香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Horizon Robotics 地平線* （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：9660） 陶女士已確認與董事會並無歧見，且亦無有關其辭任之任何事宜須提請聯交所或 本公司股東注意。 董事會謹藉此機會對陶女士於任期內對本公司作出之貢獻致以衷心謝意。 變更董事及授權代表 本公告由Horizon Robotics（「本公司」，連同其附屬公司統稱「本集團」）根據香港 聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.51(2)條之規定 作出。 執行董事辭任 本公司董事（「董事」）會（「董事會」）謹此宣佈，陶斐雯女士（「陶女士」）因個人健 康原因已辭任執行董事，自2025年8月27日起生效。 董事會謹此宣佈，張覺慧博士因達退休年齡，已辭任非執行董事職務，自2025年 8月27日起生效。 張覺慧博士已確認與董事會並無歧見，且亦無有關其辭任之任何事宜須提請聯交 所或本公司股 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Horizon Robotics 地平線* （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：9660） 茲提述本公司日期為2024年10月16日的招股章程所載「關連交易」一章，內容有 關（其中包括）產品解決方案銷售框架協議。根據產品解決方案銷售框架協議， D-Robotics集團同意向本集團（D-Robotics集團除外）購買產品解決方案，以開 發其非車業務，期限自上市日期起至2026年12月31日止。 於2025年8月27日，本公司與D-Robotics訂立補充協議，以修訂產品解決方案銷 售框架協議項下持續關連交易截至2025年12月31日及2026年12月31日止年度的 現有年度上限。 上市規則的涵義 D-Robotics 為本公司的非全資附屬公司，而本公司執行董事余凱博士於 D-Robotics的股東大會上可行使或控制行使10%或以上的投票權。因此， D-Robotics及其附屬公司 ...

Core Viewpoint - Horizon Robotics-W (09660) reported a significant increase in revenue and gross profit for the six months ending June 30, 2025, driven by strong demand for advanced driving assistance solutions in the Chinese automotive market [1] Financial Performance - Revenue from customer contracts reached 1.567 billion RMB, representing a year-on-year increase of 67.64% [1] - Gross profit amounted to 1.024 billion RMB, reflecting a year-on-year growth of 38.61% [1] Market Position - The company maintained the leading market share in basic and overall driving assistance solutions among Chinese automakers, with shares of 45.8% and 32.4% respectively [1] - As of the end of 2024, the company had secured over 310 model designations, with nearly 400 new model designations achieved by the end of the reporting period [1] Product Performance - The shipment volume of the vehicle-grade Journey series processing hardware reached 1.98 million units, doubling year-on-year [1] - The shipment of processing hardware supporting highway driving assistance reached 980,000 units, accounting for 49.5% of total shipments, which is six times the volume from the same period last year [1] - More than 15 models equipped with the company's advanced driving assistance solutions successfully entered mass production during the first half of 2025 [1]

Group 1 - The company reported a revenue of RMB 1.567 billion in the first half of 2025, representing a year-on-year growth of 67.6%, with a gross margin of 65.4% [1] - The transition to mid-to-high level assisted driving solutions is identified as the next dominant trend in the industry, with increasing demand for advanced algorithms and software related to cloud services [1] - The company is developing the Horizon Super Drive (HSD) full-scene urban assisted driving solution, which is expected to become the technological foundation for future robotaxi services [1] Group 2 - The company has become the first intelligent driving technology company in China to achieve cumulative shipments of over 10 million units of its Chengcheng series processing hardware, setting a new industry benchmark [2] - The Chengcheng 6B processing hardware has been successfully launched, featuring a highly integrated design that doubles the performance of the front-view integrated ADAS system while significantly reducing system costs, power consumption, and size [2] - The Chengcheng 6 series processing hardware has established a complete product portfolio covering high, medium, and low processing capabilities, which will support revenue growth in both mainstream and high-end markets [2]

