知名深企，拟赴港二次上市！

Core Viewpoint - Transsion Holdings plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and international brand image while diversifying its financing channels [1] Financial Performance - For the first three quarters of 2025, the company reported a revenue of 49.543 billion yuan, a slight decrease of 3.33% year-on-year, while the net profit attributable to shareholders plummeted by 44.97% to 2.148 billion yuan [3] - In Q3 2025, revenue reached 20.466 billion yuan, an increase of 22.60% year-on-year, but net profit fell by 11.06% to 0.935 billion yuan, indicating a situation of "increased revenue but decreased profit" [3] Market Competition - The competitive landscape is intensifying as other smartphone manufacturers, such as Xiaomi, Honor, Samsung, and OPPO, accelerate their expansion into the African market, which has traditionally been Transsion's stronghold [5] - Despite being the leading smartphone vendor in Africa, Transsion faces growing competition as global brands seek growth opportunities in this region [5] Strategic Moves - In response to the significant decline in net profit, the company has chosen to increase its R&D investment, which totaled 2.139 billion yuan for the first three quarters of 2025, a year-on-year increase of 17.26% [7] - The company's operating cash flow showed a strong performance, with a net cash flow of 3.285 billion yuan, a substantial increase of 164.66% year-on-year, attributed to a significant reduction in raw material procurement payments [7] Industry Trends - Transsion's move to list in Hong Kong aligns with the trend of A-share consumer electronics companies seeking to go public in Hong Kong, following similar actions by companies like Lens Technology and Luxshare Precision [7] - As of November 13, 2023, Transsion's A-share price was 64.99 yuan per share, with a total market capitalization of 74.82 billion yuan [7]