以下文章来源于斑马消费 ，作者沈庹 斑马消费 . 寻找泛消费领域的斑马企业 在主流手机市场消失多年后， *ST 波导日前因一纸可能被终止上市的风险提示，再次进入公众视野。 2026 年 1 月 28 日，公司公告披露了可能被终止上市的原因。 2024 年，公司经审计的扣除非经常性损益后的净利润为负值，且扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入低于 3 亿 元，触及上交所相关规定，已在 2025 年 4 月 30 日被实施退市风险警示。 公司预计，若 2025 年报触及上交所股票上市规则第 9.3.7 规定的相关情形，（包括出现经审计财报被出具保留意见、无法表示意见或者否定意见等 5 种情形）；或未出现前述情形但未在规定期限内申请撤销退市风险警示的，公司股票将可能被终止上市。 据公告，公司预计 2025 年实现营业收入为 4.50 亿元至 4.90 亿元，扣除后的营业收入为 4.20 亿元至 4.60 亿元，预计归母净利润为 600 万元至 800 万元。 同日，针对上述业绩预计，年审机构出具专项说明：鉴于当年扣除后的营业收入超过 3 亿元，预计 *ST 波导将消除财务类退市情形。 为了" ...

Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," is expected to see a significant decline in its 2025 performance due to rising storage product prices and supply chain costs, marking the first time since its 2019 IPO that the company will experience a "halving" of annual net profit [1][6] Financial Performance - The company anticipates a revenue of approximately 65.568 billion yuan for 2025, a decrease of about 3.147 billion yuan or 4.58% year-on-year [5][6] - The expected net profit for 2025 is around 2.546 billion yuan, down approximately 3.003 billion yuan or 54.11% compared to the previous year [5][6] - In 2024, Transsion achieved a revenue of 68.72 billion yuan, reflecting a year-on-year growth of 10.31%, and a net profit of 5.549 billion yuan, which is a slight increase of 0.22% [6] Market Position - As of the first half of 2025, Transsion holds a 12.5% share of the global mobile phone market, ranking third among global mobile phone manufacturers, with a 7.9% share in the global smartphone market, placing sixth [2][6] - The company ranked first in smartphone shipments in regions such as Africa, Pakistan, and Bangladesh in 2024 [2][6] Challenges and Strategic Responses - The decline in net profit for the first three quarters of 2025 was 44.97%, attributed to market competition and rising supply chain costs [3][7] - The company has increased its sales and R&D expenses to enhance brand image and maintain long-term competitiveness, despite the pressure on overall gross margins due to rising component costs [1][6] - Transsion plans to adjust its strategies in 2026 based on cost changes and market competition, focusing on emerging markets and expanding its product categories [4][8] Future Outlook - The company aims to deepen its presence in emerging markets, including Southeast Asia, Latin America, the Middle East, and Eastern Europe, while leveraging its strong position in the African mobile market [4][8] - The smartphone market is expected to enter a new phase dominated by both cost pressures and value creation, with a noticeable trend of market differentiation [4][8]

从"手机界的隐形冠军"到被镁光灯反复审视的"出海标杆"，宁波富豪竺兆江和他的传音控股 （688036.SH）正迎来创业二十载以来最严峻的时刻。 如果说市场竞争是外伤，那么上游供应链的暴涨则是直击命门的内伤。 2025年进入AI服务器爆发期，存储芯片迎来了罕见的"超级牛市"。据Counterpoint数据显示，2025年第 四季度，DRAM和NAND闪存价格涨幅高达40%-50%，且这种涨势在2026年一季度并无放缓迹象。对于 主打中低端市场的传音而言，存储芯片占据其手机成本的15%至25%，涨价潮导致其2025年9月末毛利 率降至19.47%，创近五年新低。 2026年1月21日，LG在印度正式对传音发起4/5G专利诉讼，为传音本就动荡的全球化版图再添阴霾。仅 仅两天前，传音在资本市场的表现同样令人唏嘘：截至1月19日，其股价徘徊在64.99元/股，市值相较 巅峰期已蒸发超过千亿元。 而在港交所递交二次上市申请的冷遇，更是直接撕开了这家昔日黑马的"增长焦虑"。 传音的崛起曾是商业教科书式的"降维打击"。2006年，竺兆江避开国内手机市场的惨烈内卷，深入手机 普及率仅6%的非洲大陆。通过四卡四待、深肤色美颜算法 ...