[Company Information and Financial Summary](index=1&type=section&id=Company%20Information%20and%20Financial%20Summary) [Company Overview](index=1&type=section&id=Company%20Overview) Horizon Robotics, an investment holding company registered in the Cayman Islands, primarily offers automotive and non-automotive solutions, and was listed on the HKEX in October 2024 - Horizon Robotics was incorporated on July 21, 2015, in the Cayman Islands as an investment holding company, primarily providing automotive solutions for passenger vehicles and non-automotive solutions[51](index=51&type=chunk) - The company completed its initial public offering on October 24, 2024, with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited[51](index=51&type=chunk) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) For the six months ended June 30, 2025, revenue grew by 67.6% to RMB 1.567 billion, and gross profit increased by 38.6% to RMB 1.024 billion, despite expanded operating and net losses Financial Performance Summary for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,566,756 | 934,599 | 67.6% | | Gross Profit | 1,023,972 | 738,738 | 38.6% | | Operating Loss | (1,592,102) | (1,105,418) | 44.0% | | Loss for the Period | (5,232,979) | (5,098,105) | 2.6% | | Adjusted Operating Loss | (1,111,261) | (823,980) | 34.9% | | Adjusted Net Loss | (1,332,500) | (803,941) | 65.7% | [Business Review and Outlook](index=2&type=section&id=Business%20Review%20and%20Outlook) [Business Review During the Reporting Period](index=2&type=section&id=Business%20Review%20During%20the%20Reporting%20Period) In H1 2025, the company achieved double-digit shipment growth, maintained a leading position in advanced driver-assistance systems, and expanded into overseas markets, driven by strong domestic auto sales and increased ADAS penetration - In H1 2025, the market share of Chinese domestic auto brands exceeded **63%**, with ADAS penetration increasing from **51%** at the end of 2024 to **59%**[4](index=4&type=chunk) - The sales proportion of vehicles equipped with mid-to-high-level ADAS functions increased from **20%** at the end of 2024 to **32%** in H1 2025[4](index=4&type=chunk) [Market Position and Shipments](index=2&type=section&id=Market%20Position%20and%20Shipments) The company maintained its leading market share in basic and overall ADAS solutions in China, with a doubling of Journey series processing hardware shipments in H1 2025 - In H1 2025, the company maintained its leading market share among Chinese automakers for basic ADAS solutions and overall ADAS solutions, at **45.8%** and **32.4%** respectively[4](index=4&type=chunk) - During the reporting period, the company's automotive-grade Journey series processing hardware shipments reached **1.98 million units**, a **doubling year-on-year**, with hardware supporting highway ADAS functions accounting for **980,000 units**, six times that of the prior year, representing **49.5%** of total shipments[4](index=4&type=chunk) [Model Design Wins and Overseas Expansion](index=2&type=section&id=Model%20Design%20Wins%20and%20Overseas%20Expansion) The company secured nearly 400 new model design wins, including over 100 for highway ADAS, and expanded into overseas markets with two Japanese automakers, projecting over 7.5 million units in lifetime shipments - As of the end of the reporting period, the company had accumulated nearly **400 new model design wins**, with over **100 models** featuring highway ADAS or higher functions[4](index=4&type=chunk) - The company has secured model design wins with two Japanese automakers for markets outside China, projected to bring over **7.5 million units** in lifetime shipments[4](index=4&type=chunk) - Including Volkswagen, **9 domestic joint venture automakers** have designated the company's solutions for **30 models**, with some scheduled for mass production by the end of this year[4](index=4&type=chunk) [Revenue and Gross Margin Performance](index=3&type=section&id=Revenue%20and%20Gross%20Margin%20Performance) In H1 2025, the company's revenue reached RMB 1.567 billion, a 67.6% year-on-year increase, with a gross margin of 65.4%, demonstrating steady operational efficiency improvement after excluding cloud computing costs - In H1 2025, the company's revenue reached **RMB 1,566.8 million**, a **67.6% year-on-year increase**, with a gross margin of **65.4%**[5](index=5&type=chunk) - Operating efficiency steadily improved after excluding cloud computing costs for model training[5](index=5&type=chunk) [R&D Investment and Strategic Transformation](index=3&type=section&id=R%26D%20Investment%20and%20Strategic%20Transformation) The company strategically increased cloud service R&D expenditure, resulting in an adjusted operating loss of RMB 1.111 billion, to advance its Horizon SuperDrive (HSD) solution and capitalize on structural changes in the