China's smartphone shipments grew 12% in April, with local brands posting a 14% expansion compared to 2% for iPhone, Jefferies said in a recent release.
New models from Huawei and Honor have likely anchored the growth in local brands, the equity research firm said.
Local brands' inventory days grew by four on a six-month rolling basis, while those for iPhone declined by 12, Jefferies said.
The research firm sees lingering pressure on local brands due to a rapid rise in memory costs and high inventory levels.
Brands have also toned down promotions during the 618 shopping festival amid increasing memory prices and margin pressure, with the average discount on local brands' one-year-old flagship models dropping to 22% from 26% last year, according to Jefferies.
For Apple's Tmall, the discount on the iPhone 17 models was 8%, compared with 20% for the iPhone 16 at the same time in 2025, the research firm said.