国内智能驾驶解决方案里的龙头企业地平线机器人-W（09660），近期可谓是密集向外界释放利好消息。 先是地平线官宣征程家族累计量产即将突破1000万套，公司将成为国内首家达成千万套出货量里程碑的智驾方案公司。紧接着，地平线重磅推出HSD有史以 来升级最大的版本，新版本基于业内领先的一段式端到端架构和强化学习能力，为用户带来专车司机般丝滑、拟人、可信赖的全场景辅助驾驶体验。再然后 的8月27日晚间，地平线披露了一份营收与毛利齐飞、深度兑现增长预期的财报成绩单。这份中报显示，上半年地平线实现收入15.67亿元，同比增加 67.6%；毛利10.24亿元，同比增加38.6%，对应综合毛利率65.4%。 值得特别留意的是，藏在地平线最新财报中的价值信号还不只局限于此，也是在上半年，地平线中高阶解决方案大卖，并带动产品解决方案业务量价齐升； 同时，作为地平线软硬一体技术积累的集大成者，公司在上半年新推出、且正不断迭代升级的城区辅助驾驶系统（Horizon SuperDrive，以下简称"HSD"） 现已量产在即，该产品被誉为"中国版FSD"，后续HSD势将抢滩高阶方案市场化供应，并有望为地平线接下来的市场表现"再添一把火 ...

Core Insights - The company, Horizon Robotics, reported a significant revenue increase of 67.6% year-on-year, reaching 1.567 billion yuan in the first half of 2025, with a gross profit of 1.024 billion yuan and a gross margin of 65.4% [1] - The strong performance is attributed to the booming demand for advanced driving assistance systems (ADAS) in the Chinese automotive market, where the penetration rate of such features has risen from 51% at the end of 2024 to 59% in the first half of 2025 [2][3] - The company achieved a milestone of over 10 million units shipped, solidifying its leading position in the smart driving technology sector [4] Financial Performance - Revenue from the products and solutions segment surged 350% year-on-year to 778 million yuan, with a shipment volume of 1.98 million units, doubling compared to the previous year [2][3] - The average value per vehicle increased significantly, reaching 1.7 times that of the previous year, driven by a higher proportion of mid-to-high-end product solutions [3] Market Position - Horizon Robotics holds a 32.4% market share in the Chinese autonomous driving computing solutions market and a 45.8% share in the ADAS front-view integrated machine market, maintaining its leadership in both segments [4] - The company has established partnerships with 27 OEMs, including all top ten Chinese OEMs, and has secured nearly 400 model designations, with over 15 models featuring mid-to-high-end ADAS solutions launched in the first half of 2025 [4][5] International Expansion - Horizon Robotics is expanding its international presence, having established partnerships with nine joint venture car manufacturers in China and securing model designations with two foreign car manufacturers for overseas markets [5] - The company is collaborating with global suppliers like Bosch and Denso to build a global smart driving industry ecosystem [5] Technological Advancements - The company has increased its R&D spending to 2.3 billion yuan, a 62% year-on-year increase, focusing on cloud services and urban driving assistance systems [6] - The Horizon SuperDrive (HSD) system has been recognized for its advanced capabilities, with multiple car manufacturers already designating models to feature this technology [6][7] Future Outlook - With the continued growth in product shipments and the successful launch of the HSD system, Horizon Robotics is positioned for sustainable high-speed growth in the high-end ADAS market [7] - The company is gaining recognition in global indices, indicating a shift in its valuation logic from a local leader to a global hard-tech player [7]

国内智能驾驶解决方案里的龙头企业地平线机器人-W（09660），近期可谓是密集向外界释放利好消息。 值得特别留意的是，藏在地平线最新财报中的价值信号还不只局限于此，也是在上半年，地平线中高阶解决方案大卖，并带动产品解决方案业务量价齐升； 同时，作为地平线软硬一体技术积累的集大成者，公司在上半年新推出、且正不断迭代升级的城区辅助驾驶系统（Horizon SuperDrive，以下简称"HSD"） 现已量产在即，该产品被誉为"中国版FSD"，后续HSD势将抢滩高阶方案市场化供应，并有望为地平线接下来的市场表现"再添一把火"。 "征程"领航，强势开启"冲刺跑" 2025年以来，车企智驾平权赋能主流车型渐成潮流，越来越多的车企在基础车型上布局中高阶智驾功能，这一新趋势正带动智驾渗透率快速拉升。根据方正 证券分析师的测算，全球智驾解决方案市场的市场规模有望自2024年的191亿元增加至2030年的1234亿元，对应复合年增长率高达36.5%。 正是在这一行业迎来爆发式增长的关键节点上，地平线也创造了中国智驾方案行业里新的记录，本月征程家族累计量产数量即将正式突破1000万套。 先是地平线官宣征程家族累计量产即将突破10 ...