ADAS market - The company strategically increased cloud service-related R&D expenditure, recording an adjusted operating loss of **RMB 1,111.3 million**, to advance the development of its full-scenario urban ADAS solution, Horizon SuperDrive (HSD)[5](index=5&type=chunk) - The company believes this investment will help seize structural changes in the ADAS market and accelerate its transformation into a full-industry infrastructure for the intelligent driving era[5](index=5&type=chunk) [Products and Solutions](index=3&type=section&id=Products%20and%20Solutions) The company achieved revenue growth through its licensing and services business and strong automotive product solutions, driven by increased shipments and higher per-vehicle value - The company generates revenue through its licensing and services business and automotive product solutions[7](index=7&type=chunk)[9](index=9&type=chunk) [Licensing and Services Business](index=3&type=section&id=Licensing%20and%20Services%20Business) The licensing and services business achieved steady growth, with revenue reaching RMB 738.5 million, as the company licensed algorithms and software to over 30 automotive manufacturers and ecosystem partners - Revenue from the licensing and services business reached **RMB 738.5 million**, a **6.9% year-on-year increase**, maintaining steady growth[7](index=7&type=chunk) - The company licenses algorithms and software and provides design and technical services to over **30 automakers** and ecosystem partners[7](index=7&type=chunk) [Automotive Product Solutions](index=3&type=section&id=Automotive%20Product%20Solutions) Automotive product solutions revenue surged by 250.0% to RMB 777.8 million, with 80% contributed by highway ADAS solutions, demonstrating sustainable growth from both volume and value increases - Revenue from automotive products and solutions reached **RMB 777.8 million**, a **250.0% year-on-year increase**[9](index=9&type=chunk) - **80%** of this revenue was contributed by solutions supporting highway ADAS functions, demonstrating sustainable growth driven by both volume and average selling price increases[9](index=9&type=chunk) [Recent Developments After the Reporting Period](index=3&type=section&id=Recent%20Developments%20After%20the%20Reporting%20Period) Post-reporting period, the company achieved significant milestones, including over 10 million cumulative shipments of Journey series hardware and the successful power-up of Journey 6B, while actively developing its HSD solution - As of August 2025, cumulative shipments of Journey series processing hardware exceeded **10 million units**, making the company the first intelligent driving technology company in China to achieve this milestone[10](index=10&type=chunk) - The Journey 6B processing hardware has been successfully powered up, featuring a highly integrated design that doubles the performance of front-view integrated ADAS systems while reducing system cost, power consumption, and size[10](index=10&type=chunk) - The company is actively developing its Horizon SuperDrive (HSD) full-scenario urban ADAS solution, having secured design wins with multiple OEMs covering over **ten models**, with mass production planned for H2 2025[9](index=9&type=chunk) [Industry Trends and Future Outlook](index=4&type=section&id=Industry%20Trends%20and%20Future%20Outlook) The company anticipates accelerated adoption of urban ADAS solutions due to decreasing prices, creating opportunities for HSD, and plans to collaborate with robotaxi operators while deepening innovation and global expansion - The price range for models equipped with urban ADAS solutions is expected to decrease to **RMB 150,000**, accelerating the popularization of urban ADAS[11](index=11&type=chunk) - The evolution of intelligent driving technology from L2 to L4 is evident, and the company expects to collaborate with robotaxi operating companies in H2 to provide technical infrastructure[11](index=11&type=chunk) - The company will continue to deepen innovation and open collaboration, adhere to a software-hardware integrated development path, increase investment in intelligent driving software, and expand its global business footprint[11](index=11&type=chunk) [Detailed Financial Performance