有投资者关注公司与谷歌的合作情况，竺兆江回答称，传音与GoogleCloud深度合作，将其AI技术融入 智能终端和服务，成功打造了一键问屏、智慧识屏、AI搜索、通话摘要、AIWriting等一系列深受用户 喜爱的产品特性。 竺兆江还进一步表示，在AI手机方面，传音旗下TECNOAI和InfinixAI已广泛应用于影像增强、语音助 手、AI写作等功能场景，开发了一系列AI辅助功能应用并持续迭代推进系统全面AI化，借助Agent提升 用户智能设备移动体验。"传音始终关注前沿技术的创新，结合本地化市场用户需求，聚焦关键用户场 景。未来，公司希望推动AI应用和AI终端技术在新兴市场的创新和普及，为消费者带来更优化、更智 能的用户体验。" 2025年前三季度，传音控股实现营业收入为495.4亿元，同比下降3.3%；实现归母净利润为21.5亿元， 同比下降45.0%。 对于业绩表现情况，竺兆江回应称，前三季度净利润下滑受市场竞争以及供应链成本综合影响，营业收 入及毛利额减少所致。公司持续科技创新、加大研发投入，提升手机用户的终端体验及产品竞争力，研 发费用较上年同期增加。 关于今年全球半导体等关键元器件供应与价格波动的情 ...

Core Viewpoint - Transsion Holdings (68036.SH) has announced a deep collaboration with Google Cloud to integrate AI technology into its smart devices and services, resulting in the development of several user-friendly features [1] Group 1: AI Integration and Features - The collaboration has led to the creation of features such as one-click screen inquiry, smart screen recognition, AI search, call summaries, and AI writing, which are well-received by users [1] - Transsion's brands, TECNO AI and Infinix AI, have widely implemented AI in areas like image enhancement, voice assistance, and AI writing, continuously iterating to enhance the overall AI capabilities of their systems [1] - The use of AI agents is aimed at improving the mobile experience for users of smart devices [1]

Core Viewpoint - Transsion Holdings reported a year-on-year and quarter-on-quarter revenue increase in Q3 2025, but faced pressure on gross and net profit margins, with net profit falling below expectations [1] Group 1: Financial Performance - Q3 2025 revenue showed growth both year-on-year and quarter-on-quarter, indicating a strong seasonal performance [1] - Gross margin and net margin were under pressure, leading to a net profit that was lower than market expectations [1] Group 2: Market Position - Transsion Holdings ranks fourth globally in smartphone shipments, maintaining over 40% market share in Africa and leading positions in Pakistan, Bangladesh, and India [1] Group 3: AI Development - The company is actively developing practical AI features, with TECNO AI and Infinix AI supporting local dialects in Africa and South Asia, addressing low-resource language limitations [1] - AI applications include image enhancement, voice assistants, and AI writing, with a series of AI-assisted applications being developed to promote comprehensive AI integration [1] Group 4: Strategic Initiatives - Boomplay has maintained a leading market position and user base in Africa, showing progress in commercialization efforts [1] - The average PE ratio for comparable companies (Lingyi iTech, Luxshare Precision, Lens Technology) for 2025 is 29X, which is 63% higher than Transsion Holdings' 2025 PE of 18X, leading to a "Buy" rating [1]

Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," has experienced a significant decline in stock price, dropping nearly 35% over 27 trading days since September 25, which is the largest decline among all STAR Market 50 component stocks, while the STAR Market 50 index fell only about 6% [1][3]. Financial Performance - For the first three quarters of 2023, Transsion Holdings reported revenue of 49.54 billion yuan, a year-on-year decrease of 3.33%, and a net profit of 2.148 billion yuan, down 44.97% year-on-year, marking the lowest level for the same period since 2021 [3]. - The company's gross profit margin has fallen to 19.47%, the first time it has dipped below 20% in recent years [3]. - In the third quarter alone, Transsion achieved revenue of 20.466 billion yuan, a year-on-year increase of 22.60% and a quarter-on-quarter increase of 27.33%, but the net profit attributable to shareholders decreased by 11.06% year-on-year, despite a quarter-on-quarter increase of 29.39% [3]. Market Competition - Transsion is facing intensified competition in its traditional market, Africa, with domestic brands like Xiaomi, OPPO, and Honor increasing their presence. Xiaomi's market share in Africa has risen to about 14%, making it the third-largest player [4]. - Despite the competition, Transsion still holds over 50% market share in Africa [4]. Supply Chain Challenges - The recent surge in storage prices has added pressure to Transsion's operations. The company plans to respond to these cost increases through price adjustments and product structure changes [4]. AI Potential - Despite short-term performance pressures, Transsion's potential in edge AI is viewed positively by institutions. The company has developed AI applications for image enhancement, voice assistance, and more, focusing on localized AI services for emerging markets [5][6]. - The transition from feature phones to smartphones in emerging markets is expected to drive growth in the smartphone market, with Transsion positioned to benefit from this trend [5]. Strategic Partnerships - Transsion is actively collaborating with major internet companies like NetEase and Tencent to develop mobile internet products, enhancing user experience and establishing unique advantages for its brands [7]. - Recent reports indicate that 9 brokerages have issued investment ratings for Transsion, with 6 recommending "buy" and 2 recommending "hold" [7].

Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," has experienced a significant decline in stock price, dropping nearly 35% over 27 trading days since September 25, making it the worst performer among the STAR Market 50 index stocks, which only fell about 6% during the same period [1][3]. Financial Performance - For the first three quarters of 2023, Transsion Holdings reported revenue of 49.54 billion yuan, a year-on-year decrease of 3.33%, and a net profit of 2.148 billion yuan, down 44.97% year-on-year, marking the lowest level for the same period since 2021 [3]. - The company's gross profit margin has fallen to 19.47%, dipping below 20% for the first time in recent years, attributed to market competition and rising supply chain costs [3][4]. - In Q3 2023, Transsion achieved revenue of 20.466 billion yuan, a year-on-year increase of 22.60% and a quarter-on-quarter increase of 27.33%, but the net profit decreased by 11.06% year-on-year to 0.935 billion yuan [3]. Market Competition - Transsion is facing intensified competition in its traditional African market, with domestic brands like Xiaomi, OPPO, and Honor increasing their presence. Xiaomi's market share in Africa has risen to approximately 14%, while Honor holds about 4% [4]. - Despite the competition, Transsion maintains over 50% market share in Africa, indicating its dominant position [4]. Supply Chain Challenges - The recent surge in storage prices has added pressure to Transsion's operations. The company plans to respond to these cost increases through price adjustments and product structure changes [4]. AI Potential - Transsion's potential in edge AI is viewed positively by institutions, with its TECNO AI and Infinix AI being applied in various functions such as image enhancement and voice assistance [5]. - The company is focusing on localized AI solutions to cater to low-resource languages in emerging markets, which could enhance user experience [5]. Strategic Partnerships - Transsion is actively collaborating with major internet companies like NetEase and Tencent to develop mobile internet products, aiming to enhance user experience and market share in key regions [6]. Investment Ratings - In the past month, nine brokerage firms have issued investment ratings for Transsion, with six firms recommending "buy" and two recommending "hold" [7].