Annual Report 2025

舜宇光學科技（集團）有限公司 • 2025 年報 11 Management Discussion and Analysis 管理層討論與分析 市場回顧 二零二五年，全球經濟在貿易政策不確定性、 地緣政治格局重塑以及 AI 等技術革命的多重作 用下曲折前行。國際觀察指出，全球經濟增長 在近期或將保持溫和態勢，面對這一複雜的宏 觀環境，提前構建韌性、聚焦內生動力，將成 為把握未來周期的關鍵。在這一過程中， AI 技 術所驅動的全產業鏈升級投資，以及消費電子 等關鍵行業需求的結構性復甦成為支撐韌性的 重要力量。同時，中國經濟展現出較強的緩衝 能力，政策引導與科技創新持續為實體經濟注 入新動能，為本集團所處的高端製造業提供了 穩固的發展基盤。 二零二五年，全球智能手機市場實現溫和增 長，全年出貨量達約 12.6 億部，同比增長約 2.0% （數據來源：國際數據公司（「 IDC 」））。 儘管大盤增長乏力，但內部結構性升級趨勢顯 著，各品牌持續衝擊高端市場，折疊屏等形態 創新仍保持增長，售價在 600 美元（「 美元 」）以 上的智能手機全球銷量在二零二五年同比增長 約 8.8% （數據來源： IDC ）。這種「總量平穩、 結構升級」的態勢，促使產業鏈資源向具備技 術優勢的頭部企業集中。 MARKET REVIEW In 2025, the global economy progressed with twists and turns amid the multiple factors of trade policy uncertainty, reshaping of the geopolitical landscape, and technological revolutions such as AI. International observations point out that global economic growth is likely to remain moderate in the near term. Facing this complex macro environment, building resilience in advance and focusing on endogenous drivers will be key to seizing future cycles. Throughout this process, AI-driven investment in upgrading entire industrial chains, coupled with the structural recovery of demand in key sectors such as consumer electronics, has become an essential force supporting resilience. At the same time, China’s economy has demonstrated strong buffering capacity, with policy guidance and technological innovation continuously infusing new momentum into the real economy, thereby laying a solid foundation for the development of the high-end manufacturing sector in which the Group operates. In 2025, the global smartphone market experienced moderate growth, with annual shipments reaching approximately 1.26 billion units, representing a year-on-year increase of about 2.0% (source: International Data Corporation (“ IDC ”)). Despite the sluggish overall market growth, a pronounced trend of internal structural upgrades was evident. Various brands continued to push into the premium segment, and innovations in form-factors such as foldable screens continued to grow. In 2025, the global sales volume of smartphones priced above United States dollars (“ USD ”) 600 recorded a year-on-year increase of approximately 8.8% (source: IDC). This trend of “stable total volume with structural upgrades” has driven industry-chain resources to concentrate further towards leading companies with technological advantages.