Analysis](index=5&type=section&id=Detailed%20Financial%20Performance%20Analysis) [Analysis of Key Income Statement Items](index=5&type=section&id=Comparison%20of%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%20June%2030%2C%202024) During the reporting period, revenue significantly increased, but substantial rises in cost of sales, R&D, administrative, and sales and marketing expenses led to expanded operating and net losses, with fair value changes of preferred shares being a major factor Comparison of Key Income Statement Items for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,566,756 | 934,599 | 67.6% | | Cost of Sales | (542,784) | (195,861) | 177.1% | | Gross Profit | 1,023,972 | 738,738 | 38.6% | | R&D Expenses | (2,300,002) | (1,419,656) | 62.0% | | Administrative Expenses | (307,157) | (243,144) | 26.3% | | Sales and Marketing Expenses | (272,106) | (198,421) | 37.1% | | Operating Loss | (1,592,102) | (1,105,418) | 44.0% | | Loss for the Period | (5,232,979) | (5,098,105) | 2.6% | [Revenue Composition and Growth](index=6&type=section&id=Revenue%20Composition%20and%20Growth) Total revenue increased by 67.6% to RMB 1.567 billion for the six months ended June 30, 2025, driven primarily by a 250.0% surge in automotive product solutions revenue and stable growth in licensing and services - For the six months ended June 30, 2025, total revenue increased by **67.6%** year-on-year to **RMB 1,566.8 million**[13](index=13&type=chunk) Revenue Composition for the Six Months Ended June 30, 2025 | Revenue Source | 2025 (RMB '000) | Share (%) | 2024 (RMB '000) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Automotive Product Solutions | 777,848 | 49.7% | 222,264 | 23.8% | | Licensing and Services Business | 738,484 | 47.1% | 690,830 | 73.9% | | Non-Automotive Solutions | 50,424 | 3.2% | 21,505 | 2.3% | | **Total Revenue** | **1,566,756** | **100%** | **934,599** | **100%** | - Revenue from automotive product solutions increased by **250.0%** year-on-year to **RMB 777.8 million**, primarily due to a doubling of delivery volume and an increase in average selling price[15](index=15&type=chunk) - Revenue from the licensing and services business increased by **6.9%** year-on-year to **RMB 738.5 million**, maintaining stable growth[15](index=15&type=chunk) [Cost of Sales, Gross Profit, and Gross Margin](index=6&type=section&id=Cost%20of%20Sales%2C%20Gross%20Profit%2C%20and%20Gross%20Margin) Cost of sales increased by 177.1% to RMB 542.8 million, leading to a 38.6% rise in gross profit to RMB 1.024 billion, but the overall gross margin declined to 65.4% due to a higher proportion of automotive product solutions revenue - Cost of sales increased by **177.1%** year-on-year to **RMB 542.8 million**, primarily driven by increased costs for automotive product solutions and employee benefits[14](index=14&type=chunk) - Gross profit increased by **38.6%** year-on-year to **RMB 1,024.0 million**[16](index=16&type=chunk) - Overall gross margin decreased from **79.0%** in the same period of 2024 to **65.4%** in 2025, mainly due to a significant increase in the proportion of automotive product solutions revenue, despite an improvement in its own gross margin[16](index=16&type=chunk) Automotive Solutions Gross Profit and Gross Margin for the Six Months Ended June 30, 2025 | Business Line | 2025 Gross Profit (RMB '000) | 2025 Gross Margin (%) | 2024 Gross Profit (RMB '000) | 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Automotive Product Solutions | 354,745 | 45.6% | 92,745 | 41.7% | | Licensing and Services Business | 662,607 | 89.7% | 642,188 | 93.0% | | **Total** | **1,017,352** | **67.1%** | **734,933** | **80.5%** | [Operating Expenses](index=8&type=section&id=R%26D%20Expenses%2C%20Administrative%20Expenses%2C%20Sales%20and%20Marketing%20Expenses) R&D expenses increased by 62.0% to RMB 2.3 billion, administrative expenses by 26.3% to RMB 307.2 million, and sales and marketing expenses by 37.1% to RMB 272.1 million, primarily due to higher employee benefits, cloud service fees, and promotional activities - R&D expenses increased by **62.0%** year-on-year to **RMB 2,300.0 million**, primarily due to increased cloud service fees, technical service procurement, and share-based