Core Insights - The domestic smartphone market in China saw an approximate 8% week-on-week increase in market size during the week of November 10-16, 2025, with Apple leading at 24.1% market share, followed by Xiaomi at 17.2% and Vivo at 15.8% [1] - The iPhone 17 series achieved cumulative sales of 10.77 million units by November 16, 2025, significantly outperforming competitors like Xiaomi, Vivo, and OPPO [1][2] - Apple's Q4 FY2025 revenue reached a record $102.47 billion, marking an 8% year-on-year increase, while net profit surged by 86% to $27.47 billion [4] Smartphone Market Performance - Apple's iPhone sales in China increased by 37% year-on-year in October 2025, with a market share rise to 25%, the highest since 2022 [2] - Xiaomi's 10 series saw a 7% year-on-year sales increase in October, securing the second position in the market [2] - OPPO's new Find X9 model drove a 19% year-on-year sales growth in October [2] Apple Financial Performance - In Q4 FY2025, iPhone revenue grew by 6.1% year-on-year to $49 billion, although it fell short of analyst expectations [4] - Revenue from the Greater China region declined by 3.6% year-on-year to $14.49 billion, making it the only region to experience a revenue drop [4] - Despite the decline in the Greater China market, there are no immediate signs of a significant drop in demand for the iPhone 17 series [4]

Core Insights - Apple's iPhone 17 series has driven a 37% increase in sales in China for October, marking the first time since 2022 that it captured a 25% market share [1] - The iPhone 17 series has seen double-digit growth across all models, surpassing its predecessor, the iPhone 16 [1] - The overall smartphone market in China grew by 8% due to Apple's strong performance [1] Group 1: Apple Performance - The iPhone 17 series now accounts for over 80% of Apple's total sales, with rising average selling prices (ASP) likely to further amplify revenue growth [1][2] - Apple's production capacity for the iPhone 17 series is robust, with an estimated 54 million units produced in Q3 and an expected increase to 79 million units in Q4, totaling 133 million units for the year [5] - In Q4 of fiscal year 2025, Apple reported total revenue of $102.466 billion, an 8% increase from $94.930 billion year-over-year, with net profit soaring by 86% to $27.466 billion [5] Group 2: Competitive Landscape - Huawei's sales declined in October, attributed to the upcoming launch of the Mate 80 series, with a potential surge in demand post-launch [2] - In the high-end smartphone market (priced above 6000 yuan), Huawei holds a 30.7% market share, while Apple leads with 51.1%, and the iPhone 17 series has a penetration rate of 69% in this segment [2] - Despite a decline in overall smartphone sales in Q3 2025, Apple ranked sixth with a 13.6% market share, as consumer demand was low during the back-to-school season [2]

Core Insights - The Southeast Asian smartphone market is experiencing a decline, with a year-on-year decrease of 1% in Q3 2025, resulting in a total shipment of 25.6 million units, marking the third consecutive quarter of decline [1][9] Market Performance - Samsung leads the region with a shipment of 4.6 million units and an 18% market share, benefiting from a high-end product mix in markets like Thailand, Vietnam, and Malaysia [3] - Transsion follows closely with 4.6 million units and an 18% market share, maintaining slight year-on-year growth [4] - Xiaomi ranks third with 4.3 million units and a 17% market share, driven by the success of its POCO series [4] - OPPO is fourth with 3.8 million units and a 15% market share, facing a significant decline due to weak demand and channel adjustments [4] - Vivo rounds out the top five with 2.9 million units and an 11% market share, supported by its new Y series models [5] Competitive Strategies - The entry-level smartphone segment is becoming increasingly volatile, with brands like OPPO and Vivo focusing on value rather than volume, while Honor and Xiaomi aim to increase market penetration through higher shipments [5] - Transsion's competitive pricing in Indonesia and the Philippines is crucial, but rising memory and storage costs may challenge its pricing strategy [7] - Samsung's early launch of the A17 and A07 series has been pivotal in maintaining its lead in traditional strongholds like Thailand and Vietnam [7] - Xiaomi's strong performance in Malaysia, particularly with the Redmi 15, highlights its ability to accelerate the adoption of 5G devices in the mass market [7]

Core Insights - The Chinese smartphone market is projected to see a year-on-year decline of 2.7% in sales by Q3 2025, according to Counterpoint Research [2] - Apple holds a market share of 13.6%, ranking sixth among major manufacturers and failing to enter the top five [2] - Apple has faced continuous growth pressure in the Chinese market for several consecutive quarters [2] Sales Performance - In Q1 of this year, Apple sold 9.8 million units, with a market share of 13.7%, reflecting a year-on-year decline of 9% [4] - Although the decline in sales has narrowed from Q1 to Q3, Apple's market share continues to decrease [4] - The iPhone 17 base model's sales in China have nearly doubled compared to the iPhone 16 during the same period last year [4] Revenue Trends - In October, the year-on-year growth rate of the iPhone 17 Pro exceeded that of the iPhone 16 Pro by nearly two-thirds [4] - Despite the excitement around the iPhone 17, Apple's sales still experienced a 2% year-on-year decline in Q3, aligning with the overall market trend but showing weaker growth compared to other major manufacturers [4] - Apple's Q4 revenue from the Greater China region was $14.493 billion, down 3.6% from $15.033 billion in the same period last year, marking it as the only region with declining revenue globally [4]

Core Insights - Vivo leads the Chinese smartphone market with a 19% market share in the first eight weeks of Q3, driven by strong performance of S30 and X200s series products [1] - Huawei, OPPO, and Xiaomi are tied for second, third, and fourth places with a market share of 16% each [1] - The overall Chinese smartphone market is expected to see a slight decline in Q3, while the annual performance is projected to remain stable [1]