Core Viewpoint - Horizon Robotics (地平线) reported a significant increase in revenue and performance for the first half of 2025, with a revenue of 1.567 billion yuan, a year-on-year growth of 67.6%, and a gross profit of 1.024 billion yuan, achieving a gross margin of 65.4% [1] Financial Performance - The company achieved a revenue of 1.567 billion yuan in the first half of 2025, marking a 67.6% increase year-on-year [1] - Gross profit reached 1.024 billion yuan, with a gross margin of 65.4% [1] - Cash reserves stood at 16.1 billion yuan [1] Product and Solutions Growth - The demand for advanced driving assistance systems (ADAS) is increasing, with the penetration rate rising from 51% at the end of 2024 to 59% in the first half of 2025 [2] - The revenue from products and solutions grew 3.5 times year-on-year to 778 million yuan, with a shipment volume of 1.98 million units, also doubling year-on-year [2][3] - High-end product solutions accounted for 49.5% of total shipments, contributing over 80% of the revenue from the products and solutions business [3] Market Position and Achievements - Horizon Robotics became the first smart driving technology company in China to achieve a cumulative shipment of over 10 million units [4] - The market share for the company's ADAS solutions increased to 32.4% in the Chinese market [4] - The company has established partnerships with 27 OEMs, including all top ten Chinese OEMs, serving 6 million car owners [4] International Expansion and Collaborations - Horizon is expanding its international presence, having established partnerships with nine joint venture car manufacturers in China and two foreign car manufacturers for overseas models [5] - The company is collaborating with global suppliers like Bosch and Denso to build a global smart driving ecosystem [5] Future Growth Potential - The company is increasing its R&D investment, with expenditures reaching 2.3 billion yuan, a 62% increase year-on-year [6] - The Horizon SuperDrive (HSD) system is expected to enhance the company's growth potential, with multiple car models already adopting this technology [6][7] - Horizon's valuation is transitioning from a local leader to a global hard-tech player, as recognized by major global indices [7]

Market Overview - The Hong Kong stock market experienced a significant drop of 1.27% after an initial positive reaction to AI-related news, indicating volatility in investor sentiment [1] - The U.S. government is moving to remove hawkish voices from the Federal Open Market Committee (FOMC), which may lead to a long-term easing of monetary policy [1] - The yield on 30-year U.S. Treasury bonds has risen to 4.9%, while U.K. and Japanese bonds are also nearing record highs, reflecting increased market uncertainty [1] U.S. Import Policy Changes - Starting August 29, the U.S. will suspend tax exemptions on imported packages valued at $800 or less, affecting approximately 1.36 billion packages worth $64.6 billion annually [2] - This policy change is expected to increase inflationary pressures in the U.S. as the costs will likely be passed on to consumers [2] - The new regulations have already led to 25 countries suspending package shipments to the U.S., indicating a significant disruption in global supply chains [2] Domestic Market Reactions - The Chinese government has imposed tariffs on various U.S. agricultural products, which is expected to boost domestic agricultural demand [3] - The stock of Tianjiao Rice (09676) surged nearly 10% following these developments, highlighting market responsiveness to policy changes [3] - The stock of Cambrian (688256.SH) rose nearly 10%, briefly surpassing Kweichow Moutai to become the new "stock king," although it later faced selling pressure [3] Financing and Margin Adjustments - Guojin Securities has raised the financing margin ratio from 80% to 100% for new contracts, causing concerns about a potential reduction in leverage [4] - Despite a continuous increase in A-share financing balances, the overall market remains stable and is not experiencing a significant cooling trend [4] - The AI sector remains a focal point, with companies like SenseTime (00020) and Fourth Paradigm (06682) seeing substantial stock price increases [4] Consumer Electronics Developments - Apple is set to launch the iPhone 17 series on September 10, with significant upgrades expected in AI capabilities and hardware [5] - Foxconn is ramping up hiring in its Zhengzhou plant in anticipation of increased production for the iPhone 17 series [5] - Apple's recent financial results showed a total revenue of $94.036 billion for Q3 2025, a 10% year-on-year increase, exceeding market expectations [5] Robotics Industry Trends - Over 20 automotive companies, including Xiaopeng Motors and BYD, are entering the robotics sector, indicating a trend of cross-industry innovation [7] - The launch of the R1 humanoid robot by Yushu Technology at a price of $5,900 highlights the growing accessibility of robotics technology [7] - Horizon Robotics (09660) reported a 67.6% year-on-year revenue increase, reflecting strong growth in the robotics market [8] Strategic Partnerships - Horizon Robotics has partnered with Obsidian Technology to enhance the technological capabilities of their robots, indicating a trend towards collaboration in the robotics field [9] - The company has established itself as a leader in advanced driver-assistance systems (ADAS), with significant revenue growth from software licensing and services [9] - Horizon Robotics has received the first ISO 8800 certification for AI functionality in road vehicles, enhancing its credibility in the global market [9]