payments for R&D personnel[19](index=19&type=chunk) - Administrative expenses increased by **26.3%** year-on-year to **RMB 307.2 million**, primarily due to increased employee benefits (including share-based payments) for administrative personnel[19](index=19&type=chunk) - Sales and marketing expenses increased by **37.1%** year-on-year to **RMB 272.1 million**, primarily due to increased employee benefits (including share-based payments) for sales and marketing personnel and promotional expenses[19](index=19&type=chunk) [Other Income and Gains](index=8&type=section&id=Other%20Income%2C%20Net%20Other%20Gains) Other income significantly increased to RMB 216.7 million, driven by R&D milestones and government subsidies, while net other gains rose to RMB 61.2 million from wealth management product returns and fair value gains on financial assets - Other income significantly increased to **RMB 216.7 million**, primarily driven by the achievement of key R&D milestones and government subsidy programs[20](index=20&type=chunk) - Net other gains increased to **RMB 61.2 million**, primarily driven by returns from wealth management products and fair value gains on financial assets at fair value through profit or loss[20](index=20&type=chunk) [Net Finance Income and Share of Results of Investments](index=8&type=section&id=Net%20Finance%20Income%2C%20Share%20of%20Results%20of%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) Net finance income decreased to RMB 170.1 million due to lower bank deposit interest, while the share of losses from investments accounted for using the equity method increased to RMB 400.1 million, mainly from increased losses in Coolride - Net finance income decreased to **RMB 170.1 million**, primarily due to lower interest income from bank deposits[20](index=20&type=chunk) - Share of losses from investments accounted for using the equity method increased to **RMB 400.1 million**, primarily attributable to increased losses from Coolride[20](index=20&type=chunk) [Fair Value Changes of Preferred Shares and Other Financial Liabilities](index=8&type=section&id=Fair%20Value%20Changes%20of%20Preferred%20Shares%20and%20Other%20Financial%20Liabilities) The company recorded a loss of RMB 3.407 billion from fair value changes of preferred shares and other financial liabilities, mainly due to fluctuations in the share price of convertible loans issued to Coolride - Fair value changes of preferred shares and other financial liabilities resulted in a loss of **RMB 3,406.7 million**, primarily due to fair value changes arising from share price fluctuations of convertible loans issued to Coolride[21](index=21&type=chunk) [Loss for the Period and Loss Per Share](index=9&type=section&id=Loss%20for%20the%20Period%2C%20Loss%20Per%20Share) The loss for the period slightly expanded to RMB 5.233 billion, with basic and diluted loss per share at RMB (0.42), while share-based payments increased significantly due to additional grants and rising share prices - Loss for the period was **RMB 5,233.0 million**, a slight increase from the loss of **RMB 5,098.1 million** in the prior year period[22](index=22&type=chunk) - Basic and diluted loss per share were both **RMB (0.42)**, compared to **RMB (1.81)** in the prior year period[60](index=60&type=chunk) - Share-based payments increased by **105.0%** year-on-year to **RMB 493.3 million**, primarily due to additional grants of incentive shares and rising share prices[22](index=22&type=chunk) [Non-IFRS Measures](index=9&type=section&id=Non-IFRS%20Measures) The company uses adjusted operating loss and adjusted net loss as non-IFRS measures to better reflect core business performance by excluding non-cash or non-recurring items like share-based payments and fair value changes of preferred shares - Adjusted operating loss was **RMB 1,111.3 million**, and adjusted net loss was **RMB 1,332.5 million**[22](index=22&type=chunk)[23](index=23&type=chunk) - Non-IFRS measures adjust operating loss and loss for the period by adding back share-based payments, non-recurring fundraising expenses, and fair value changes of preferred shares and other financial liabilities[24](index=24&type=chunk) - These metrics help identify underlying business trends and