Core Insights - The overall sales volume of the Chinese smartphone market during the core sales phase of Double 11 in 2025 achieved a 3% year-on-year growth, primarily driven by the strong market performance of Apple's new models [2][3] - Apple's new generation base model saw significant upgrades in storage, optical systems, and sensors while maintaining the same pricing strategy as previous models, resulting in more than double year-on-year sales growth [2][3] - The Pro and Pro Max models also experienced mid to high double-digit sales growth during the promotional period, further stimulated by a limited-time discount of 300 RMB [2][3] Market Trends - Excluding the impact of Apple, the overall market sales volume declined by 5% year-on-year, indicating a trend of more rational purchasing decisions among consumers in the current economic environment [2][3] - The demand in the fourth quarter started relatively slowly, with some users having completed their device upgrades earlier in the year through various consumption incentive policies, leading to weakened purchasing demand during the holiday period [2][3] - Most mainstream brands focused their resources on promoting high-end new products, which, while raising the overall average selling price, constrained sales growth [2][3] Company-Specific Performance - Huawei experienced a noticeable shrinkage in market share during this promotional cycle, becoming one of the brands with the most significant decline [4] - The launch of Huawei's flagship Mate 80 series was two weeks later than the Double 11 event, missing a critical sales window, and despite being designed to compete in the high-end market, it failed to provide effective supply during the peak promotional period [4] - Xiaomi's sales decreased by 11% year-on-year, primarily due to the earlier release schedule of its new flagship model, which shifted the sales peak forward by about a month, resulting in a lack of new product momentum during Double 11 [4]