“非洲手机之王”传音即将退位？利润腰斩！50元手机扛不住存储涨价

Core Viewpoint - Transsion Holdings is expected to experience a decline in both revenue and net profit in 2025, with net profit halving, marking the worst performance since its listing [2][3][17]. Group 1: Financial Performance - The company forecasts a revenue of approximately 65.568 billion yuan for 2025, a decrease of about 3.147 billion yuan or 4.58% year-on-year [3][17]. - The expected net profit for 2025 is around 2.546 billion yuan, down by approximately 3.003 billion yuan or 54.11% compared to the previous year [3][17]. - In the first half of 2025, Transsion reported a revenue of 29.077 billion yuan, a decline of 15.86% year-on-year, and a net profit of 1.213 billion yuan, down 57.48% year-on-year [21]. Group 2: Market Challenges - The increase in storage prices has significantly impacted the company's cost and gross margin, with the average price of Transsion's smartphones at 332.1 yuan and feature phones at 50.1 yuan [2][24]. - Competition in key markets such as Africa and South Asia has intensified, with competitors like Xiaomi and Honor showing growth rates of 34% and 158% respectively, putting pressure on Transsion's market share [2][8][23]. - The global smartphone market is experiencing sluggish growth, with a projected 2% increase in shipments for 2025, which is a slowdown compared to 2024 [8][23]. Group 3: Strategic Responses - To mitigate risks, Transsion is diversifying into new businesses such as mobility and energy storage, although its mobile phone business still accounts for about 90% of total revenue [2][12][29]. - The company is exploring various directions for diversification, including electric two-wheelers and energy storage products, but these new ventures currently contribute a limited revenue share [10][27][28]. - Transsion aims to strengthen its local advantages in Africa, enhance its service and channel systems, and accelerate technological upgrades and product innovation to seek breakthroughs in the mid-to-high-end market [10][25][26].