enhance understanding of the company's performance and prospects, but should not replace financial data under IFRS[25](index=25&type=chunk) [Financial Position and Liquidity](index=10&type=section&id=Financial%20Position%20and%20Liquidity) [Liquidity and Funding Sources](index=10&type=section&id=Liquidity%20and%20Funding%20Sources) As of June 30, 2025, cash and cash equivalents increased by 4.5% to RMB 16.1 billion, with funding primarily sourced from financing and operating activities - As of June 30, 2025, cash and cash equivalents increased by **4.5%** to **RMB 16.1 billion** from **RMB 15.4 billion** as of December 31, 2024[26](index=26&type=chunk) - The company primarily funds its cash requirements through cash generated from financing and operating activities[26](index=26&type=chunk) [Asset and Liability Ratio](index=10&type=section&id=Asset%20and%20Liability%20Ratio) As of June 30, 2025, both total assets and total liabilities increased, resulting in a rise in the asset-liability ratio to 51.2% - As of June 30, 2025, total assets were **RMB 23,420,746 thousand**, and total liabilities were **RMB 11,996,953 thousand**[49](index=49&type=chunk)[50](index=50&type=chunk) - The asset-liability ratio increased from **41.5%** as of December 31, 2024, to **51.2%** as of June 30, 2025[31](index=31&type=chunk) - Total trade receivables increased from **RMB 771,466 thousand** as of December 31, 2024, to **RMB 1,194,611 thousand** as of June 30, 2025[60](index=60&type=chunk) - Total trade payables increased from **RMB 14,552 thousand** as of December 31, 2024, to **RMB 87,953 thousand** as of June 30, 2025[63](index=63&type=chunk) [Capital Commitments and Contingent Liabilities](index=10&type=section&id=Contingent%20Liabilities%2C%20Capital%20Commitments) As of June 30, 2025, the company's capital commitments primarily related to capital expenditures for intangible assets, property, plant, and equipment, and commitments to associates and joint ventures, with no significant contingent liabilities - As of June 30, 2025, capital commitments amounted to **RMB 191.1 million**, primarily related to capital expenditures for intangible assets, property, plant, and equipment[34](index=34&type=chunk) - Commitments to associates and joint ventures amounted to **RMB 1,501.0 million**[34](index=34&type=chunk) - As of June 30, 2025, the company had no significant contingent liabilities[33](index=33&type=chunk) [Other Significant Information](index=10&type=section&id=Other%20Significant%20Information) [Employees and Remuneration](index=11&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the company's full-time employee count increased to 2,177, with total employee remuneration expenses rising year-on-year, encompassing salaries, bonuses, social insurance, and share-based payments - As of June 30, 2025, the company had **2,177 full-time employees**, an increase from **2,078** as of December 31, 2024[35](index=35&type=chunk) - Total employee remuneration expenses (including share-based payments) amounted to **RMB 1,460.4 million**, an increase year-on-year[35](index=35&type=chunk) - Remuneration primarily includes salaries, bonuses, social insurance contributions, and other benefits, and is linked to performance[35](index=35&type=chunk) [Corporate Governance](index=11&type=section&id=Corporate%20Governance) The company is committed to high corporate governance standards and generally complies with the HKEX Corporate Governance Code, with minor deviations regarding the Chairman and CEO roles and board meeting notice periods - The company is committed to achieving high corporate governance standards and complies with all applicable code provisions of the HKEX Corporate Governance Code[36](index=36&type=chunk)[37](index=37&type=chunk) - A deviation from Code Provision C.2.1 exists, where Dr. Kai Yu serves as both Chairman and Chief Executive Officer, an arrangement the Board believes ensures consistent leadership and decision-making efficiency[37](index=37&type=chunk) - A deviation from Code Provision C.5.3 occurred where notice for regular Board meetings was sometimes less than 14 days, but no director objected[38](index=38&type=chunk) - Directors and relevant employees consistently complied