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7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8月6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 ...

【主编观市】 美国和世界各国关税在月底尘埃落定，直接打乱全球供应链。上周恒指跌破了25000点。 没想到美国非农数据暴雷，7月份新增就业仅有7.3万人，远低于市场预期的10万人。更糟糕的是前两个 月的新增就业雪崩，大幅下修了25.8万人，引发新一轮衰退担忧，直接导致导致10年美债从4.4%一度跌 到4.2%，美元指数跳水、三大股指下跌，同时黄金大涨，资本市场上看，对于9月份降息的预期快速上 升，从37.7%飙升到了接近85%。 美国衰退风险对全球股市都会带来压力，上月底的重磅会议对上半年经济看法偏乐观，因此对接下来的 刺激紧迫性不高。周末，两部门：8月8日起对新发行的国债等利息收入恢复征收增值税。目的是挤出部 分无风险资金。中美摩擦处于持续当中：人民日报发表评论：英伟达，让我怎么相信你?整体看，在利 空之下，恒指24000点面临考验。 军工类热度较高，继歼-10CE后，中国直-10ME列装巴基斯坦军队。央视新闻官微发布无人机"蜂群"、 机器"狼群"协同作战演习，福建舰入列进入最后的攻坚时刻。 世界机器人大会8月8日在京开幕，百余款首发新品将亮相。全球首个机器人消费节启动 ，企业买机器 人最高可享25万元补贴。 ...

Group 1 - The Hang Seng Index closed down 0.08%, while the Tech Index rose by 0.56% [1] - Li Auto (02015.HK) saw an increase of over 9%, China Biologic Products (01177.HK) rose by over 6%, and Horizon Robotics (09660.HK) increased by nearly 5% [1] - Chow Tai Fook (01929.HK) experienced a decline of over 3.5%, and Baidu (09888.HK) fell by over 3% [1]

Core Viewpoint - The 2025 World Artificial Intelligence Conference (WAIC) will be held in Shanghai from July 26 to July 28, focusing on AI infrastructure, intelligent terminals, and AI-enabled new industrialization among other key areas [1][2]. Group 1: Event Overview - The WAIC will feature an unprecedented exhibition scale, with over 70,000 square meters of exhibition space and participation from more than 800 companies, over 50% of which are from outside China [1]. - The event will showcase over 3,000 cutting-edge exhibits, including 40 large models, 50 AI terminal products, and 60 intelligent robots, marking the largest scale in the history of the conference [1]. Group 2: Product Launches and Innovations - The conference will highlight innovative products in three main areas: model applications, embodied intelligence, and smart hardware, with numerous first-time launches [2]. - Notable product launches include Siemens' Industrial Copilot, Tesla's Tesla Bot, and various AI applications from major companies like Google, Alibaba, and Tencent [2]. Group 3: Industry Insights - Analysts from Dongwu Securities and Guojin Securities indicate that AI applications are experiencing rapid growth, with significant cost reductions and increasing penetration rates, suggesting a transition into a fast growth phase for the industry [3][4]. - The emergence of AI Agents is seen as a pivotal moment in the software revolution, reshaping various aspects of work and life [4]. Group 4: Company Developments - Baidu has announced the open-sourcing of its Wenxin large model series, marking a significant advancement in the large model field [5]. - Alibaba is collaborating with China FAW to develop a dedicated large model for the automotive industry, aiming to enhance efficiency and drive business transformation [5]. - SenseTime plans to launch its new productivity tools and an embodied intelligence platform during the conference [5]. Group 5: Market Predictions - Horizon Robotics is projected to achieve a compound annual growth rate of 57.5% from 2025 to 2027, with expectations of reaching breakeven by 2028 [6]. - The company is anticipated to capture 54% of the market share for advanced driver-assistance systems (ADAS) in China by 2027, leveraging local automotive chip advantages [6].

