智东西12月10日报道，12月2日，全球第三大手机厂商深圳传音控股正式递表港交所，中信证券独家保荐。 传音控股已于2019年9月在A股科创板上市，此次有望实现"A+H"上市，截至昨日收盘其市值为767.84亿元。 成立于2013年的传音控股，被业界称为"非洲之王"。十余年前国内手机竞争激烈，传音控股选择冲向非洲开阔市场，去年其手机销量超2亿部，仅非洲地 区就占1.03亿部。 从全球市场来看，如今传音控股已经成为销量仅次苹果、三星的手机厂商。根据沙利文的数据，2024年全球手机销量第一、第二为苹果、三星，传音控股 为全球第三，紧随其后的是小米、OPPO。 | | 全球手機市場排名 | | | --- | --- | --- | | 排名 | 公司 | | | 1 | 公司A | 226 | | 2 | 公司B | 223 | | 3 | 本公司 | 201 | | 4 | 公司C | 169 | | 5 | 公司D | 103 | ▲根据批注估计公司A、B、C、D分别为苹果、三星、小米、OPPO 在传音控股深耕的非洲、新兴亚太市场、拉美、中东、中欧及东欧等新兴市场，根据沙利文数据，按照2024年手机销量计算，其 ...

Core Viewpoint - Transsion Holdings, known as the "King of Africa," has submitted an application for a dual listing on the Hong Kong Stock Exchange, following its debut on the STAR Market in 2019, reflecting its strategic moves in emerging markets amidst challenges in growth and competition in the mid-to-low-end smartphone sector [2][18]. Group 1: Market Position and Performance - By 2024, Transsion is projected to be the third-largest smartphone manufacturer globally, with sales of 201 million units, including 106 million smartphones, primarily dominating the emerging markets [3][19]. - In 2024, Transsion holds market shares of 61.5% in Africa, 15.4% in the emerging Asia-Pacific, and 22.8% in the Middle East, leading in all these regions [3][19]. - The company’s smartphone average selling price (ASP) is around 548 RMB, significantly lower than competitors like Xiaomi, whose ASP exceeds 1,000 RMB [6][22][23]. Group 2: Competitive Strategy - Transsion's success in emerging markets is attributed to its localized production and tailored products that meet the specific needs of these markets, such as long battery life and multi-SIM capabilities [4][20]. - The company has established a robust distribution network with approximately 2,900 long-term partners and over 2,000 service points, creating a localized sales and after-sales system that is difficult for new entrants to penetrate [4][20]. - Transsion is diversifying its product offerings beyond smartphones, venturing into IoT products, energy storage brands, and electric vehicles, indicating a shift towards becoming a comprehensive smart living service provider [4][20]. Group 3: Financial Performance and Challenges - In the first half of 2025, Transsion's smartphone revenue declined by 16.95%, while feature phone revenue dropped by 34.77%, indicating significant challenges in maintaining growth momentum [9][25]. - Despite a decline in revenue, Transsion's smartphone shipments in Q3 2025 increased by 13.6% year-over-year, reaching 29.2 million units, regaining market share and ranking [10][27]. - The company’s Q3 2025 revenue was 2.047 billion RMB, a 22.6% increase from the previous year, showing signs of recovery after a challenging first half [10][27]. Group 4: Valuation and Market Perception - Transsion's A-share price has dropped by 24.33% this year, reflecting market concerns about its future prospects, with a current market valuation of approximately 804 billion RMB [15][31]. - In contrast, Xiaomi's H-share has seen a cumulative increase of 16.58%, with a market valuation of 1.05 trillion HKD, indicating a more favorable market perception [15][31]. - The valuation disparity between Transsion and Xiaomi highlights the challenges Transsion faces in sustaining high valuations in the Hong Kong market, where growth sustainability and global brand recognition are prioritized [15][31][32].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Shenzhen Transsion Holdings Co., Ltd. 深圳傳音控股股份有限公司 (the "Company") (A joint stock company established in the People ...

