Core Viewpoint - Honor Terminal Co., Ltd. has initiated the process for an IPO in the A-share market, aiming to become the first AI terminal ecosystem company listed in A-shares if successful [1][3]. Group 1: Company Overview - Honor was established on April 1, 2020, with a registered capital of 32.239 billion RMB [2]. - The controlling shareholder is Shenzhen Zhixin New Information Technology Co., Ltd., holding 49.55% of the shares [2]. - The company operates in the computer, communication, and other electronic equipment manufacturing industry [2]. Group 2: IPO Process and Strategic Moves - Honor's IPO plans have been public, with former CEO Zhao Ming expressing confidence in the company's products and finances, opting for an IPO over a backdoor listing [3]. - In 2024, Honor attracted significant strategic investors, including China Mobile and China Telecom, expanding its shareholder base to over 20 entities [3]. - The company completed its shareholding reform on December 28, 2024, officially changing its name to Honor Terminal Co., Ltd., clearing a major hurdle for the IPO [4]. Group 3: Management Changes and Market Position - Following the departure of Zhao Ming, Honor experienced a significant management reshuffle, including changes in key sales and marketing positions [5]. - Honor's market share in the Chinese smartphone market declined to 15% in 2024, a decrease of 1 percentage point from the previous year, with a year-on-year growth rate of -3% [5]. - In March 2025, new CEO Li Jian announced the "Alpha Strategy," committing to invest $10 billion over the next five years to transform Honor into an AI terminal ecosystem company [5].

来源：半导纵横 证监会官网显示，2025年6月26日，荣耀终端股份有限公司获上市辅导备案，辅导券商为中信证券。根据辅导工作安排，将于2026年1月至3月完成上市辅 导。 | 公开发行辅导公示 | | | 辅导对象 | 辅导机构 | 备案时间 辅导状态 | 派出机构 | 报告类型 | 报告标题 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 北京 | | 天津 | 荣耀终端股份有限公司 | 中信证券股份有限公司 | 2025-06-26 辅导备案 | 深圳证监局 | 辅导备案报告 | 关于荣耀终端股份 ... | | 11- | 河北 | 1 山西 | 浙江华盛雷达股份有限公司 | 中信证券股份有限公司 | 2025-06-26 辅导备案 | 浙江证监局 | 辅导备案报告 | 关于浙江华盛雷达 ... | | 11- | 内蒙古 | 辽宁 | | | | | | | | 11 - | 吉林 | 黑龙江 | 江苏方意摩擦材料股份有限公 司 | 东吴证券股份有限公司 | 2025-06-23 辅导备案 | 江苏证监局 | 辅导备案报告 | 关于 ...

Group 1 - Honor has officially submitted its IPO counseling application on June 26, 2023, with CITIC Securities as the counseling institution [1] - The company is facing multiple challenges, including market share, as it prepares for its IPO [1][3] - Honor's registered capital is 32.239 billion yuan, with Shenzhen Zhixin New Information Technology Co., Ltd. holding 49.55% of the shares [3] Group 2 - Honor aims to transform from a smartphone manufacturer to a leading AI terminal ecosystem company, planning to invest $10 billion over the next five years [1][2] - The company has launched several new products targeting niche markets, which has led to a recovery in sales, achieving a 13.7% market share in a recent week [4] - Honor's overseas market sales increased by 50% last year, with plans to establish Europe as its second home market outside China [5] Group 3 - The CEO of Honor, Li Jian, highlighted three main challenges for AI implementation: scene efficiency, performance limitations, and trust issues related to privacy and ethics [6] - Honor is focusing on key technologies to enhance AI deployment, including intelligent agent collaboration and interconnectivity across different brand devices [6] - The market perception of AI companies is changing, with expectations that Honor will receive higher valuations as it positions itself as the first AI terminal ecosystem company in the A-share market [7]

