Core Insights - The domestic market for smartphones in May 2025 saw a total shipment of 23.716 million units, representing a year-on-year decline of 21.8% [1] - 5G smartphones accounted for 21.19 million units shipped, down 17.0% year-on-year, making up 89.3% of the total smartphone shipments [1] - Domestic brand smartphones shipped 19.177 million units, reflecting a year-on-year decrease of 24.2%, which constituted 80.9% of the total shipments [1] - The number of new models launched by domestic brands was 36, a decline of 25.0% year-on-year, representing 92.3% of the total new models released [1]

Core Viewpoint - The domestic foldable smartphone market is experiencing a surge, with major brands like Honor, vivo, and Samsung launching new models, while the A-share market for consumer electronics sees significant gains due to anticipation of Apple's entry into the foldable screen segment [2][3]. Market Dynamics - The foldable smartphone market is currently at a bottleneck, with many brands adopting a conservative approach and reducing their product lines due to inherent issues like screen creases, quality, and pricing [4]. - Despite technological advancements, user growth has plateaued, with many consumers returning to traditional smartphones after initial trials [4][5]. - In contrast, the high-end smartphone segment in China is growing, with sales of devices priced above 5000 yuan projected to reach approximately 78.4 million units in 2024, up from 11% in 2020 [5][6]. Apple's Potential Impact - Apple's entry into the foldable market is highly anticipated, with reports indicating that the foldable iPhone is in the prototype development stage and expected to launch in late 2026 [3][8]. - The industry believes that Apple's involvement could redefine market dynamics and product standards, as it typically enters markets only when technology is sufficiently mature [8][11]. - The high technical barriers in the foldable supply chain, particularly in precision manufacturing and new materials, present challenges that need to be addressed before mass production can occur [9][10]. Supply Chain and Technological Challenges - The cost structure of foldable smartphones is heavily influenced by high-value components such as flexible screens and hinge systems, with screen modules priced between 1100 to 2200 yuan and hinge systems ranging from 350 to 1200 yuan [9]. - Despite advancements, there are still weaknesses in the supply chain, particularly in high-end materials and manufacturing processes, which are dominated by a few international leaders [10][11]. Future Outlook - The industry is divided on the future of foldable smartphones, with some analysts optimistic about Apple's potential to lead a technological revolution, while others caution that significant hardware improvements are necessary for mainstream adoption [16][17]. - The evolution of foldable smartphones may include new form factors like triple-fold or rollable designs, but the focus should be on balancing display space and portability rather than merely increasing folding capabilities [17].

Core Insights - The foldable smartphone market in China is experiencing a significant slowdown, with a projected growth rate of only 30.8% in 2024 and a first-ever year-on-year decline of 9.6% in Q4 2024 [1] - Manufacturers are increasingly adopting an ecosystem integration strategy to find new growth points, aiming to break down barriers between Android and Apple ecosystems [1][2] Group 1: Market Trends - IDC forecasts that the foldable smartphone market may enter a "small year" in 2025, leading to a more cautious stance from various manufacturers [1] - The limited market capacity is currently dominated by Huawei, which compresses the space for other manufacturers, prompting them to seek alternative strategies [1] Group 2: Product Innovations - Vivo's X Fold5, launched on June 25, features a lightweight design at 217g and a thickness of 9.22mm, equipped with a 6000mAh battery and advanced imaging capabilities [2] - Honor's Magic V5, released on July 2, claims to be the "lightest and thinnest foldable smartphone," with a thickness of 8.8mm and a weight of 217g, also boasting a 6100mAh battery and comprehensive AI functionalities [3] Group 3: Ecosystem Integration - Both Vivo and Honor are focusing on integrating their devices with Apple's ecosystem, allowing features such as Apple Watch connectivity and iCloud access, which aim to attract Apple users [2][3] - The strategy of Android manufacturers to lower the barriers for users switching between ecosystems is seen as a way to capture the attention of Apple users [3] Group 4: Competitive Landscape - The entry of Apple into the foldable smartphone market, expected in 2026, raises questions about whether current Android ecosystem strategies will inadvertently cultivate user habits favorable to Apple [5] - Honor expresses optimism about competing with Apple, viewing its entry as a validation of the foldable market's potential and an opportunity for further innovation [6] Group 5: Future Outlook - Honor plans to launch a new small foldable device in August, focusing on upgrades in imaging, design, and battery life, while aiming to position itself among the top three in the domestic market by the end of the year [7]

