Core Insights - MiMedia has announced a partnership with HTC to relaunch HTC's smartphone brand in Latin America, with smartphones shipping to Mexico starting this week [1][2] - The MiMedia platform will be integrated as the default media gallery on the smartphones shipped to the region, marking a significant step in HTC's rebranding efforts [2] - HTC was once the third largest smartphone manufacturer globally in 2011, with over 43 million units sold and a leading market share in the United States [3] Company Overview - MiMedia Holdings Inc. offers an AI and data-powered consumer cloud platform that secures personal media in the cloud, providing seamless access across devices and operating systems [4] - The platform is designed to enhance user experience with features like rich media engagement, organization tools, and private sharing capabilities, which help in customer retention and market differentiation [4] - MiMedia collaborates with smartphone manufacturers and telecom carriers worldwide, creating recurring revenue streams for its partners [4] Leadership Perspective - Chris Giordano, CEO of MiMedia, expressed enthusiasm about the partnership with HTC, highlighting the brand's historical reputation for high-quality Android smartphones and the potential for growth in the LATAM market [4] - The partnership is expected to contribute to revenue and cash flow growth for MiMedia as it integrates quickly with HTC's smartphone shipments [4]

CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 Trading desk comments 交易台市场观点 Yesterday, the new BBLTB 35s closed 1bp wider from issuance at T+97, while the new BBLTB 30s tightened 1bp from T+82. The new SMBCAC 35s closed 2-3bps tighter from RO at T+115 amid AM/PB clients buying, while there were better selling flows on the existing SMBCAC 28s/34s. In Asia IG space, TW lifers and KR/TH/SG T2s recovered and closed 1-2bps tighter. On the other hand, there were better selling flows on JP corp ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **smartphone sector**, particularly the impact of rising **memory prices** on **smartphone OEMs** (Original Equipment Manufacturers) such as **Xiaomi** and **Transsion**, as well as **camera component suppliers** [1][15]. Core Insights and Arguments - **Memory Price Trends**: - A strong demand from AI has led to a significant memory price increase, with mobile DRAM contract prices expected to rise by **30-40% QoQ** in **4QCY25** and potentially continue into **1HCY26** [2]. - NAND pricing is also expected to increase, albeit at a milder rate [2]. - **Impact on Smartphone OEMs**: - Rising memory prices affect low-to-mid-end smartphones more than flagship models. For example, memory accounts for **4%** of an iPhone's ASP, **7%** for a Xiaomi flagship, and over **10%** for a Redmi model [3][16]. - A **40% increase** in memory prices could reduce Xiaomi's smartphone gross margins by **2-3 percentage points**. Xiaomi may pass some costs to consumers, which could affect sales volume [3]. - **Xiaomi's Premiumization Strategy**: - Xiaomi's shift towards premium models is helping to offset some of the pressures from rising memory costs. The **Xiaomi 17 series** saw a **30% increase** in shipments compared to the previous generation, with **80%** of the mix being premium models [3]. - **Camera Component Suppliers**: - The correlation between memory pricing and camera lens margins is historically weak, with a delayed impact on camera modules. The camera lens market is more consolidated, leading to less margin impact from rising memory prices [3][42]. - The current memory upcycle is expected to negatively impact camera budgets for low-to-mid-end Android models, but high-end Android and Apple supply chains are less affected [44]. Additional Important Insights - **Sunny Optical's Outlook**: - Concerns regarding Sunny Optical's performance due to rising memory prices are considered overstated. The bear case suggests a **6%** revenue growth and **1%** EPS growth for 2026, which is below consensus estimates [4][66]. - The price target for Sunny Optical in the bear case is set at **HKD 82**, indicating a potential upside of **~25%** [4]. - **Market Dynamics**: - The smartphone market has been saturated since the late 2010s, with annual shipments fluctuating due to various factors, including the Huawei ban and COVID-19 [17][31]. - The transition from **memory downcycle** to **upcycle** is expected to stabilize the market, with both Xiaomi and Transsion gaining market share and improving ASPs [17]. - **Investment Ratings**: - Sunny Optical is rated **Outperform** with a price target of **HKD 110** [7]. - Xiaomi is also rated **Outperform** with a price target of **HKD 57** [9]. Conclusion - The rising memory prices present challenges for smartphone OEMs, particularly in the low-to-mid-end segments, while high-end models and Apple suppliers remain relatively insulated. The premiumization strategy of companies like Xiaomi may help mitigate some of these pressures. The outlook for camera component suppliers is mixed, with expectations of budget constraints for lower-end models but stability in high-end segments.

