“非洲手机之王”传音净利腰斩、市值缩水超六成

Core Viewpoint - Shenzhen Transsion Holdings Limited, known as the "King of African Mobile Phones," reported a significant decline in core profit indicators for the fiscal year 2025, with net profit attributable to the parent company halving, alongside a continuous drop in stock price, leading to a market value reduction of over 60% from its historical peak [2][4]. Financial Performance - In 2025, Transsion achieved revenue of 65.623 billion yuan, a decrease of 4.50% from 68.715 billion yuan in the previous year [2]. - The operating profit fell sharply by 51.25% to 3.204 billion yuan, while total profit decreased by 52.00% to 3.205 billion yuan [2]. - The net profit attributable to the parent company was 2.584 billion yuan, reflecting a year-on-year decline of 53.43%, with the net profit after deducting non-recurring gains and losses at 1.968 billion yuan, down 56.66% [2][3]. - Basic earnings per share dropped from 4.90 yuan to 2.26 yuan, a decline of 53.88%, and the weighted average return on net assets decreased from 28.35% to 12.75%, a reduction of 15.60 percentage points [3]. Market and Competitive Landscape - The company attributed the significant decline in performance to increased market competition and rising supply chain costs, particularly in component prices, which affected revenue and gross margin [3]. - Transsion has increased its investment in product research and development, leading to higher R&D expenses, and has also ramped up marketing and brand promotion efforts, resulting in increased sales expenses [3]. - Despite attempts to diversify into electric vehicle-related businesses and strengthen its core markets in Africa, new ventures have not yet generated substantial revenue, while the core mobile phone business faces pressure from both costs and competition [4]. Stock Performance - As of February 25, the stock price of Transsion closed at 58.25 yuan per share, with a total market value of 67.057 billion yuan, representing a decline of over 130 billion yuan from its peak in February 2021, a reduction of 66.5% [4]. - Compared to the peak of 179.17 yuan in April 2024, the stock has fallen by over 67%, with a year-to-date decline of 35.56% [4]. Legal and Regulatory Challenges - In 2025, Transsion faces multiple patent infringement lawsuits, highlighting risks related to intellectual property that may introduce new uncertainties for the company's operations and development [6].