Core Viewpoint - TrendForce's latest survey indicates that 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, reflecting a quarter-on-quarter increase of approximately 4% and a year-on-year increase of 4.8% [2]. Group 1: Smartphone Production Overview - In Q2 2025, the top six smartphone brands maintained a combined market share of around 80% [5]. - Samsung, the leading manufacturer, produced approximately 58 million units, experiencing a quarter-on-quarter decrease of 5% [3]. - Apple, in second place, produced 46 million units, down 9% quarter-on-quarter, but up 4% year-on-year, driven by the new iPhone 16e [5]. - Xiaomi ranked third with a production of 42 million units, showing a 1% increase quarter-on-quarter, supported by expansion into emerging markets [3]. - Oppo's production rose significantly by 35% quarter-on-quarter to nearly 37 million units, as inventory adjustments concluded [5]. - Transsion produced over 27 million units, marking a 33% increase quarter-on-quarter and a year-on-year growth of 15.7% [6]. - Vivo's production reached 26 million units, up 8% quarter-on-quarter, benefiting from overseas market contributions and China's subsidy policies [6]. Group 2: Market Dynamics and Trends - The Chinese smartphone subsidy policy temporarily boosted sales of mid-range products and helped reduce inventory, but its overall impact on annual sales is expected to be limited due to constraints on subsidy amounts and product coverage [2]. - The second half of the year is anticipated to see traditional peak season and e-commerce promotions, which will help maintain a quarterly growth pattern for smartphone production throughout the year [2].

Core Viewpoint - KUSAI Intelligent Technology Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange, focusing on the development, design, manufacturing, and sales of smartphones and motherboards, primarily providing end-to-end solutions for local smartphone brands [1][2]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 1.713 billion yuan, 2.302 billion yuan, and 2.717 billion yuan, respectively, with net profits of 110 million yuan, 203 million yuan, and 207 million yuan, indicating a slowdown in growth for 2024 [2][6]. - The average selling price of consumer smartphones has been declining, recorded at 572 yuan, 510 yuan, and 500 yuan for the years 2022, 2023, and 2024 [4][5]. Market Position - KUSAI's consumer smartphone revenue accounted for 65.5%, 68.8%, and 70.7% of total revenue in 2022, 2023, and 2024, respectively [3][6]. - The company is the second-largest end-to-end solution provider for local smartphone brands by shipment volume in 2024, and it is expected to rank first in the first quarter of 2025 [3]. - KUSAI's global smartphone shipment volume was 6 million units in 2024, ranking 8th among global end-to-end solution providers with a market share of only 1.2% [3]. Customer and Revenue Distribution - The majority of KUSAI's products are sold overseas, with total overseas revenue of 1.044 billion yuan, 1.537 billion yuan, and 1.766 billion yuan for 2022, 2023, and 2024, representing 60.9%, 66.8%, and 65.0% of total revenue, respectively [6]. - The company's inventory has been increasing, with balances of 286 million yuan, 369 million yuan, and 470 million yuan for the years 2022, 2023, and 2024, accounting for 29.3%, 28.3%, and 33.4% of total assets [6]. - The top five customers contributed revenues of 658 million yuan, 1.015 billion yuan, and 1.164 billion yuan for 2022, 2023, and 2024, making up 38.4%, 44.1%, and 42.8% of total revenue, respectively [6].

Core Insights - The global smartphone market is expected to decline by 1% year-on-year in Q2 2025, marking the first drop in six consecutive quarters, reflecting cautious consumer sentiment and macroeconomic uncertainties [1][2] - Samsung maintained its market leadership with a 19% share, followed by Apple at 16% and Xiaomi at 15%, while Vivo and Transsion captured 9% each [1][5] Market Performance - Despite a slight decrease in shipments, major manufacturers demonstrated stability and resilience amid ongoing economic challenges [2] - The U.S. market remains an exception, with companies like Apple, Samsung, and Motorola maintaining high inventory levels due to uncertainties surrounding tariffs and geopolitical factors [2] Consumer Behavior - Many consumers who delayed upgrades in early 2025 are expected to make purchases during year-end shopping festivals and promotional events [4] - Price-sensitive consumers are the primary drivers of upgrade demand, favoring reasonable pricing for replacing old devices [4] Inventory and Production Strategies - Manufacturers are focusing on optimizing operational efficiency and tactical outcomes to avoid inventory buildup, leading to adjusted production targets [2] - Healthy inventory levels in the channels are conducive to replenishing newly released models, potentially driving growth in the latter half of the year [4]

智通财经APP获悉，Canalys最新研究显示，2025年第一季度，东南亚智能手机市场同比下滑3%，为连续五个季度实现年增长后的首次下 滑。三星以430万部的出货量重夺市场第一，占据19%的市场份额。小米(01810)成为前五大厂商中唯一实现同比增长的厂商，出货量同比 增长4%，达400万部，占据17%市场份额，创下自2019年第二季度疫情前高峰以来的最佳排名。 尽管因2024年初新品提前发布导致出货量同比下滑20%，传音仍以15%的市场份额位居第三。OPPO(不含一加)以14%的市场份额位列第 四，但受入门级市场疲软影响，出货量下滑16%。vivo凭借V系列同比增长34%的强劲表现，稳居第五位，市场份额达到12%。 Canalys研究经理周乐轩(Le Xuan Chiew)表示："东南亚智能手机市场在2025年开局表现疲软，同比下降3%。由于厂商在2024年第四季度 节日期间提前备货，以应对潜在的宏观经济风险，导致2025年初库存水平偏高。通胀压力削弱了消费者需求，尤其是入门级和中端市 场，这导致平均售价(ASP)同比增长5%，达到自2023年以来的最高水平，部分原因是由于2024年第四季度一波高端产品的发 ...