Investment Rating - The automotive industry is rated as "Neutral" for the next six months, indicating expected performance in line with the market [53]. Core Insights - In June, retail sales of passenger vehicles increased by 18.1% year-on-year, with new energy vehicles seeing a growth of 30% [4][44]. - The automotive sector experienced a decline of 0.41% from July 7 to July 11, 2025, underperforming the CSI 300 index by 1.23 percentage points [10][44]. - The overall PE-TTM for the automotive industry as of July 11 is 25.83, down by 0.12 from the previous week [11][44]. Summary by Sections Market Overview - The automotive sector's performance from July 7 to July 11 showed a decline across various segments, with the passenger vehicle segment down by 1.43% and commercial vehicles down by 0.99% [10][44]. - The automotive services sector, however, increased by 3.13%, outperforming the CSI 300 index [10][44]. Valuation Levels - As of July 11, the PE-TTM for passenger vehicles is 25.11, for commercial vehicles is 36.01, and for automotive parts is 24.33 [11][44]. - The passenger vehicle segment saw a decrease of 0.37% in valuation, while the automotive parts segment increased slightly by 0.02% [11][44]. New Models and Industry News - 尚界汽车 has released a teaser for its first SUV model, which is expected to launch in the fall of 2025 [3][44]. - A total of 29 new and updated vehicle models were launched during the week of July 7 to July 11 [40][41]. Sales Performance - In June, the total retail sales of passenger vehicles reached 2.084 million units, marking an 18.1% increase year-on-year [7][44]. - Cumulative retail sales for the first half of the year reached 10.901 million units, up 10.8% compared to the same period last year [7][44].

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The cumulative shipment of the company's "Zhengcheng" series is expected to exceed 10 million units, with over 8 million units already shipped. The company has established close partnerships with leading Tier-1 companies such as Bosch, Denso, and ZF, supporting advanced driver assistance and high-level autonomous driving solutions [5] - The HSD system, the first full-stack development of its kind in China, is designed for urban driving assistance and is expected to be integrated into strategic models of several leading OEM brands this year [6] Financial Performance and Projections - The company is projected to achieve revenues of 35.62 billion, 55.29 billion, and 79.83 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be -1.969 billion, -0.945 billion, and 0.105 billion yuan for the same years [7][9] - The revenue growth rates are forecasted at 54%, 49%, and 55% for the years 2025, 2026, and 2027 respectively, while the net profit growth rates are expected to be 135%, -184%, and 52% [9][10]

Core Insights - The autonomous vehicle (AV) market is projected to reach a potential size of $1.2 trillion by 2040, covering various sectors including automotive, trucking, logistics, agriculture, and mining [1][7] - Currently, commercial AV deployment is scaling, with 7 cities globally offering commercial robotaxi services and an additional 20 cities set to launch soon [1][7] - The report encompasses companies with a combined market capitalization of approximately $10 trillion, highlighting their strategies in AV technology development and market share competition [1][3] Market Overview - The AV market is expected to grow from $137 billion in 2024 to $1.2 trillion by 2040, with significant compound annual growth rates (CAGR) across various sectors [7] - The automotive sector alone is anticipated to reach $686.89 billion by 2040, with a CAGR of 14.6% from $78.08 billion in 2024 [10] - The trucking sector is projected to grow to $353.52 billion by 2040, with a CAGR of 14.5% [10] Key Companies and Their Roles - Major players in the OEM sector include companies like Caterpillar, Deere, Daimler Truck, and Toyota, all of which are investing in AV technologies and partnerships [4][9] - Chinese companies such as Xiaomi and XPeng are also significant, with Xiaomi focusing on LiDAR technology and XPeng developing the XNGP system for nationwide deployment [8][10] - In the software domain, companies like Google (Waymo) and Baidu (Apollo Go) are leading in AV commercialization, with Waymo planning to provide 250,000 paid rides weekly by 2025 [8][10] Technology and Innovation - The semiconductor sector plays a crucial role in AV development, providing essential capabilities such as AI training and sensor processing [11] - Key semiconductor companies include Nvidia, Qualcomm, and Mobileye, with Nvidia expected to generate $1.7 billion in automotive revenue by 2025 [11] - LiDAR technology is dominated by companies like Hesai and RoboSense, with significant revenue growth projected in the coming years [8][11] Future Projections - By 2030, it is estimated that 10% of Deere's revenue will come from recurring sources related to AV solutions in agriculture and construction [9] - Daimler Truck's Torc system is expected to contribute $1.5 billion in profit by 2035, representing 30% of its adjusted EBIT in 2024 [9] - Horizon Robotics anticipates that 97% of its revenue will come from AV-related solutions by 2024, with significant market share growth expected by 2030 [9][10]

