IPO进行时 荣耀“清场”旧荣耀

Core Insights - Honor's CEO Li Jian expressed a forward-looking vision for the brand's fifth anniversary, emphasizing a youthful and dynamic approach to its future journey [1] - The departure of key management members, including CMO Guo Rui, signals a significant leadership transition as the company approaches its IPO and navigates its fifth year of independence [1][3] Management Changes - Honor's management team has undergone multiple changes from fall 2024 to the end of 2025, with significant departures including former Vice Chairman Wan Biao and CEO Zhao Ming [3][4] - Wan Biao, a pivotal figure in Honor's early independence, left for personal reasons and subsequently joined a battery technology company as CEO [3] - Zhao Ming's resignation in January 2025 was attributed to health issues, marking a critical point in the leadership transition [3] - The new management team, including Li Jian as the new CEO, is expected to drive strategic restructuring and prepare for the upcoming IPO [4] 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 [6] - The shareholder base expanded to 23 entities, including major players like China Mobile and China Telecom, enhancing the company's resource foundation for the IPO [6] - As of June 26, 2025, Honor entered a substantive phase of its IPO process, with a structured three-phase guidance plan expected to conclude by March 2026 [6][7] Market Performance - Honor's market share faced challenges in 2024, dropping to 14.9%, a year-on-year decline of 8.1%, but showed signs of recovery in Q3 2025 with a share of 14.4% and 990,000 units shipped [8] - Despite the recovery, recent data indicates that Honor's market position remains unstable, fluctuating between the fifth and sixth ranks in the domestic market [8] - Changes in product pricing and user demographics may pose risks to the company's performance stability, particularly as a significant portion of its market share is concentrated in the price-sensitive segment [9]