Core Viewpoint - The article discusses the challenges and strategic changes faced by Honor under the leadership of CEO Li Jian, highlighting the company's efforts to regain market share and prepare for its upcoming IPO amidst a competitive smartphone landscape [3][4][15]. Group 1: Leadership Changes and Market Challenges - Li Jian took over as CEO of Honor after the departure of Zhao Ming, leading to significant internal restructuring and the reassignment of over 30 key positions in the China region [3][12]. - Honor's market share has declined, with IDC reporting a drop to 13.7% in Q1 2025, down from 17.1% a year prior, resulting in a sixth-place ranking in the Chinese market [6][16]. - The company faced a challenging start in 2025, with key executives leaving and a lack of new product launches compared to competitors [6][11]. Group 2: Product Launches and Sales Performance - The launch of the Honor 400 series marked a critical moment for the company, achieving over 1 million activations and becoming the best-selling new product during the 618 shopping festival [12][14]. - The Honor 400 series features competitive specifications, including a Snapdragon 7 flagship platform and a 200-megapixel camera, with a starting price of 2499 yuan [12][13]. - Following the success of the 400 series, Honor plans to focus on the foldable phone market with the release of the Magic V5, which emphasizes lightweight design [13][14]. Group 3: IPO Preparation and Valuation Concerns - Honor is preparing for its IPO, having received guidance approval from the China Securities Regulatory Commission, with a target to complete the process by early next year [4][15]. - The company's valuation has reportedly decreased by 23% since its separation from Huawei, with a pre-IPO valuation of 200 billion yuan compared to 260 billion yuan in 2020 [16][18]. - To enhance its market appeal, Honor is diversifying into AI and robotics, announcing a $10 billion investment over five years to build an AI ecosystem [15][17].

Core Viewpoint - The consumer electronics industry is expected to grow in the second half of 2025, driven by the gradual implementation of edge AI across multiple terminals, hardware upgrades in AI smartphones, innovations in AI wearable devices, and a revival in the optical industry [1]. Group 1: Mobile & Optical Market - The smartphone market demand is expected to remain stable in the second half of 2025, with IDC projecting a global smartphone shipment growth rate of 0.6% for 2025 and a CAGR of 1.4% over the next five years [4]. - The trend of optical upgrades in smartphones is anticipated to continue, leading to double-digit market growth, with a focus on innovations such as larger sensors, hybrid glass-plastic lenses, and module structure upgrades [4]. - The optical industry is expected to see improved profitability due to capacity utilization recovery and rational price competition [26][31]. Group 2: Edge AI Hardware - The penetration of AI smartphones into mid-range price segments is expected to accelerate, with Canalys forecasting a global AI smartphone penetration rate of 34% by 2025, increasing to 50% by 2027 [5]. - Innovations in AI wearable devices, particularly AR/MR products, are expected to enhance user interaction and experience, with lightweight designs becoming a trend in 2024 [5]. - The emergence of new terminal forms, such as panoramic cameras, is anticipated to meet the growing demand for "recording life" [5]. Group 3: Edge AI Software - The rapid development of AI Agent technology is expected to reshape human-computer interaction and create new ecological models, with AI Agents likely to become new traffic entry points on mobile devices [5]. - The introduction of innovative AI Agents, such as Manus, demonstrates the potential for multi-agent models to facilitate the widespread adoption of AI in consumer applications [50][51]. Group 4: Market Review and Outlook - The consumer electronics sector in A-shares has seen a decline in valuation due to tariff uncertainties, with the overall PE ratio for the sector at 29.2 times as of July 4 [9]. - The Hong Kong stock market for consumer electronics has experienced significant valuation fluctuations, with the PE ratio recovering to 17.1 times, slightly above the historical median [12]. - The smartphone market is expected to maintain stable demand, with a focus on innovations in edge AI and foldable screens [13]. Group 5: Performance and Growth - The consumer electronics sector reported a revenue growth of 21% and a net profit growth of 2% in the first quarter of 2025, driven by the launch of new iPhone models and expansion into new business areas [23]. - The global smartphone camera module market is projected to see a mild recovery, with shipments expected to reach 45.6 billion units in 2025, reflecting a 2.2% year-on-year growth [27]. Group 6: AI and Innovation - The integration of AI into smartphones is expected to drive upgrades in components such as chips, thermal management, and battery technology, enhancing user upgrade intentions [39][40]. - The rise of consumer-grade 3D printing is anticipated to support the growth of the consumer electronics supply chain, with significant increases in production and sales volumes [42][44]. - The demand for handheld smart imaging devices is projected to grow, with the market size expected to reach 600 billion yuan by 2027 [45].

