经济观察网据供应链人士透漏，荣耀WIN系列首销当月的销量已经突破40万台，打破了新荣耀历史产品 线上销量记录。此前，荣耀WIN系列在首销日的开售2小时就打破了新荣耀以来发布日的首销记录，首 销日也斩获京东平台全品牌全机型销额冠军，天猫、抖音和快手平台全品牌全机型销量冠军。 ...

摘要： 精益生存存量比赛开打，谁更焦虑？ 智能手机市场表面平静下的暗流涌动，揭示了一个被普遍忽视的真相，在智能终端竞争进入重资产焦虑的关口，最年 轻的玩家反而最可能跑出上扬的增长曲线。 15%的平衡陷阱 2025年的中国手机市场，维持着一种脆弱的平衡，也可谓是竞争焦灼。在华为、苹果、vivo、小米、OPPO和荣耀组成 的中国区六强之间，形成了一种份额在15%上下波动的僵持格局。 看上去这是一个健康的稳定市场，但实际上是存量进入肉搏白热化的信号。原因很简单，因为每一个百分点的得失， 都意味着硬碰硬的资源投入与竞争。这意味着，每一家厂商都必须通过精细化的运营、差异化的产品和深耕的渠道， 才能来守住自己的基本盘。 然而，在看似胶着的平衡之下，有一股力量正在悄然冒头。市场研究机构Omdia的报告显示，2025年荣耀全球智能手 机发货量首次突破7100万台，实现9%的同比增长。 作为六强中最年轻、且唯一以单一品牌作战的选手，荣耀在这片平衡的竞争态势之下，展现出独特的韧性。 减配VS涨价，供应链风暴来了 首先，是精准卡位，远离消耗战泥潭。荣耀在全球市场展现出罕见的战略定力。在海外，坚决聚焦 300-499美元的中 高端价 ...

Core Insights - The Chinese smartphone market is projected to ship 284 million units in 2025, reflecting a slight year-over-year decline of 0.6% [3][8] - Huawei regained the top position with a shipment of 46.7 million units and a market share of 16.4%, while Honor fell out of the top five [3][8] - Honor's overseas market performance is strong, with over 50% of its shipments coming from international sales, and a 47% growth rate in overseas markets [15][20] Market Overview - The top five smartphone manufacturers in China for 2025 are Huawei, Apple, Vivo, Xiaomi, and OPPO, with shipments ranging from 43.4 million to 46.7 million units [8][18] - The market is characterized by intense competition, with small differences in market share among the top players [9][14] - Honor's domestic market share is estimated to be around 12.5%, significantly lower than its previous standing [11][12] Company Developments - Honor underwent significant leadership changes in early 2025, with CEO Zhao Ming stepping down and Li Jian taking over, leading to a restructuring of key management positions [5][21] - The company launched 16 new products in the last six months, covering various price ranges and market segments [6][7] Strategic Initiatives - Honor is shifting its focus towards becoming an "AI terminal ecosystem company," with plans to invest $10 billion over the next five years to build its AI ecosystem [21][24] - The introduction of the "ROBOT PHONE" aims to redefine the smartphone experience by integrating AI capabilities [24] Challenges and Opportunities - The competitive landscape is challenging, with Huawei and Apple dominating the high-end market, capturing nearly 80% of the profits in the segment [14] - Honor's growth in overseas markets is promising, but it faces challenges in scaling its operations and maintaining profitability due to rising component costs [20][21]

Core Insights - The consumer electronics industry is witnessing a significant transformation, with Honor achieving a historic milestone in overseas market growth, marking a shift from survival to proactive expansion through its "Alpha Strategy" [1][3][12] Group 1: Market Performance - Honor's overseas smartphone shipment volume reached a historic high, with a growth rate of approximately 55% year-on-year in the first three quarters of 2025, positioning it as the top brand in global overseas growth [3][5] - The overseas shipment proportion increased from less than 10% in early 2021 to nearly 50% by Q3 2025, indicating a fundamental shift in Honor's global business structure [3][5] Group 2: Product Strategy - Honor launched three new products during the "Honor Design Night," showcasing its commitment to expanding product, technology, ecosystem, and brand boundaries, leading to significant sales growth and brand elevation [2][12] - The flagship Magic series, including the Magic V5 and Magic8 series, has set industry benchmarks with innovative designs and AI capabilities, contributing to a global shipment of over 71 million units in 2025 [6][7] Group 3: Technological Advancements - Honor's investment in technology is evident, with innovations like the Qinghai Lake battery technology and the Oasis eye protection screen, enhancing user experience and health [8] - The introduction of the world's first "robot phone" and advancements in AI capabilities demonstrate Honor's commitment to leading in AI and robotics [8][10] Group 4: Strategic Expansion - Under new management, Honor is broadening its boundaries by integrating cultural and artistic expressions into its products, exemplified by collaborations with brands like Porsche Design and Jimmy Choo [9][10] - The "1X3XN" ecological strategy aims to transform Honor into a leading AI terminal ecosystem company, enhancing collaboration with partners like BYD and Alibaba [10][11] Group 5: Future Outlook - Honor's strategy for 2026 focuses on three main axes: high-end flagship market expansion, emotional connections with younger consumers, and establishing a brand presence at the intersection of luxury and technology [12][13] - The shift from product-centric competition to an integrated experience encompassing hardware, software, services, and ecosystem collaboration marks a new competitive dimension for Honor [13]

