the state the state 8月27日，有"非洲手机之王"之称的传音控股交出了一份略显沉重的半年报成绩单。2今年上半年，公司营业收入290.77亿元，同比下降15.86%；归属于母公 司所有者的净利润12.13亿元，同比暴跌57.48%。 这份成绩单背后，是传音控股在非洲市场主导地位受到挑战、产品上市节奏问题以及供应链成本压力等多重因素的综合影响。 传音控股在非洲市场正遭遇前所未有的竞争压力。曾经贡献传音35.95%营收及28.59%高毛利的非洲市场，这座金矿正在被竞争者抢食。 根据Canalys数据显示，今年上半年，传音以6%的增长保持榜首地位，尽管TECNO在中端市场发力，传音仍面临向价值链上游攀升的挑战。三星通过本地化 分销、零售扩张及A06等亲民机型的推出，将市场触角从南非延伸至埃及和尼日利亚，同比增长3%。得益于在尼日利亚和埃及的强劲增长、积极的渠道扩 张及更深入的本地投资，小米同比增长32%，以14%的份额夺得第三。此外，荣耀凭借X7c和400 Lite等畅销的入门与中端机型，加上与运营商的合作，进一 步增强势头，目前南非贡献荣耀区域业务的64%。 公司解释称，这主要由于采购付款有一定 ...

Core Insights - The African smartphone market is experiencing robust growth, with a year-on-year increase of 7% in Q2 2025, reaching a shipment volume of 19.2 million units, making it one of the best-performing regions globally [1][6] - Key markets such as Egypt, Nigeria, and South Africa are driving this growth due to easing inflation pressures and improved currency stability, enhancing consumer purchasing power [1][2] Regional Performance - Egypt leads the North African market with a 21% year-on-year growth, supported by local production capabilities meeting high demand during the Eid al-Fitr promotional season [2] - Nigeria rebounded by 10% due to inflation easing and a stable naira, while South Africa saw a 2% increase, with 5G smartphone shipments surging by 63% [2] - Kenya showed resilience with a slight decline of 2%, whereas Algeria and Morocco faced declines of 27% and 7% respectively due to weak demand and stricter import restrictions [2] Market Dynamics - Demand for ultra-low-cost smartphones is reshaping the African market, with models priced under $100 experiencing a 38% surge, leading to a decrease in average selling prices [4] - Transsion maintained its leading position with a 6% growth, while Xiaomi saw a significant 32% increase, capturing a 14% market share [4][7] - Samsung's market presence expanded through localized distribution and retail, achieving a 3% growth, while Honor's sales surged by 161% due to successful entry and mid-range models [4][7] Future Outlook - The African smartphone market is projected to grow by 3% in 2025, outpacing the overall sluggish global market amid rising component costs [6] - The rural market is becoming a new competitive focus, driven by limited traditional banking services, which is promoting mobile payments and digital services [6] - The region is transitioning from a consumer market to a production and assembly base, with countries like Egypt and Ethiopia leading the way in establishing local supply chains [6]

Core Insights - The Latin American smartphone market experienced a 4% year-on-year decline in Q1 2025, ending six consecutive quarters of growth, with total shipments reaching 33.7 million units [1][3][5] Group 1: Market Performance - Samsung maintained its leading position with 11.9 million units shipped, a 7% increase year-on-year, driven by strong demand for entry-level models A06 and A16 [1][5] - Xiaomi ranked second with 5.9 million units shipped, a 10% increase, supported by the continued popularity of the Redmi 14C4G and Note14 series [1][5] - Motorola fell to third place with 5.2 million units shipped, a 13% decline, due to its reliance on low-end products like G15 and G05 [1][5] - Honor rose to fourth place with 2.6 million units shipped, a 2% increase, thanks to strong performance from the X series [1][5] - Transsion ranked fifth with 2.1 million units shipped, experiencing a significant 38% decline, marking its first drop in the region [1][5] Group 2: Market Trends and Challenges - Economic uncertainty, particularly concerns over tariff increases, has severely impacted the smartphone market in Latin America, leading manufacturers to tighten aggressive sales strategies and retailers to reduce inventory [3][7] - The market showed a clear polarization, with growth concentrated in entry-level and high-end segments, while the mid-range market, which accounts for 78% of total shipments, remains a key battleground [3][7] - Brazil was the only major market in the region to see a year-on-year increase in shipments, growing by 3% to 9.5 million units, driven by increased investment from Chinese brands like Honor and Xiaomi [5][7] - Mexico, the second-largest market, saw an 18% decline in shipments, attributed to intense local competition and increased inventory levels [5][7] - Central America experienced its first decline in seven quarters, down 7%, due to inventory buildup and slowing market demand [5][7] Group 3: Future Outlook - Canalys predicts a slight decline of 1% in the Latin American smartphone market for 2025, influenced by global economic uncertainties and potential inflation [7][8] - Manufacturers are expected to focus on maintaining lean and flexible inventory management, optimizing product portfolios, and enhancing consumer experience to remain competitive in a redefined growth environment [8]

Core Viewpoint - The Latin American smartphone market experienced a 4% year-on-year decline in Q1 2025, ending six consecutive quarters of growth, with total shipments reaching 33.7 million units [1][8]. Market Performance - Samsung led the market with 11.9 million units shipped, a 7% increase year-on-year, driven by strong demand for entry-level models A06 and A16 [1][8]. - Xiaomi ranked second with 5.9 million units, a 10% increase, supported by the popularity of the Redmi 14C 4G and Note 14 series [1][8]. - Motorola fell to third place with 5.2 million units, a 13% decline, due to its reliance on low-end products like G15 and G05 [1][8]. - Honor's strong performance with the X series led to a 2% increase in shipments to 2.6 million units, securing the fourth position [1][8]. - Transsion ranked fifth with 2.1 million units, experiencing a significant 38% decline, marking its first drop in the region [1][8]. Market Trends - The smartphone market in Latin America showed a clear polarization, with growth concentrated in entry-level and high-end segments, while the mid-range market, which accounts for 78% of total shipments, remains the primary battleground [2][7]. - Economic uncertainty, particularly concerns over tariff increases, has severely impacted the market, leading manufacturers to tighten aggressive sales strategies and retailers to reduce inventory [2][7]. - The Brazilian market was the only one among the top five to see growth, with a 3% increase in shipments to 9.5 million units, driven by increased investments from Chinese brands like Honor, Xiaomi, and realme [4][5]. Future Outlook - Canalys predicts a slight decline of 1% in the Latin American smartphone market for 2025, influenced by global economic uncertainties and potential inflation [7]. - Manufacturers are expected to focus on maintaining lean and flexible inventory management, optimizing product portfolios, and enhancing consumer experience to remain competitive in a redefined growth environment [7].