Apple(US:AAPL) Feng Huang Wang·2026-02-05 06:22Core Insights - The global smartphone market revenue is projected to grow by 13% year-on-year in Q4 2025, reaching a record high of $143 billion [1] - The average selling price (ASP) of smartphones increased by 8% year-on-year, surpassing $400 for the first time in a single quarter, driven by a trend towards higher-end devices and rising BOM costs [1] - Smartphone shipment volume grew by 5% year-on-year, indicating a market growth driven by "value expansion" rather than "scale expansion" [1] Company Performance - Apple experienced the fastest revenue growth among the top five brands, with a 23% year-on-year increase, primarily due to the performance of the iPhone 17 series, achieving a revenue market share of 59% [1] - Samsung's shipment volume grew by 17% year-on-year, the fastest among the top five brands, supported by strong performance of the Galaxy A series across various regions, with a revenue growth of 12% [1] - Xiaomi's revenue declined by 9% year-on-year, and shipment volume decreased by 11%, impacted by supply constraints and rising component costs affecting its entry-level and mid-range product lineup [1] - OPPO's revenue and ASP grew by 23% and 6% year-on-year, respectively, marking the second-fastest growth among the top five brands [1] - Vivo's revenue also increased by 6% year-on-year, supported by strong performance in the Chinese and Indian markets [2]