盈利腰斩、市值缩水，传音控股还能守住“王座”吗？

Core Viewpoint - Transsion Holdings, once known as the "King of Africa," is facing significant challenges, including a sharp decline in net profit and market capitalization since its IPO [2][18]. Financial Performance - In the first half of 2025, the company's revenue was 29.077 billion yuan, a year-on-year decrease of 15.86%, while the net profit attributable to shareholders was 1.213 billion yuan, down 57.48% year-on-year [3]. - Since Q3 2024, Transsion has experienced four consecutive quarters of declining performance, with Q1 2025 net profit dropping by 69.87%, marking the largest quarterly decline since its listing [7]. Market Position and Competition - Transsion has historically dominated the African smartphone market, holding a 52% market share in Q1 2024, which fell to 47% in Q1 2025, with shipments decreasing to 9 million units [8]. - Despite a recovery to 51% market share in Q2 2025, competitors like Xiaomi and Honor are gaining ground, with Xiaomi's shipments increasing by 32% and Honor's by 161% during the same period [8][10]. Strategic Initiatives - In response to declining performance, Transsion is diversifying its business by expanding into home appliances, accessories, and mobile internet services, while also targeting the high-end market [13][15]. - The company launched AI smartphones and other high-tech products at the World Mobile Communication Conference in March 2025, indicating a shift towards a more premium product lineup [13][14]. Challenges Ahead - Transsion's efforts to penetrate the high-end market face stiff competition from domestic brands and international giants, which are rapidly capturing market share [10][15]. - The company's profitability in its core African market is under pressure, with a reported gross margin decline to 28.59% in 2024 [10].