（编辑/吕栋） 观察者网获悉，荣耀终端股份有限公司（以下简称"荣耀"）近日在深圳证监局获上市辅导备案，正式迈 出了A股IPO的关键一步，中信证券成为其辅导券商，标志着荣耀开启上市之路。 回顾荣耀的独立发展之路，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 产的全面收购后，荣耀便开启了独立发展的新篇章。 截至目前，荣耀已汇聚20多家股东。2024年，中国移动、中国电信、中金资本旗下基金等多家央企和国 企相继入股荣耀。 IPO进程开启 随着辅导备案公告的正式挂网，荣耀正式踏入IPO新阶段。 2025年3月，荣耀CEO李健发布"阿尔法战略"，宣告荣耀将全面转型为AI终端生态公司，并且计划在未 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"的指引下，荣耀的笔记本、平板、智能穿戴等AI终端生态产品家族陆续推出首轮成果。 荣耀笔记本搭载的YOYO助理，深度融合搜索、阅读、创作与智控功能，首次实现设备全链路AI化操 作；荣耀平板则依托AI软硬件深度协同，并支持与iOS、鸿蒙、安卓系统的无缝文件互传，打破系统壁 垒。 国际化路线加速 根据市场调研机构IDC发布的数据，20 ...

荣耀终端股份有限公司（以下简称"荣耀"）近日在深圳证监局获上市辅导备案，正式迈出了A股IPO的 关键一步，中信证券成为其辅导券商。标志着荣耀在资本市场的新征程即将开启。 股份制改造完成，股东结构持续优化 荣耀的上市之路早有铺垫，2024年四季度起便启动了股份制改造，于当年12月28日圆满收官，并正式更 名为"荣耀终端股份有限公司"。 回顾荣耀的独立发展之路，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 产的全面收购后，荣耀便开启了独立发展的新篇章。此后，其股权结构不断优化调整。 截至目前，荣耀已汇聚二十多家实力雄厚的股东，为荣耀发展注入多元活力。2024年，荣耀更是加速引 入重量级新股东，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荣耀。一方面， 这些股东高度看好荣耀的未来发展前景；另一方面，新股东的加入也助力荣耀进一步完善了股东结构， 为其IPO之路筑牢根基，全方位提升公司治理水平与市场竞争力。 荣耀持续加大AI研发投入，积极构建开放生态体系，不断拓展机器人等新兴业务领域，为市场发展开 辟了广阔的想象空间，也为公司未来的业绩增长提供了多元化的驱动力。 国际化和新旗 ...

Core Viewpoint - Honor is attempting to break its sales slump with the launch of the Honor 400 series, which is seen as a crucial product for regaining market share in the competitive mid-range smartphone segment [1][5][21]. Group 1: Sales Performance and Market Position - Honor has experienced a significant decline in sales, dropping out of the top five in domestic shipments and facing challenges since the second half of last year [2][3]. - The company's market share has decreased from a peak of 20% to below 14% as of Q1 2024, indicating a loss of competitive ground to rivals like Huawei and Xiaomi [10][12]. - The Honor 400 series has shown promising initial sales, surpassing previous models and entering the top 15 in sales rankings shortly after launch [5][9]. Group 2: Strategic Changes and Leadership - Following a leadership change, CEO Li Jian has initiated extensive reforms in strategy, management, and organizational structure to revitalize the company [4][16]. - The new management team is focusing on a more targeted distribution strategy, moving away from a broad approach to a more precise and flexible one, particularly in offline channels [9][10][14]. - Li Jian's vision for Honor includes transforming it into an AI terminal ecosystem company, aiming to leverage AI technology beyond smartphones [20][22]. Group 3: Competitive Landscape and Challenges - The competitive landscape remains intense, with offline channels being crucial for sales, where Honor has struggled against established players like Huawei and Xiaomi [3][13][14]. - Analysts express skepticism about Honor's ability to regain a top-three position in the domestic market, citing significant gaps in market share compared to leading brands [26][28]. - The company faces pressure to deliver short-term results to satisfy market expectations while undergoing long-term structural changes [29][30].

