TRANSSION(SH:688036) Zhi Tong Cai Jing·2025-12-02 14:30Company Overview - Transsion Holdings Limited (传音控股) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The company is a leading provider of smart terminal products and mobile internet services, primarily focusing on the design, research and development, production, sales, and brand operation of mobile phones [4][7] - Since its establishment in 2013, the company has focused on emerging markets, particularly in Africa, where it has established a strong brand presence and is known as the "King of Africa" in the mobile phone industry [4][8] Market Position - According to Frost & Sullivan, Transsion Holdings ranks first in the global emerging markets for mobile phone sales in 2024, with a market share of 24.1% [1] - In Africa, the company holds a dominant position with a market share of 61.5% in mobile phone sales, benefiting from the transition from feature phones to smartphones [8] - The company also ranks first in the emerging Asia-Pacific and Middle East markets, with market shares of 15.4% and 22.8%, respectively [8] Financial Performance - The company reported revenues of RMB 46.60 billion, RMB 62.29 billion, RMB 68.72 billion, and RMB 29.08 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [10] - Gross profits for the same periods were RMB 9.25 billion, RMB 14.44 billion, RMB 14.34 billion, and RMB 5.53 billion, with corresponding gross profit margins of 19.9%, 23.2%, 20.9%, and 19.0% [11] - The net profits for the years 2022, 2023, 2024, and the first half of 2025 were RMB 2.47 billion, RMB 5.59 billion, RMB 5.60 billion, and RMB 1.24 billion, respectively [12] Industry Overview - The global mobile phone market has shown strong growth since 2010, with a market size of USD 0.5 trillion in 2024, projected to reach USD 0.6 trillion by 2029, reflecting a compound annual growth rate (CAGR) of 4.6% [13] - The mobile internet services market is expected to grow from USD 2.9 trillion in 2024 to USD 7.6 trillion by 2029, with a CAGR of 21.5% [14] - Emerging markets are experiencing a significant increase in mobile internet penetration, expected to rise from 46% in 2024 to 53% by 2029, indicating substantial growth potential in the smartphone and mobile internet services sectors [15] Emerging Market Dynamics - The smartphone market in emerging markets is projected to grow from USD 134.4 billion in 2020 to USD 171.1 billion in 2024, with a CAGR of 6.2% [17] - The number of smartphones sold in emerging markets is expected to increase from 624.6 million units in 2020 to 648.5 million units in 2024, with a CAGR of 0.9% [22] - The IoT products market in emerging markets is anticipated to grow from USD 81 billion in 2020 to USD 135.5 billion in 2024, with a CAGR of 13.7% [26]