净利腰斩 “非洲之王”传音失速

Core Viewpoint - Transsion Holdings, known as the "King of Africa" in the mobile phone industry, reported disappointing annual results for 2025, with significant declines in revenue and net profit due to rising supply chain costs and intensified competition in emerging markets [1][3]. Financial Performance - The company expects to achieve approximately 65.568 billion yuan in revenue for 2025, a decrease of 4.58% year-on-year [1]. - Net profit attributable to shareholders is projected to be around 2.546 billion yuan, down 54.11% compared to the previous year [1]. - The first quarter saw a revenue decline of 25.45% and a net profit drop of 69.87% [3]. - By mid-year, revenue had decreased by 15.86%, with net profit down 57.48% [3]. - Despite a 22.6% revenue increase in the third quarter, cumulative revenue for the first three quarters still fell by 3.33% [3]. Market Position and Competition - In the third quarter, Transsion achieved a 13.6% year-on-year increase in shipments, reaching 29.2 million units, making it one of the top five global smartphone manufacturers [5]. - However, the company did not appear in the global top five rankings in other quarters, indicating instability in its market presence [5]. - In Africa, Transsion maintained a leading position with a 51% market share, but growth has slowed, with competitors like Xiaomi and Honor rapidly increasing their market presence [6][7]. Industry Challenges - Rising storage costs have become a common challenge in the smartphone industry, significantly impacting Transsion's operations in price-sensitive emerging markets [8]. - The increase in DRAM prices has raised production costs across all price segments, with low-end models experiencing the most significant cost hikes [8][9]. - The company faces pressure to maintain market share while exploring new growth avenues, making its future uncertain [9].