Core Viewpoint - Honor is transitioning from a "smartphone manufacturer" to an "AI terminal ecosystem company," marked by the launch of the "Global Million Eagle Plan" and a new management team's public strategy presentation [3][4][22]. Group 1: Strategic Initiatives - The "Global Million Eagle Plan" consists of four segments: "Eagle," "War Eagle," "Chick," and "Shining Eagle," focusing on technology research, market expansion, talent acquisition, and user insights [4][6]. - The "Eagle" plan aims to recruit 10 leading technical talents globally, targeting breakthroughs in critical AI and hardware technologies [4]. - The "War Eagle" plan involves recruiting 100 sales elites to support growth in regions like Latin America and the Middle East, where sales have increased by over 50% [5][6]. - The "Chick" plan will recruit 1,000 recent graduates to inject fresh talent into the organization, while the "Shining Eagle" plan will recruit 10,000 user experience officers to capture real-time consumer demand [6][4]. Group 2: Organizational Transformation - The company is undergoing a significant organizational transformation, referred to as the "433" formation, which includes cognitive elevation, capability enhancement, and restructuring paths [7][8]. - The "433" strategy emphasizes four key mindsets: AI thinking, ecosystem thinking, user thinking, and business thinking, along with three driving forces: user-driven, innovation-driven, and competition-driven [8]. Group 3: AI and Technology Development - Honor's core strategy, the Alpha Strategy, outlines a three-step path: creating truly intelligent phones, building a physical AI ecosystem, and exploring human potential in the AGI era [9][22]. - New departments have been established to support this strategy, including AIOS, AI hardware, and AI platform divisions, which will collaborate on data, algorithms, and hardware [9][10]. - The establishment of the New Industry Incubation Department marks Honor's entry into the robotics field, with ongoing recruitment for roles related to AI and robotics [10][22]. Group 4: Cultural and Governance Changes - Honor is redefining its corporate culture around the core value of "real is power," aiming to enhance organizational efficiency, technical research, and ecological collaboration [11][12]. - The company has seen a significant increase in overseas pre-orders for the Honor 400 series, achieving 2-3 times the volume of previous models [12]. - The governance model, termed the "Snow Mountain Model," emphasizes collective leadership and long-term strategic planning [9][10]. Group 5: Market Positioning and Competitive Edge - Honor's strategy aims to create a differentiated core technology competitive advantage through collaboration with partners like Google Cloud and Qualcomm [19][22]. - The Honor 400 series is among the first devices to support cross-system file transfer between "Honor-iOS" and "Honor-Harmony," breaking down operating system barriers [20][21]. - The overall strategy is a systematic project that integrates talent, technology, and market approaches to redefine the company's value paradigm in the AI era [21][22].

Core Viewpoint - The company believes that its most challenging period has passed, and it is undergoing significant internal restructuring and strategic transformation to adapt to market changes and enhance its competitiveness [2][6][7]. Group 1: Internal Restructuring - Following the departure of CEO Zhao Ming and several key executives, the new CEO Li Jian initiated a major personnel overhaul called the "Eagle Plan," which involved open competition for key positions within the company [3][4]. - This restructuring affected 38 key positions in the Chinese market, with 45% of personnel adjusted within a week through a transparent internal voting process [3][4]. - Li Jian emphasized the importance of placing capable individuals in suitable roles, marking a significant shift in the company's historical approach to personnel management [4]. Group 2: Market Performance - In the first quarter, the company's market share dropped to 13.7%, falling out of the top five rankings, attributed to previous operational decisions and a lack of new product launches [6][7]. - Despite challenges in the domestic market, the company reported strong growth in overseas markets, with Latin America experiencing a nearly 30% increase and the Middle East and Africa seeing a 66% rise in sales [7]. - The company aims to reverse the sales decline with the launch of new products, including the 400 series and foldable devices, targeting a return to the top three in market share by the end of the year [7]. Group 3: Strategic Transformation - The company announced a strategic shift from being a smartphone manufacturer to becoming a leading AI terminal ecosystem company, with plans to invest over $10 billion in AI ecosystem development over the next five years [8][10]. - New departments have been established to support this transformation, including an AI new industry department and a global brand department [8]. - The company is also preparing for an IPO, having completed its restructuring and aiming to align its strategic goals with market conditions [9][10].

