Core Viewpoint - Horizon Robotics is experiencing rapid revenue growth in H1 2025, with a revenue of 1.567 billion yuan, a year-on-year increase of 68%, despite a strategic loss of 5.233 billion yuan [1] Group 1: Revenue and Profitability - H1 2025 revenue reached 1.567 billion yuan, up 68% YoY, with gross profit at 1.024 billion yuan, a 39% increase YoY, while net loss expanded to 5.233 billion yuan [1] - R&D expenditure for H1 2025 was 2.3 billion yuan, reflecting a 62% increase YoY, indicating a strategic focus on enhancing cloud services [1] Group 2: Automotive Product Solutions - Revenue from automotive product solutions surged to 778 million yuan, a 250% YoY increase, with a gross margin of 45.6%, up 3.9 percentage points [2] - The shipment of vehicle-grade processing hardware reached 1.98 million units, doubling YoY, with 980,000 units supporting highway-assisted driving, marking a sixfold increase from the previous year [2] - The company holds the top market share in basic and overall assisted driving solutions in China, at 45.8% and 32.4% respectively, with over 400 new model designations [2] Group 3: International Expansion - The company has established partnerships with global players, leading to the development of the Horizon Mono solution, with expected shipments exceeding 7.5 million units [3] - Nine joint venture automakers in China have designated 30 models for the company's solutions, with some set to begin production by the end of 2025 [3] Group 4: Licensing and Service Business - Revenue from automotive licensing and service business was 738 million yuan, a 7% YoY increase, with a gross margin of 89.7%, down 3.3 percentage points [3] - The company is providing algorithms and software to over 30 automotive manufacturers, helping to reduce product development cycles and costs [3] Group 5: Valuation and Future Projections - The company anticipates an increase in average selling price (ASP) for automotive product solutions in H2 2025, driven by the upcoming mass production of high-level driving solutions [3] - Revenue estimates for 2025 and 2026 have been adjusted to 3.697 billion yuan and 5.771 billion yuan respectively, with a projected revenue of 8.115 billion yuan for 2027 [3] - As of September 15, 2025, the company's market capitalization was approximately 141.2 billion HKD, translating to price-to-sales ratios of 34.9, 22.3, and 15.9 for 2025, 2026, and 2027 respectively [3]

Core Viewpoint - Horizon Robotics-W (09660.HK) saw a significant increase in stock price, reaching a new high since its listing, indicating strong market interest and potential investor confidence [2] Stock Performance - The stock price of Horizon Robotics-W rose over 7% in early trading, peaking at 11.32 HKD, marking a new record high since its IPO [2] - As of the latest update, the stock was up 4.78%, trading at 10.95 HKD, with a trading volume of 1.241 billion HKD [2]

Group 1 - The Hong Kong stock market saw a rise in autonomous driving concept stocks on September 18, with notable increases in share prices for several companies [1] - Black Sesame Technologies (02533.HK) experienced a significant increase of 9.04%, reaching HKD 20.86 [1] - Horizon Robotics-W (09660.HK) rose by 7.18%, trading at HKD 11.19 [1] - Suda Technology (02498.HK) saw a gain of 6.33%, with shares priced at HKD 45.26 [1] - Youjia Innovation (02431.HK) increased by 5.9%, with a share price of HKD 27.64 [1]

Core Viewpoint - The smart driving concept stocks have risen significantly following the announcement of a new national standard for intelligent connected vehicle auxiliary systems, indicating a positive outlook for the automotive smart technology sector [1] Group 1: Stock Performance - Stocks of several companies in the smart driving sector have seen notable increases: - Hezhima (000716) up 9.04% to HKD 20.86 - Horizon Robotics-W (09660) up 7.18% to HKD 11.19 - Suton Juchuang (02498) up 6.33% to HKD 45.26 - Youjia Innovation (02431) up 5.9% to HKD 27.64 [1] Group 2: Regulatory Developments - On September 17, the Ministry of Industry and Information Technology publicly solicited opinions on the mandatory national standard for "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems" - Data shows that the installation rate of Level 2 combination driving assistance technology in new energy vehicles has exceeded 50%, with expectations for continued growth in installation rates [1] Group 3: Industry Insights - A representative from the Ministry of Industry and Information Technology stated that this standard fills a safety baseline gap for combination driving assistance systems in China, providing critical technical support for industry access, quality supervision, and post-event traceability - This development is expected to enhance overall product safety levels in the industry [1] Group 4: Investment Recommendations - CITIC Securities suggests that the automotive smart technology supply chain is likely to benefit from the gradual improvement of industry regulations, recommending investment in: 1) Leading manufacturers in smart driving research and development 2) Leading suppliers of laser radar 3) Leading companies in intelligent connected vehicle testing and simulation services 4) Other leading suppliers of smart driving components [1] - Aijian Securities anticipates that the current period until next year will be a breakthrough window for advanced smart driving technology, policy regulations, user acceptance, and business models, advising a focus on automotive intelligence [1]

