荣耀正式迈出IPO第一步，最晚2026年3月完成上市辅导

Core Viewpoint - Honor Terminal Co., Ltd. has initiated the process for an IPO in the A-share market, aiming to become the first AI terminal ecosystem company listed in A-shares if successful [1][3]. Group 1: Company Overview - Honor was established on April 1, 2020, with a registered capital of 32.239 billion RMB [2]. - The controlling shareholder is Shenzhen Zhixin New Information Technology Co., Ltd., holding 49.55% of the shares [2]. - The company operates in the computer, communication, and other electronic equipment manufacturing industry [2]. Group 2: IPO Process and Strategic Moves - Honor's IPO plans have been public, with former CEO Zhao Ming expressing confidence in the company's products and finances, opting for an IPO over a backdoor listing [3]. - In 2024, Honor attracted significant strategic investors, including China Mobile and China Telecom, expanding its shareholder base to over 20 entities [3]. - The company completed its shareholding reform on December 28, 2024, officially changing its name to Honor Terminal Co., Ltd., clearing a major hurdle for the IPO [4]. Group 3: Management Changes and Market Position - Following the departure of Zhao Ming, Honor experienced a significant management reshuffle, including changes in key sales and marketing positions [5]. - Honor's market share in the Chinese smartphone market declined to 15% in 2024, a decrease of 1 percentage point from the previous year, with a year-on-year growth rate of -3% [5]. - In March 2025, new CEO Li Jian announced the "Alpha Strategy," committing to invest $10 billion over the next five years to transform Honor into an AI terminal ecosystem company [5].