Core Viewpoint - Transsion Holdings, known as the "King of Mobile Phones in Africa," is reportedly discussing a secondary listing in Hong Kong with a target fundraising of approximately $1 billion (about 71.85 billion RMB) [1] Financial Performance - In Q1 2025, the company reported total revenue of 13.004 billion RMB, a year-on-year decline of 25.45% [2][3] - The net profit attributable to shareholders was 490 million RMB, down 69.87% year-on-year [2][3] - The net profit after excluding non-recurring gains and losses was 343 million RMB, a decrease of 74.64% year-on-year [2][3] - The company's current ratio was 1.693, quick ratio was 1.312, and debt-to-asset ratio was 51.98% [2] Market Position and Competition - Transsion Holdings holds a 14.0% share of the global mobile phone market, ranking third among global manufacturers, with a 40% share in the African smartphone market [1] - The company's market share in Africa has declined to 47%, down 5 percentage points year-on-year [4] - Competitors such as Samsung, Xiaomi, OPPO, and Honor are increasing their presence in the African market, with market shares of 21%, 13%, 3%, and 3% respectively [4] Future Growth Drivers - The company identifies the ongoing transition from feature phones to smartphones in emerging markets as a key growth driver [4] - Transsion Holdings is focusing on enhancing its mid-to-high-end product offerings and increasing R&D investment, which accounted for 4.46% of revenue in Q1 2025 [9][10] New Business Initiatives - The company is diversifying its product range beyond mobile phones, including digital accessories, home appliances, and energy solutions to address power shortages in Africa [10][12] - Transsion Holdings has launched several new products, including the TECNO PHANTOM Ultimate G Fold, and is exploring opportunities in electric vehicles through its Revoo brand [9][12]

本报记者 陈佳岚 广州报道 传音控股（688036.SH，以下简称"传音"）过去一年业绩表现喜忧参半。 近日，传音发布的2024年年报显示，公司2024年实现营业收入687.15亿元，同比增长10.31%。而归母净 利润达55.49亿元，同比微增0.22%；扣非净利润45.41亿元，同比下降11.54%。扣除非经常性损益后的 基本每股收益同比下降11.87%。 对于业绩增收不增利的情况，传音方面回应称，受市场竞争以及供应链成本综合影响，毛利率有所下 降，扣非净利润因此有所减少。 虽然传音仅用"市场竞争以及供应链成本综合影响"这些模糊词汇概括了去年业绩受到挑战的原因，但 《中国经营报》记者留意到，传音大本营所在的非洲市场正在遭受包括小米、realme、OPPO、荣耀在 内的多家国产手机厂商的进攻与全球供应链成本上升带来的毛利侵蚀挑战，与此同时，传音在东南亚市 场面临的市场竞争压力也不小。 年报增收不增利 传音主要从事以手机为核心的智能终端的设计、研发、生产、销售和品牌运营，有着"非洲手机之王"的 称号。 财报显示，2024年，传音实现总营业收入687.15亿元，同比增长10.31%。2024 年，公司手机整体出 ...