中国最低调手机老板被围剿，消失的30亿都去哪了？

Core Viewpoint - Transsion Holdings, known as the "King of Africa," has seen a significant decline in net profit, dropping from 55.49 billion RMB to 25.46 billion RMB, a decrease of 54.11%, despite a slight revenue drop of 4.58% to 655.68 billion RMB in 2025 [5][9]. Group 1: Historical Success - Transsion's success is attributed to its strategic focus on the African market, which was largely ignored by global giants, and its ability to meet local consumer needs with low-cost, durable phones that support multiple SIM cards [6][7]. - The company achieved a peak revenue of over 600 billion RMB, with a compound annual growth rate exceeding 30% from its initial revenue of 253.46 billion RMB [7]. Group 2: Profit Decline Factors - The global price surge of storage chips, with DRAM and NAND flash prices increasing over 40%, has severely impacted Transsion's low-cost phones, necessitating a price increase of 17% to maintain margins, which is not feasible in the price-sensitive African market [9]. - Increased competition from domestic brands like Xiaomi and Honor has forced Transsion to spend heavily on sales and channel subsidies, leading to a significant reduction in profit margins [9][10]. - The revenue contribution from high-margin feature phones has plummeted to 5.86%, while low-margin smartphones now account for 83.87% of revenue, indicating a shift towards lower profitability [10]. Group 3: Strategic Shifts and Challenges - Transsion is attempting to diversify by investing approximately 2 billion RMB into energy storage and electric vehicles through a planned IPO in Hong Kong, although this new business only accounted for 8.8% of revenue in the first half of 2025 [10][11]. - The rise of e-commerce in Africa is reshaping sales channels, requiring Transsion to allocate resources to adapt to new market dynamics, which adds to the cost of transformation [11][12]. - The company faces internal challenges related to organizational complexity as it expands globally, which could hinder operational efficiency [11]. Group 4: Future Outlook - The loss of 30 billion RMB in profit signifies the end of an era where Transsion relied on market gaps and first-mover advantages, necessitating a transition to a model focused on technological innovation and brand value [13][14]. - Transsion must enhance its AI capabilities to compete effectively, as competitors have already made significant advancements in this area [14].