【环球时报记者 倪浩 肖震冬 环球时报驻韩国特约记者 黎枳银】 编者的话： "你打算什么时候换手 机？"这一问题近来受到网友关注，原因是一些科技企业表示，存储芯片价格上涨正在推高消费电子产 品的价格，手机也在其列。这一问题引发全球产业链关注，路透社、美国消费者新闻与商业频道 （CNBC）等媒体分析认为，人工智能（AI）产业扩张对于存储芯片的需求正在吞噬厂商对其他终端的 供应，同时不少芯片厂商也在通过控制产量、提高定价获得更高利润。有机构分析称，存储芯片涨价潮 或将持续，手机价格也将随之抬高。存储芯片涨价对手机价格影响有多大？涨价的原因是什么？中国的 供应商处于什么位置？《环球时报》记者对此进行了采访调查。 AI 需求还是企业炒作？ 据美国CNBC网站2日报道，全球科技巨头正斥资数千亿美元打造AI数据中心，这些数据中心需要英伟 达等供应商的图形处理器（GPU），而GPU又依赖众多不同的零部件。AMD、谷歌和微软等公司的巨 大需求导致供应链多个环节不堪重负。路透社3日报道称，供应紧张几乎波及所有类型的内存，从U盘 和智能手机中使用的NAND闪存芯片（手机需要两种芯片：动态随机存取存储器DRAM负责临时运算存 储， ...

Core Viewpoint - Transsion Holdings, a leading provider of smart terminal products and mobile internet services, has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, while its stock has seen a decline of over 20% this year [1][2] Group 1: Company Overview - Transsion Holdings focuses on the design, research and development, production, sales, and brand operation of smart terminal products, primarily smartphones [1] - The company has established a strong brand presence in emerging markets, particularly in Africa, where it is known as the "King of Africa" in the mobile industry [1] - Transsion's smartphone brands include TECNO for mid-to-high-end consumers, Infinix targeting younger consumers, and itel for the mass market emphasizing cost-effectiveness and reliability [1] Group 2: Market Position and Performance - According to a Frost & Sullivan report, Transsion Holdings ranks first in smartphone sales in Africa with a market share of 61.5% as of 2024 [1] - The company has set up manufacturing centers in Ethiopia, India, and Bangladesh, and its products are available in over 70 countries and regions [2] - In the global emerging markets, Transsion's smartphone market share is 24.1%, with leading positions in Africa (15.4%), emerging Asia-Pacific (22.8%), and the Middle East [2] Group 3: Future Projections - IDC data indicates that Transsion Holdings is projected to have a global smartphone market share of 8.6% in 2024, ranking fourth overall [2] - The company is expected to sell 201.4 million smartphones in 2024, with the mobile internet penetration rate in emerging markets anticipated to rise from 46% in 2024 to 53% by 2029 [2] - The revenue of the emerging market smartphone sector is forecasted to grow from $134.4 billion in 2020 to $171.1 billion in 2024, reaching $236.7 billion by 2029 [2]

Group 1 - Zhang Yuan resigned as chairman of Daqian Ecology due to personal reasons, with Duan Liping stepping in as acting chairman until a new chairman is elected [2] - Duan Liping, aged 68, has a PhD from Hohai University and has held various managerial positions, including being a co-founder of the "Bubugao" group [2][3] - Zhang Yuan became the actual controller of Daqian Ecology after Suzhou Bubugao acquired control in November last year, and he was appointed chairman in December [2] Group 2 - Duan Liping is closely associated with the "Bubugao" group and has been active in the capital market, holding approximately 450 million yuan in shares of listed companies as of the end of Q3 [3][5] - Duan Liping and Zhang Yuan have collaborated on multiple investments, with both appearing in the top ten shareholders of various companies [6][7] - In 2023, Duan Liping began independently investing in the A-share market, becoming a top shareholder in Guocheng Mining and maintaining a 0.56% stake [7] Group 3 - Daqian Ecology is undergoing a transformation into the pet industry, with significant initial investments leading to a net loss of 37 million yuan in the first three quarters of the year, despite a revenue increase of 109.17% [10] - Zhang Yuan plans to raise up to 717 million yuan through a private placement to fund Daqian Ecology's business development [10] - Zhang Yuan has also acquired control of Liyuan Co. and ST Zhongzhu, with significant market values of 1.838 billion yuan and 1.072 billion yuan respectively [11]