在产品端，荣耀将在7月发布第五代折叠屏旗舰手机荣耀Magic V5，该产品有望成为全球最轻薄 的折叠旗舰。（集邦Display整理） #手机面板 #荣耀 图片来源：荣耀 除了内部架构调整，荣耀近日还联合深圳国资出资成立了深圳市人工智能终端产业私募股权投资基 金合伙企业（有限合伙）。该基金的出资规模为14.4亿元，经营范围包括股权投资、投资管理、 资产管理等。 穿透股权后，该基金由荣耀终端股份有限公司、深圳市引导基金、深圳市福田引导基金、深圳市红 土创业投资有限公司等共同出资。其中荣耀认缴出资3亿元，出资比例为20.83%。 据中国证监会网站，荣耀终端股份有限公司现已获得上市辅导备案，辅导券商为中信证券。 去年12月，荣耀完成了股份制改造，荣耀终端公司名称变更为"荣耀终端股份有限公司"。股改完 成后，荣耀将适时启动IPO流程，进一步消息将在相应的过程中对外披露，为实现公司下一阶段的 战略发展，荣耀将通过首发上市推动公司登陆资本市场。 资料显示，荣耀终端有限公司成立于2020年4月，注册资本超320亿元，目前已获得中国移动通信 有限公司、京东方科技集团股份有限公司、国信资本有限责任公司等投资，且获得了深圳市国资委 ...

Group 1 - Honor has completed its shareholding reform, changing its name to "Honor Terminal Co., Ltd." with a registered capital of 32.239 billion yuan, marking its transition from a limited liability company to a joint-stock company [1] - The China Securities Regulatory Commission has confirmed that Honor has submitted its IPO counseling record, with CITIC Securities as the counseling institution, and plans to complete the counseling acceptance by March 2026 [1][3] - In Q1 2025, Honor's domestic market share fell out of the top five due to increased competition from Huawei's return and brands like Xiaomi and OPPO [3] Group 2 - Honor aims to achieve over 50% of its sales from overseas markets by 2024, with significant growth in regions like Southeast Asia and the Middle East [3] - The company has set a strategic goal to position Europe as its "second home market," targeting 100 million units shipped by 2026 and aiming to be among the top three globally by 2028 [3] - Honor's annual R&D investment accounts for about 10%, with over 2,100 AI patents accumulated, although profitability pressures remain [3] Group 3 - Honor was established in April 2020 as a subsidiary of Huawei and was later acquired by Shenzhen State-owned Assets [4] - The current reasonable valuation range for Honor is estimated between 150 billion to 250 billion yuan, depending on the effectiveness of its AI strategy and overseas market performance [6] Group 4 - Related concept stocks include BOE Technology Group, which supplies flexible AMOLED screens for Honor's high-end models, and Visionox, which supplies components for Honor's foldable phones [7] - The stock of a key retail service agent for Honor is considered undervalued, with a potential market value of around 8.8 billion yuan post-IPO, indicating significant investment opportunities [8]

