Group 1 - OPPO is committed to addressing user feedback regarding the performance of foldable screen phones, particularly focusing on improving the appearance of creases [1][3] - The company has innovated in foldable screen materials, aiming to provide a better crease-free visual effect, especially when viewed from different angles [3] - The OPPO Find N6 foldable phone is expected to be released after the Spring Festival, likely in March, and will be thinner than its predecessor, the Find N5 [6] Group 2 - The OPPO Find N6 is anticipated to feature the fifth-generation Snapdragon 8 processor, promising improved performance compared to previous models [6]

Core Insights - The Chinese foldable smartphone market is projected to see a shipment of approximately 10.01 million units in 2025, reflecting a year-on-year growth of 9.2%, contrasting with a slight decline of 0.6% in the overall smartphone market [1] - Huawei leads the market with a significant share of 71.8%, while other brands like Honor, Vivo, and OPPO have much smaller shares, indicating Huawei's dominant position [1][3] - Despite the emergence of competitive products from other manufacturers, Huawei's comprehensive product lineup and brand strength have solidified its market leadership [4][6] Market Dynamics - The foldable smartphone segment has reached a bottleneck since 2019, with manufacturers struggling to drive sales through hardware improvements alone, leading to a decline in the overall market in Q4 of the previous year [3][4] - Brand strength is increasingly influencing consumer preferences in the high-end market, with Huawei's focus on balanced capabilities and innovative designs contributing to its market share growth of over 20 percentage points in 2025 [4] - The foldable smartphone market still represents only 3.5% of total smartphone shipments in China, prompting some manufacturers to reconsider their strategies in this niche segment [4][6] Technological Innovations - Manufacturers are exploring soft-hard collaboration as a breakthrough direction, with Huawei's MateX7 focusing on AI integration rather than just hardware enhancements [6] - Other brands like OPPO and Vivo are also attempting to bridge compatibility with Apple ecosystems, indicating a trend towards cross-platform functionality [6] Future Outlook - The anticipated entry of Apple's foldable smartphone, expected to be released in the fall of 2026, is generating significant market interest, particularly regarding its potential to enhance hardware and software integration [7][8] - The overall smartphone market in China may face challenges in 2026 due to rising storage costs, which could lead to a noticeable decline in shipments [8]

Core Insights - The Chinese foldable smartphone market is projected to see a shipment of approximately 10.01 million units in 2025, marking a year-on-year growth of 9.2%, contrasting with a slight decline of 0.6% in the overall smartphone market [1] - Huawei leads the market with a significant share of 71.8%, while other brands like Honor, Vivo, and OPPO have much smaller shares, with Xiaomi dropping out of the top five [1][3] - The foldable smartphone segment is experiencing a bottleneck phase, with hardware improvements no longer sufficient to drive significant sales growth, leading to a decline in market performance [3][4] Market Dynamics - Huawei's dominance is attributed to its comprehensive product lineup, including various foldable designs and a focus on balanced capabilities rather than just lightweight models [4] - Other manufacturers have introduced innovative products, such as OPPO's Find N5 and Vivo's lightweight foldable, but these have not significantly challenged Huawei's market position [3][4] - The foldable smartphone market only accounts for 3.5% of total smartphone shipments in China, leading some companies like Xiaomi to reconsider their strategies in this niche [4][6] Technological Innovations - Manufacturers are focusing on soft-hard collaboration to enhance user experience, with Huawei's MateX7 introducing AI capabilities to improve functionality [6] - Competitors like OPPO and Vivo are also exploring compatibility with Apple ecosystems to attract users [6] - The anticipated entry of Apple's foldable phone, expected in 2026, is generating significant market interest, with expectations for superior hardware and software integration [7][9] Future Outlook - The smartphone market is expected to face cost pressures due to rising storage prices, potentially leading to a noticeable decline in shipments in 2026 [9] - The success of Apple's foldable device and its impact on the market remains a key point of interest for industry stakeholders [9]

Core Viewpoint - The article discusses the increasing recognition and acceptance of Chinese smartphones in the global market, particularly highlighted by MKBHD's annual smartphone awards, which this year featured several Chinese brands prominently [8][9][11]. Group 1: Recognition of Chinese Smartphones - MKBHD's awards this year included Chinese smartphones such as Xiaomi 17 Pro Max for "Best Large Phone," OnePlus 15 for "Best Battery Life," and OPPO Find X9 Pro for "Best Camera," indicating a shift in perception towards Chinese brands [9][11]. - The article notes that previously, Chinese smartphones were often overlooked in international awards, but recent trends show a growing appreciation for their quality and innovation [8][9]. Group 2: Technological Advancements - Chinese smartphone manufacturers have made significant advancements in hardware design, achieving thinner devices with larger battery capacities through improved internal stacking technology and battery innovations [16][18]. - The use of silicon-carbon anode materials has led to the development of smartphones with batteries exceeding 8000 mAh, showcasing the ability to balance battery size and longevity [20][22]. - Innovations in materials, such as Huawei's Kunlun glass and OPPO's use of 3D-printed titanium alloy in hinges, have enhanced durability and performance in smartphones [22][26]. Group 3: Software and User Experience - The introduction of OPPO's "Starry Compiler" aims to improve the efficiency of Android applications by optimizing the communication between software and hardware, resulting in a smoother user experience [30][31]. - The article highlights the emergence of advanced AI applications in smartphones, such as the "Doubao" phone assistant, which can perform complex tasks and adapt to user needs, indicating a shift towards more intuitive technology [40][42]. Group 4: Market Dynamics - The article emphasizes that the increasing prices of Chinese smartphones in international markets reflect a shift from cost-based purchasing to a recognition of their quality and functionality [11][13]. - The growing acceptance of Chinese smartphones in markets like Australia suggests a broader trend of international consumers valuing performance and innovation over brand origin [13][18].