Core Insights - The gaming smartphone market is experiencing strong competition with the launch of Honor's WIN series, which includes the Honor WIN and Honor WIN RT models, priced at 3999 yuan and 2699 yuan respectively. The series is positioned as a "flagship gaming phone" with competitive pricing and impressive specifications [1][10]. Group 1: Product Features - The Honor WIN series features a flagship SoC, active cooling, and a massive 10,000mAh battery, addressing the common trade-offs in performance, portability, and battery life [1][4]. - The design of the Honor WIN series moves away from the exaggerated "cyberpunk" style typical of gaming phones, opting for a minimalist industrial design that enhances usability in both gaming and everyday scenarios [3][10]. - The devices are equipped with a 185Hz high-refresh-rate gaming display and support for advanced gaming technologies, providing a PC-level gaming experience on mobile [4][10]. Group 2: Performance and Cooling - The Honor WIN series utilizes a combination of advanced cooling technologies, including a 3D butterfly VC cooling system and an integrated fan, to manage heat effectively during high-load gaming [7][8][9]. - The active cooling system is designed to minimize noise, operating below 25 decibels, and includes a five-year free maintenance service for dust cleaning, addressing user concerns about maintenance [9][10]. Group 3: Market Strategy and Positioning - Honor's entry into the gaming smartphone market is strategic, targeting a segment that remains under-served despite the growing global mobile gaming user base exceeding 3 billion [10][11]. - The WIN series is positioned as the starting point for Honor's gaming ecosystem, with plans to expand into other gaming-related products, such as gaming tablets and laptops, to create a comprehensive gaming experience [10][11]. - The successful launch of the WIN series, which broke sales records on platforms like JD.com, reflects Honor's deep understanding of user needs and its commitment to delivering high-performance devices [1][11].

Group 1 - The new Honor Power 2 smartphone has sparked discussions due to its design similarities with the iPhone 17 Pro Max, particularly in the rear camera module and color options [1][4] - The Honor Power 2 features a 6.79-inch 1.5K LTPS display, MediaTek Dimensity 8500 Elite processor, a 16MP front camera, a 50MP main camera with a 5MP secondary camera, and a large 10,080mAh battery with 80W fast charging, expected to be priced around 2,000 yuan [4] - There is a divided opinion among consumers regarding the design; some prioritize performance and value over originality, while others express concerns about the lack of distinctiveness in design affecting brand reputation [8] Group 2 - As of December 21, the iPhone 17 series has sold approximately 14.86 million units in the Chinese market, while Honor's Magic 8 series has sold about 454,000 units, indicating a significant gap in market performance [9] - Other domestic brands have also seen varying sales figures, with OPPO Find X9 series at approximately 747,500 units, vivo X300 series at about 973,600 units, Huawei Mate 80 series at around 1.23 million units, and Xiaomi 17 series at approximately 2.69 million units [9]

Core Insights - Honor has launched the Honor WIN series of gaming flagship smartphones, featuring a 10,000mAh battery, marking the entry of battery capacity into the "ten-thousand" era, with a starting price of 2,699 yuan [1] - The upcoming Honor Power2 will feature a 10,080mAh battery, becoming the first smartphone to exceed the ten-thousand battery capacity [1] - The trend of increasing battery capacity in domestic smartphones reflects changing user demands and intense market competition [2] Battery Capacity Trends - In the first half of this year, among 62 mainstream models launched, 4 models had batteries of 8,000mAh or more, 17 models had between 7,000mAh and 7,999mAh, and 21 models had between 6,000mAh and 6,999mAh [1] - The average battery capacity of smartphones in the Chinese market reached 5,418mAh in May 2025, showing an 11% year-on-year increase [4] Market Competition - As features like AI, imaging, and performance become more homogeneous, large battery capacity has emerged as a key differentiator for manufacturers [2] - The competition is highlighted by the close market shares of brands, with Vivo leading at 17.2%, followed by Apple and Huawei, each with around 10% market share [8] Technological Advancements - The increase in battery capacity is attributed to breakthroughs in battery technology, particularly the application of silicon-carbon anode batteries, which allow for higher energy density [5] - Innovations in packaging and structural design, such as the sandwich structure used in Honor's X70, have enabled larger capacities without increasing size [6] Charging Technology - The competition in battery life has entered a new phase of "technology integration," with advancements in fast charging, software optimization, and AI scheduling [7] - High-power chargers are becoming more common, with models like the Honor WIN series supporting 100W fast charging [7]

