Core Viewpoint - Horizon Robotics-W (09660) experienced a significant stock increase, rising over 8% in early trading, reflecting positive market sentiment following the announcement of major production milestones and strong financial performance [1] Group 1: Production Milestones - Horizon Robotics announced that its Journey series automotive intelligent chips have officially surpassed 10 million units in production and shipment, making it the first domestic smart driving technology company to reach this milestone [1] - The company's founder and CEO, Yu Kai, expressed optimism about the annual shipment volume, projecting around 4 million units for the year, with low-end and mid-to-high-end products each accounting for half of the total [1] Group 2: Financial Performance - For the first half of the year, the company's revenue from products and solutions reached 778 million yuan, representing a year-on-year increase of 350% [1] - Revenue from software and licensing services was 738 million yuan, showing a year-on-year growth of 6.9% [1] - The delivery volume of products and solutions nearly reached 2 million units, marking a year-on-year growth of approximately 100%, driven by the mass production of the Journey 6 series [1] Group 3: Product Segmentation - Mid-to-high-end products accounted for 49.5% of total shipments, with a total of 980,000 units shipped, reflecting a sixfold year-on-year increase [1] - Mid-to-high-end products contributed over 80% of the revenue from the products and solutions business [1] - The average selling price of automotive products and solutions reached 1.7 times that of the same period last year [1]

Core Viewpoint - Horizon Robotics-W (09660) has seen a significant stock price increase, rising over 8% in early trading, attributed to the announcement of surpassing 10 million units in production and delivery of its automotive intelligent chips [1] Group 1: Company Performance - Horizon Robotics officially announced on August 29 that it has achieved a production and delivery milestone of over 10 million automotive intelligent chips, becoming the first domestic autonomous driving technology company to reach this level [1] - The company's founder and CEO, Yu Kai, expressed optimism about the annual shipment volume, projecting around 4 million units for the year, with low-end and mid-to-high-end products each accounting for half of the total [1] Group 2: Financial Results - In the first half of the year, the company's revenue from products and solutions reached 778 million yuan, representing a year-on-year increase of 350% [1] - Revenue from software and licensing services was 738 million yuan, showing a year-on-year growth of 6.9% [1] - The delivery volume of products and solutions nearly reached 2 million units, marking a year-on-year growth of approximately 100%, driven by the mass production of the Journey 6 series [1] - Mid-to-high-end product shipments totaled 980,000 units, accounting for 49.5% of total shipments, with a year-on-year increase of six times [1] - Mid-to-high-end products contributed over 80% of the revenue from the products and solutions business [1] - The average selling price of automotive products and solutions has reached 1.7 times that of the same period last year [1]

Market Overview - On September 4, the Hang Seng Index fell by 1.12%, with total southbound trading amounting to HKD 1,470.86 billion, including buy transactions of HKD 738.96 billion and sell transactions of HKD 731.90 billion, resulting in a net buying amount of HKD 7.06 billion [1] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total trading amount of HKD 569.41 billion, with buy transactions of HKD 281.30 billion and sell transactions of HKD 288.11 billion, leading to a net selling amount of HKD 6.80 billion [1] - Southbound trading through the Stock Connect (Shanghai) had a total trading amount of HKD 901.45 billion, with buy transactions of HKD 457.66 billion and sell transactions of HKD 443.79 billion, resulting in a net buying amount of HKD 13.86 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 120.58 billion, followed by SMIC and Tencent Holdings with trading amounts of HKD 99.57 billion and HKD 49.79 billion, respectively [1] - In terms of net buying, the top stocks included UBTECH with a net buying amount of HKD 8.28 billion, Xiaomi Group-W with HKD 7.03 billion, and Alibaba-W with HKD 5.50 billion [1] - The stock with the highest net selling was SMIC, with a net selling amount of HKD 11.58 billion, followed by Hua Hong Semiconductor and Kuaishou-W with net selling amounts of HKD 6.88 billion and HKD 5.41 billion, respectively [1] Continuous Net Buying and Selling - Two stocks, Alibaba-W and Yangtze Optical Fibre and Cable, experienced continuous net buying for more than three days, with Alibaba-W having a total net buying amount of HKD 173.78 billion over ten days [2] - The stocks with the highest continuous net selling were SMIC and Hua Hong Semiconductor, with total net selling amounts of HKD 23.06 billion and HKD 21.09 billion, respectively [2]

Core Insights - The Hong Kong stock market saw a net inflow of 706 million HKD from Northbound trading on September 4, with a net buy of 1.386 billion HKD from the Shanghai Stock Connect and a net sell of 680 million HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The top net bought stocks included UBTECH (09880), Xiaomi Group-W (01810), and Alibaba-W (09988) [1] - The most sold stocks were SMIC (00981), Hua Hong Semiconductor (01347), and Tencent Holdings (00700) [1] Group 2: Detailed Stock Transactions - Alibaba-W had a net buy of 4.042 billion HKD and a sell of 3.633 billion HKD, resulting in a net inflow of 409 million HKD [2] - UBTECH received a net buy of 1.437 billion HKD and a sell of 860 million HKD, leading to a net inflow of 577 million HKD [2] - Xiaomi Group-W had a net buy of 1.057 billion HKD and a sell of 911 million HKD, resulting in a net inflow of 146 million HKD [2] Group 3: Company Announcements - UBTECH announced a procurement contract worth 250 million RMB for humanoid robots, expected to start delivery within the year [6] - Xiaomi reported over 30,000 vehicle deliveries in August and plans to open 32 new stores in September to meet demand [6] - Alibaba's cloud business revenue reached 33.398 billion RMB, with significant increases in capital expenditure and cloud revenue exceeding expectations [7] Group 4: Market Sentiment - SMIC and Hua Hong Semiconductor faced significant net sells of 11.58 billion HKD and 6.88 billion HKD, respectively, amid a positive outlook for the semiconductor industry driven by AI and domestic substitution [9] - Meituan-W and Changfei Optical Cable received net buys of 5.27 billion HKD and 1.06 billion HKD, while Tencent faced a net sell of 3.37 billion HKD [10]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Horizon Robotics 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,124,389,270 | USD | 0.0000025 | USD | | 5,310.97 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,124,389,270 | USD | 0.0000025 | USD | | 5,310.97 | | 2. 股份 ...

