机构Counterpoint Research发布数据显示，2025年上半年，全球智能手机出货量同比增长2%，而外包设 计订单同比增长7%。同时，原始设计制造商（以下简称"ODM"）设计的智能手机出货量占全球总出货 量的43%，创下2019年以来同期最高纪录。 这组数据意味着，智能手机厂商面对激烈的市场竞争与成本压力，积极应对智能手机硬件的持续迭代升 级，同时通过加大ODM外包力度，加强研发投入以及升级制造设施，扩大智能汽车关联业务、智能穿 戴、机器人等多元化业务。 行业并购为产业格局添变数 在手机产业链中，ODM企业占据重要位置。与传统代工生产企业相比，ODM企业承担部分或全部的产 品设计，在价值链上占据产品设计和生产制造两个环节。 在巩固智能手机主业的同时，ODM企业还正积极扩大智能汽车关联业务、智能穿戴、机器人等新型业 务。 智能汽车领域成为ODM企业跨界的热门选择，车联网、智能座舱等业务与智能手机ODM业务有一定技 术协同性。立讯精密财报显示，汽车业务成为本公司上半年最亮眼的增长极，目前本公司已进入多家主 流车企供应链。龙旗科技与智元创新（上海）科技有限公司共同发力国内工业具身智能机器人业务。 受访业 ...

数据来源:Counterpoint Research智能手机制造360服务 注：自2025年起，闻泰的ODM业务并入立讯精密 Counterpoint高级分析师Ivan Lam表示："目前，全球智能手机ODM行业正处于新一轮格局重塑期。华勤和龙旗继续维持双强地位。在立讯精密整合闻泰 ODM业务带来的市场波动中，其他各大厂商承接了部分转移订单。天珑移动今年稳步增长，上半年跻身第三。立讯精密承接了闻泰的大部分ODM客户资 源，并正积极拓展新客户，但ODM业务的整合与提振尚需时间，因此目前市场排名第四。" 据Counterpoint Research披露，2025年上半年，全球ODM智能手机出货量同比增长7%。华勤与龙旗继续保持行业领先地位，双强格局稳固；天珑移动表现 突出，跻身行业第三。立讯精密（002475）ODM业务的整合与提振尚需时间，目前市场排名第四。预计未来几年ODM智能手机出货量仍具备增长空间； 主流ODM持续推进业务多元化。 麦博韦尔与易景表现随大客户订单波动有所变化。中诺虽在今年上半年出现同比下滑，但在主要客户的持续支持下，仍有望于下半年恢复增长。 Counterpoint分析师Alicia Go ...

Core Insights - The global ODM smartphone shipment volume is expected to grow by 7% year-on-year in the first half of 2025, with Huakin and Longqi maintaining their leading positions in the industry [4][10] - The overall global smartphone shipment volume is projected to increase by 2% year-on-year, while outsourced design orders are expected to rise by 7%, indicating that OEM manufacturers are increasing ODM outsourcing to cope with intense market competition and cost pressures [5][11] - ODM-designed smartphones accounted for 43% of the total global shipment volume, marking the highest level for the same period since 2019 [5] ODM Market Analysis - The ODM industry is undergoing a restructuring phase, with Huakin and Longqi continuing to hold strong positions. Tianlong Mobile has shown significant growth, ranking third in the industry [9] - Lixun Precision has taken over most of the ODM customer resources from Wentai, but the integration and uplift of ODM business will take time, currently ranking fourth in the market [9][10] - Other ODM manufacturers are actively exploring new business areas such as customized products, LED, and AIoT, although these new ventures are unlikely to yield significant short-term profits [9] Future Outlook - The ODM smartphone shipment volume is expected to have growth potential in the coming years, as mainstream ODMs continue to diversify their business [10][11] - OEM manufacturers are likely to increase their outsourcing ratios to alleviate operational pressures amid ongoing global economic challenges [11] - The report provides a comprehensive assessment of the strategic choices between outsourcing and in-house production among major brands, as well as insights into the evolving roles of upstream participants, including semiconductor suppliers [11]

Core Viewpoint - The Hong Kong stock market is experiencing a significant surge in IPO activities, with a record number of applications and financing amounts, driven largely by the "A+H" listing trend. Group 1: IPO Applications and Market Activity - On June 27, 16 mainland companies submitted IPO applications to the Hong Kong Stock Exchange, with 5 already listed on A-shares, indicating a strong interest in dual listings [1][3]. - As of June 29, there are 188 companies that have applied for listing on the Hong Kong Stock Exchange, excluding those that have withdrawn or become invalid [5]. - The total IPO financing amount in Hong Kong has reached approximately $14 billion this year, making it the highest globally among stock exchanges [2][7]. Group 2: Sector Distribution and Trends - Among the 16 companies that submitted applications, 10 are from the technology sector, 4 from healthcare, 1 from food, and 1 from consumer goods [4]. - The "A+H" listing trend is a major driver of the IPO boom in Hong Kong, with over 30 A-share companies having submitted H-share listing applications [6]. Group 3: Financing Statistics - In the first half of the year, the Hong Kong stock market saw 40 IPOs, raising approximately 104.7 billion yuan, while the total financing from placements reached 137.9 billion yuan, both exceeding the total for the previous year [9]. - There are 5 IPO projects in Hong Kong this year that have raised over 10 billion HKD each, including major companies like CATL and Heng Rui Medicine [10].