"这里用手机的人很多，据我观察，可能10个人里9个都用上了。但使用智能手机并且上网的人不多，10个人中大概只有3、4个"。在非洲几内亚从事贸易 生意的武哥说道。他来自江苏，在几内亚已经打拼了十多年。 "这里用固定宽带的人更少，智能手机几乎是他们唯一的上网方式，但即使这样，手机上网的人也不多，"武哥表示。 根据ITU（国际电信联盟）和GSMA最新发布的数据，尽管全球96%的人口生活在有移动互联网覆盖的地方，但仍有31亿人没有使用移动互联网，占全世 界人口的38%。 导致如此多人没有用上移动互联网的一个主要"拦路虎"，就是智能手机成本较高，尤其在低收入国家和地区，许多人买不起智能手机。据ITU估算，如果 将智能手机价格降低到20美元，将使智能手机的可负担性差距从世界人口（15岁以上）的约23%缩小到14%。 于是，"平价手机"成为消除"使用鸿沟"的重要突破点。 1 用不起智能手机 几内亚位于西非，是联合国认定的最不发达国家之一。调研机构Data Reportal发布的数据显示，2025年初，几内亚活跃的蜂窝移动连接总数已达1420万， 相当于总人口的95.1%，渗透率颇高。 图源：unsplash 但同时，几内亚 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see a recovery in performance in Q2 2025, driven by long-term growth in emerging markets, expansion of product categories, mobile internet, and edge AI development [1][6] - Despite a decline in revenue and net profit in the first half of 2025, the company shows signs of improvement with a significant quarter-on-quarter revenue increase in Q2 2025 [5][7] - The company leads in market share in emerging markets, ranking third globally among smartphone manufacturers, with a focus on diversifying its product offerings and enhancing internet services [6][8] Financial Performance Summary - In H1 2025, the company reported revenue of 29.077 billion, a year-on-year decrease of 15.86%, and a net profit of 1.213 billion, down 57.48% [5] - Q2 2025 results showed revenue of 16.074 billion, a year-on-year decline of 6.09% but a quarter-on-quarter increase of 23.61%, with a net profit of 0.723 billion, down 41.03% year-on-year but up 47.47% quarter-on-quarter [5][7] - The gross margin for H1 2025 was 20.09%, with Q2 2025 showing a slight improvement to 20.76% [7] Business Segment Analysis - The smartphone segment generated revenue of 24.389 billion, down approximately 17% year-on-year, while the feature phone segment saw revenue of 1.704 billion, down about 35% year-on-year [6] - The company has a 12.5% share of the global smartphone market, ranking third, with a 7.9% share in the global smartphone market, ranking sixth [6] - Other business segments, including digital accessories and home appliances, achieved revenue of 2.971 billion, a year-on-year increase of 15% [6] Future Outlook - The company anticipates accelerated revenue growth in H2 2025 due to factors such as the US dollar interest rate cuts and ongoing product launches [7][8] - The report projects a downward revision of net profit forecasts for 2025 and 2026, with estimates of 3.601 billion and 4.816 billion respectively, while introducing a new forecast for 2027 at 5.685 billion [8][9] - The current market valuation corresponds to a PE ratio of 27X for 2025, 20X for 2026, and 17X for 2027 [8]