with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period[39](index=39&type=chunk) - The Audit Committee has reviewed the interim financial statements and concurred with the accounting treatments, deeming them compliant with applicable accounting standards and legal regulations[40](index=40&type=chunk) [Material Investments, Acquisitions, and Disposals](index=10&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) As of June 30, 2025, the company had not made or held any material investments, nor had it undertaken any significant acquisitions or disposals - As of June 30, 2025, the Group had not made or held any material investments representing **5% or more** of the Group's total assets[27](index=27&type=chunk) - For the six months ended June 30, 2025, the Group did not undertake any material acquisitions or disposals of subsidiaries, consolidated affiliated entities, associates, or joint ventures[28](index=28&type=chunk) - As of June 30, 2025, the Group had no detailed future plans for material investments or capital assets[30](index=30&type=chunk) [Material Litigation and Post-Reporting Period Events](index=13&type=section&id=Material%20Litigation%2C%20Post-Reporting%20Period%20Events) The company was not involved in any material litigation during the reporting period; post-period, its non-automotive subsidiary D-Robotics completed a Series B preferred share issuance, raising $119.1 million while retaining company control - During the reporting period, the company was not involved in any litigation or arbitration that would have a material adverse effect[44](index=44&type=chunk) - Subsequent to the reporting period, D-Robotics, a non-automotive business subsidiary, entered into a share purchase agreement to issue Series B preferred shares to certain investors for a total cash consideration of **US$119.1 million**, of which **US$83.1 million** has been received[45](index=45&type=chunk) - Following the Series B financing and issuance of Class A ordinary shares, the company will continue to control D-Robotics[45](index=45&type=chunk) [Dividend Policy](index=22&type=section&id=Dividend%20Policy) For the six months ended June 30, 2025, the Board of Directors recommended not to declare an interim dividend - For the six months ended June 30, 2025, the Board of Directors recommended not to declare an interim dividend[46](index=46&type=chunk) [Board of Directors Information](index=23&type=section&id=Board%20of%20Directors%20Information) The Board comprises Executive Directors Dr. Kai Yu, Dr. Chang Huang, Dr. Jian Xu, and Dr. Liming Chen; Non-executive Directors Mr. Liang Li, Mr. Qin Liu, Dr. André Stoffels, and Mr. Jianjun Zhang; and Independent Non-executive Directors Dr. Jun Pu, Mr. Yingqiu Wu, Dr. Katherine Rong Xin, and Dr. Ya-Qin Zhang - The Board of Directors includes Executive Directors Dr. Kai Yu, Dr. Chang Huang, Dr. Jian Xu, and Dr. Liming Chen; Non-executive Directors Mr. Liang Li, Mr. Qin Liu, Dr. André Stoffels, and Mr. Jianjun Zhang; and Independent Non-executive Directors Dr. Jun Pu, Mr. Yingqiu Wu, Dr. Katherine Rong Xin, and Dr. Ya-Qin Zhang[65](index=65&type=chunk)

Group 1 - The core viewpoint is that physical intelligence will be a key direction for the development of AI large model architecture, with computing power being the foundation for embodied intelligence [1] - The rapid development of embodied intelligent robots is closely linked to the rise of AI large models, with computing power as a critical support point for this development [1] - Nvidia's release of the Cosmos world model platform at CES 2025 aims to teach AI to understand the physical world, which is expected to revolutionize the $50 trillion manufacturing and logistics industries [1] Group 2 - There are currently two mainstream architectures for embodied large models: end-to-end embodied models and hierarchical decision models, with the latter being favored by most domestic startups due to cost and technical feasibility [2] - The end-to-end model integrates "brain" and "cerebellum," reducing error transmission but requiring massive data and resources [2] Group 3 - The global humanoid robot market is projected to grow from approximately $2.16 billion in 2023 to $32.4 billion by 2029 [3] - The humanoid robot market in China is expected to reach a scale of approximately 20 to 50 billion yuan by 2028, and could grow to 500 billion yuan by 2035 [3] - By 2045, the humanoid robot market could reach a scale of approximately 10 trillion yuan, with over 100 million humanoid robots in use across various industries [3]