想必大家都有过这样异想天开的想法： 就是某某品牌手机的硬件配置+某某品牌手机的操作系统+某某品牌手机的价格... 这样的话，一台专属于我们自己心目中 " 最完美 " 的手机，就诞生了！ 你们敢说没有？先不说你们了~ 果子我自己，在高中那会，对手机略知一二的时候，就有过 YY 骁龙 801 + 苹果 iOS + 华为 P9 徕卡双摄 + 魅族 MX4 外观的想法。 当时果子还向班上几个玩着比较好的同学炫耀来着，要是有厂商搞出这样的手机，直接卖爆好吧！ 只可惜当时没有手机厂商能懂果子这样 " 超前 " 的想法。 现在回过头来想想，幸好大家都没懂，要是懂的话，理亏现在主流手机大厂得再少上几家......哈哈哈难蚌~ 不过嘛！在当时，也就是 2016 年的时候，确实也有厂商已经着手开发这样的手机了... 并且相比起果子想的 " 瞎几把乱拼凑 " ，他们给这样的机型起了个非常 fasion 且 future 的名字 —— 模块化手机。 比如在当时最被寄予厚望的谷歌，就打造出了 Project Ara ！ 这款手机最大的特点，就是能像 " 乐高 " 一样进行任意拼接： Project Ara 的主体，是一块 " 金属板 ...

Core Viewpoint - The Trump Organization has launched a smartphone priced at $499, claiming it to be "Made in America," but this assertion has been challenged by media and industry experts, revealing that the phone is actually produced by a Chinese company [1]. Group 1 - The smartphone was released in mid-June and has faced immediate scrutiny from American media [1]. - Todd Weaver, CEO of the only domestic smartphone manufacturer Purism, publicly criticized the Trump Organization's claim of American manufacturing [1]. - Following the backlash, the Trump Organization has altered the product description on its official sales website, removing the "Made in America" label and instead stating that the phone features a "design that makes Americans proud" and was "born in the USA" [1].

Core Viewpoint - The Trump Organization has launched a smartphone priced at $499, claiming it to be "Made in America," which has faced scrutiny and backlash from media and industry experts [1] Group 1: Product Launch - The smartphone is marketed as a response to Trump's policies aimed at revitalizing American manufacturing and increasing domestic employment [1] - The device was released in mid-June and has since been criticized by American media for its manufacturing claims [1] Group 2: Manufacturing Claims - Todd Weaver, CEO of the only U.S. phone manufacturer Purism, publicly challenged the Trump Organization's "Made in America" assertion, stating that the phone is produced by a Chinese company [1] - Following the backlash, the Trump Organization has altered its marketing language on its official sales website, removing the "Made in America" claim and instead stating that the phone features a "design that makes Americans proud" and was "born in the USA" [1]

Group 1 - The core viewpoint of the article is that the folding screen technology represents a potential breakthrough for the smartphone industry, which has become stagnant with traditional flat designs [1][2][4] - Folding screens are seen as a way for manufacturers to innovate and differentiate themselves in a saturated market, despite the current limitations and challenges [4][12] - The article highlights that while folding screens are becoming more advanced in terms of hardware, software adaptation remains a significant issue, with many applications not optimized for the new format [5][7][9] Group 2 - The main technical bottleneck for folding screens is the hinge mechanism, which needs to be lightweight, strong, and durable to ensure longevity and usability [9][10] - There are concerns about the visibility of screen creases and the overall lifespan of folding screens, with manufacturers claiming high durability but users remaining skeptical [10][12] - The article suggests that folding screens are unlikely to become mainstream in the short term due to their weight, cost, and lack of necessity, but they may find niche markets [11][12] Group 3 - The potential for folding screens to disrupt the market may hinge on major players like Apple entering the space, as their involvement could redefine consumer expectations and drive broader adoption [13] - Folding screens are not targeted at specific user groups but appeal to those who are willing to explore new technology and seek alternatives to traditional smartphones [14] - The significance of folding screens lies in their ability to challenge the status quo of mobile devices, prompting the industry to reconsider what constitutes a mobile device and how interactions can evolve [14][15]