Core Insights - The article discusses the recent leadership changes and strategic shifts at Honor, highlighting the company's efforts to revitalize its operations and market position following a challenging period [2][6][9] Internal Restructuring - Following the departure of former CEO Zhao Ming and other key executives, the new CEO, Li Jian, initiated a significant personnel overhaul known as the "Eagle Plan," requiring all key position supervisors to reapply for their roles [2][3] - This restructuring involved a rapid decision-making process, with Li Jian making changes to 38 key positions within just two hours during a flight [3] - The internal adjustments aimed to place the most capable individuals in suitable roles, marking a historical shift in Honor's management approach [4] Market Performance - Honor's market share fell to 13.7% in Q1 2025, dropping out of the top five smartphone manufacturers, with the company being categorized under "Others" by various market research firms [7] - Despite the decline in domestic sales, Honor experienced significant growth in overseas markets, with Latin America growing nearly 30% and the Middle East and Africa seeing a 66% increase in sales [7] - The company plans to release new products, including the 400 series and foldable devices, to reverse the sales decline and aims to return to the top three in the domestic market by the end of the year [7][8] Strategic Transformation - Li Jian announced a strategic shift from being a smartphone manufacturer to becoming a leading AI terminal ecosystem company, with plans to invest over $10 billion in AI development over the next five years [8] - The establishment of new departments focused on AI and user experience reflects the company's ambition to diversify its product offerings beyond smartphones [8] - Honor is preparing for an IPO after completing its restructuring, with the CFO indicating that the timing will depend on market conditions and the company's strategic development [9]

Core Viewpoint - Honor is at a critical juncture in its development, facing challenges in market share and competition, particularly from Huawei and Xiaomi, while also undergoing significant organizational changes and strategic shifts towards AI and ecosystem development [2][3][9]. Market Performance - Honor's market share in the domestic smartphone market has declined, with a reported 13.7% share in Q1 2024, down 12.8% year-on-year [2][9]. - Despite the domestic decline, Honor has seen over 50% growth in regions like Latin America, the Middle East, and Asia-Pacific, with Southeast Asia experiencing over 100% growth [4]. Strategic Adjustments - Honor has completed organizational restructuring and strategic direction adjustments, focusing on four key areas: AI, ecosystem, user experience, and business [4][7]. - The company plans to invest $10 billion over the next five years to transition from a smartphone manufacturer to an AI terminal ecosystem company [7]. Product Development - Honor has released only two new products in the first half of the year but still achieved over 13% activation market share in China [5][9]. - The Honor 400 series, featuring advanced specifications and competitive pricing, is expected to drive future sales growth [10][12]. Leadership Changes - A significant leadership overhaul has occurred, with 45% of key positions being adjusted, and a focus on placing talent in suitable roles [8]. - The company has initiated a "Eagle Plan" for internal competition among key positions to enhance performance and adaptability [8]. Future Outlook - Honor's CEO believes the most challenging period has passed, with expectations for new product launches to boost sales in the latter half of the year [10]. - The company is exploring new growth avenues beyond smartphones, including AI-driven products and humanoid robots, indicating a shift towards a broader technology ecosystem [13][14].