Summary of Transsion Holdings Conference Call Company Overview - **Company**: Transsion Holdings - **Industry**: Mobile Phone Manufacturing and Digital Accessories Key Financial Performance - **Q3 2025 Revenue**: 204.6 billion CNY, a historical high, up 22.6% YoY and 27% QoQ [2][3] - **Net Profit**: 9.35 billion CNY, down 11% YoY but up 29.4% QoQ [2][3] - **Net Profit Excluding Non-recurring Items**: 8.34 billion CNY, up 1.6% YoY and 50.45% QoQ [2][3] - **Total Revenue for First Three Quarters of 2025**: 495.43 billion CNY, down 3.3% YoY [3] Mobile Business Performance - **Total Mobile Shipments**: 130 million units in the first three quarters of 2025, with smartphones at 74 million (down 6% YoY) and feature phones at 55 million (down 23% YoY) [2][6] - **Q3 Smartphone Shipments**: Over 29 million units, up 16% YoY and 25% QoQ [6] - **Revenue from Mobile Business**: Approximately 446 billion CNY, down 6% YoY [4] Market Strategy and Challenges - **Chip Supply Concerns**: Anticipated tight supply of storage chips in 2026-2027, but confident in supply due to partnerships with domestic suppliers [2][6] - **Sales Strategy Adjustments**: Focus on regions with lower market share (e.g., India, Southeast Asia) and adapt pricing strategies based on market dynamics [2][8][9] - **5G and Mid-to-High-End Product Focus**: Aiming to increase the proportion of 5G and mid-to-high-end products to enhance brand positioning and gross margins [2][9] AI and Technology Integration - **AI Collaboration**: Partnering with companies like Google to leverage AI capabilities, focusing on small language voice interaction in regions with high illiteracy rates [9][13] - **AI Functionality in Products**: Approximately 80% of products equipped with AI features, targeting low-end market segments [21] Product Development and Expansion - **New Product Adjustments**: Considering reducing capacity or adjusting parameters for certain products to maintain competitiveness [12] - **Diversification into Digital Accessories and Home Appliances**: Prioritizing digital accessories closely related to mobile phones, followed by energy storage and home appliances [17][18] Future Market Outlook - **Emerging Market Focus**: Plans to enhance market presence in regions like the Middle East and Latin America, with specific strategies for high-potential markets [15][22] - **2026 Industry Trends**: Anticipated slight growth in the global mobile market, with significant increases in emerging markets, particularly Africa [23] Additional Insights - **Storage Price Impact**: Rising storage prices have pressured profit margins, with expectations of stabilization in Q3 2026 [10][11] - **Energy Storage Business Growth**: Significant potential identified in energy storage, particularly in sub-Saharan Africa [16] This summary encapsulates the key points from the conference call, highlighting Transsion Holdings' financial performance, market strategies, technological advancements, and future outlook in the mobile phone industry.

"这里用手机的人很多，据我观察，可能10个人里9个都用上了。但使用智能手机并且上网的人不多，10个人中大概只有3、4个"。在非洲几内亚从事贸易 生意的武哥说道。他来自江苏，在几内亚已经打拼了十多年。 "这里用固定宽带的人更少，智能手机几乎是他们唯一的上网方式，但即使这样，手机上网的人也不多，"武哥表示。 根据ITU（国际电信联盟）和GSMA最新发布的数据，尽管全球96%的人口生活在有移动互联网覆盖的地方，但仍有31亿人没有使用移动互联网，占全世 界人口的38%。 导致如此多人没有用上移动互联网的一个主要"拦路虎"，就是智能手机成本较高，尤其在低收入国家和地区，许多人买不起智能手机。据ITU估算，如果 将智能手机价格降低到20美元，将使智能手机的可负担性差距从世界人口（15岁以上）的约23%缩小到14%。 于是，"平价手机"成为消除"使用鸿沟"的重要突破点。 1 用不起智能手机 几内亚位于西非，是联合国认定的最不发达国家之一。调研机构Data Reportal发布的数据显示，2025年初，几内亚活跃的蜂窝移动连接总数已达1420万， 相当于总人口的95.1%，渗透率颇高。 图源：unsplash 但同时，几内亚 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see a recovery in performance in Q2 2025, driven by long-term growth in emerging markets, expansion of product categories, mobile internet, and edge AI development [1][6] - Despite a decline in revenue and net profit in the first half of 2025, the company shows signs of improvement with a significant quarter-on-quarter revenue increase in Q2 2025 [5][7] - The company leads in market share in emerging markets, ranking third globally among smartphone manufacturers, with a focus on diversifying its product offerings and enhancing internet services [6][8] Financial Performance Summary - In H1 2025, the company reported revenue of 29.077 billion, a year-on-year decrease of 15.86%, and a net profit of 1.213 billion, down 57.48% [5] - Q2 2025 results showed revenue of 16.074 billion, a year-on-year decline of 6.09% but a quarter-on-quarter increase of 23.61%, with a net profit of 0.723 billion, down 41.03% year-on-year but up 47.47% quarter-on-quarter [5][7] - The gross margin for H1 2025 was 20.09%, with Q2 2025 showing a slight improvement to 20.76% [7] Business Segment Analysis - The smartphone segment generated revenue of 24.389 billion, down approximately 17% year-on-year, while the feature phone segment saw revenue of 1.704 billion, down about 35% year-on-year [6] - The company has a 12.5% share of the global smartphone market, ranking third, with a 7.9% share in the global smartphone market, ranking sixth [6] - Other business segments, including digital accessories and home appliances, achieved revenue of 2.971 billion, a year-on-year increase of 15% [6] Future Outlook - The company anticipates accelerated revenue growth in H2 2025 due to factors such as the US dollar interest rate cuts and ongoing product launches [7][8] - The report projects a downward revision of net profit forecasts for 2025 and 2026, with estimates of 3.601 billion and 4.816 billion respectively, while introducing a new forecast for 2027 at 5.685 billion [8][9] - The current market valuation corresponds to a PE ratio of 27X for 2025, 20X for 2026, and 17X for 2027 [8]