of 4.8% [2] - The net profit for Q4 2024 was 1.69 billion yuan, a year-on-year increase of 2.0% and a quarter-on-quarter increase of 60.4% [2] - The decline in non-recurring net profit by 10.21% year-on-year to 4.609 billion yuan was attributed to market competition, rising raw material costs, and inventory reduction [2] Group 2: Market Position and Product Development - The company returned to the global top five in smartphone shipments in Q4 2024, with 27.2 million units shipped, a year-on-year decrease of 3.4% [3] - A settlement was reached with Qualcomm regarding patent disputes, which is expected to positively impact the company's operations [3] - The company is actively expanding into emerging markets and enhancing product offerings, particularly in Africa and Southeast Asia [3] Group 3: Business Expansion and Future Growth - The company is diversifying its product categories, including digital accessories, home appliances, and energy storage, anticipating high growth in these areas [4] - The mobile internet business is being developed with localized operating systems and various internet applications, positioning the company for future growth in Africa's early-stage mobile internet market [4] - The company is also focusing on AI applications, launching TECNO AIOS and AI assistant Ella in 2024, with further developments planned for 2025 [3][4]