➀ Foldable smartphones remain a niche but rapidly growing segment in Europe, with book-type models driving a 37% YoY sales surge in 2024;

➁ HONOR challenged Samsung’s near-monopoly, prompting Samsung to counter with the Galaxy Z Fold7, while HONOR’s upcoming Magic V5 aims to reclaim technical superiority;

➂ Apple’s anticipated 2026 entry is expected to intensify competition, with book-type foldables projected to capture 2% of total smartphone sales and nearly 10% of the premium market in Europe by 2028.

➀ Zhao Ming resigned as CEO of Honor due to health reasons, with Li Jian taking over;

➁ Honor completed its shareholding restructuring and is preparing for an IPO;

➂ Li Jian, the new CEO, has extensive experience in strategic management and is seen as a response to capital and market needs;

➃ Honor is focusing on overseas markets and high-end markets with the appointment of new leaders;

➄ Zhao Ming's leadership was crucial for Honor's independent growth and strategic adjustments;

➅ Frequent personnel changes and concerns about the IPO process have raised market concerns;

➆ The exit of Zhao Ming and the capital struggle may be due to issues with the distribution of interests and strategies after the shareholding reform;

➇ The smartphone industry capital logic and the future of Honor are discussed.