Core Viewpoint - Honor is facing significant challenges in the smartphone market despite recent product launches, with a notable decline in market share and a need for a breakthrough product to regain competitiveness [2][12]. Group 1: Product Launches and Market Performance - Honor held its second smartphone launch event in a short span of two weeks, introducing the X70 after the MagicV5 [1]. - The X70's launch was characterized by a brief presentation led by a product manager rather than the new CEO, Li Jian, indicating a continuation of a trend where CEO involvement in product launches is minimal [1]. - Despite the launch events, Honor's market share has declined, falling out of the top five smartphone brands in China, with a year-on-year drop of 8.1% [2][7]. - The X70, positioned as a mid-range product, is perceived as lacking distinctiveness compared to competitors, which may hinder its market impact [2][4]. Group 2: Sales and Consumer Perception - The Honor 400 series is currently the most popular model among mid-range consumers, while the newly launched Power model is struggling to achieve similar sales [4][5]. - The 400 series has seen a significant increase in sales, with a 195% year-on-year growth on its first sales day compared to the previous series, indicating a strong consumer response [11]. - However, the overall market performance remains weak, with Honor's market share at 13.7% and a year-on-year decline in shipment volume of 12.8% [7][11]. Group 3: Strategic Initiatives and Future Outlook - Li Jian has implemented various strategic changes, including personnel restructuring and a focus on competitive pricing to stabilize the brand [10][11]. - Honor aims to transition from a smartphone manufacturer to an AI ecosystem company, with plans to invest $10 billion over the next five years [14]. - The company has also initiated steps towards an IPO, with a current estimated valuation between 180 billion to 225 billion yuan, reflecting a decrease from its previous valuation [13][14].

Core Viewpoint - Honor is accelerating its IPO process after completing a shareholding reform and a management overhaul, with expectations of becoming a public company by the end of 2024 [2][3] Group 1: IPO Progress - Honor's CFO announced that the company has entered the second phase of its IPO process, which includes at least three months of advisory work with CITIC Securities [2] - The company has received approval for its IPO advisory registration, marking a significant step towards its public listing [2] - Honor's management is optimistic about the IPO, which is seen as a potential catalyst for the A-share market [2][3] Group 2: Market Position and Strategy - Honor aims for independent listing and has rejected the idea of a backdoor listing, focusing on optimizing its capital structure to attract diverse investments [4][5] - The company has successfully attracted multiple investors, including major players like China Mobile and China Telecom, enhancing its capital base ahead of the IPO [4][5] - Honor's market share has fluctuated, with a significant drop from 16.7% to 3% after its independence from Huawei, but it has since rebounded to compete with major brands like Xiaomi and OPPO [8][9] Group 3: Competitive Landscape - The return of Huawei with its 5G products has intensified competition for Honor, leading to a decline in its market share [9][10] - Honor's new CEO, Li Jian, is focused on stabilizing the company and restructuring its organization to enhance competitiveness [10] - The company is positioning itself as an "AI terminal ecosystem company," planning to invest $10 billion over the next five years to develop AI technologies and partnerships [13][14] Group 4: Challenges and Opportunities - Honor's transition to an AI-focused strategy presents both significant opportunities and challenges, requiring substantial investment and collaboration to succeed [14][15] - The success of Honor's new strategy will be critical for its valuation and growth potential in the upcoming IPO [15]