业界流传一句话，"一流企业做标准、二流企业做品牌、三流企业做产品"，这也是中国制造的发展 路径。从引进模仿到吸收创新再到自立自强，中国制造从努力提升产品质量，到积极打造国产品牌，再 到制定全球技术标准，从价值链低端持续向上攀升。国潮兴起，体现的正是中国制造的转型升级之路。 增品种、提品质，提供更多更好的中国制造 中国制造增品种、提品质是国潮兴起的核心基石。增品种，打破了国货品类单一的局限，多元化供 给精准匹配了年轻群体个性化、体验式的消费需求；提品质，则彻底扭转了此前中国制造"低端廉价"的 刻板印象。中国制造在性能、工艺上不断突破，也让优秀传统文化元素有了可靠的载体支撑。 中国制造增品种、提品质的过程，是从零突破、不断进阶的艰辛过程。新中国成立初期，中国制造 一穷二白，工业基础近乎空白，连日常消费品都难以自主生产。凭借庞大人口基数带来的广阔市场、成 本较低的劳动力资源、丰富的原材料储备与土地能源供给，叠加改革开放后出台的税收减免、政策扶持 等优惠条件，我国成功吸引全球制造业产业链的中低端环节向国内梯度转移。大量制造企业由此起步， 一方面承接面向国内市场的基础产品生产，满足民众基本生活需求；另一方面通过"三来一 ...

Core Viewpoint - Transsion Holdings has submitted its prospectus for a listing on the Hong Kong Stock Exchange, aiming to establish an "A+H" dual listing structure after already being listed on the STAR Market [1] Financial Performance - In the first nine months of 2025, Transsion Holdings reported revenue of 49.5 billion RMB, a year-on-year decrease of 3.33%, and a net profit of 2.148 billion RMB, down 45% [7] - For the first half of 2025, the company generated revenue of 29.08 billion RMB, a decline of 15.86% compared to the same period last year, with a net profit of 1.242 billion RMB, down 56.63% [5][6] - The revenue for 2022, 2023, and 2024 is projected to be 46.596 billion RMB, 62.295 billion RMB, and 68.715 billion RMB respectively, with corresponding net profits of 2.467 billion RMB, 5.588 billion RMB, and 5.597 billion RMB [4] Market Position - Transsion Holdings is the market leader in several emerging markets, holding a 61.5% market share in Africa and 22.8% in the Middle East, with a global emerging market share of 24.1% [3] - The company is recognized as the "King of Africa" in the mobile phone industry, leveraging its strong brand recognition to expand into mobile internet services and IoT products [3] Shareholder Activity - The controlling shareholder recently cashed out 1.866 billion RMB by selling 22,807,011 shares at a price of 81.81 RMB per share [15] - The shareholding structure as of September 30, 2025, shows significant holdings by various investment funds, with the largest being Shenzhen Transsion Investment Co., Ltd. at 47.15% [14] Future Outlook - The company anticipates a compound annual growth rate (CAGR) of 6.7% in revenue from 2024 to 2029 in the emerging markets segment [3] - The mobile phone segment remains the primary revenue driver, contributing 89.8% of total revenue in the first half of 2025 [6]

