研报 | 库存调整结束，2Q25全球智能手机生产总数达3亿支，季增约4%

Core Viewpoint - The global smartphone production is expected to reach 300 million units in Q2 2025, driven by seasonal demand and recovery in production from brands like Oppo and Transsion, despite ongoing economic challenges affecting consumer spending [2]. Group 1: Market Overview - The global smartphone production is projected to increase by approximately 4% quarter-over-quarter and 4.8% year-over-year in Q2 2025 [2]. - The Chinese market's subsidy policy has temporarily boosted sales of mid-range products, aiding inventory reduction, but its overall impact on 2025 sales is expected to be limited due to constraints on subsidy amounts and product coverage [2]. Group 2: Brand Performance - Samsung remains the largest producer with 58 million units, experiencing a 5% decrease quarter-over-quarter, holding a 19% market share [3][5]. - Apple produced 46 million units, down 9% from the previous quarter, but up 4% year-over-year, reflecting growth driven by the new iPhone 16e [5][6]. - Xiaomi's production totaled 42 million units, a 1% increase quarter-over-quarter, maintaining a 14% market share [3][6]. - Oppo's production surged by 35% to 37 million units as inventory adjustments concluded, securing a 12% market share [3][6]. - Transsion produced over 27 million units, a 33% increase quarter-over-quarter, with a year-over-year growth of 15.7%, capturing a 9% market share [3][6]. - Vivo's production rose by 8% to 26 million units, also benefiting from the Chinese subsidy policy, maintaining a 9% market share [3][6].