Core Viewpoint - Honor has officially initiated its IPO process, marking a significant step towards entering the A-share market, despite facing challenges in market share and leadership stability [1][3]. Group 1: IPO Progress - Honor submitted its IPO counseling record on June 26, with CITIC Securities as the counseling institution, indicating a critical step towards its A-share IPO [1]. - The CFO revealed that the IPO process consists of six stages, with the first stage completed and the second stage underway, expected to take at least three months [3]. Group 2: Market Position and Challenges - Honor held a 17.1% market share in Q1 2024, ranking first in the domestic market, but fell out of the top five by Q1 2025 [3][9]. - The return of Huawei to the market with new products has significantly impacted Honor's market position, leading to a decline in its competitive edge [5][6]. - Honor's new CEO has shifted focus to mid-range products, launching several new models that achieved record sales, but this strategy poses risks due to lower profit margins and intense competition [7]. Group 3: Leadership Changes - The sudden resignation of CEO Zhao Ming, a key figure in Honor's revival, has led to significant internal turmoil and a wave of executive departures [8][11]. - The new CEO initiated a major restructuring, resulting in a high turnover of management positions, which has created organizational instability [11]. Group 4: Strategic Vision - Honor aims to transform from a smartphone manufacturer to a leading AI terminal ecosystem company, with a five-year investment plan of $10 billion [12][14]. - The company has launched new products and formed partnerships to build an AI service ecosystem, but faces skepticism from the market regarding its ability to compete with established players [14][15]. Group 5: Future Outlook - Honor's goal for 2025 is to return to the top three in market share, but this ambition is challenged by Huawei's resurgence and the competitive landscape of the smartphone market [15].

Core Perspective - The article discusses Honor's philosophy of "releasing potential and soaring freely," which is rooted in Plato's allegory of the cave, emphasizing the journey from ignorance to enlightenment in technology and personal growth [1][3][6]. Group 1: Brand Philosophy - Honor's CEO, Li Jian, articulated the brand's belief that the name "Honor" symbolizes the ultimate expression of human self-realization, aiming to help individuals break free from cognitive constraints and achieve true freedom [1][3]. - The brand's philosophy is encapsulated in the phrase "releasing potential, soaring freely," which reflects a commitment to empowering users and fostering innovation [6][7]. Group 2: Technological Innovation - Honor is focusing on AI development, transitioning AI from a mere tool to a life partner that understands user intentions and anticipates needs, thereby enhancing user experience [4][6]. - The recently launched Honor Magic V5 features advanced AI capabilities, including eight one-sentence AI functions designed to save users time and enhance their daily lives [4][5]. Group 3: Industry Challenges - The article highlights the challenges faced in the foldable screen market, where the industry has been constrained by the "impossible triangle" of thinness, performance, and reliability [3][4]. - Honor aims to overcome these challenges through innovative design and technology, exemplified by the Magic V5's ultra-thin profile and advanced battery technology [4][5]. Group 4: Human-Centric Approach - Honor's strategy integrates humanistic values into technology, aiming to enrich users' lives and provide emotional resonance through its products [7][8]. - The company emphasizes the importance of personal growth and self-actualization, aligning its technological advancements with the deeper aspirations of its users [6][7].

Core Viewpoint - Honor has officially initiated its A-share IPO process, with the potential to become the first AI terminal ecosystem company listed in the A-share market, marking a significant milestone for both the company and the smartphone industry [1][2]. Company Development - Honor was established in 2013 as a sub-brand of Huawei, targeting young consumers with high-cost performance products, quickly gaining market traction [3][4]. - The launch of the Honor 6 series, featuring Huawei's self-developed Kirin 920 chip, led to significant sales, with over 500,000 units sold within the first hour [6]. - By 2019, Honor's global shipment reached 180 million units, placing it among the top five smartphone brands worldwide [8]. Challenges and Strategic Response - Following U.S. sanctions in November 2020, Huawei sold Honor to ensure its survival, forcing the brand to operate independently and rebuild its supply chain and market presence [8]. - Honor's management demonstrated strategic resilience, achieving a 90% recovery rate in its supply chain by the end of 2021 through partnerships with Qualcomm, Samsung, and BOE [8]. Brand and Market Positioning - Honor has undergone a comprehensive brand transformation, moving from a "cost-effective" image to positioning itself as a "global iconic technology brand" [9][10]. - The launch of the Honor Magic4 series marked its entry into the high-end market, with first-day global sales exceeding 1 million units [10]. Ecosystem Development - In 2023, Honor launched its "All-Scenario Smart Life Strategy," expanding its product range to include laptops, tablets, smartwatches, and smart home devices, supported by its self-developed MagicOS [12]. - By the end of 2024, Honor's ecosystem had integrated over 1,000 brands and 5,000 products, with ecosystem device shipments surpassing 50 million units and ecosystem user numbers reaching 120 million [12]. Technological Innovation - Honor has consistently invested in technology R&D, focusing on AI and hardware collaboration, leading to significant advancements in mobile photography and voice interaction [15][17]. - The introduction of the 200-megapixel camera in the Honor 400 series exemplifies its commitment to leveraging AI for enhanced user experience [15]. Market Performance - As of Q3 2023, Honor held a 19.3% market share in the domestic smartphone market, ranking first [19]. - The Honor 400 series achieved a first-day sales increase of 195% compared to the previous series, setting a new record for the brand [19]. - Honor has also made significant strides in international markets, particularly in Europe, Southeast Asia, and the Middle East, with growth rates exceeding 50% in various regions [21]. Conclusion - Honor's IPO represents a critical juncture in its evolution and reflects broader trends in the Chinese smartphone industry, showcasing its robust market performance and innovative capabilities [22].

