昔日王者困于“舒适区”：传音控股赴港上市背后的危局与救赎

Core Viewpoint - Transsion Holdings, known as the "King of Mobile Phones in Africa," is seeking a dual listing on the Hong Kong Stock Exchange amid a challenging financial landscape, indicating a shift from growth to survival as it faces declining performance and increased competition [2] Financial Performance - In the first half of 2025, Transsion's revenue fell by 15.9% year-on-year to 29.08 billion RMB, while its net profit plummeted by 56.6% to 1.24 billion RMB, leading to a stock price drop of over 25% for the year [3] - The company's smartphone shipments in Africa decreased, with its market share dropping from 61.5% in 2024 to 51% in Q3 2025 [4] Market Dynamics - Competitors like Xiaomi and Honor have gained ground in Africa, with their shipment growth rates reaching 34% and 158% respectively, while Transsion's expansion into other regions has also faced setbacks [6] - The competitive landscape has shifted, with rivals employing online sales and targeted marketing strategies to penetrate Transsion's traditional market [5] Business Model Challenges - Transsion's reliance on hardware sales remains high, with nearly 90% of its revenue coming from mobile devices, while internet service revenue accounts for only 1.4% [9] - The company struggles to transition to a profitable internet service model, unlike Xiaomi, which has a stable internet service revenue contributing 8%-9% of its total revenue [9] Strategic Shift - Transsion is attempting to pivot from a focus on internet services to hardware solutions, increasing its IoT business share to 8.8% and investing in local AI solutions to address market challenges [12] - The upcoming IPO is seen as a means to secure funding for this strategic shift and to rebrand itself as a technology company rather than just a hardware manufacturer [12] Future Outlook - The company aims to prove its capability in solving complex issues in emerging markets within a two to three-year window, as it faces pressure from competitors [12]