Core Viewpoint - The smart driving concept stocks have seen significant gains following the announcement of a new national standard for intelligent connected vehicle combination driving assistance systems, indicating a positive outlook for the industry [1] Group 1: Stock Performance - Black Sesame Intelligence (02533) increased by 9.04%, reaching HKD 20.86 [1] - Horizon Robotics-W (09660) rose by 7.18%, reaching HKD 11.19 [1] - Suton Juchuang (02498) climbed by 6.33%, reaching HKD 45.26 [1] - Youjia Innovation (02431) grew by 5.9%, reaching HKD 27.64 [1] Group 2: Regulatory Developments - On September 17, the Ministry of Industry and Information Technology publicly solicited opinions on the mandatory national standard for intelligent connected vehicle combination driving assistance systems [1] - Data indicates that the installation rate of L2-level combination driving assistance technology in new energy vehicles has exceeded 50%, with expectations for continued growth in installation rates [1] - The new standard addresses the safety baseline gap for combination driving assistance systems, providing essential technical support for industry access, quality supervision, and post-event traceability [1] Group 3: Investment Recommendations - CITIC Securities suggests that the automotive intelligentization industry chain is likely to benefit from improving regulatory frameworks, recommending investment in: 1. Leading manufacturers in smart driving research and development [1] 2. Top suppliers of lidar technology [1] 3. Leading companies in intelligent connected vehicle testing and simulation services [1] 4. Other leading suppliers of smart driving components [1] - Aijian Securities anticipates that the current period until next year will be a breakthrough window for the maturity of advanced smart driving technologies, policy regulations, user acceptance, and business models, advising a focus on automotive intelligentization [1]

Group 1 - The Hong Kong stock market saw a strong performance in robotics concept stocks, with notable gains from companies such as 首程控股 (up over 11%) and 德昌电机控股 (up over 6%) [1] - Tesla CEO Elon Musk announced plans for an internal meeting focusing on artificial intelligence, autonomous driving systems, and the production of the Optimus robot [1] - PharmAGRl has signed a letter of intent with Tesla to deploy up to 10,000 Optimus 3+ humanoid robots in its agricultural operations and pharmaceutical production [1] Group 2 - 首程控股 reported a year-to-date increase of 164.56% and a market capitalization of 21.756 billion [2] - 德昌电机控股 experienced a year-to-date increase of 287.95% with a market capitalization of 37.918 billion [2] - 速腾聚创 and 华虹半导体 also showed significant year-to-date increases of 46.97% and 160.05% respectively, with market capitalizations of 21.333 billion and 97.603 billion [2]

Core Viewpoint - Horizon Robotics-W (09660) experienced a significant stock increase, reaching a new high of 11.32 HKD, following the announcement of a strategic partnership with Hello to develop an L4 autonomous driving system for robotaxi operations [1] Group 1: Stock Performance - The stock rose over 7% in early trading, with a peak at 11.32 HKD, and was reported at 10.95 HKD with a trading volume of 1.241 billion HKD at the time of writing [1] Group 2: Strategic Partnership - On September 11, Horizon Robotics signed a strategic cooperation agreement with Hello, focusing on the development of an end-to-end L4 autonomous driving core system to accelerate the urban deployment and commercialization of robotaxis [1] - The collaboration with Hello allows Horizon Robotics to achieve full scene coverage from L2 to L4 in autonomous driving technology [1] Group 3: Future Projections - According to Zhongyin Securities, the high-end HSD from Horizon Robotics is expected to enter mass production in the second half of 2025, which will likely increase the average selling price (ASP) of the company's automotive product solutions [1] - The introduction of new products is anticipated to drive an increase in the number of licensing and service contracts [1] - With initial success in expanding overseas clients, the number of licensing and service contracts from international markets is expected to rise significantly by 2026 [1] - To maintain market competitiveness amid rapid advancements in autonomous driving models, the company is projected to significantly increase its research and development expenses [1]