Group 1: Stablecoin Regulation in the US - The US Senate passed the "Guidance and Establishment of the US Stablecoin National Innovation Act," establishing regulatory rules for stablecoins pegged to the US dollar, marking a significant development in the $250 billion stablecoin market [1] - The US aims for the stablecoin market to expand to $3.7 trillion by 2030, with stablecoin issuers potentially becoming one of the largest holders of US Treasury bonds [1] - The push for stablecoins is not only to mitigate US debt risks but also to enhance the influence of the US dollar in the global financial system, which could undermine other sovereign currencies [1] Group 2: Virtual Asset Trading Licenses in Hong Kong - Hong Kong's Securities and Futures Commission approved 40 institutions to provide comprehensive virtual asset trading services, with Guotai Junan International becoming the first Chinese broker to receive such a license [2] - Following the approval, Guotai Junan International's stock surged nearly 200%, significantly impacting the Hong Kong Chinese broker index, which rose by 11.75% in a single day [2] - Other approved institutions include Tianfeng International, Huafu Securities, Futu Securities, and several others, indicating a growing interest among Chinese brokers in virtual asset trading licenses [2] Group 3: ETF Market Activity - In May, Galaxy Securities led the Shanghai Stock Exchange in ETF holdings with a 24.63% share, while Huatai Securities topped the trading volume with an 11.30% market share [3] - The trading activity indicates a shift in dynamics, with Huatai Securities and CITIC Securities showing strong performance in transaction volume, while Galaxy Securities' trading volume share decreased [3] - The resurgence of interest in Hong Kong ETFs is highlighted by the reappearance of Hong Kong Yu Information in the top 30 trading volume list, reflecting renewed investment enthusiasm [3] Group 4: Honor's IPO Initiation - Honor Technology Co., Ltd. has initiated its IPO process, with the China Securities Regulatory Commission approving its listing guidance, aiming for completion between January and March 2026 [4] - The company, established in April 2020, has a registered capital of approximately 3.22 billion yuan and is classified under the computer, communication, and other electronic equipment manufacturing industry [4] - The IPO guidance involves multiple phases, including preliminary investigations and compliance checks, leading up to the submission of the IPO application [4] Group 5: Rongchang Bio's Partnership and Market Reaction - Rongchang Bio announced a collaboration and licensing agreement with Vor Bio, which includes an upfront payment of $45 million and potential milestone payments up to $4.105 billion [5][6] - Following the announcement, Rongchang Bio's stock experienced a significant decline, with A-shares dropping over 18% and H-shares falling more than 11% [6] - Concerns arose regarding the early relinquishment of global rights for a key product, raising doubts about Vor Bio's operational capabilities after reports of severe downsizing [6] Group 6: Nord Shares' Stock Performance and Inquiry - Nord Shares halted its "7 consecutive boards" streak, with stock price fluctuations prompting regulatory inquiries due to significant trading anomalies [7] - The company is investigating potential undisclosed relationships involving its controlling shareholders, while also addressing its involvement in solid-state battery technology [7] - Despite claims of innovation, Nord Shares indicated that revenue from solid-state battery applications remains minimal, highlighting competitive challenges in the market [7] Group 7: Fund Companies' Investment Strategies for the Second Half - Fund companies are optimistic about investment opportunities in the A-share market for the second half of the year, particularly in the technology sector [9][10] - Focus areas include AI-related companies and smart driving technologies, with expectations of new investment opportunities emerging as market perceptions evolve [9] - Additionally, there is interest in high-dividend blue-chip stocks and deep value strategies, as well as the potential for growth in Hong Kong stocks due to increased IPO activity and foreign investment [11][12]

荣耀终端股份有限公司（以下简称"荣耀"）的上市进程近日取得了重要进展。据证监会官网信息，6月 26日，荣耀已完成上市辅导备案，辅导券商选定为中信证券。按照辅导计划，该公司预计将在2026年1 月至3月期间完成上市辅导工作。 在市场竞争方面，荣耀的表现依然强劲。根据市场研究机构Canalys发布的数据，2024年全年，荣耀在 中国大陆智能手机市场的份额接近15%，位居国内市场第五位。尽管在全球市场，荣耀的销量份额仅为 5%，排名第七，但其在国内市场的稳固地位仍然为其上市提供了坚实的基础。随着华为手机业务的逐 步恢复，荣耀也面临着来自原用户市场的竞争压力。 从股东结构来看，荣耀目前拥有23家股东，其中包括深圳市鹏程新信息技术合伙企业、深圳市春芽联合 科技合伙企业、深圳市智信新信息技术有限公司、深圳市宝安区投资管理集团有限公司、国信资本、京 东方科技集团股份有限公司、中国电信、中国移动、金石星耀（深圳）智能设备私募股权投资基金合伙 企业等。值得注意的是，春芽联合集合了27家荣耀的渠道商和代理商，这显示了荣耀在渠道建设方面的 强大实力。 在资本层面，荣耀也动作频频。2024年8月下旬，荣耀宣布获得中国移动的投资。同年 ...