Group 1 - The core viewpoint of the report indicates that the Chinese smartphone market experienced a 2% year-on-year decline in shipment volume for Q2 2025, while maintaining overall market stability [1] - Huawei and vivo both hold the top market share at 18%, reflecting a stable competitive landscape among leading brands, with companies actively responding to market changes through product innovation and strategic adjustments [1] Group 2 - Huawei's market share reached 18% in Q2 2025, showing a slight decrease of 1 percentage point from Q1 2025 but a 3 percentage point increase compared to Q2 2024, driven by strong demand for the newly launched Nova 14 series [3] - Vivo also achieved a significant market share increase to 18%, with a 4 percentage point rise from the previous quarter, although it experienced a slight year-on-year decline of 1 percentage point due to overall market conditions [3] - OPPO maintained a stable market share of 16%, with a 1 percentage point increase from the previous quarter, showing consistent brand performance year-on-year [3] Group 3 - Xiaomi's shipment volume grew by 4% year-on-year, attributed to an early release of subsidy plans that met market demand [3] - Apple's shipment volume increased by 1% year-on-year, primarily due to the introduction of the iPhone 16 series with significant price reductions, which lowered the purchasing threshold for consumers [3]

Core Insights - The Southeast Asian smartphone market experienced a year-on-year decline of 1% in Q2 2025, with a total shipment of 25 million units [1][2][4] Company Performance - Xiaomi regained the top position in the Southeast Asian smartphone market for the first time in four years, with a shipment of 4.7 million units and a market share of 19%, reflecting an 8% year-on-year increase [1][2][4] - Transsion ranked second with a shipment of 4.5 million units and an 18% market share, showing a significant year-on-year growth of 17% [1][4] - Samsung secured the third position with 4.3 million units shipped and a market share of 17%, but experienced a 3% decline year-on-year [1][4] - OPPO (excluding OnePlus) ranked fourth with a shipment of 3.5 million units and a market share of 14%, marking a substantial year-on-year decrease of 19% [1][4] - Vivo came in fifth with 2.8 million units shipped and an 11% market share, reflecting a year-on-year decline of 21% [1][4]

Group 1 - Honor's market share in Hong Kong reached 20.2% in June, marking a historical high and surpassing Apple to become the second-largest brand in the market [1] - The Honor X70 5G smartphone topped the sales charts for ten consecutive days, achieving the highest sales across all brands and models [1] - According to CounterPoint Research, driven by national subsidy policies, China's smartphone sales are expected to grow by 2.5% year-on-year in the first quarter of 2025, with Honor's market share at 13.7% [1]

Core Viewpoint - Apple is set to close its first direct retail store in mainland China, located in Dalian, on August 9, 2025, marking a rare occurrence in the company's operations in the region [2][5]. Group 1: Store Closure Details - The Dalian Apple Store, which opened on October 24, 2015, was the first Apple retail store in Dalian and the second in Liaoning Province [5]. - This closure is significant as it is the first time Apple has closed a direct retail store in mainland China, although the company has not disclosed the reasons for this decision [2][5]. Group 2: Market Expansion - Despite the closure, Apple continues to expand its presence in mainland China, with plans to open a new store in Shenzhen on August 16, 2023, which will be the third Apple store in the city [9]. - Earlier in the year, Apple opened its first retail store in Hefei, Anhui Province, indicating ongoing growth in the region [9]. Group 3: Market Performance - Apple's iPhone sales in China have shown a downward trend, with the company holding a 13.9% market share, ranking fifth among smartphone manufacturers [11][12]. - According to IDC, the overall smartphone market in China saw a 4.0% decline in shipments in Q2 2023, totaling 68.96 million units [12]. Group 4: Financial Performance Expectations - Analysts expect Apple's revenue for the third quarter of fiscal year 2025 to increase by 3.9% year-over-year to $89.1 billion, with earnings per share projected to rise by 1.4% to $1.42 [14]. - The Greater China region is anticipated to benefit from positive promotional activities, potentially boosting revenue [14][18]. - Morgan Stanley has raised its revenue forecast for the third quarter to $90.7 billion, reflecting strong performance in hardware and services [19].

Core Viewpoint - Apple is closing its first retail store in China located in Dalian, which has been operational for nearly ten years, due to changes in the external commercial environment and the departure of several retailers from the shopping center [1][2]. Group 1: Store Closure Details - The Dalian store will cease operations on August 9, 2023, and is the first Apple retail store in China to close, with the only other instance being a relocation [1]. - The closure is attributed to the departure of multiple retailers from the Dalian Baicheng shopping center, which has been embroiled in litigation since 2022 [2]. Group 2: Market Position and Sales Performance - Despite the closure, Apple continues to expand in China, with plans to open a new store in Shenzhen on August 16, 2023, marking its third store in the city [2]. - Apple's market share in China has declined, with a reported 13.9% market share in Q2 2023, placing it fifth among smartphone manufacturers [3]. - The overall smartphone market in China saw a 4.0% year-on-year decline in shipments, totaling 68.96 million units in Q2 2023 [3]. Group 3: Pricing Strategy and Financial Performance - Apple has implemented price reductions to stimulate market interest, including a 100 yuan decrease for the iPhone 16 Pro 128GB model compared to the previous year [4]. - In its Q2 2025 financial report, Apple reported revenues of $95.4 billion, a 5.1% increase year-on-year, but revenue from Greater China fell by 2% to $16 billion [5].