Company Overview - Transsion Holdings Limited (传音控股) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The company is a leading provider of smart terminal products and mobile internet services, primarily focusing on the design, research and development, production, sales, and brand operation of mobile phones [4][7] - Since its establishment in 2013, the company has focused on emerging markets, particularly in Africa, where it has established a strong brand presence and is known as the "King of Africa" in the mobile phone industry [4][8] Market Position - According to Frost & Sullivan, Transsion Holdings ranks first in the global emerging markets for mobile phone sales in 2024, with a market share of 24.1% [1] - In Africa, the company holds a dominant position with a market share of 61.5% in mobile phone sales, benefiting from the transition from feature phones to smartphones [8] - The company also ranks first in the emerging Asia-Pacific and Middle East markets, with market shares of 15.4% and 22.8%, respectively [8] Financial Performance - The company reported revenues of RMB 46.60 billion, RMB 62.29 billion, RMB 68.72 billion, and RMB 29.08 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [10] - Gross profits for the same periods were RMB 9.25 billion, RMB 14.44 billion, RMB 14.34 billion, and RMB 5.53 billion, with corresponding gross profit margins of 19.9%, 23.2%, 20.9%, and 19.0% [11] - The net profits for the years 2022, 2023, 2024, and the first half of 2025 were RMB 2.47 billion, RMB 5.59 billion, RMB 5.60 billion, and RMB 1.24 billion, respectively [12] Industry Overview - The global mobile phone market has shown strong growth since 2010, with a market size of USD 0.5 trillion in 2024, projected to reach USD 0.6 trillion by 2029, reflecting a compound annual growth rate (CAGR) of 4.6% [13] - The mobile internet services market is expected to grow from USD 2.9 trillion in 2024 to USD 7.6 trillion by 2029, with a CAGR of 21.5% [14] - Emerging markets are experiencing a significant increase in mobile internet penetration, expected to rise from 46% in 2024 to 53% by 2029, indicating substantial growth potential in the smartphone and mobile internet services sectors [15] Emerging Market Dynamics - The smartphone market in emerging markets is projected to grow from USD 134.4 billion in 2020 to USD 171.1 billion in 2024, with a CAGR of 6.2% [17] - The number of smartphones sold in emerging markets is expected to increase from 624.6 million units in 2020 to 648.5 million units in 2024, with a CAGR of 0.9% [22] - The IoT products market in emerging markets is anticipated to grow from USD 81 billion in 2020 to USD 135.5 billion in 2024, with a CAGR of 13.7% [26]

Group 1 - The core viewpoint of the article is that Transsion Holdings has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - Transsion Holdings is recognized as a leading provider of smart terminal products and mobile internet services, primarily focusing on the design, research and development, production, sales, and brand operation of mobile phones [1] - Since its establishment in 2013, the company has concentrated on emerging markets, particularly in Africa, earning the title "King of Africa" in the mobile phone industry due to its significant market share and brand influence [1]

Company Overview - Transsion Holdings, a leading provider of smart terminal products and mobile internet services, focuses on the design, research and development, production, sales, and brand operation of mobile phones [3][5] - The company has established a strong brand presence in emerging markets, particularly in Africa, where it is known as the "King of Africa" due to its significant market share and brand influence [3][6] - Transsion Holdings operates three main smartphone brands: TECNO, targeting mid-to-high-end consumers; Infinix, aimed at young consumers; and itel, which emphasizes cost-effectiveness and reliability for the mass market [5][6] Market Position - According to Frost & Sullivan, Transsion Holdings ranks first in the global emerging markets for mobile phone sales, with a market share of 24.1% as of 2024 [1][6] - In Africa, the company holds a dominant position with a market share of 61.5%, benefiting from the transition from feature phones to smartphones and the growing demand driven by economic development and consumer upgrades [6][8] - The company also leads in the emerging Asia-Pacific and Middle Eastern markets, with market shares of 15.4% and 22.8%, respectively [6] Financial Performance - For the fiscal years ending December 31, 2022, 2023, and projected for 2024, Transsion Holdings reported revenues of RMB 46.60 billion, RMB 62.29 billion, and RMB 68.72 billion, respectively [8] - The gross profit for the same periods was RMB 9.25 billion, RMB 14.44 billion, and RMB 14.34 billion, with corresponding gross profit margins of 19.9%, 23.2%, and 20.9% [9] - The net profit for the fiscal years was RMB 2.47 billion, RMB 5.59 billion, and RMB 5.60 billion, indicating a strong profitability trend [10] Industry Overview - The global mobile phone market is projected to reach USD 0.5 trillion by 2024, with a compound annual growth rate (CAGR) of 4.6% from 2024 to 2029 [12] - The mobile internet services market is expected to grow significantly, from USD 2.9 trillion in 2024 to USD 7.6 trillion by 2029, with a CAGR of 21.5% [12][14] - Emerging markets are experiencing a rapid increase in mobile internet penetration, expected to rise from 46% in 2024 to 53% by 2029, indicating substantial growth potential in both smartphone and mobile internet service markets [14][16] Emerging Market Dynamics - The smartphone market in emerging markets is anticipated to grow from USD 134.4 billion in 2020 to USD 171.1 billion by 2024, with a CAGR of 6.2% [16] - The number of smartphones sold in emerging markets is projected to increase from 624.6 million units in 2020 to 648.5 million units by 2024, with Africa being the fastest-growing region [21] - The IoT product market in emerging markets is expected to grow from USD 81 billion in 2020 to USD 135.5 billion by 2024, driven by advancements in network infrastructure and technology [25]