Core Viewpoint - The company emphasizes the significant role of the Sci-Tech Innovation Board in providing a financing platform for technology innovation enterprises, facilitating a positive cycle between technology, capital, and industry [1] Group 1: Company Development and Performance - The company has seen substantial growth since its listing on the Sci-Tech Innovation Board, with total revenue increasing from 25.35 billion yuan in 2019 to 68.72 billion yuan in 2024, and net profit rising from 1.79 billion yuan to 5.55 billion yuan [2] - The company's global smartphone market share is projected to reach 12.5% by mid-2025, ranking third among global smartphone brands, with a 7.9% share in the global smartphone market, ranking sixth [2] - The company has achieved the highest smartphone shipment volume in regions such as Africa, Pakistan, and Bangladesh in 2024, with an estimated total shipment of approximately 201 million units [2] Group 2: Strategic Focus and Market Positioning - The company positions itself as a technology brand expanding into emerging markets, with a sales network covering over 70 countries and regions globally [3] - The company attributes its growth to a focus on core business, deep localization innovation strategies, and the capital support gained from its listing on the Sci-Tech Innovation Board [2] - The company aims to enhance long-term value and competitiveness through effective communication with the capital market and by leveraging capital market tools for business development and strategic investments [3] Group 3: Future Outlook and Commitment - The company expresses confidence in the future development of the Sci-Tech Innovation Board and hopes for continued reforms to attract more globally competitive technology innovation enterprises [3] - The company is committed to maintaining transparent governance and information disclosure to foster good communication with the capital market [3]

Core Insights - The 35th Africa Cup of Nations (AFCON) has officially commenced in Rabat, Morocco, with TECNO, a brand under Transsion Holdings, as the official global partner, highlighting its significant presence in the event [2][4] - TECNO's partnership with AFCON is a strategic move to enhance brand visibility and connect with local consumers, showcasing its commitment to the African market [4][6] Market Position and Strategy - Transsion Holdings, known as the "King of Africa," has a dominant market share in the African smartphone market, with over 40% in 2024, and ranked fourth globally with a shipment of 29.2 million units in Q3 2025 [6][7] - The company has tailored its products to meet local needs, focusing on features like high-volume speakers, long battery life, and multi-SIM capabilities, which are essential for African consumers [8][9] Technological Innovation - Transsion has invested in AI technology to address local user needs, launching a smartphone assistant that supports over 100 languages, including many African dialects, enhancing accessibility for users [9][11] - The company emphasizes the importance of localized technology, with AI features designed for real-world applications, such as image enhancement for diverse skin tones and voice interaction for low literacy scenarios [13][16] Brand Engagement and Community Involvement - TECNO's sponsorship of AFCON is not just for exposure but aims to create deeper connections with users by integrating practical AI features into the viewing experience [16][18] - The brand engages in community projects, such as sports field renovations and educational support, fostering a long-term relationship with consumers beyond mere transactions [9][18] Global Expansion and Market Adaptation - Transsion is expanding its market presence globally, achieving a 14% market share in the global smartphone market by 2024, with significant growth in Southeast Asia and the Middle East [15] - The company's strategy of "Think Globally, Act Locally" allows it to adapt to different markets by understanding local consumer needs and preferences [15][19] Long-term Vision and Sustainability - Transsion's approach to building trust in emerging markets is through consistent presence and engagement, rather than short-term marketing tactics [16][19] - The company's ability to create sustainable social connections while generating commercial value positions it as a model for global brands in emerging markets [19]

Core Viewpoint - Transsion Holdings has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor [1] Group 1: Company Overview - Transsion Holdings is primarily engaged in the design, research and development, production, sales, and brand operation of smart terminal products centered around mobile phones [1] - The company has expanded its business into mobile internet services, IoT products, and other offerings, creating a complete ecosystem [1] - Transsion's smartphone brands include TECNO, targeting mid-to-high-end consumers, Infinix, aimed at younger consumers, and itel, which emphasizes cost-effectiveness and reliability for the mass market [1] Group 2: Market Position and Growth - According to a Frost & Sullivan report, Transsion's mobile products rank first in global emerging markets by sales volume, with a market share of 24.1% in 2024 [1] - In Africa, emerging Asia-Pacific markets, and the Middle East, Transsion also holds the top sales volume market share [1] Group 3: Market Trends - The mobile internet penetration rate in emerging markets is projected to reach 46% in 2024, increasing to 53% by 2029 [1] - The revenue of the emerging market mobile phone market is expected to grow from $134.4 billion in 2020 to $171.1 billion in 2024, and is projected to reach $236.7 billion by 2029 [1] - The smartphone segment is anticipated to grow from $168.3 billion in 2024 to $234.9 billion in 2029, with a compound annual growth rate (CAGR) of 6.9% [1] - The emerging market smartphone market by sales volume is expected to increase from 624.6 million units in 2020 to 648.5 million units in 2024, and is projected to reach 725.3 million units by 2029, with Africa being the fastest-growing region [1]

Core Viewpoint - Transsion Holdings is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and international brand image while utilizing international capital markets for diversified financing [2][4]. Group 1: Company Overview - Transsion Holdings was established in 2013, focusing on the African market with localized innovations such as deep skin tone beautification and multi-SIM capabilities, quickly becoming the top mobile phone vendor in Africa by 2016 [2]. - The company owns well-known mobile brands TECNO, itel, and Infinix, as well as digital accessory brand oraimo, home appliance brand Syinix, and after-sales service brand Carlcare [3]. Group 2: Market Position and Financial Performance - According to IDC, Transsion is projected to hold a 14% share of the global mobile phone market in 2024, ranking third globally, and is expected to lead in smartphone shipments in Africa, Pakistan, Bangladesh, and the Philippines [3]. - In 2024, Transsion achieved a revenue of 68.715 billion yuan, a year-on-year increase of 10.31%, with a net profit of 5.549 billion yuan, a slight increase of 0.22% [3]. - The mobile phone segment generated 63.197 billion yuan in revenue, reflecting a 10.20% year-on-year growth [3]. Group 3: Challenges and Strategic Response - Transsion is facing short-term performance challenges, with a revenue of 49.543 billion yuan in the first three quarters of 2025, a decline of 3.33%, and a net profit of 2.148 billion yuan, down 45% [3]. - The company reported a decrease in gross margin due to market competition and supply chain costs, indicating plans to adjust pricing and product structure to maintain financial health [3][4]. - The decision to initiate the H-share listing is seen as a strategic move to address performance pressures and optimize development structure, providing stable funding and enhancing brand recognition in international markets [4].