Group 1 - The core viewpoint of the article revolves around Honor's transition under new leadership, focusing on the need for a significant move to shift from mere survival to growth in the competitive smartphone market [1][2][4] - Honor's recent product launches, including the Magic V5 and the 400 series, are seen as crucial steps to stabilize its market position and regain momentum after a challenging period [2][4][5] - The 400 series has shown impressive market feedback, with a 195% year-on-year increase in first sales and over one million activations within a month, indicating a successful re-engagement with the mid-range market [5][7] Group 2 - The article highlights the importance of the foldable screen flagship, Magic V5, as a critical product for Honor to establish its high-end image, despite the current challenges in the foldable market [9][10][11] - Honor's strategy involves leveraging the foldable screen to create a narrative of high-end positioning, while also addressing the need for tangible sales data to support its upcoming IPO [10][14] - The company is currently in the second phase of its IPO process, with expectations to enhance its valuation through a focus on AI, overseas markets, and high-end products [14][15][16] Group 3 - The article emphasizes that while the 400 series addresses immediate sales concerns, the foldable series is aimed at brand positioning, and future products like the Magic 8 series will target high-end market share [13] - Honor's future success hinges on creating a cohesive narrative that integrates AI, international growth, and high-end branding into a self-sustaining ecosystem [15][16] - The company must prove that its AI initiatives are not just ambitious ideas but can translate into real market value and consumer acceptance [16]

Core Insights - Honor is positioning itself as an AI terminal ecosystem company, emphasizing a complete loop from vision, strategy, culture to products [1] - The brand philosophy has been redefined to "Release Potential, Soar Freely," reflecting a commitment to user empowerment and self-realization [2] - The launch of the Magic V5 marks a significant step in Honor's transition towards AI integration in its products [3] Brand Philosophy - Honor's CEO articulated the brand's philosophy through the "Cave Allegory," symbolizing the journey of self-discovery and breaking free from constraints [2] - The company aims to build bridges to users' hearts, inspiration, and happiness through its products and services [2] AI Development Strategy - Honor's AI strategy focuses on three structural shifts: 1. Competition is shifting from model capability to practical application [4] 2. Value positioning is moving from tool efficiency to achieving result closure [4] 3. Product forms are transitioning from cloud reliance to personal integration [4] - The "Clover Strategy" aims to enhance user experience by creating three closed loops: freedom, satisfaction, and security [5][6] Product Innovations - The Magic V5 exemplifies Honor's commitment to extreme productism, balancing lightweight design with high performance and reliability [7] - A notable breakthrough is the development of a battery with a silicon content of 25%, significantly higher than the industry average of 12%, achieving an energy density of 901Wh/L [8] Market Position and Future Outlook - Honor's 400 series has achieved over one million sales, marking the fastest activation rate in three years, with a first-day sales figure of nearly 150,000 units [9] - The company anticipates the launch of a new compact foldable product in August, featuring upgrades in imaging, design, and battery life [8] - Honor welcomes competition from Apple in the foldable screen market, viewing it as a validation of the market's value [9] Corporate Development - Honor has received regulatory approval for its IPO process and is currently in the guidance phase [9] - The company emphasizes an open ecosystem approach, collaborating with various partners to drive innovation and standardization in AI [9]

作者：周源/华尔街见闻 6月26日，中国证监会官网披露荣耀获深圳证监局上市辅导备案，这也标志着荣耀正式启动了A股上市进程。 | 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 法定代表人 吴医 | | 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 | 从产业和商业的双重角度看，荣耀的IPO之路，不仅是一家消费电子企业的资本进阶，更代表着传统终端厂商向AI生态公司转型的集体探索。 从股权重构到生态筑基 荣耀的上市筹备，本质上是一场有序演进的"资本 ...