Group 1 - The Hurun Research Institute released the "2025 Global Unicorn List," which includes 1,523 non-listed companies valued at over $1 billion, with China having 343 unicorns, ranking second globally [3] - The number of global unicorns increased by 5% compared to last year, with 70 new additions, while 143 companies saw a decline in valuation, and 64 unicorns exited the list due to various reasons [3] - In terms of city distribution, San Francisco and New York lead with 199 and 142 unicorns respectively, while Beijing, Shanghai, and Shenzhen rank third, fourth, and sixth in China [3] Group 2 - Anker Innovations announced a recall of over 710,000 products due to safety risks associated with common battery cells, following a similar recall by Romoss of 491,700 units [4] - Anker stated that the recall's impact on overall profits is limited, as the mobile power category accounts for only about 10% of its total revenue [4] - The company has recently formed a strategic partnership with CATL to enhance its battery supply chain [4] Group 3 - Glory Technology has initiated its IPO process, marking a significant step since its independence from Huawei in 2020, aiming to become the first A-share company focused on AI terminal ecosystems [8] - The company faces challenges in maintaining market share in its core smartphone business, which adds uncertainty to its IPO narrative [8] Group 4 - The jewelry brand Zhou Li Fu successfully listed on the Hong Kong Stock Exchange, with a 25% surge on its first trading day, achieving a market capitalization of HKD 12.98 billion [9] - The brand's franchise model, which constitutes 97.8% of its stores, has led to high profit margins but also increased pressure on franchisees, resulting in significant store closures in recent years [10]

Core Viewpoint - Honor has officially initiated its A-share IPO process, marking a significant step in its transformation from a hardware manufacturer to an AI terminal ecosystem company, continuing its "Alpha Strategy" [1][4][6]. Group 1: IPO and Strategic Transformation - Honor Terminal Co., Ltd. has received approval for its IPO guidance, with CITIC Securities as the advisory firm, indicating the start of its journey in the capital market [1]. - The IPO is seen as a hallmark of Honor's "second entrepreneurship," aiming to attract diverse capital and enhance its market presence [4][6]. - Honor plans to invest $10 billion over the next five years to advance its AI strategy, translating to an annual investment of approximately 15 billion yuan [6]. Group 2: Product Development and Market Position - Honor has launched several new products, including the long-lasting Honor Power phone and the gaming flagship Honor GT Pro, which have contributed to a resurgence in product strength [1][9]. - The Honor 400 series has achieved record sales, with first-day sales up 195% compared to the Honor 300 series and 138% compared to the Honor 200 series [9]. - Honor aims to reclaim a top-three position in the domestic market by the end of the year [9][10]. Group 3: AI and Ecosystem Development - Honor is focusing on building an AI terminal ecosystem, expanding beyond smartphones to include AI-integrated robotics and other technologies [6][7]. - The company has established new departments dedicated to AI and software, with over 2,600 employees working in these areas [7]. - Honor has accumulated over 2,100 AI-related patents, with R&D investment consistently exceeding 10% of annual revenue [7]. Group 4: Global Expansion and Market Strategy - Honor has made significant strides in international markets, particularly in Europe, Latin America, and the Middle East, with growth rates exceeding 50% in these regions [11]. - The company aims to transition from "China Honor" to "World Honor," adapting its AI technology and product offerings to meet the needs of different regional markets [11].

Core Viewpoint - Honor's IPO marks a significant step towards becoming the first "AI terminal ecosystem" company in the A-share market, indicating a new phase in its "second entrepreneurship" and global exploration of Chinese tech brands [1][4]. Group 1: IPO Progress - Honor has received approval for its IPO from the Shenzhen Securities Regulatory Bureau, a crucial step after over a year of preparation [1]. - The company has diversified its shareholder structure with over 20 shareholders, paving the way for its IPO [2]. - Honor has undergone comprehensive changes in management, organizational structure, and ecosystem, including the launch of the "Eagle Plan" to recruit for key positions [2]. Group 2: Strategic Transformation - Honor's CEO announced the "Alpha Strategy," shifting the company's focus from smartphone manufacturing to becoming a leading AI terminal ecosystem company, with a planned investment of $10 billion over the next five years [3]. - The establishment of new departments, including an AI new industry department, reflects Honor's commitment to elevating AI research within its organizational structure [2][3]. Group 3: AI Strategy and Market Positioning - Honor aims to penetrate the high-end AI smartphone market, with significant sales growth reported for its new product series [5]. - The company is also targeting emerging fields such as robotics and embodied intelligence, promoting the integration of AI technology into consumer products [5][6]. - Honor has invested a cumulative total of 10 billion yuan in AI research and holds over 2,100 AI patents, positioning itself favorably in the AI ecosystem [6]. Group 4: Market Challenges and Opportunities - Despite strong momentum, analysts highlight the need for Honor to effectively translate AI technology into consumer products and balance shareholder returns with long-term R&D investments post-IPO [6].