Core Viewpoint - Transsion Holdings has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor. The company ranks first in the global emerging markets for mobile phone sales, holding a market share of 24.1% according to Frost & Sullivan [1][4]. Company Overview - Transsion Holdings is a leading provider of smart terminal products and mobile internet services, primarily focusing on the design, research and development, production, sales, and brand operation of mobile phones. The company has established brand recognition in emerging markets, particularly in Africa, and has expanded into mobile internet services and IoT products, creating an ecosystem of products, services, and brands [4][6]. - Since its establishment in 2013, Transsion has focused on emerging markets, especially Africa, where it is known as the "King of Africa" due to its significant market share and brand influence. The company has successfully replicated its business model in various emerging markets [4][7]. Business Highlights - Transsion operates three main smartphone brands: TECNO, targeting mid-to-high-end consumers; Infinix, aimed at young consumers; and itel, which emphasizes cost-effectiveness and reliability for the mass market. In addition to smartphones, the company offers mobile internet services and IoT products [6][7]. - In Africa, Transsion holds a market share of 61.5% in smartphone sales, benefiting from the transition from feature phones to smartphones, driven by economic development and consumer upgrades [7]. Financial Performance - The company reported revenues of RMB 46.60 billion in 2022, RMB 62.29 billion in 2023, and projected revenues of RMB 68.72 billion in 2024, with a six-month revenue of RMB 29.08 billion for 2025 [9]. - Gross profit figures were RMB 9.25 billion in 2022, RMB 14.44 billion in 2023, and projected RMB 14.34 billion in 2024, with corresponding gross profit margins of 19.9%, 23.2%, and 20.9% respectively [10]. - The net profit for the years 2022, 2023, and projected for 2024 is RMB 2.47 billion, RMB 5.59 billion, and RMB 5.60 billion respectively [11]. Industry Overview - The global mobile phone market has shown strong growth since 2010, with a market size of USD 0.5 trillion in 2024, expected to reach USD 0.6 trillion by 2029, reflecting a CAGR of 4.6% from 2024 to 2029. The mobile internet services market is projected to grow from USD 2.9 trillion in 2024 to USD 7.6 trillion by 2029, with a CAGR of 21.5% [13][14]. - The emerging markets' mobile internet penetration rate is currently at 46%, expected to rise to 53% by 2029, indicating significant growth potential in the smartphone and mobile internet services sectors [14]. - The smartphone market in emerging markets is projected to grow from USD 134.4 billion in 2020 to USD 171.1 billion in 2024, with a CAGR of 6.2% [16].

(於中華人民共和國成立的股份有限公司) 智通财经APP获悉，据港交所12月2日披露，深圳传音控股股份有限公司(简称：传音控股，688036.SH) 递表港交所主板，中信证券为其独家保荐人。招股书显示，传音控股是全球领先的智能终端产品和移动 互联网服务提供商。公司主要从事以手机为核心的智能终端产品的设计、研发、生产、销售和品牌运 营。自2013年成立以来，传音控股即深耕以非洲为代表的新兴市场。凭借着领先的市场占有率和广泛的 品牌影响力，公司在手机行业内有着"非洲之王"的美誉。 Transsion Shenzhen Transsion Holdings Co., Ltd. 深圳傳音控股股份有限公司 10中信证券 [編纂] | [編纂]的[編纂]數目 | | : [編纂]股H股(視乎[編纂]及[編纂]行使 | | --- | --- | --- | | | | 與否而定) | | [編纂]數目 | | : [編纂]股H股(可予[編纂]及視乎[編纂] | | | | 行使與否而定) | | [編纂]數目 | | : [編纂]股H股(可予[編纂]及視乎[編纂] | | | | 及「編纂」行使與否而定） | | 最高[編 ...