荣耀手机国内市场销量下滑9% 从第一到“Others” 还能翻身吗？

Core Insights - The overall smartphone sales in the Chinese market have decreased by 2% year-on-year in the first eight weeks of Q3 2025, with Honor experiencing the largest decline at 9% [2] - Honor's market share has significantly dropped, attributed to ongoing adjustments in its channel strategy, which has impacted its business operations [2] - Honor's decline is part of a longer trend, having fallen from a leading market share of 17.1% in Q1 2024 to being excluded from the top five smartphone brands in China by Q1 2025 [4] Market Performance - Honor's smartphone shipments fell by 19% year-on-year in Q2 2025, with its market share decreasing by 2.7 percentage points to 12.8% [4] - The brand has been perceived as a "Huawei substitute," but after Huawei's strong comeback with the Mate 60 series, Honor's market share dropped from 16.8% to 13.7% [4] Product Strategy - Honor has expanded its product matrix to cover more price segments, but this "product sea strategy" raises concerns about maintaining competitiveness across over 20 models [5] - The company reported significant losses in its foldable phone segment, with cumulative losses reaching 2 to 3 billion yuan, and the Magic7 series underperforming with only 1.28 million units sold [5] International Growth - Despite domestic challenges, Honor has seen substantial growth in international markets, with a 70% increase in shipments in Latin America, reaching a record 2.9 million units in Q2 2025 [7] - Honor also maintained a top-five position in the European market, with an 11% year-on-year increase in shipments [7] Strategic Initiatives - In response to domestic market difficulties, Honor has implemented various self-rescue measures, including the aforementioned product strategy and the announcement of a $10 billion investment in AI over the coming years [8] - The company's ability to stabilize its terminal network and rebuild product differentiation will be crucial for regaining growth in an increasingly concentrated market [8]