Group 1 - Honor has officially initiated its A-share IPO process, marking a significant step in its "second entrepreneurship" and transition from a hardware manufacturer to an AI terminal ecosystem company [1][2] - The company has undergone organizational changes and product launches, including the introduction of several new models such as the Honor Power and Honor GT Pro, which have contributed to its recovery in product strength [1][2] - Honor's strategic focus is on AI, with plans to invest $10 billion over the next five years to advance its "Alpha Strategy," aiming to become a leader in the AI terminal ecosystem [3][4] Group 2 - Honor has established new departments dedicated to AI and software, with a workforce of 2,600 in these areas, and has entered the robotics sector to support its AI strategy [5] - The company has achieved significant sales growth, with the Honor 400 series recording a 195% increase in first-day sales compared to the previous series, indicating a strong market recovery [6][7] - Honor is expanding its global presence, with substantial growth in regions such as Latin America and the Middle East, aiming to transition from "China Honor" to "World Honor" [8]

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 ...

荣耀冲刺A股上市，2024年四季度完成股改，中国移动、中国电信等多家央国企陆续参股 中国证监会网上办事服务平台（试运行）信息显示，6月26日，荣耀终端股份有限公司首次公开发行股票并上市辅导备案报告公布。辅导 机构为中信证券，当前辅导状态为"辅导备案"。这标志着自2020年从华为体系中剥离独立后，荣耀正式迈出冲刺A股的重要一步。若成功 登陆资本市场，荣耀有望成为A股首家以AI终端生态为核心的上市公司。 目前，已经有20多家股东入股荣耀。2024年，中国移动、中国电信等多家央国企陆续参股荣耀，这大大增强了荣耀的资本实力。 据乐居财经消息，就在上市前夕，荣耀高管剧烈变动。2025年1月，原荣耀CEO赵明因个人原因辞去董事、CEO职务，由公司董事李健接 任。李健之前曾在华为任职，并在荣耀独立后担任高管。随后荣耀中国区CMO姜海荣、荣耀中国区销售部部长郑树宝等多位高管也陆续 离职。 据IDC数据显示，在2022年，荣耀在中国手机的市场份额达到18.1%，到2023年降至17.1%，而到2024年降至15%，再到今年一季度降至 13.7%。 荣耀在国内手机市场的市场占有率的排名，则从2022年的第二名一路降至第六位，是目 ...

Group 1 - Honor has completed its listing counseling filing on June 26, 2023, with CITIC Securities as the counseling institution, and the IPO process is expected to be completed between January and March 2026 [1] - The registered capital of Honor is 32.239 billion yuan, with the controlling shareholder being Shenzhen Zhixin New Information Technology Co., Ltd., holding 49.55% of the shares [1] - Honor has undergone approximately six rounds of financing since its independence in April 2020, with the latest round in October 2024, valuing the company at 200 billion yuan [1] Group 2 - Under the new leadership of CEO Li Jian, Honor has launched the Alpha strategy, aiming to transform from a smartphone manufacturer to an AI terminal ecosystem company, with a planned investment of 10 billion USD over the next five years [2] - Honor has established new AI-related R&D departments, including a new industry incubation department and a brand marketing department [2] Group 3 - Honor officially announced its entry into the robotics sector in May 2023, seeking additional growth avenues [3] - In Q1 2025, Honor's smartphone sales in China reached approximately 9 million units, capturing a market share of 13.7%, ranking sixth in the market [3] - Honor has experienced significant growth in Latin America, the Middle East, and Africa, with sales in Southeast Asia exceeding 100% growth and a 66% increase in the Middle East and Africa in the first four months of this year [3]

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 ...

靴子终于落地。6月26日，据中国证监会官网披露，荣耀终端股份有限公司（以下简称"荣耀"）已在深 圳证监局进行上市辅导备案，辅导机构为中信证券。这意味着自2020年11月从华为独立以来，历经近五 年浮沉的荣耀，正式迈出了A股IPO的关键一步。 | 辅导对象 | 荣耀终端股份有限公司 | | --- | --- | | 成立日期 | 2020年4月1日 | | 注册资本 | 3.223.894.7581 万元 吴胜 法定代表人 | | 注册地址 | 深圳市福田区香蜜湖街道东海社区红荔西路 8089号深业中 | | | 城 6 号楼 A 单元 3401 | | 控股股东及 | 控股股东为深圳市智信新信息技术有限公司,现直接持有 | | 持股比例 | 公司 49.55%股份 | | 行业分类 | 在其他交易 计算机、通信和 场所(申 其他电子设备制 | | | 请)挂牌或 | | | 造业(C39) | | | 上市的情况 | | 备注 | 不存在近3年内提交首次公开发行股票/存托凭证并上市申 | | | 请被终止审查、不予核准、不予注册的情况 | | 辅导协议签署时间 | 2025年6月24日 | | --- | ...