Core Viewpoint - Transsion Holdings (688036.SH) plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitive edge and international brand image while diversifying its financing channels [2] Group 1: Company Strategy - The company aims to consider the interests of existing shareholders and the conditions of domestic and international capital markets when selecting the timing and window for the H-share issuance [2] - Transsion Holdings has appointed Tianjian International as the auditing firm for the H-share issuance and listing [2] Group 2: Company Overview - Founded in 2013, Transsion Holdings focuses on becoming a preferred provider of smart terminal products and mobile internet services in emerging markets [2] - The company owns well-known mobile phone brands TECNO, itel, and Infinix, as well as digital accessory brand oraimo, home appliance brand Syinix, and after-sales service brand Carlcare [2] Group 3: Financial Performance - As of November 13, 2025, Transsion Holdings has a total market capitalization of approximately 74.954 billion RMB [2] - The stock price is currently at ¥65.11, with a market cap of 74.954 billion RMB and a P/E ratio (TTM) of 19.76 [3]

Group 1: Market Trends and Performance - On November 5, A-share market saw a significant surge in power and renewable energy sectors, with notable increases in high-voltage transmission, smart grid, virtual power plants, and various battery technologies [1] - The high-voltage transmission index led the gains, with stocks like Can Energy and Jin Guan Electric hitting their daily limit up [1] - TBEA (600089) reached a record closing price of 24.11 CNY per share, with a market capitalization exceeding 120 billion CNY, and reported a net profit of 5.484 billion CNY for the first three quarters, a year-on-year increase of 27.55% [1] Group 2: Stock Performance and Valuation - As of November 5, large-cap value stocks have averaged an 8.93% increase this year, underperforming the Shanghai Composite Index [3] - Transsion Holdings has seen a cumulative decline of 24% this year, with a net profit of 2.148 billion CNY for the first three quarters, down 44.97% year-on-year [3] - The average dividend yield for large-cap value stocks is 4.05%, significantly higher than the overall A-share market, with 13 stocks yielding over 5% [3][4] Group 3: Institutional Insights and Future Outlook - Over 80% of large-cap value stocks have a rolling P/E ratio below their industry average, indicating potential undervaluation [6] - Among these, 34 stocks have an upside potential exceeding 20% based on institutional target prices, with China Pacific Insurance showing the highest potential at 42.44% [7] - The market is expected to shift from high-volatility growth stocks to low-valuation, high-dividend value sectors as year-end profit-taking occurs [2][3]

Core Insights - The financial performance of Transsion Holdings, known as the "King of African Mobile Phones," has shown significant decline in 2023, with a revenue drop of 3.3% year-on-year to 49.54 billion yuan and a net profit decrease of 44.97% to 2.15 billion yuan [1][2] - Despite a revenue increase of 22.6% in Q3 2023, net profit continued to decline by 11.06%, indicating a situation of "increased revenue but decreased profit" [1][3] - The company attributes its poor performance to intensified market competition and rising supply chain costs, which are eroding profitability [1][6] Financial Performance - For the first half of 2023, Transsion reported a revenue of approximately 29.08 billion yuan, down 15.86% year-on-year, and a net profit of about 1.21 billion yuan, down 57.48% [2] - In contrast, the same period in 2024 saw a revenue increase of 38.07% to 34.56 billion yuan and a net profit growth of 35.70% to 2.85 billion yuan [2] Market Position - Transsion has maintained a leading market share in Africa, exceeding 40% for five consecutive years, but is facing challenges from increasing competition from other Chinese brands [2][3] - In Q2 2025, Transsion held a 51% market share in Africa with a shipment of 9.7 million units, but its growth rate of 6% was below the overall market growth of 7% [3][5] Competitive Landscape - The demand for ultra-low-cost smartphones is reshaping the African market, with models priced under $100 seeing a 38% increase in Q2 2025, which is impacting average selling prices [4] - Competitors like Xiaomi and Honor are gaining market share, with Xiaomi achieving a 32% year-on-year growth and Honor experiencing a remarkable 161% increase [3][4] Cost Structure and Investment - To maintain market share and overcome growth challenges, Transsion has increased its marketing and R&D expenditures, with sales expenses rising by 4.17% to 3.88 billion yuan and R&D expenses increasing by 17.26% to 2.14 billion yuan [6] - The company's stock performance has also suffered, with a decline of approximately 30% from its peak, reflecting the overall market sentiment towards its financial struggles [6]