Core Viewpoint - The automotive industry is transitioning from a "function era" to an "experience era" in assisted driving, with Horizon's HSD (Horizon SuperDrive™) representing a significant upgrade that enhances user experience through advanced technology [1][16]. Group 1: Technology and Architecture - Horizon's HSD introduces a one-stage end-to-end architecture combined with reinforcement learning, significantly improving the safety, efficiency, and comfort of assisted driving [4][6]. - The system achieves ultra-low latency and robust defensive driving capabilities, closely mimicking human driving behavior [2][4]. - The HSD upgrade is supported by the powerful 560 TOPS computing capability of the Journey 6P computing solution, enhancing overall system performance [6]. Group 2: User Experience and Testing - A recent experience event in Shanghai showcased HSD's capabilities, receiving positive feedback for its low latency, human-like defensive driving, and smooth control [7]. - The system demonstrates rapid response to unexpected situations, such as construction zones and sudden lane changes, ensuring a seamless driving experience [9][10]. Group 3: Safety and Certification - Horizon emphasizes a user-centric approach, backed by the largest active safety testing scenario database in the industry, covering over 30,000 scenario datasets and more than 10 million kilometers of testing [11]. - The company has received the world's first and only ISO 8800 certification for AI functionality in road vehicles, establishing a strong safety foundation for its products [11][16]. Group 4: Market Position and Future Plans - HSD is set to enter mass production, with the first deployment expected in the Chery Exeed Star Era E05 by the end of this year, and partnerships with nearly 10 global automotive brands are in progress [16]. - The shift in the smart driving industry from "function competition" to "experience upgrade" positions Horizon to enhance user experience and make assisted driving accessible to the general public [16].

Core Viewpoint - Baillie Gifford & Co increased its stake in Horizon Robotics by acquiring 24.7794 million H-shares at an average price of HKD 7.5603 per share, totaling approximately HKD 187 million, raising its ownership from 4.79% to 5.00% [2][3]. Group 1: Investment Activity - The acquisition by Baillie Gifford reflects renewed confidence from global capital in Horizon Robotics' position within the intelligent driving industry [2]. - Following the increase, Baillie Gifford's total holdings in Horizon Robotics reached 588.235 million shares, confirming institutional confidence in the company's strategic advantages [2][3]. Group 2: Company Performance and Market Position - Horizon Robotics has established a comprehensive hardware and software stack, with significant client coverage including major automotive companies like BYD and Li Auto [2]. - The company has shipped over 5 million units of its Zhengcheng chip, leading in both Robotaxi and L2+ market share [2]. - With the rollout of urban NOA (Navigation on Autopilot), the proportion of high-margin software licensing revenue is rapidly increasing, indicating a clear path to profitability [2]. Group 3: Future Outlook - As the wave of Chinese intelligent driving technology expands globally, Horizon Robotics is positioned to become a new standard for Tier 1 suppliers due to its engineering capabilities and cost advantages [2]. - Analysts suggest that Baillie Gifford's investment underscores international recognition of Horizon Robotics' technological strength and market position, reinforcing its leadership in the intelligent driving sector [2].

香港联交所最新资料显示，8月14日，Baillie Gifford&Co增持地平线机器人-W(09660)2477.94万股，每 股作价7.5603港元，总金额约为1.87亿港元。增持后最新持股数目约为5.88亿股，最新持股比例为5%。 ...

智通财经APP获悉，香港联交所最新资料显示，8月14日，Baillie Gifford & Co增持地平线机器人- W(09660)2477.94万股，每股作价7.5603港元，总金额约为1.87亿港元。增持后最新持股数目约为5.88亿 股，最新持股比例为5%。 ...