Performance Summary - China People's Insurance Group reported revenue of 324.12 billion yuan, a year-on-year increase of 10.87%, and a net profit of 26.67 billion yuan, up 13.98% [1] - China Life Insurance recorded revenue of 239.49 billion yuan, a 2.2% increase, with a net profit of 40.93 billion yuan, growing by 6.9% [1] - CNOOC's revenue was approximately 207.61 billion yuan, down 8.45%, with net profit around 69.5 billion yuan, a decrease of 13% [2] - Meituan's revenue reached 178.40 billion yuan, up 14.7%, but adjusted net profit fell by 41% to 12.44 billion yuan [3] - CITIC Bank's revenue was 105.43 billion yuan, down 2.96%, while net profit increased by 2.8% to 36.48 billion yuan [3] - Fosun International's revenue decreased by 10.8% to 87.28 billion yuan, with net profit down 8.2% to 0.66 billion yuan [3] - New Hope Energy reported revenue of 55.67 billion yuan, a 2% increase, but net profit decreased by 5.6% to 2.43 billion yuan [4] - China Cinda's revenue was 34.36 billion yuan, down 2%, while net profit increased by 5.8% to 2.28 billion yuan [5] - China Orient Group's revenue decreased by 12% to 19.86 billion yuan, but net profit surged by 116% to 0.20 billion yuan [6] - Shimao Group's revenue fell by 49% to 14.80 billion yuan, with a net loss of 8.93 billion yuan, narrowing by 61% [7] - Chongqing Steel's revenue was approximately 13.08 billion yuan, down 13.26%, with a net loss of 0.13 billion yuan, narrowing by 81% [8] - United Group's revenue increased by 197.3% to 12.08 billion yuan, with a net profit of 1.69 billion yuan, reversing from a loss of 0.21 billion yuan [9] - Chow Sang Sang's revenue decreased by 2.5% to 11.04 billion yuan, while net profit increased by 71.4% to 0.90 billion yuan [10] - Tianhong International's revenue was 11.03 billion yuan, down 1.86%, with net profit rising by 53.33% to 0.42 billion yuan [11] - Meidong Automotive's revenue fell by 4.9% to 10.14 billion yuan, with a net loss of approximately 0.82 billion yuan, expanding by about 29 times [12] - Jian Sha Tsui's revenue was 8.24 billion yuan, down 6.6%, with net profit of 2.33 billion yuan, a decrease of 7.06% [13] - Sino Land's revenue decreased by 6.64% to 8.18 billion yuan, with net profit down 8.7% to 4.02 billion yuan [14] - Xinyi International's revenue was 8.10 billion yuan, down 5.7%, with net profit of 0.14 billion yuan, a decrease of 19.22% [15] - Fuyao Glass reported revenue of approximately 7.74 billion yuan, down 27.7%, with net profit of approximately 0.26 billion yuan, a decrease of 82.6% [16] - Tianjin Port Development's revenue increased by 3% to 6.95 billion yuan, while net profit decreased by 17.3% to 0.35 billion yuan [17] - Guotai Junan International's revenue was approximately 2.83 billion yuan, up 30%, with net profit of approximately 0.55 billion yuan, a growth of 182% [21] - IGG's revenue decreased by 0.5% to 2.72 billion yuan, with net profit down 2.85% to 0.32 billion yuan [22] - China Aircraft Leasing's revenue was 2.40 billion yuan, down 4.86%, while net profit increased by 6.66% to 0.14 billion yuan [22] - China Orient Education's revenue increased by 10.2% to 2.19 billion yuan, with net profit rising by 48.4% to 0.40 billion yuan [23] Corporate News - China Shengmu signed a new procurement framework agreement with Yiyingmei Dairy for milk powder [24] - Rongchang Bio's clinical trial for Taitasip in treating IgA nephropathy reached its primary endpoint in Phase III [24] - China Huaxing's Bagua City project is expected to start construction in October, with completion by the end of 2026 [24] Buyback Activities - Tencent Holdings repurchased 909,000 shares for 550 million HKD at prices between 596-614.5 HKD [24] - HSBC repurchased 1.5472 million shares for approximately 156 million HKD at prices between 100.2-101.5 HKD [24] - Hang Seng Bank repurchased 210,000 shares for approximately 23.49 million HKD at prices between 111.5-112.2 HKD [24] - MGM China repurchased 1 million shares for approximately 16.02 million HKD at prices between 15.92-16.13 HKD [24]

