以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . Counterpoint Research 是一家专注于科技行业的全球性研究公司，在全球主要的市场有着强大的影响 力。我们致力于为合作伙伴提供准确、及时的市场数据，帮助他们做出明智的决策。 10 月前两周，西欧智能手机销量同比下降 1%，反映出区域经济依旧低迷、消费者仍显信心不足 的情况。 根据 Counterpoint Research 的智能手机周度销量追踪 数据，西欧地区 10 月前两周（第 40、41 周）智能手机销量同比下降 1%。 副总监 Jan Stryjak 表示："苹果通常在 9 月下旬发布新款 iPhone，因此 10 月往往是西欧智能手机市场的季节性增长期。但从今年 10 月初的周度数据来看， 西欧地区的本月整体增速可能不及预期。整个地区的经济形势依然低迷，消费者信心仍未明显恢 复。" 数据来源：Counterpoint Research 欧洲周度追踪，2025年10月 注：周度数据采用周日至周六的报告周期。因此，"10月前两周"即2025年9月28日至10月11日，以及20 ...

Core Insights - The article discusses the performance and market trends of vivo smartphones based on 10 research reports from Counterpoint Research, highlighting the brand's growth in various regions and its transition to 5G technology [4]. Group 1: Market Performance - In Q2 2025, global smartphone revenue surpassed $100 billion for the first time, marking a historical high for the period, with vivo's revenue growing by 4% year-on-year and shipment volume increasing by 5% [10]. - The Indian smartphone market saw an 8% year-on-year increase in shipments in Q2 2025, with vivo achieving a 23% year-on-year growth driven by strong demand for its Y and T series in the ₹10,000-15,000 price range (approximately $110-170) [14]. - In Q1 2025, vivo maintained its leading position in the Indian smartphone market with a 9% year-on-year growth, particularly benefiting from strong sales of its Y29 5G and T4x models priced below ₹15,000 [22]. Group 2: Regional Insights - In Vietnam, the share of 5G smartphones in total shipments exceeded 50% for the first time in Q2 2025, with vivo completing its transition from the 4G Y29 to the 5G Y39 model [5]. - The Chinese smartphone market experienced a 2% year-on-year decline in shipments in Q2 2025, but vivo ranked second in shipments, supported by strong performance in lower-tier cities and successful promotions for its S30 series [17]. - In Indonesia, vivo's shipments grew by 12% year-on-year in 2024, focusing on the entry-level market (under $200), with its Model Y series being the most popular in that price segment [31]. Group 3: Competitive Landscape - The competitive landscape in the Indian smartphone market is evolving, with local manufacturers gaining ground. Dixon has partnered with vivo to establish a joint venture, indicating a strategic move to enhance local production capabilities [7]. - The overall smartphone market is recovering after two years of decline, with vivo ranking fifth globally, particularly excelling in the Indian and Chinese markets [36].

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]

Core Insights - The Southeast Asian smartphone market experienced a 3% year-on-year decline in Q1 2025, marking the first drop after five consecutive quarters of growth [1][3] - Samsung regained the top position with 4.3 million units shipped, holding a 19% market share, while Xiaomi was the only top five vendor to achieve a year-on-year growth of 4%, reaching 4 million units and a 17% market share [1][7] - The average selling price (ASP) increased by 5% to the highest level since 2023, driven by a wave of high-end product launches in Q4 2024, which reduced disposable income for retailers [3][6] Market Performance - Samsung: 4.3 million units, 19% market share, down 3% year-on-year [7] - Xiaomi: 4.0 million units, 17% market share, up 4% year-on-year [7] - Transsion: 3.3 million units, 15% market share, down 20% year-on-year [7] - OPPO: 3.2 million units, 14% market share, down 16% year-on-year [7] - Vivo: 2.7 million units, 12% market share, down 3% year-on-year [7] Strategic Insights - Companies need to maintain flexible product portfolio strategies to quickly respond to changing market dynamics, as demonstrated by Xiaomi's rise to second place through strategic product launches [3][4] - Diversification of sales channels is crucial for mitigating risks associated with market volatility, particularly in the entry-level segment [3][6] - Vietnam is emerging as a key market for smartphone production due to its stable governance and improving infrastructure, providing opportunities for brands to expand their 5G product lines [6]