Group 1 - Apple is reportedly developing its first foldable iPhone, tentatively named "iPhone Fold," with a potential release in fall 2026 and a price exceeding $2000 (approximately 14,000 RMB) [3] - The iPhone Fold is expected to feature a book-style design similar to the Galaxy Z Fold 6, with a main screen size of 7.74 inches and an outer screen size of 5.49 inches [3] - Apple is exploring various hinge solutions to eliminate the "crease" issue commonly associated with foldable screens, indicating a strong focus on technological differentiation in the competitive foldable market [5][7] Group 2 - The OPPO Find N5, which Apple has reportedly disassembled for research, is set to be a direct competitor to the iPhone Fold, highlighting the need for Apple to surpass existing hardware standards [5][7] - Market research from Counterpoint Research indicates that global foldable smartphone shipments are expected to grow by 14% year-on-year in Q3 2025, reaching a historical high for the category [8] - Samsung leads the foldable smartphone market with a 64% share in Q3, showing a 32% increase in shipments compared to the previous year, while Huawei and Motorola follow with 15% and 7% market shares, respectively [8]

Core Insights - The 2025 foldable smartphone market continues to emphasize thinness and lightness, with models like OPPO Find N5 achieving a thickness of 8.93mm and a weight of 217g, which are now comparable to traditional smartphones [1][4] - Despite a 14% year-on-year decline in Q2, the foldable smartphone market in China rebounded with a 17.8% growth in Q3, largely driven by Huawei, which holds a 68.9% market share [1][4] - The trend towards lightweight designs is leading to compromises in imaging capabilities, which are critical for high-end devices, as manufacturers struggle to balance thinness with performance [3][7] Market Dynamics - The foldable smartphone segment is experiencing a shift towards new form factors, with companies like Huawei and Samsung introducing models that explore different folding mechanisms, such as the tri-fold and wide-fold designs [4][16] - The introduction of new ratios and designs, such as Huawei's Pura X and Samsung's Galaxy Z TriFold, indicates a move away from merely making devices thinner and lighter towards enhancing user experience and functionality [20][24] - Xiaomi's decision to delay the launch of its new foldable device suggests a strategic pause to reassess the market direction amidst the current emphasis on lightweight designs [14][15] Consumer Expectations - As foldable devices become lighter, consumer expectations are shifting closer to those of traditional flagship smartphones, demanding high-quality imaging and performance without compromises [14][25] - The trade-offs made in hardware configurations, such as reduced camera specifications and fewer speaker channels, are becoming more noticeable to consumers, raising questions about the value proposition of foldable devices [11][12] - The success of new form factors, like the Pura X, which achieved significant sales shortly after launch, indicates a willingness among consumers to pay a premium for innovative designs that enhance usability [22][23] Future Outlook - The foldable smartphone market is at a crossroads, where the next phase of competition will focus on redefining user experience rather than just incremental improvements in size and weight [25][26] - Companies are exploring the potential of foldable devices to serve as hybrid devices between smartphones and tablets, suggesting a broader rethinking of what foldable technology can offer [25][26] - The ongoing developments in foldable technology highlight the industry's need to address the unique advantages of foldable devices beyond just being thinner and lighter [25][26]

