Shenwan Hongyuan: Transsion Holdings' performance meets expectations, maintains a "buy" rating.

Shenwan Hongyuan Research pointed out that the net profit attributable to the parent company of Transsion Holdings for the past 24 years was 5.549 billion yuan, a year-on-year increase of 0.2%; the net profit attributable to the parent company in Q1 of year 25 was 490 million yuan, a year-on-year decrease of 69.87%. The annual report for 2024 and the Q1 report for 2025 are in line with expectations. According to IDC data, in 2024 the company had a global market share of 14.0% in the mobile phone market, ranking third globally, with a global market share of 8.7% in the smartphone market, ranking fourth; the company's smartphone market share in Africa exceeded 40%, ranking first. In the South Asian market: Pakistan's smartphone market share exceeded 40%, ranking first; Bangladesh's smartphone market share was 29.2%, ranking first; India's smartphone market share was 5.7%, ranking eighth. The company is accelerating innovation in AI image functions, making breakthroughs in AI technology for minority languages, and integrating the DeepSeek large model. The "mobile phone + mobile internet services + home appliances, digital accessories" business ecosystem model has closed-loop advantages. The "buy" rating is maintained.