Xiaomi has slashed its shipment target for this year from 170 million to 95 million units, a decline of nearly 45%.

OPPO and vivo are also seeing downturns, with drops of 15% to 30%. Honor has stated that it will be difficult to maintain growth this year.
The reason given is a memory shortage; memory costs have eaten up 10% to 20% of the bill of materials for low- to mid-end models, making cheap phones unprofitable.
The losers are volume-driven manufacturers like Xiaomi, OPPO, and vivo—their low-margin, high-volume model can't withstand this wave of price hikes.
There seems to be no winner downstream in this memory price surge.
Apple was just arguing with Micron about price hikes a couple of days ago and has been lobbying Trump to be allowed to buy memory from ChangXin Memory Technologies, a company blacklisted by the U.S. military. Even one of the world's most valuable companies is disregarding blacklisted firms to secure memory supply 😂.
In the storage supply chain, whoever has the inventory now has the pricing power.
No matter how hard downstream players struggle, they have to listen to the upstream.