Group 1: IPO Process - Honor officially initiated the A-share IPO process, with the China Securities Regulatory Commission (CSRC) confirming the filing on June 26, 2024 [1] - The company was established on April 1, 2020, with a registered capital of approximately 32.239 billion yuan, and is classified under the manufacturing industry of computers, communications, and other electronic devices [2] - The IPO guidance plan is set to be completed between January and March 2026, with the company preparing for the submission of its IPO application [2][4] Group 2: Market Performance - Honor initially benefited from its association with Huawei, achieving a market share of 11.7% in 2021 and 18.1% in 2022, ranking second in the Chinese smartphone market [5] - In 2023, despite the competitive landscape, Honor maintained a market share of 17.1%, but faced a decline in 2024, with a 3.7% year-on-year drop in sales during Q2 [5] - For the entire year of 2024, while the overall smartphone market grew by 5.6%, Honor's sales decreased by 8.1% [5] Group 3: Leadership and Strategic Shift - The departure of long-time CEO Zhao Ming in January 2025 led to a strategic shift under the new CEO, Li Jian, who announced the "Alpha Strategy" aimed at transforming Honor into an AI terminal ecosystem company [6][7] - Honor plans to invest $10 billion over the next five years in AI terminal technology and ecosystem development [7] Group 4: Product Development and Competition - Honor is accelerating its product release schedule, with upcoming launches including the Honor Magic V5 and new models in the X and Magic series [7] - The company faces stiff competition in the AI sector, with rivals like Apple and Huawei already making significant advancements [10] - Despite some product innovations, Honor's core technology reserves in chip development and system optimization remain insufficient compared to competitors [10] Group 5: International Market Expansion - Honor's overseas sales exceeded 50% by December 2024, achieving profitability in multiple regions [10] - The company aims to penetrate markets with low smartphone penetration rates, such as Indonesia and the Philippines, while also targeting high-end markets in Europe and the US [10]

荣耀终端股份有限公司近日在深圳证监局获得上市辅导备案，这标志着该公司正式踏出A股IPO的关键步伐。中信 证券担任辅导券商，辅导工作将分三个阶段推进，从2025年6月持续至2026年3月。这一进展意味着A股市场可能 迎来首家AI终端生态企业。 目前荣耀的控股股东是深圳市智信新信息技术有限公司，直接持股比例达49.55%。公司所处行业为计算机、通信 和其他电子设备制造业。自2020年11月深圳市智信新信息技术有限公司完成对荣耀品牌及相关业务资产收购后， 荣耀开启了独立发展道路。 2024年，荣耀加速引入重量级股东，中国移动、中国电信、中金资本旗下基金等多家央企和国企相继入股。截至 目前，荣耀已汇聚超过20家实力雄厚的股东，包括地方国资、运营商、经销商、供应商以及第三方资本。这些股 东的加入为荣耀IPO之路奠定了坚实基础，提升了公司治理水平与市场竞争力。 AI生态战略布局与业务拓展 2025年1月17日，李健接任荣耀CEO职务。今年3月，李健在巴塞罗那世界移动通信大会上发布"阿尔法战略"，宣 告荣耀将全面转型为AI终端生态公司。该战略计划在未来五年内投入100亿美元，加速在AI领域的布局与创新。 在"阿尔法战略"指 ...

Group 1 - Honor has received approval for its IPO guidance, with plans to complete the process between January and March 2026, guided by CITIC Securities [1] - The company has undergone a name change to Honor Terminal Co., Ltd. in December 2024, paving the way for its IPO [1] - Honor has attracted over 20 shareholders, including major institutions like China Mobile and China Telecom, with Shenzhen Zhixin holding a 49.55% stake [1] Group 2 - Despite a decline in market share in China, Honor's smartphone sales increased by nearly 3% year-on-year due to rapid growth in overseas markets, particularly in Latin America, the Middle East, and Asia-Pacific [1] - The domestic smartphone market saw a 5% increase in market share during the launch week of Honor Power, allowing Honor to return to the top five in the market [2] Group 3 - Honor aims to return to the top three in the Chinese market by the end of this year, coinciding with organizational changes and the opening of 38 key management positions for competition [3] - The company has established new departments focused on AI and software, emphasizing AI research as a strategic priority, and announced its entry into the robotics industry [3] - Honor plans to invest over $10 billion in AI over the next five years and has formed a strategic partnership with China Mobile to develop customized AI smartphone products [3] Group 4 - Honor's IPO guidance signals confidence in the capital market, aiming to become the first publicly listed company representing the AI application terminal ecosystem [4]