Core Viewpoint - The company reported significant growth in Q3 2025, with revenue reaching 494 million yuan, a year-over-year increase of 120.94%, and a net profit of 79.44 million yuan, reflecting a year-over-year increase of 447.30% [1][2]. Financial Performance - In Q3 2025, the company's revenue grew by 120.94% year-over-year, while net profit increased by 447.30%. This growth is attributed to the expansion into new application areas and increased efforts in the civilian market, particularly in 3D printing customized products [2]. - For the first three quarters of 2025, the company achieved revenue of 1.16 billion yuan, a year-over-year increase of 46.47%, and a net profit of 156 million yuan, reflecting a year-over-year increase of 234.83% [1]. Profitability Improvement - The gross margin for Q3 2025 was 45.24%, up by 12.15 percentage points year-over-year, and the net profit margin was 16.09%, an increase of 26.32 percentage points year-over-year [2]. - The company is experiencing scale effects as military and civilian products gradually enter mass production [2]. Inventory and Capacity Expansion - As of Q3 2025, the company's inventory, prepayments, and contract liabilities were 1.45 billion yuan, 88 million yuan, and 153 million yuan, respectively, representing increases of 75.30%, 94.76%, and 125.30% compared to the beginning of the year. This indicates strong downstream demand and proactive inventory buildup [2]. - The company is actively expanding production capacity, with a new facility expected to be completed by December 2024, which will enhance its mass production capabilities in aerospace and industrial applications [2]. New Market Developments - The company has made significant breakthroughs in emerging fields, including humanoid robots, 3C products, and commercial aerospace. Notable developments include the introduction of advanced sensors at the World Robot Conference and participation in the development of a liquid oxygen-methane engine [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 281 million yuan, 374 million yuan, and 506 million yuan for 2025-2027, with a compound annual growth rate of 69.25%. Corresponding EPS is projected at 1.02 yuan, 1.36 yuan, and 1.85 yuan [4]. - The company is assigned a valuation of 65 times PE for 2026, with a target price adjusted to 88.40 yuan, reflecting a discount compared to comparable companies due to its established position in the military 3D printing sector [4].

Core Insights - The 2025 China Mobile Global Partner Conference was held in Guangzhou, showcasing OPPO's innovative technologies and products, including the OPPO Find X9 series and various smart devices [1][4] - OPPO received the "Most Popular Smart Terminal Brand" award from China Mobile, highlighting its strong market presence and consumer appeal [1] Group 1: Communication Technology - OPPO introduced the industry-first underwater communication experience with the A6 Pro, demonstrating its advanced "Mountain-Sea Communication" technology that maintains stable voice calls and data transmission even underwater [2] - The "Mountain-Sea Communication" technology features a dual-side low-frequency enhancement antenna architecture and self-developed enhancement chips, enabling efficient network switching in weak signal environments [2][4] - This technology aims to provide seamless communication across various challenging scenarios, including elevators, subways, and remote areas, ensuring connectivity without traditional network signals [2][4] Group 2: Imaging and AI Innovations - OPPO showcased its LUMO imaging technology, which enhances traditional imaging processes to accurately reproduce light and color, appealing to users interested in photography [4] - The OPPO AI section highlighted practical AI applications, such as dual-screen translation and AI note-taking features, aimed at improving user experience and efficiency [4] - Upcoming enhancements in OPPO AI, including AI portrait lighting and voice enhancement, are set to expand its applications in creative and everyday scenarios [4] Group 3: Smart Mobility and Health - OPPO's smart mobility solutions include features like digital car keys and integrated services with automotive partners, enhancing user convenience in vehicle management [7] - The new Watch X2 series was presented, offering comprehensive health monitoring and promoting a healthier lifestyle through its advanced features [7] - In the enterprise sector, OPPO provides integrated mobile office solutions, showcasing its versatility across different market segments [7] Group 4: Strategic Collaboration - OPPO and China Mobile maintain a close partnership, focusing on 5G terminal development, ecosystem collaboration, and digital upgrades, which positions them as leaders in the AI smartphone market [8][11] - The collaboration emphasizes resource integration and value co-creation, aiming to enhance user experiences through advanced connectivity solutions [11] - Both companies are committed to deepening their cooperation in new technology trials and network optimization, ensuring a robust foundation for future advancements in communication technology [11]

Product Comparison - OPPO Find N5's parameters comprehensively outperform the Pixel Fold, suggesting a superior hardware configuration [1] - System experience is likely better on OPPO Find N5 compared to Pixel Fold [1] Consumer Preference - Some users prioritize privacy and prefer switching to Pixel devices [1] - There is anticipation and interest in the upcoming Google Pixel 10 Pro Fold [1]

Core Insights - The central government emphasizes boosting consumption and developing service-oriented consumption, with home appliances being a significant part of this trend [1] - Suning.com is accelerating its retail innovation and scene upgrades through the "818 Fueling Life Festival," with new store openings and celebrations across the country [1][5] Group 1: Store Developments - Suning's first Max store in Shanxi will open on August 15, covering over 40,000 square meters and featuring over 200 home appliance and 3C brands, making it the largest and most comprehensive "home consumption" experience center in the area [1][3] - The overall layout of the stores focuses on three main areas: Suning Tech, Suning Private Home, and Suning Friend, integrating technology displays, immersive experiences, and social interactions [3] Group 2: Product Offerings and Promotions - The store will showcase high-end brands like Hisense, Samsung, Toshiba, and Little Swan, providing customers with high-quality and cost-effective renewal experiences through bundled offers and customized models [3][5] - During the "818 Fueling Life Festival," Suning will promote new technology products and host over a thousand interactive experiences, brand tasting events, and night markets to enhance customer engagement [5] Group 3: Strategic Expansion - Suning is accelerating the expansion of its Home stores, which range from 1,000 to 2,000 square meters, focusing on quality-price ratio and customized products to meet diverse needs in lower-tier markets [5][7] - The company aims to implement a "big and small" development strategy, with large stores serving as flagship locations and small stores focusing on community and county-level markets, enhancing the overall retail network [7]