在分化中前行：荣耀重新走向世界

Core Insights - Honor held a product launch event named "Design Night" in Zhuhai on January 19, showcasing three distinct products: the ultra-thin Magic8 Pro Air, the youth-oriented 500 Pro Molly collaboration, and the high-end Magic8 RSR Porsche Design [1][3] - The event served as a concentrated display of Honor's evolution over the past year, highlighting its understanding of youth culture and emotions, positioning smartphones as part of personal identity rather than mere tools [3][6] - The global smartphone market is entering a new phase characterized by structural differentiation rather than overall growth, with varying performance across regions, price segments, and brands [3][7] Market Performance - Honor's overseas shipments grew approximately 55% year-on-year in the first three quarters of 2025, marking the most significant overseas growth among the top ten global smartphone manufacturers [3][6] - In 2025, Honor's global shipments surpassed 71 million units for the first time, with overseas sales accounting for over 50% of total shipments, indicating a shift to a "dual-main market" strategy [8][9] - The company has seen a clear segmentation in its overseas markets, with Latin America and the Middle East/Africa serving as scale bases, while Southeast Asia has accelerated its market presence [9][10] Product Strategy - Honor's growth strategy is shifting towards the mid-to-high price segments, with approximately 23% of shipments in the $300–499 price range, the highest among major Chinese manufacturers [10][14] - The product lines, including the Magic series, digital series, and the new WIN series, are designed to establish differentiated positions in various market segments and user scenarios [14][15] - Technological advancements, such as the evolution of the Qinghai Lake battery and the Oasis eye-care screen, are being integrated into products to enhance user experience and justify higher price points [15][16] Organizational Changes - 2025 marks the first full strategic year under the new management team, focusing on transitioning towards an AI terminal ecosystem and implementing systematic adjustments in governance and global organizational capabilities [16][19] - Honor is expanding its ecosystem strategy, moving beyond smartphones to include tablets, computers, wearables, and more, while also exploring long-term technological fields like ROBOT PHONE and embodied intelligence [16][19] - The brand is accelerating its youth-oriented expression, engaging users through collaborations and co-creation mechanisms, transforming the relationship from one-way communication to interactive participation [19][20] Future Outlook - The global smartphone market is becoming increasingly complex, with a shift from growth-driven strategies to stability and longevity in a challenging environment [21][22] - Supply chain uncertainties and the evolving role of AI present both challenges and opportunities for Honor, necessitating a focus on organizational capabilities and ecosystem integration [22][23] - Building localized capabilities in overseas markets may become one of Honor's most significant assets, ensuring resilience in a fluctuating industry landscape [25]