Xiaomi (1810 HK) Equity Research Summary Industry Overview - **Industry**: Electronic Equipment & Instruments - **Company**: Xiaomi Corporation Key Financial Highlights - **3Q25 Non-IFRS Net Profit**: RMB 11.3 billion, up 81% year-on-year, exceeding consensus by 13% due to higher than expected EV average selling price (ASP) which increased by 9% year-on-year and 2.5% quarter-on-quarter [3][29] - **EV Business**: Achieved its first quarterly operating profit of RMB 0.7 billion in 3Q25, with vehicle deliveries increasing by 34% quarter-on-quarter [3][11] - **Total Revenue**: RMB 113.1 billion in 3Q25, a 22.3% increase year-on-year [29] Segment Performance Smartphone Segment - **Revenue**: RMB 45.97 billion, a decrease of 3.1% year-on-year [29] - **ASP Decline**: From RMB 1,073 in 2Q25 to RMB 1,063 in 3Q25, with gross margin dropping from 11.5% to 11.1% [3][29] - **Profitability Pressure**: Expected due to rising memory costs; prioritizing ASP improvement over shipment growth [4][11] IoT and Lifestyle Products - **Revenue Growth**: Slowed to 5.7% year-on-year, impacted by reduced shipments of smart large home appliances due to subsidy cuts and increased competition [3][4] - **Gross Margin Recovery**: Increased by 1.4 percentage points sequentially [3] EV Segment - **Revenue**: RMB 29.01 billion, a significant increase of 199.2% year-on-year [29] - **Delivery Goal**: On track to meet 2025 vehicle delivery target of 350,000 units, with monthly deliveries expected to rise from approximately 30,000 in July to over 40,000 by October 2025 [4][11] Strategic Insights - **Premiumisation Strategy**: Aimed at alleviating cost pressures in the smartphone segment [4][11] - **Product Mix Optimization**: To mitigate the impact of subsidy reductions in the IoT segment [4] Valuation and Estimates - **Target Price**: Decreased to HKD 62.80 from HKD 65.40, implying a 54% upside from the current share price of HKD 40.78 [5][11] - **Net Profit Estimates**: Lowered by 3%, 6%, and 3% for 2025-2027, respectively, due to reduced revenue estimates [5][30] - **Valuation Method**: Sum-of-the-parts (SOTP) approach; applying a 25x target PE for legacy businesses and DCF for the EV business [5][32] Risks and Challenges - **Component Shortages**: Potential revenue caps due to shortages in key semiconductor components [40] - **Competition**: Increased competition in IoT and internet services from established players like Huawei and Lenovo [40] - **FX Volatility**: Risks associated with foreign exchange fluctuations as Xiaomi expands in overseas markets [40] Conclusion - Xiaomi is positioned for growth in its EV segment while facing challenges in its smartphone and IoT businesses. The company’s strategic focus on premiumisation and product mix optimization is crucial for navigating current market pressures. The revised target price reflects a cautious outlook amid anticipated cost pressures and competitive dynamics.

小米(01810)同比增长35%，在重塑渠道关系并加大区域投资后表现回升。其中在迪拜伊本白图泰购物中心开设的首家旗舰店，也标志着其正进一步向直面 消费者模式转型。HONOR 则以128%的同比增幅领跑全地区，得益于产品组合扩展、更紧密的运营商与零售合作伙伴关系，以及其更完整的生态布局。 苹果在经历连续六个季度的波动后，也实现了14%的双位数增长，新款 iPhone 17系列的早期销售表现进一步巩固了其高端市场领导地位。 Pravinkumar表示："Omdia预计，中东智能手机市场的增长将在2026年放缓至温和的1%，低于2025年的13%。受元件成本上升和供应受限影响，2026 年上 半年将面临更大的阻力。这些挑战在低均价（ASP）市场中最为明显，因此，加强渠道互动，并在大众市场价位段推出更具针对性的激励措施，将是保持 增长势头的关键。与此同时，中高端市场预计将保持韧性，苹果(AAPL.US)和三星将继续通过更强的生态价值和品牌黏性推动换机需求。为维持市场热 度，渠道方需要进一步扩大分期付款、以旧换新和定向促销等方案；而能够在成本控制、产品组合优化和服务差异化之间取得平衡的厂商，将更有机会在 该地区逐步回升 ...

要点 Omdia 最新数据显示，2025年第三季度中东智能手机市场（不含土耳其）大幅反弹，同比上涨23%，出货 量达到1,510万部。增长主要来自大众市场需求的快速提升，消费者正从老旧或入门级设备升级到更强性能 的中端4G和经济型5G智能手机。各大厂商也借势发力，通过主打高性价比产品组合并加速在新兴市场的布 局来捕捉这一增长红利，其中经济型4G机型仍是推动高量级出货的核心力量。 中东各国市场表现不一。作为该地区最大的市场， 2025年第三季度， 沙特阿拉伯出现小幅2%下滑，主要因漫 长的暑期假期削弱零售活动，并推迟了消费者的换机周期。阿联酋同比增长13%，受益于 Sharaf DG、家乐 福、Emax 等主要零售商的大力度促销活动，以及"迪拜夏日惊喜"等季节性需求和多款重磅新品发布。伊拉克 和中东其他国家则延续强劲增长势头，分别实现41%和70%的增长。这主要得益于厂商活动力度加大、更强的 渠道激励、与分销商的协作提升，以及入门级市场稳定的替换需求。 Omdia 首席分析师 Manish Pravinkumar 表示："尽管该地区整体表现强劲，但由于厂商通过扩大入门级产品组 合来优先推动出货量，ASP（平均售 ...

