The Chinese mobile giant TransVoice Holdings, once known as the “King of Africa,” is facing its toughest challenge since going public. In the first half of 2025, both revenue and net profit saw a decline, intensified competition in the African market, lack of clear support from diversification and high-end layout strategies, making its future trajectory highly anticipated.
On August 27th, TransVoice Holdings disclosed its 2025 interim report, achieving operating income of 29.077 billion yuan, a year-on-year decrease of 15.86%; net profit attributable to the company’s shareholders was 1.213 billion yuan, a sharp decline of 57.48% compared to the previous year, and the non-GAAP net profit decline further expanded to 63.04%. The gross profit margin was approximately 20.1%, a decrease of 1.4 percentage points year-on-year.
Affected by its performance, TransVoice Holdings’ stock price has fluctuated significantly, with its market value dropping from nearly 200 billion yuan at its peak to less than 100 billion yuan.
As a major player in the African market, TransVoice Holdings’ “fortress” is facing fierce competition. Market data shows that in the first quarter of 2025, the company’s market share in Africa dropped from 52% to 47%, with shipments shrinking to 9 million units; although it rebounded to 51% in the second quarter, competitors such as Xiaomi and Honor accelerated their expansion, posing a strong challenge to TransVoice’s market dominance.
However, in its financial report, TransVoice Holdings attributed the decline in revenue and profit to product launch schedule, market competition, and supply chain cost pressures.
At the same time, TransVoice Holdings’ inventory pressure is increasing. The semi-annual report shows that the company’s inventory book value reached 9.297 billion yuan, an increase of 7.32% from the end of the previous year. Against the backdrop of declining income, the growth in inventory implies increased turnover pressure and the company admitted that improper inventory management could lead to price decline risks.
In search of new growth points, TransVoice Holdings has intensified its diversification and high-end layout. The company is expanding new businesses such as digital accessories, home appliances, and mobile internet services in markets like Africa and South Asia. However, in the first half of the year, the revenue from “other businesses” was only 532 million yuan, accounting for less than 2% of the overall performance, with limited contributions.
In terms of high-end development, TransVoice Holdings has increased its research and development investment and launched AI phones, foldable screens, and related ecological products, attempting to shed its “low-end” label. However, these new products are still in the market validation stage and are unlikely to become profit drivers in the short term.
Facing intense competition and an uncertain environment, TransVoice Holdings stated in its financial report that it will continue to deepen its presence in the African market, strengthen differentiated brand building and channel innovation, and promote multi-brand coordinated development in emerging markets. It is widely believed in the industry that whether TransVoice can turn around its current decline through new businesses and high-end strategies still needs time to be tested.