May MIIT Data Update; Overall Units Growing with iPhone Units Tapering Off

Research evidence excerpt

May MIIT Data Update; Overall Units Growing with iPhone Units Tapering Off

Equity Research

IT Hardware and Communications Equipment

24 June 2026

May MIIT Data Update; Overall

Units Growing with iPhone Units

IT Hardware and CommunicationsTapering Off Equipment

Implied iPhone units this month were flattish on a monthly NEUTRAL

basis (+2% m/m) and declined by 17% y/y, which we believe IT Hardware and Communications

Equipment

is being pressured by the improving Android units driven by Tim Long

aggressive promotions. We continue to expect the rising +1 212 526 4043

tim.long@barclays.com

memory costs to keep pressuring units this year. BCI, US

Alyssa Shreves

Based on our analysis of China smartphone unit shipment "sell-in" data (MIIT), implied iPhone +1 212 526 7570

shipments increased slightly this month, with May monthly up ~0.1M units (growth of 2% M/M alyssa.shreves@barclays.com

BCI, USand decline of 17% Y/Y). This is the first month of y/y decline post the previous two months of

y/y growth in April and March, which we attribute partially to the competitive market landscape Mary Lenox

as local brands have been promoting discounts aggressively. Total handset shipments in May +1 212 526 6277

improved on a y/y basis at 17% growth and are up sequentially as well (up 7%). 5G shipments mary.lenox@barclays.com

BCI, USalso improved meaningfully in May with y/y growth of 24% and sequential growth of 6%.

Android units saw more significant improvement than the previous month (+3% y/y) with 25% Clarisse Yu

y/y growth, after the last few months of consecutive declines since November last year. +1 212 526 7025

clarisse.yu@barclays.com

This data suggests that iPhone market share stands at 12% for May, still in the low-teens range BCI, US