荣耀“清场”旧荣耀

Core Insights - Honor is celebrating its fifth anniversary as an independent brand, with CEO Li Jian emphasizing a youthful and energetic approach for the future [1] - The departure of key management members, including former brand marketing president Guo Rui, signals a significant leadership transition as the company prepares for its IPO [1][4] Management Changes - From fall 2024 to the end of 2025, Honor's core management team has undergone multiple changes, with significant departures including former vice chairman Wan Biao and CEO Zhao Ming [4][6] - Wan Biao, who played a crucial role in the company's supply chain reconstruction, left in September 2024, while Zhao Ming stepped down in January 2025 due to health reasons [4][6] - The new management team, including Li Jian as CEO and Guo Rui's successor as CMO, reflects a strategic shift aimed at preparing for the upcoming IPO [4][5] IPO Progress - Honor completed a significant shareholding reform on December 28, 2024, changing its name to Honor Terminal Co., Ltd., which cleared the way for its IPO [7][8] - The company has expanded its shareholder base to 23, including major players like China Mobile and China Telecom, enhancing its resource foundation for the IPO [8] - As of June 26, 2025, Honor has entered the substantive phase of its IPO process, with a structured three-phase guidance plan expected to conclude by March 2026 [8][9] Market Performance - Honor's market share faced challenges in 2024, dropping to 14.9%, a decline of 8.1% year-on-year, but showed signs of recovery in Q3 2025 with a return to the top five brands in China [10][11] - Despite the recovery, recent data indicates that Honor's market position remains unstable, fluctuating between the fifth and sixth ranks in the domestic market [10][11] - Changes in product pricing and user demographics may pose risks to the company's market stability, particularly as a significant portion of its customer base is price-sensitive [11]