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]

Core Viewpoint - The smartphone industry is experiencing a competitive landscape where brand recognition and user perception are crucial for survival, and Honor faces significant challenges in establishing its identity post-separation from Huawei [6][17][18]. Group 1: Market Position and Performance - In Q1 2024, Honor achieved a 17.1% market share in China, surpassing Huawei, but by Q4 2024, its share dropped to 13.7%, ranking fifth [4]. - The smartphone market is expected to recover in 2024, with a 5.6% increase in shipments compared to 2023, particularly in the Android segment [5]. - By Q1 2025, Honor fell out of the top five smartphone brands, with a 12.8% year-on-year decline in shipments [5]. Group 2: Historical Context and Brand Evolution - Honor was initially a sub-brand of Huawei, targeting young consumers with cost-effective products, and gained recognition with models like Honor 3C/3X and Honor 6 [7][8]. - Following Huawei's sanctions, Honor became an independent brand, inheriting talent and resources from Huawei, which allowed it to maintain some competitive advantages [9][10]. - The separation from Huawei has led to a shift from a complementary relationship to direct competition, complicating Honor's market positioning [14][15]. Group 3: Challenges and Strategic Direction - Honor struggles with brand identity and lacks a compelling narrative to differentiate itself from Huawei, leading to a perception of being a "substitute" brand [18][24]. - The company's product line, while extensive, lacks standout models in each price segment, resulting in consumer confusion and a diluted brand message [22][23]. - Honor's strategy of releasing multiple models has become less effective in a market characterized by performance saturation and intense competition [22][24]. Group 4: Future Opportunities and Innovations - AI is identified as a potential breakthrough area for Honor, with initiatives like the "Alpha Strategy" aimed at creating a seamless ecosystem of interconnected devices [28][29]. - Despite some innovative features, Honor's technological advancements have not yet established a significant competitive edge compared to rivals like Huawei and Apple [24][25]. - International expansion is a focus for Honor, with new leadership experienced in overseas markets, but challenges remain due to global competition and supply chain pressures [31][32].

任正非曾说："荣耀要做华为全球最强的竞争对手，超越华为"。 上市前夕，荣耀巨变。 1 月 17 日，荣耀 CEO 赵明因个人原因，向该公司提出辞去 CEO 等相关职务，由副董事长李健接任。 自 2015 年接任荣耀总裁起，赵明与这个品牌一起走过了 10 年。在离职信中，赵明说，"感谢大家对我 4 年乃至 10 年荣耀工作的评价，成绩是团队和所有荣耀小伙伴做出的。过去 10 年的每一刻我都是战战兢 兢、如履薄冰，很少有成功的喜悦，一直都思考怎么带着团队活下去、杀出来。" 赵明带领荣耀走过了两个阶段：作为华为子品牌，以及 2020 年 11 月分拆后的独立公司。 分拆后，华为不再持有新荣耀公司的任何股份。华为在当时发声明说：在产业技术要素不可持续获得、消 费者业务受到巨大压力的艰难时刻，为让荣耀渠道和供应商能够得以延续，华为投资控股有限公司决定整 体出售荣耀业务资产。 荣耀独立不是计划内的调整，没有充足的准备期。对于行业和荣耀来说，这都是一个突然的决定。8000 多 名荣耀员工要在短时间内从华为坂田总部搬出，在仓促和捉襟见肘的办公条件下开启全新的创业之路。 2021 年是荣耀最难熬的一段时间：没有产品、没有工厂、 ...