2022年,ChatGPT掀起全球AI热潮,国内AI技术开始加速迭代,AI手机迅速成为行业热议的风口。各路厂商 纷纷入局,抢占市场先机。作为深耕智能硬件领域的参与者,酷赛智能没有急于追逐概念的狂欢,而是带着 一个朴素的疑问出发:如何让AI不止于冰冷的技术参数,真正"听懂"不同地域用户的语言、习惯与需求? 历时近一年的打磨,从模型选型的纠结到交互体验的反复优化,从零散的客户需求到系统化的定制方案,酷 赛智能的AI手机方案依托于dido OS17系统逐步成型,最终在海外新兴市场收获广泛认可。这背后,是酷赛 智能研发团队跨越昼夜的攻坚之旅,更是一段关于"倾听用户"与"突破边界"的从0到1探索。 一、破局之初:在"两难"中确定方向 布局AI手机的第一步,酷赛智能AI手机研发团队就陷入了棘手的两难——模型选择的核心决策。团队详 细筛选了多种主流AI大模型,深入剖析端侧模型与云端模型的核心利弊: 端侧模型虽响应直接,但对终端设备的硬件配置要求较高,若采用端侧部署,在新兴市场中低端机型占比极 高的现状下,极易出现运行卡顿、功能受限等问题,严重影响用户体验;而云端模型无需依赖终端硬件性 能,能稳定保障复杂功能的全面落地,更符 ...

Core Insights - The Middle East smartphone market (excluding Turkey) experienced a significant rebound in Q3 2025, with shipments increasing by 23% year-on-year to 15.1 million units [1] Market Dynamics - The growth in the smartphone market was primarily driven by rising demand in key mass-market segments, where consumers are upgrading from older or entry-level devices to more capable mid-tier 4G and affordable 5G smartphones [1] - Vendors have capitalized on this momentum by focusing on value-for-money portfolios and expanding their product ranges [1]

Core Insights - The visit of Saudi royal family members, including Princess Abeer Al Saud, to Honor's smart manufacturing factory in Shenzhen represents a new outbound strategy for Chinese manufacturers, aiming to showcase high manufacturing standards and counter the perception of Chinese products as low-end [1][2] - The Middle East is emerging as a competitive battleground for Chinese smartphone manufacturers, with a projected smartphone shipment volume of 13.2 million units by Q2 2025, reflecting a 15% year-on-year growth [1][2] - Honor has achieved a 95% year-on-year increase in shipment volume, capturing a 10% market share in the Middle East, while the overall competition among leading manufacturers remains intense [1][3] Group 1 - The visit to the Shenzhen factory highlights a shift in strategy, focusing on high-end and technologically advanced products rather than entry-level models [1][2] - The factory is recognized as a national-level smart manufacturing demonstration site, with over 85% of its processes automated, showcasing China's manufacturing efficiency and standards [2][3] - The emphasis on AI-driven products and retail expansion aligns with the high internet penetration and affluent consumer base in the Gulf countries, indicating a move away from purely price-based competition [2][3] Group 2 - Honor's latest offerings, including the foldable flagship Magic V5 and AI features, cater to the growing demand for AI-enabled devices in the context of Saudi Arabia's Vision 2030 and the upcoming China-Saudi cultural year [3] - Despite rapid growth, Chinese brands still face a significant gap compared to Samsung's 34% market share, which is supported by its Galaxy A series and financial strategies [3] - The ability of Chinese manufacturers to leverage technology and manufacturing capabilities to penetrate the high-end market will be a key focus in the latter half of the year [3]

11月17日，荣耀迎来了自己的"五岁生日"。 回顾荣耀的五年，从一度跌出中国市场前五到重返前列，从专注智能手机制造到押注AI终端生态，荣耀以坚韧破局之势，打造出高质量发展的"荣耀样 本"。 五年前，在消费者认知中是定位中低端的互联网品牌。历经五年深耕，今天的荣耀，品牌认知已经发生了根本性转变。特别是在面对苹果即将入局折叠屏 市场，以及人形机器人催生的万亿元级市场新蓝海，荣耀通过以"技术为核，生态为翼"的方式，在全球高端手机市场与新兴赛道上抢先发力，实现从破局 到立势的跨越。 荣耀重回中国市场前列 领跑折叠屏市场 今年上半年，荣耀曾一度跌出中国市场前五。面对上述局面，荣耀CEO李健3月在世界移动通信大会上发布"阿尔法战略"，宣布从"智能手机制造商"向"全 球领先的AI终端生态公司"转型，并计划在五年内投入超100亿美元用于生态建设，从打造智慧手机、构筑智慧生态，到共建智慧世界。 5月，荣耀400新品发布会现场启动"全球百万雄鹰计划"，面向全球吸纳技术领军人才、销售精英及优秀毕业生，并邀请万名用户体验官共同参与产品优化 与生态共建，标志着荣耀在AI时代的人才战略迈入全新阶段。 在完成战略、产品以及团队组织的变革调 ...