华为重回第一，小米跌至第四：国产手机的分化时刻到了

Core Insights - The Chinese smartphone market experienced a 4.1% year-on-year decline in Q2 2025, marking the end of six consecutive quarters of growth [2][15] - Huawei regained the top position in shipments with 12.5 million units, while Vivo and OPPO followed in second and third place, respectively [2][4] - The market dynamics indicate a shift from volume-driven competition to a focus on brand loyalty, technological differentiation, and strategic management [2][10] Group 1: Huawei's Performance - Huawei's return to the top is characterized by a stable recovery rather than explosive growth, with a shipment of 12.5 million units, down 3.4% year-on-year [4][5] - Key factors for Huawei's success include strong brand loyalty, the maturation of the HarmonyOS, and the high-end Mate series maintaining its significance in government and business sectors [5][11] - Huawei's strategy emphasizes high-end market management without resorting to price wars, demonstrating that consumers are willing to pay for perceived scarcity and domestic innovation [5][6] Group 2: Xiaomi's Decline - Xiaomi's shipments fell to 10.4 million units, despite being the only top-five manufacturer to show a year-on-year increase of 3.4% [7][12] - The decline is attributed to a lack of new product launches in Q2 and the impact of previous high inventory levels, leading to reduced consumer demand [8][12] - Xiaomi faces the challenge of transitioning from a "hit product" strategy to a more sustainable high-end ecosystem approach [8][9] Group 3: Market Dynamics of Other Brands - Vivo and OPPO reported shipments of 11.9 million and 10.7 million units, with year-on-year declines of 10.1% and 5%, respectively [10][13] - Both brands maintain strong offline channel control but lack a significant presence in the high-end market, requiring time to transition to premium offerings [13] - Apple shipped 9.5 million units in China, with a minimal decline of 1.3%, indicating resilience in its brand and ecosystem despite increasing competition from domestic brands [14] Group 4: Overall Market Trends - The overall decline in the Chinese smartphone market reflects broader economic challenges, including reduced consumer confidence and the end of government subsidies [15][16] - The global smartphone market saw a total shipment of 297 million units in Q2, with a 1.4% year-on-year growth, contrasting with the Chinese market's decline [15] - The future success of smartphone manufacturers will depend on their ability to adapt to a non-growth environment by focusing on product rhythm, technological advantages, and strategic foresight [15][16]