Core Viewpoint - Honor has launched the WIN series, positioning it as the "annual esports powerhouse," aiming to set new industry standards in performance, battery life, cooling, and display experience while enhancing audio and communication features for an innovative gaming experience [1][3]. Group 1: Product Features - The Honor WIN series includes two versions: Honor WIN and Honor WIN RT, featuring the fifth-generation Snapdragon 8 chip, LPDDR5X, and UFS 4.1, achieving AnTuTu scores exceeding 4.4 million [3]. - The series incorporates the Honor Phantom Engine 3.0, utilizing AI technology for frame prediction and rendering optimization, improving low frame rates by up to 20 FPS for a smoother gaming experience [3]. - The devices are equipped with a 10,000mAh battery, marking a significant advancement in battery capacity within the industry [8]. Group 2: Cooling Technology - The Honor WIN series features the Honor East Wind Turbo cooling system, which includes a dual 360° airflow design and an ultra-compact fan, enhancing cooling efficiency by 30% and reducing chip temperatures by up to 7°C [7]. - The series also employs a 3D butterfly VC cooling system with advanced materials and designs, ensuring sustained high performance without overheating [7]. Group 3: Display and Audio - The devices come with a 185Hz high-refresh-rate esports display, supporting advanced gaming features and a 3500Hz instantaneous touch sampling rate for rapid screen response [11]. - The audio system includes dual 1216 stereo speakers and AI surround bass technology, providing an immersive gaming experience [11]. Group 4: AI and Gaming Ecosystem - The Honor WIN series features a full-link AI gaming manager with functionalities like AI smart updates and AI control enhancements, aimed at improving the overall gaming experience [12]. - Honor has established a strategic partnership with the Delta Action Fire Professional League, making the WIN series the designated mobile device for the league [12]. Group 5: Camera and Design - The series is equipped with a 50MP main camera and a 12MP ultra-wide-angle lens, featuring flagship-level stabilization and advanced zoom capabilities [13]. - The design emphasizes a lightweight and thin profile with premium materials, enhancing user comfort [13].

Group 1: Core Insights - Honor launched its esports flagship smartphone series, Honor WIN, which includes two versions priced at 3999 yuan and 2699 yuan respectively, featuring upgrades in cooling and imaging technology [1] - The introduction of active cooling solutions, such as fans, is becoming essential for high-performance smartphones as passive cooling methods are insufficient to manage heat generated by advanced AI capabilities and chip performance [2] - The smartphone imaging sector is expected to enter a new growth phase, driven by increasing consumer demand for diverse imaging capabilities and continuous upgrades in camera specifications [3] Group 2: Industry Trends - The trend towards active cooling in smartphones is gaining momentum, with companies like OPPO and Honor integrating micro-fans into their devices, indicating a shift towards a new era of active cooling technology [2] - The Honor WIN series features innovative cooling technologies, including a dual 360-degree airflow design and a 30% improvement in cooling efficiency, showcasing advancements in thermal management [2] - The smartphone camera market is evolving with a focus on high pixel counts, optical zoom, and advanced stabilization technologies, suggesting a competitive landscape where imaging capabilities are a key differentiator among brands [3]

Core Viewpoint - Honor has launched its esports flagship series, the Honor WIN series, which includes two versions: Honor WIN and Honor WIN RT, with starting prices of 3999 yuan and 2699 yuan respectively. The series aims to cater to the esports community and will expand to include tablets and other products in the future [1][4]. Group 1: Product Specifications - The Honor WIN is equipped with the fifth-generation Snapdragon 8 Gen 2 chip, while the Honor WIN RT features the Snapdragon 8 Gen 2 variant [1][4]. - Both models come with the Honor Phantom Engine 3.0, Honor Dongfeng Turbo cooling, and a 3D butterfly VC cooling system [1][4]. - The entire series is powered by a 10,000mAh battery, supports 100W wired super fast charging, and 27W wired reverse charging. Additionally, the Honor WIN supports 80W wireless super fast charging [1][4]. - The devices feature a 185Hz ultra-high refresh rate esports display and support for six popular mobile games with GPU interpolation for enhanced frame rates [1][4]. Group 2: Camera Features - The Honor WIN series includes a 50MP main camera and a 12MP ultra-wide-angle lens, with the main camera supporting CIPA 5.0 flagship-level stabilization [2][5]. - The Honor WIN also features a 50MP telephoto portrait lens, offering 3x optical zoom and up to 100x digital zoom [2][5]. Group 3: Pricing and Promotions - The Honor WIN and Honor WIN RT are available in three color options: "Fast Black," "Designated Win," and "Not Afraid of Blue," with starting prices of 3999 yuan and 2699 yuan respectively [2][5]. - During the initial sales period, discounts of 100 yuan are available for specific configurations of both models, including the Honor WIN with 12GB+512GB, 16GB+512GB, and 16GB+1TB versions, and the Honor WIN RT with 12GB+256GB and 16GB+256GB versions [2][5].