知名国产手机巨头业绩大降，半年净利下滑超57%！此前被华为起诉侵权，公司收入99%来自境外销售

Core Viewpoint - Transsion Holdings, known as the "King of Africa," reported a decline in both revenue and net profit for the first half of 2025, raising concerns about its market position and financial health [1][2]. Financial Performance - The company achieved a revenue of 29.08 billion yuan, a year-on-year decrease of 15.86% [2][3]. - Net profit attributable to shareholders was 1.21 billion yuan, down 57.48% compared to the previous year [2][3]. - The net profit after deducting non-recurring gains and losses was 897 million yuan, reflecting a 63.04% decline [2][3]. - The operating cash flow for the first half of the year was 10.35 million yuan, a significant improvement from a negative cash flow of 1.39 billion yuan in the same period last year [4]. Business Segmentation - The smart device segment generated 24.39 billion yuan in revenue, accounting for 85.99% of total revenue, while feature phones contributed 1.70 billion yuan, representing 6.00% [4]. - International sales were the primary revenue source, totaling 29.01 billion yuan, which made up 99.83% of the company's revenue, with domestic sales at only 0.50 million yuan [4]. Research and Development - R&D expenditure reached 1.36 billion yuan, an increase of 15.12% year-on-year, representing 4.69% of total revenue, up by 1.27 percentage points [5]. - The number of R&D personnel was 4,343, with an average salary of 218,300 yuan, which is a decrease of 17,600 yuan compared to the previous year [5]. Market Position - Transsion Holdings holds a significant market share in Africa, with a reported 47% market share in Q1 2023, despite a decline from previous highs [6]. - The company has faced legal challenges, including two lawsuits from Huawei for patent infringement, which may impact its operations and market expansion efforts [6][7].