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传音控股上半年净利暴跌57% 非洲之王遭遇竞争围剿

Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," reported a significant decline in its half-year performance, with revenue dropping by 15.86% and net profit plummeting by 57.48% compared to the previous year [3][4]. Financial Performance - The company's revenue for the first half of the year was 29.077 billion yuan, while net profit attributable to shareholders was 1.213 billion yuan [3]. - The total profit decreased by 55.65% year-on-year, indicating severe financial strain [4]. - Gross margin fell to 20.09%, a decrease of 1.44 percentage points, reflecting competitive pricing pressures and rising supply chain costs [5]. Market Challenges - Transsion is facing unprecedented competitive pressure in the African market, which previously contributed 35.95% of its revenue and 28.59% of its gross profit [3]. - Competitors like Samsung and Xiaomi are gaining market share, with Xiaomi achieving a 32% year-on-year growth and capturing 14% of the market [3]. Cash Flow and Dividends - Despite the overall decline in performance, the company's cash flow situation improved, with a net cash flow from operating activities of 10.3514 million yuan, compared to a negative cash flow of 139.18714 million yuan in the previous year [7]. - The company announced a dividend plan, distributing 8.00 yuan per 10 shares, totaling approximately 0.912 billion yuan [8]. Business Composition - The smart device segment generated 24.389 billion yuan, accounting for 85.99% of total revenue, while feature phones contributed 1.704 billion yuan, or 6.00% [9]. - The company heavily relies on emerging markets for revenue, with 99.83% of sales coming from overseas, particularly in Africa, South Asia, Southeast Asia, the Middle East, and Latin America [9]. R&D Investment - In response to market challenges, Transsion increased its R&D investment to 1.362 billion yuan, a 15.12% increase year-on-year [10]. - R&D expenditure accounted for 4.69% of revenue, up by 1.27 percentage points from the previous year, with a total of 2,893 authorized patents [11]. - The company is focusing on developing innovative technologies tailored to local user habits, particularly in AI voice recognition and multi-skin tone photography [11].