Transsion Holdings, long known as the “king of African phones,” built one of China’s most successful consumer-electronics export stories by dominating low-end handsets across emerging markets. Revenue and profit peaked in 2023–2024. In 2025, a super-cycle of “memory inflation” cut net profit roughly in half. Stockpiling chips and raising prices produced a low-base rebound in the first half of 2026; the third quarter lost momentum again. In an era when memory can cost more than the main processor, the company is pushing hard into on-device AI in a bid for pricing power. Its newly listed Hong Kong shares have traded thinly and at nearly a 50% discount to the A-share, reflecting deep skepticism about that AI story.