Overview: Although global smartphone shipments remained flat YoY in Q4 2024, annual shipments recorded 4% YoY growth, driven by macroeconomic recovery and increased consumer demand, aligning with our November forecast. For 2025, we are raising our growth projection slightly to above 4% YoY, primarily due to China’s nationwide smartphone subsidy program initiated in January to boost domestic consumption. The overall smartphone ASP is projected to rise by 4% YoY in 2025, with the up-trend expected to continue throughout the forecast period. This report provides the smartphone shipment and ASP forecast by region, brand, and 5G/non-5G for 2025-2028.