Investment Rating - The automotive industry is rated as "Overweight" with expectations of outperforming the market in the next six months [52]. Core Views - The automotive sector saw a weekly increase of 2.88%, outperforming the CSI 300 index by 0.93 percentage points during the period from June 22 to June 27, 2025 [10][41]. - Retail sales of passenger vehicles in June increased by 24% year-on-year, with a total of 1,008.6 million units sold year-to-date, reflecting an 11% increase compared to the previous year [6][42]. - The new Xiaomi YU7 SUV model launched successfully, achieving over 240,000 pre-orders within 18 hours of its release [3][42]. Summary by Sections Market Review - The automotive sector's performance for the week (June 22-27, 2025) showed a 2.88% increase, with the passenger vehicle segment rising by 0.08% and commercial vehicles by 1.01% [10][41]. - The automotive parts sector increased by 4.62%, while the automotive services sector rose by 4.27%, both outperforming the CSI 300 index [10][41]. Valuation Levels - As of June 27, 2025, the automotive industry's PE-TTM was 25.9, up by 0.72 from the previous week. The valuations for passenger vehicles, commercial vehicles, and parts were 25.37, 35.87, and 24.46 respectively [11][41]. New Vehicle Launches - A total of 28 new models were launched during the week, including the Xiaomi YU7, which is priced between 25.35 and 32.99 million yuan [38][40]. Investment Recommendations - The report suggests that the automotive sector is expected to continue its upward trend, with specific focus on the performance of electric vehicles and related technologies [41].

Core Insights - The report from Bank of America Securities highlights the rapid transformation in China's smart automotive industry driven by intense competition and the accelerated application of autonomous driving technologies by companies like BYD [1][2] Industry Overview - The penetration rate of L2+/L3 autonomous driving in China is projected to rise from 27% in 2025 to 80% by 2030, with sales of vehicles equipped with these features expected to grow from 6.1 million units in 2025 to 18.4 million units by 2030, reflecting a CAGR of 25% [2] - The Robotaxi market is anticipated to see explosive growth, with sales expected to increase from 2,500 units in 2025 to 400,000 units by 2030, representing a CAGR of 176% [3] Key Companies and Technologies - Companies such as Hesai (HSAI.US), Horizon (09660), and NIO (01316) are identified as key players in the smart automotive supply chain, particularly in laser radar, autonomous driving chips, and drive-by-wire chassis [1][4] - The report emphasizes that the integration of sensing, processing, and control systems is crucial for autonomous driving capabilities, while smart cockpit systems include components like cockpit domain controllers and heads-up displays [3] Component Market Insights - The estimated value of smart automotive components is $2,400 for entry-level vehicles and $6,000 for high-end models [4] - The penetration rate of laser radar in Chinese passenger vehicles is expected to increase from 6% in 2024 to 40% by 2030, driven by safety considerations and decreasing costs [4] - The market for autonomous driving and advanced driver-assistance system chips is projected to grow at a CAGR of 25% from 2024 to 2030 [4] Ratings and Price Targets - Bank of America Securities has provided ratings and price targets for several companies, indicating strong upside potential for stocks like PONY US, XPEV US, and HSAI US, with potential increases ranging from 24% to 61% [5][6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% [5][9]. Core Insights - The company is positioned to benefit from the rapid increase in high-level advanced driver-assistance systems (ADAS) penetration, with expectations of significant revenue growth driven by partnerships with major automotive manufacturers like BYD [5][7]. - The projected net profits for 2025, 2026, and 2027 are estimated to be -1.81 billion, -0.99 billion, and 0.11 billion RMB respectively, with corresponding EPS of -0.14, -0.07, and 0.01 RMB [7][8]. Company Overview - The company operates in the mechanical equipment industry and focuses on providing third-party ADAS solutions, including self-developed high-performance chips and intelligent driving algorithms [5][7]. - As of June 23, 2025, the H-share price was 6.37 HKD, with a market capitalization of approximately 884.24 billion HKD [2]. Financial Performance - The company reported a revenue of 2.38 billion RMB in 2024, with a year-on-year growth of 54%, and anticipates a revenue increase of 50% in 2025 [5][7]. - The gross margin for the company is reported at 77%, indicating strong profitability in its operations [5]. Market Potential - The penetration rate of high-level NOA (Navigation on Autopilot) is currently low, with only 8.6% of vehicles equipped with such features in 2024, suggesting significant growth potential as these technologies become more widespread [7]. - The market for intelligent driving chips is expected to exceed 100 billion RMB, with a projected annual growth rate of over 50% from 2025 to 2027 [7]. Future Projections - The company plans to raise over 4.7 billion HKD through a share placement to optimize its capital structure and support business expansion [7]. - The anticipated financial performance includes a net profit turnaround by 2027, with expectations of positive earnings for the first time in several years [8].