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]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 1.57 billion in the first half of 2025, representing a year-on-year growth of 68%, significantly exceeding market expectations [7] - The overall chip shipment reached 1.98 million units in the first half of 2025, doubling year-on-year, with mid-to-high-end chip shipments increasing sixfold [7] - The average price per chip in the first half of 2025 was 393 yuan, up 106% year-on-year, driven by an improved product mix [7] - The company has established partnerships with 27 OEMs (42 brands), with over 310 models confirmed, maintaining a leading market share in China [7] - R&D expenses reached 2.3 billion in the first half of 2025, a 62% increase year-on-year, aimed at enhancing core competitiveness [7] - The report forecasts revenues of 3.66 billion, 5.36 billion, and 8.05 billion for 2025, 2026, and 2027 respectively, with corresponding P/S ratios of 36.4, 24.8, and 16.6 [7] Financial Summary - The company reported a net profit of -13.3 billion in the first half of 2025, with an adjusted net profit of -13 billion [7] - The projected total revenue for 2023, 2024, 2025, 2026, and 2027 is 1.55 billion, 2.38 billion, 3.66 billion, 5.36 billion, and 8.05 billion respectively, with year-on-year growth rates of 71.32%, 53.62%, 53.52%, 46.60%, and 50.00% [1][8] - The projected net profit for the same years is -6.74 billion, 2.35 billion, -2.45 billion, -1.41 billion, and 0.40 billion, with corresponding year-on-year growth rates of 22.71%, 134.82%, -204.40%, 42.57%, and 128.68% [1][8]

智通财经9月2日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1670.60亿港元，较前一日继续缩量约330亿；约为今日恒指成交总额的50.91%，占 比短线连续走低但保持5成以上。 今日恒指出现回调，南向资金则继续加仓，全天净买入约92.81亿港元。其中，沪港股通净流入约56.36亿港元，深港股通净流入约36.45亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：阿里巴巴-W(09988.HK)34.43亿港元；腾讯控股(0700.HK)4.93亿港元；地平线机器人-W(09660.HK)2.90亿港元。 大幅净流出：中芯国际(00981.HK)10.37亿港元；华虹半导体(01347.HK)10.15亿港元；小米集团-W(01810.HK)4.10亿港元。 中芯国际今日跌4.63%，短线资金持续流出，前5日减持2894万股。 华虹半导体今日跌5.53%，短线资金仍以流入为主，前5日加仓1383万股。 小米集团-W今日涨3.43%，短线资金连续流出，前5日减持4925万股。 注：由于港交所T+2结算，实际为向前递延两个交易日的前5日数据。 | 港股通速递(南向) | | | | | -- ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a total revenue of 1.567 billion yuan for the first half of 2025, representing a year-on-year growth of 67.6%. The adjusted net loss was 1.33 billion yuan, compared to a loss of 804 million yuan in the same period last year [7] - Revenue from products and solutions increased by 3.5 times year-on-year to 778 million yuan, while software and licensing services revenue grew by 6.9% to 738 million yuan. The delivery volume of products reached nearly 2 million sets, a year-on-year increase of approximately 100% [7] - The company has achieved a record number of model approvals, with nearly 400 models approved, including over 100 high-end products with advanced driving assistance features. The average selling price of automotive products and solutions reached 1.7 times that of the same period last year [7] - The company is expected to achieve revenues of 3.542 billion yuan, 5.495 billion yuan, and 7.402 billion yuan for 2025, 2026, and 2027 respectively, with projected net profits of -1.946 billion yuan, -744 million yuan, and 782 million yuan [7] Financial Summary - The company’s revenue forecast for 2023A, 2024A, 2025E, 2026E, and 2027E is 1,552 million yuan, 2,384 million yuan, 3,542 million yuan, 5,495 million yuan, and 7,402 million yuan respectively, with growth rates of 71.32%, 53.62%, 48.62%, 55.14%, and 34.68% [6] - The projected earnings per share (EPS) for the years 2023A, 2024A, 2025E, 2026E, and 2027E are -2.50 yuan, 0.51 yuan, -0.14 yuan, -0.05 yuan, and 0.06 yuan respectively [6] - The company’s return on equity (ROE) is expected to be 27.32%, 19.70%, -19.52%, -8.06%, and 7.81% for the years 2023A, 2024A, 2025E, 2026E, and 2027E respectively [6]

Core Insights - On September 2, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 86.47 billion, 60.46 billion, and 59.59 billion respectively [1] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 48.12 billion, 45.52 billion, and 34.29 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 86.47 billion, net buying of +20.88 billion [2] - Xiaomi Group-W (01810): Trading amount of 60.46 billion, net selling of -5.92 billion [2] - SMIC (00981): Trading amount of 59.59 billion, net buying of +4.18 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - SMIC (00981): Trading amount of 48.12 billion, net selling of -14.55 billion [2] - Alibaba-W (09988): Trading amount of 45.52 billion, net buying of +13.55 billion [2] - Xiaomi Group-W (01810): Trading amount of 34.29 billion, net buying of +1.81 billion [2]

Group 1: Hong Kong Stock Market Performance - Midea Group (00300) increased nearly 3% with Q2 revenue of 123.9 billion yuan, a year-on-year increase of 11.0%, and net profit of 13.59 billion yuan, up 15.1%. This marks the company's first interim dividend of 5 yuan per 10 shares (tax included) [2] - Sanofi (02257) saw a midday increase of over 12% as its mid-term shareholder loss narrowed by 91%, with STP705 expected to complete commercialization within the year [2] - Ocean Park (02255) rose nearly 3% in early trading, but reported a 14.2% year-on-year decline in revenue to 686 million yuan, with a loss of approximately 296 million yuan due to decreased visitor numbers and consumer spending [2] Group 2: Company Highlights - InnoCare Pharma (02577) increased over 6% with a sales revenue of 553 million yuan, a year-on-year growth of 43.4%, and a gross margin of 6.8%, marking a significant improvement of 28.4 percentage points [3] - Geekplus (02590) rose over 5%, achieving over 30% year-on-year revenue growth as a leader in global warehouse fulfillment AMR [3] - China Nonferrous Mining (01258) increased over 3.8% due to rising copper prices improving mid-term performance, with ongoing resource expansion and acquisitions [3] Group 3: Other Notable Movements - Hengrui Medicine (01276) rose over 1.5% after receiving drug registration approval for EZH2 inhibitor [3] - Horizon Robotics (09660) fell nearly 1% despite exceeding market expectations in revenue, with Goldman Sachs maintaining a positive outlook on HSD system mass production [3] - BYD Electronics (00285) dropped over 0.5% with a nearly 14% year-on-year increase in net profit, accelerating its layout in AI data centers and robotics [3] - Shandong Gold (01787) fell nearly 2% as it plans to raise approximately 3.9 billion HKD through a discounted placement to repay company debts [3]