Core Insights - The mid-range smartphone market, priced between 2000 to 3000 yuan, is becoming a key battleground for manufacturers as AI technology advances and government subsidies support this segment [2][3] - Honor's CEO, Li Jian, emphasized the transition from the digital era to the AI era, indicating that the company's focus is on strengthening its core capabilities rather than solely on sales volume [2][4] - The differences in pricing and specifications between domestic and overseas versions of Honor's 400 series highlight the company's strategic focus on the Chinese market [3][4] Market Dynamics - The mid-range smartphone segment is crucial for manufacturers as it offers profit margins compared to entry-level devices, with most companies prioritizing sales volume this year [3][4] - Honor's 400 series includes two versions, with domestic prices significantly lower than their overseas counterparts, indicating a strategic pricing approach to regain market share [3][4] Company Strategy - Honor is undergoing a transformation, with a new management team and a focus on product line completion, aiming to compete effectively in a challenging domestic market [5][6] - The company is also exploring new growth avenues, particularly in the robotics sector, as traditional smartphone growth slows down [6][7] Robotics Initiative - Honor is actively investing in robotics, with Li Jian confirming that the company is focusing on this area as part of its strategy to evolve into an AI terminal ecosystem company [7][8] - The company plans to invest $10 billion over the next five years to support this transition, indicating a significant commitment to innovation and new product development [7][8]

Core Viewpoint - Honor is transitioning from a hardware manufacturer to an AI terminal ecosystem company, emphasizing the importance of AI technology and new growth opportunities in its strategic vision [1][8]. Company Strategy and Leadership - Honor's CEO, Li Jian, has been in office for four months and has initiated significant organizational changes, including the establishment of new departments focused on AI and robotics [3][9]. - The company has completed its shareholding reform and is preparing for an IPO, having engaged relevant institutions for the process [3][6]. Product Launch and Market Position - Honor launched the Honor 400 series smartphones, targeting the mid-range market while incorporating high-end features, such as the Snapdragon 7 Gen 4 chip and a 7200mAh battery [5][6]. - Despite facing market share pressure, Honor aims to return to the top three in the domestic market by the end of the year, with the Honor 400 series expected to be a turning point for sales [6][7]. Market Performance - According to CounterPoint Research, Honor's market share has dropped to 13.7%, placing it sixth in the Chinese smartphone market, while Huawei leads with 19.4% [6]. - Honor has experienced significant growth in international markets, with over 50% growth in regions like Latin America and the Middle East, and over 100% growth in Southeast Asia [7]. Technological and Industrial Transformation - Honor is focusing on three main transformation lines: technological change driven by AI, industrial change moving beyond smartphones, and ecological change through collaboration with the supply chain [8][10]. - The company is entering the robotics sector, with plans to develop various AI-driven products and establish a new industrial incubation department [9][10]. Research and Development - Honor has restructured its R&D framework to adapt to the AI era, creating three primary departments focused on AI systems, hardware, and platforms, which cover critical areas from software to algorithms [10].

Core Viewpoint - Honor is actively preparing for its IPO and aims to transform from a smartphone manufacturer to an AI ecosystem company, focusing on user needs and pain points in the AI era [2][4]. IPO Preparation - Honor has completed its restructuring and is in the process of preparing for its IPO, having engaged various intermediaries [2][4]. - The company plans to launch its IPO process at an appropriate time, considering market conditions and regulatory requirements [4]. Leadership Changes - Following a series of executive departures, including the resignation of former CEO Zhao Ming, Honor appointed Li Jian as the new CEO to lead the company forward [4]. - Under Li Jian's leadership, Honor is focusing on internal improvements and business transformations to enhance long-term value [4]. Entry into Robotics - Honor has confirmed its entry into the robotics sector, emphasizing its commitment to developing autonomous technologies and collaborating with other manufacturers as needed [6][9]. - The company has achieved a significant milestone with its humanoid robot, which can run at a speed of 4m/s, setting a new industry record [9]. AI Ecosystem Strategy - Honor announced its HONOR ALPHA PLAN, committing to invest $10 billion over the next five years to build a global AI terminal ecosystem [9]. - The company aims to break down industry barriers with its new 400 series products, which support cross-platform communication with iOS and HarmonyOS [10]. Talent Recruitment Initiative - Honor launched the "Global Million Eagles Plan" to recruit top talent globally, targeting 10 technical leaders, 100 sales elites, 1,000 outstanding graduates, and 10,000 user experience officers [10].