传音控股Q3增收不增利，营收同比增长22.60%，利润同比降11.06%

Core Viewpoint - Transsion Holdings, known as the "King of Smartphones in Africa," reported disappointing Q3 results, with revenue growth but a significant decline in net profit, indicating challenges in profitability and market conditions [1][2]. Financial Performance - Q3 revenue reached 204.66 billion, a year-on-year increase of 22.60%, while net profit decreased by 11.06% to 9.35 billion [4]. - For the first three quarters, total revenue was 495.43 billion, reflecting a decline of 3.33%, and net profit plummeted by 44.97% to 21.48 billion [4]. - The gross margin fell from approximately 21.6% in the previous year to about 19.5%, a drop of over 2 percentage points [2][4]. Profitability Concerns - The decline in net profit was attributed to increased market competition and supply chain costs, with the weighted average return on equity (ROE) dropping to 10.48%, down nearly 10 percentage points from the previous year [2]. - The company's net profit excluding non-recurring items was 17.31 billion, down 46.71%, indicating a rapid deterioration in core profitability [2]. Cost and Cash Flow Management - Operating costs for the first three quarters were 398.97 billion, showing a slight decrease of 0.72% year-on-year, but the decline in revenue exacerbated the pressure on profit margins [2]. - The company reported a significant improvement in operating cash flow, with a net cash flow of 32.85 billion, a year-on-year increase of 164.66%, primarily due to reduced procurement payments [3][4]. Research and Development Investment - R&D expenses increased by 17.26% to 21.39 billion, representing 4.32% of revenue, up from 3.56% the previous year, indicating a commitment to long-term growth despite short-term profitability pressures [3].