折叠屏现下依然是国产手机厂商们在高端市场与苹果较量的重要筹码。 仅在今年上半年，6月25日vivo对外发布了售价6999元起的新一代大折叠手机X Fold5，小米和荣耀紧接 着也将分别发布自己的小折叠手机MIX Flip2和大折叠手机MagicV5。而早在二三月间，OPPO和华为已 相继发布了大折叠手机FindN5和阔折叠屏手机PuraX。 在国内手机厂商纷纷发布新机的同时，折叠屏手机市场增速正日趋放缓，近日产业链还传出苹果折叠屏 手机可能在明年秋天面世的消息，这除了意味着折叠屏手机市场将更加热闹外，也意味着无论是要"截 胡"苹果手机用户，还是做苹果生态的"搭子"，国产手机厂商们意图转化苹果用户的脚步必须加快了。 折叠屏持续卷 折叠屏手机的普及，离不开工业设计、电池、屏幕等核心零部件的技术突破，也离不开成本和价格的持 续降低。 轻薄一直是折叠屏手机的重要卖点。以vivo新发布的 X Fold5为例，其搭载骁龙8Gen 3芯片，8.03英寸主 屏，但机身最低仅重217克，据vivo介绍，这个数字轻过当下所有大折叠和主流直板旗舰。但在轻薄的 同时，它还成为全球首款"三防"折叠屏手机：IPX9+防水能力、IP5X防 ...

Core Viewpoint - The launch of vivo X Fold5 aims to revitalize the folding smartphone market by offering significant advancements in hardware and software, targeting mainstream consumers with compelling reasons to adopt folding devices [1][3][19]. Group 1: Hardware Innovations - vivo X Fold5 is the lightest folding smartphone globally, weighing only 217 g, and features an equivalent battery capacity of 6000mAh, enhancing its practicality for users [2][5]. - The device boasts the world's first "three-proof" capabilities, including IPX9+ water resistance, IP5X dust resistance, and operational durability in temperatures as low as -20°C [5][6]. - The camera system includes a Zeiss 85mm super telephoto lens and professional optimization for macro photography, enhancing image quality across various photography scenarios [6][8]. Group 2: Software and Ecosystem Integration - X Fold5 introduces the first cross-ecosystem connection between Android devices and Apple Watch, targeting Apple users and enhancing interoperability [8][13]. - The "Atomic Workbench" feature allows users to run and display five applications simultaneously on one screen, addressing the needs of young professionals in mobile office scenarios [10][11]. - The device supports seamless file transfer between applications and enhanced collaboration with Mac computers, further bridging the gap between Android and Apple ecosystems [16][18]. Group 3: Market Strategy and Consumer Targeting - vivo aims to penetrate the mainstream market by addressing the practical needs of young consumers, particularly in mobile office environments, where traditional smartphones fall short [9][10]. - The strategy includes appealing to Apple users who are currently underserved in the folding smartphone segment, as Apple is not expected to release a folding device until at least 2026 [17][19]. - By focusing on the unmet needs of potential customers, vivo seeks to expand its user base and drive growth in the folding smartphone market [19].

Core Viewpoint - Honor is attempting to break its sales slump with the launch of the Honor 400 series, which is seen as a crucial product for regaining market share in the competitive mid-range smartphone segment [1][5][21]. Group 1: Sales Performance and Market Position - Honor has experienced a significant decline in sales, dropping out of the top five in domestic shipments and facing challenges since the second half of last year [2][3]. - The company's market share has decreased from a peak of 20% to below 14% as of Q1 2024, indicating a loss of competitive ground to rivals like Huawei and Xiaomi [10][12]. - The Honor 400 series has shown promising initial sales, surpassing previous models and entering the top 15 in sales rankings shortly after launch [5][9]. Group 2: Strategic Changes and Leadership - Following a leadership change, CEO Li Jian has initiated extensive reforms in strategy, management, and organizational structure to revitalize the company [4][16]. - The new management team is focusing on a more targeted distribution strategy, moving away from a broad approach to a more precise and flexible one, particularly in offline channels [9][10][14]. - Li Jian's vision for Honor includes transforming it into an AI terminal ecosystem company, aiming to leverage AI technology beyond smartphones [20][22]. Group 3: Competitive Landscape and Challenges - The competitive landscape remains intense, with offline channels being crucial for sales, where Honor has struggled against established players like Huawei and Xiaomi [3][13][14]. - Analysts express skepticism about Honor's ability to regain a top-three position in the domestic market, citing significant gaps in market share compared to leading brands [26][28]. - The company faces pressure to deliver short-term results to satisfy market expectations while undergoing long-term structural changes [29][30].