在分化中前行：荣耀重新走向世界

Core Viewpoint - The article discusses Honor's strategic transformation and product diversification, highlighting its significant growth in overseas markets and the shift towards a dual-market focus, emphasizing the importance of brand positioning and product structure in a competitive smartphone industry [3][8][9]. Group 1: Product Launch and Market Positioning - Honor launched three distinct products at the "Design Night" event, showcasing its understanding of youth culture and emotional connection with consumers [1][3]. - The global smartphone market is experiencing structural differentiation, with Honor's overseas shipments increasing by approximately 55% year-on-year in the first three quarters of 2025, marking it as a standout performer among Chinese manufacturers [3][5][8]. Group 2: Structural Changes in the Smartphone Market - The competition in the smartphone market has shifted from volume-driven sales to maintaining stability in higher value segments, with many brands being squeezed out [7][8]. - Honor's global shipments surpassed 71 million units in 2025, with overseas sales accounting for over 50% of total shipments, indicating a transition to a "dual-main market" strategy [8][9]. Group 3: Regional and Product Structure - Honor's overseas market shows a clear segmentation, with Latin America and the Middle East contributing significantly to volume, while Southeast Asia is rapidly growing, and Europe is becoming a key market for high-end products [9][11]. - In 2025, Honor's shipments in the $300–499 price range accounted for about 23%, the highest among major Chinese manufacturers, reflecting a strategic shift towards mid-to-high-end products [11][12]. Group 4: Technological Advancements - 2025 marked a year of significant technological advancements for Honor, with innovations such as the "blade battery" and improved display technologies enhancing user experience [13][14]. - The focus on technology is not just for breakthroughs but aims to translate into user experiences that consumers are willing to pay for, contributing to structural improvements and price elevation [13][14]. Group 5: Organizational and Strategic Adjustments - Under a new management team, Honor has established a long-term direction towards an AI terminal ecosystem, making systematic adjustments in governance, R&D investment, and global organizational capabilities [15][16]. - The brand is increasingly engaging with younger consumers, transforming its relationship with users from a one-way output to a more interactive experience [16][18]. Group 6: Future Opportunities and Challenges - The smartphone market is entering a complex phase, with longer replacement cycles and heightened competition, necessitating a focus on stability and long-term growth strategies [21][22]. - Honor's ability to build localized capabilities in overseas markets may become a crucial asset, as these investments will determine the company's resilience in a challenging environment [25][26].