Core Viewpoint - The report from CMB International expresses a positive outlook on Horizon Robotics (09660) due to its competitive advantage in the accelerating adoption of assisted driving in China [1] Group 1: Financial Performance - Horizon Robotics reported a significant revenue increase of 68% in the first half of the year [1] - The overall gross margin for the company remains high at 65.4% [1] Group 2: Future Projections - The company is expected to see an increase in the proportion of revenue from chip sales, along with continuous improvement in chip product profit margins [1] - Projected overall gross margins for the next two years are 63.8% and 58.1% respectively [1] Group 3: Investment Rating - CMB International maintains a "Buy" rating for Horizon Robotics, raising the target price from HKD 8.9 to HKD 12.3 [1]

招银国际发布研报称，继续看好地平线机器人-W(09660)在中国辅助驾驶加速普及趋势的竞争优势。考 虑到公司来自芯片收入的占比提升，以及芯片产品利润率持续改善，预计公司今明两年的整体毛利率分 别为63.8%及58.1%，重申"买入"评级，目标价由8.9港元上调至12.3港元。地平线上半年收入显著提升 68%，整体毛利率维持在65.4%的高位。 ...

Core Insights - The company reported a total revenue of 1.567 billion yuan for the first half of 2025, representing a year-on-year increase of 67.6%, but incurred an adjusted net loss of 1.33 billion yuan compared to a loss of 804 million yuan in the same period last year [1] Revenue Breakdown - Revenue from products and solutions reached 778 million yuan, a year-on-year increase of 350%, while software and licensing services generated 738 million yuan, up 6.9% [1] - The delivery volume of products and solutions approached 2 million units, marking a year-on-year growth of approximately 100%, driven by the mass production of the Zhengcheng 6 series [1] - Mid-to-high-end product shipments totaled 980,000 units, accounting for 49.5% of total shipments, with a year-on-year increase of six times [1] - Mid-to-high-end products contributed over 80% of the revenue from products and solutions [1] - The average selling price of automotive products and solutions reached 1.7 times that of the same period last year [1] Innovation and International Expansion - The company has achieved a record number of designated models, with nearly 400 models cumulatively, including over 100 mid-to-high-end products equipped with highway-assisted driving and above [1] - The HSD has secured designations for over 10 models from multiple OEMs, with plans for mass production in the second half of 2025 [1] - The company has made breakthroughs in internationalization, obtaining designations for 30 domestic models from 9 joint venture automakers and designations for overseas models from 2 foreign automakers, with expected total deliveries exceeding 7.5 million units [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5]. Core Insights - The company reported a revenue of 1.57 billion yuan for the first half of 2025, representing a year-on-year increase of 67.6%. However, the adjusted net loss was 1.33 billion yuan, with the loss margin expanding by 65.7% year-on-year. The gross margin was 65.4%, down 13.7 percentage points year-on-year [5]. - The penetration rate of domestic self-owned brand assisted driving increased from 51% at the end of 2024 to 59% in the first half of 2025. The proportion of new intelligent vehicles equipped with mid-to-high-level assisted driving features rose from 20% to 32% during the same period [5]. - The company is expected to achieve mass production of its HSD technology in the second half of 2025, with new collaborations with Japanese automakers enhancing its global influence [5]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue reached 1.57 billion yuan, with product and solution revenue of 778 million yuan and software and licensing services revenue of 738 million yuan, reflecting year-on-year growth of 250% and 6.9%, respectively [5]. - The company’s total revenue projections for 2025, 2026, and 2027 are 3.516 billion yuan, 5.714 billion yuan, and 8.552 billion yuan, respectively, with year-on-year growth rates of 47%, 63%, and 50% [6]. Market Position - The company maintained its leading position in the domestic ADAS market, with market shares of 45.8% and 32.4% for front-view integrated machines and assisted driving computing solutions, respectively, in the first half of 2025 [5]. - The company has secured over 100 model designations for its mid-to-high-level products, with HSD technology designated for over 10 models from multiple OEMs, expected to achieve mass production in the second half of 2025 [5]. Future Outlook - The company is anticipated to benefit from the continued penetration of urban assisted driving and the upcoming mass production of its HSD technology, which will support rapid growth in revenue and delivery volumes in the coming years [5]. - The projected net profit for 2025 is expected to be -2.653 billion yuan, with adjusted net profits of -2.253 billion yuan, indicating a path towards profitability by 2027 with a projected net profit of 363 million yuan [6].

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]