In a letter to shareholders this week, Samsung CEO Kwon Oh Hyun again warned the company is facing a “tough” year ahead thanks to increased competition and a shifting market.

“Samsung Electronics went through many difficulties last year, such as intensified competitions over our core products amid global economic recession,” Oh Hyun wrote. “We expect that 2016 will also be a tough year.”

Oh Hyun said Samsung is anticipating its core products – including smartphones, TV and memory – will be up against oversupply issues and tighter price competition in 2016. Additionally, Oh Hyun said the sharing economy and “innovative business models” like Online-to-Offline are shifting importance away from hardware, which he called Samsung’s area of strength.

As competitiveness increasingly focuses on software platforms, Oh Hyun said Samsung will “continue to implement groundbreaking changes and innovations, and strive to secure differentiated competitiveness.”

But this isn’t the first time Oh Hyun has sounded the alarm about Samsung’s coming struggles.

Oh Hyun sounded the initial dour note in January, which was echoed by Samsung senior vice president Robert Yi later that month.

The letter’s timing corresponds with Samsung’s launch of its new Galaxy S7 and S7 edge devices.

On Thursday, the president of Samsung’s handset business Koh Dong-jin said the company has seen “stronger-than-expected preorders for the devices, Reuters reported.

Though exact preorder figures were not disclosed, Dong-jin said he believes the new devices will help boost Samsung’s sales in China.