华为回归，荣耀溃败

Core Viewpoint - Honor has officially initiated its IPO process, marking a significant step towards entering the A-share market, despite facing challenges in market share and leadership stability [1][3]. Group 1: IPO Progress - Honor submitted its IPO counseling record on June 26, with CITIC Securities as the counseling institution, indicating a critical step towards its A-share IPO [1]. - The CFO revealed that the IPO process consists of six stages, with the first stage completed and the second stage underway, expected to take at least three months [3]. Group 2: Market Position and Challenges - Honor held a 17.1% market share in Q1 2024, ranking first in the domestic market, but fell out of the top five by Q1 2025 [3][9]. - The return of Huawei to the market with new products has significantly impacted Honor's market position, leading to a decline in its competitive edge [5][6]. - Honor's new CEO has shifted focus to mid-range products, launching several new models that achieved record sales, but this strategy poses risks due to lower profit margins and intense competition [7]. Group 3: Leadership Changes - The sudden resignation of CEO Zhao Ming, a key figure in Honor's revival, has led to significant internal turmoil and a wave of executive departures [8][11]. - The new CEO initiated a major restructuring, resulting in a high turnover of management positions, which has created organizational instability [11]. Group 4: Strategic Vision - Honor aims to transform from a smartphone manufacturer to a leading AI terminal ecosystem company, with a five-year investment plan of $10 billion [12][14]. - The company has launched new products and formed partnerships to build an AI service ecosystem, but faces skepticism from the market regarding its ability to compete with established players [14][15]. Group 5: Future Outlook - Honor's goal for 2025 is to return to the top three in market share, but this ambition is challenged by Huawei's resurgence and the competitive landscape of the smartphone market [15].