Core Viewpoint - Horizon Robotics-W (09660) has seen a significant increase in stock price, reaching a new high of 11.32 HKD following a strategic partnership with Hello to develop an L4 autonomous driving system for robotaxi operations [1][1]. Group 1: Company Developments - Horizon Robotics signed a strategic cooperation agreement with Hello on September 11, focusing on creating an end-to-end L4 autonomous driving core system to accelerate the deployment and commercialization of robotaxis in urban areas [1][1]. - The collaboration with Hello allows Horizon Robotics to cover a full range of scenarios from L2 to L4 in autonomous driving technology [1][1]. Group 2: Financial Projections - According to Zhongyin Securities, the high-end HSD from Horizon Robotics is expected to begin mass production in the second half of 2025, which will likely increase the average selling price (ASP) of the company's automotive product solutions [1][1]. - The introduction of new products is anticipated to drive an increase in the number of licensing and service contracts [1][1]. - With initial success in expanding overseas clients, it is projected that the number of licensing and service contracts from international markets will significantly rise by 2026 [1][1]. - Due to the rapid evolution of autonomous driving models, Horizon Robotics is expected to substantially increase its R&D expenses to maintain market competitiveness [1][1].

Group 1 - The robotics sector in the Hong Kong stock market has seen a significant rally, with notable gains in various companies [1] - Notable stock performances include: - 首程控股 (Shou Cheng Holdings) up by 11.39% - 德昌电机控股 (Dechang Motor Holdings) up by 6.51% - 速腾聚创 (Suteng Juchuang) up by 5.77% - 华虹半导体 (Huahong Semiconductor) up by 5.53% - 地平线机器人-W (Horizon Robotics) up by 4.11% [2] - The year-to-date performance of these stocks shows substantial increases, with some companies like 首程控股 and 德昌电机控股 seeing gains of 164.56% and 287.95% respectively [2] Group 2 - Tesla CEO Elon Musk announced plans to hold internal meetings focusing on artificial intelligence, autonomous driving systems, and the production of the Optimus robot [1] - PharmAGRl has signed a letter of intent with Tesla to deploy up to 10,000 units of the Optimus 3+ humanoid robots in its agricultural operations and pharmaceutical production [1]

Industry Overview - The Ministry of Industry and Information Technology has released a draft for mandatory national standards on "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems," aiming to establish a safety baseline for intelligent connected vehicles [1] - The draft emphasizes that systems can only be activated under their designed operating conditions and sets comprehensive safety technical requirements, including human-machine interaction, functional safety, information security, and data recording, creating a "triple safety guarantee" [1] - The standard is expected to drive technological upgrades and accelerate the implementation of advanced intelligent driving, facilitating smoother international expansion for the industry [1][2] Market Trends - The penetration rate of combination driving assistance systems in new passenger cars in China reached 62.58% in the first seven months of this year, with sales of such vehicles amounting to 7.76 million units, a year-on-year increase of 21.31% [2] - By mid-2025, the installation rate of L2-level and above driving assistance functions in new energy passenger vehicles is projected to reach 82.6% [2] - The current period until next year is seen as a critical window for breakthroughs in the maturity of advanced intelligent driving technology, policy regulations, user acceptance, and business models [2] Company Developments - Horizon Robotics is a leading player in the advanced driving assistance solutions market, providing both chips and algorithms, with products like J6P and HorizonCell offering 1120 TOPS computing power [4] - Black Sesame Intelligence has developed the A1000Pro chip with 106 TOPS performance and is collaborating with major automotive OEMs, enhancing its product matrix with the A2000 chip [4] - SUTENG Juchuang has achieved mass production of its high-line count LiDAR products, which are now featured in new models from various automakers [5] - Youjia Innovation has secured multiple contracts in the intelligent driving sector and is investing in high-level driving assistance and L4 autonomous driving solutions [5][6]