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盈利腰斩、市值缩水 传音控股还能守住“王座”吗?

Core Viewpoint - Transsion Holdings, once hailed as the "King of Africa," is facing significant challenges, with a sharp decline in both revenue and net profit, raising concerns about its ability to maintain its market position [2][4]. Financial Performance - In the first half of 2025, Transsion reported revenue of 29.077 billion yuan, a year-on-year decline of 15.86%, and a net profit attributable to shareholders of 1.213 billion yuan, down 57.48% year-on-year [2]. - The company has experienced four consecutive quarters of declining performance since Q3 2024, with Q1 2025 net profit dropping by 69.87%, marking the largest quarterly decline since its IPO [4]. Market Position and Competition - Transsion's market share in Africa fell from 52% in Q1 2024 to 47% in Q1 2025, with shipments decreasing to 9 million units, making it the only brand among the top five to experience a decline [5]. - Despite a recovery to 51% market share in Q2 2025, competitors like Xiaomi and Honor have shown significant growth, with Xiaomi's shipments increasing by 32% and Honor's by 161% [5][6]. Profitability Challenges - The gross margin in Transsion's core African market has declined, with revenue in 2024 amounting to 22.719 billion yuan and a gross margin of 28.59%, indicating pressure on profitability from competitors [7]. Strategic Initiatives - Transsion is exploring diversification and high-end market strategies, launching new products such as AI smartphones and smart glasses under its TECNO brand, aiming to create an "AI ecosystem" [9]. - The company is also venturing into new markets, including home appliances and digital accessories, and has established a mobility division to enter the electric two-wheeler market [10]. Investment Activities - Transsion has invested in private equity funds targeting the electric two-wheeler industry, indicating a strategic shift towards industry collaboration and diversification [11].