Financial Data and Key Metrics Changes - Total revenue for the first half of 2025 reached RMB 1.57 billion, a year-on-year increase of 67.6% [18] - Revenue from automotive solutions surged by 67%, with product solutions revenue increasing by 250% to RMB 777.8 million [18][19] - Gross profit margin stood at 65.4%, maintaining a strong position compared to other automotive solution providers [20] Business Line Data and Key Metrics Changes - Shipment volume doubled year-on-year, with approximately 2 million units of automotive-grade processing hardware shipped [8] - Mid to high-level intelligent driving solutions accounted for over 80% of revenue, reflecting a significant shift towards higher-end products [13] - Average selling price (ASP) of solutions increased by 70% compared to the previous year [14] Market Data and Key Metrics Changes - Domestic brands' market share in the Chinese passenger car market exceeded 63%, with the penetration rate of intelligent driver assistance rising from 51% to 59% [5][6] - The market share for Horizon in the ADAS basic assisted driving market was 45.8%, and 32.4% in the overall intelligent assisted driving computing solutions market among Chinese domestic brands [8] Company Strategy and Development Direction - The company aims to advance its position in the high-end intelligent driving market, focusing on the development of the Horizon SuperDrive (HSD) solution [12][16] - Strategic investments in R&D are being made to enhance cloud services and support the development of advanced intelligent driving solutions [20][60] - Horizon is expanding its international footprint, having secured model nominations from two Japanese car manufacturers and partnerships with global automotive groups [10][11][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustained growth potential in the intelligent driving market, driven by rising volumes and prices [6][10] - The company anticipates significant growth opportunities from the increasing demand for high-level intelligent driving solutions and the upcoming launch of HSD [12][39] - Management highlighted the importance of adhering to strict industry standards and regulations to foster growth in the intelligent driving ecosystem [54][55] Other Important Information - The company recorded an adjusted operating loss of RMB 1.1 billion, reflecting increased R&D investments [22][23] - Cumulative shipments of the Journey series processing hardware exceeded 10 million units, marking a significant milestone for the company [14] Q&A Session Summary Question: Major customers for mid to high-end products - The largest customers in the first half of 2025 were BYD and Auto Li, with both companies significantly increasing their shipments of Horizon's solutions [27][28] Question: Outlook for Journey 6E and HSD revenue contributions - The ASP for J6P and HSD is expected to be significantly higher than previous models, indicating strong future revenue potential [32][34] Question: Volume and ASP guidance for the second half of 2025 - The company anticipates achieving total shipments of around 4 million units, with a balanced mix of low, mid, and high-end solutions [29][42] Question: Details on global customers and solutions - While specific names could not be disclosed, the company is collaborating with leading global automotive groups and joint ventures in China [45][48] Question: Anticipated deployments of robotaxi and L2 standards - The company plans to launch robotaxi technologies within the next three to five years, leveraging partnerships to enhance data collection and validation [56][57] Question: Insights on R&D spending plans - R&D expenditures are expected to continue increasing, particularly for cloud computing resources, which are crucial for developing advanced intelligent driving solutions [60]

Horizon Robotics (09660) Q2 2025 Earnings Call August 27, 2025 07:00 AM ET Speaker0Greetings, ladies and gentlemen. Welcome to Horizon Robotics twenty twenty five Interim Results Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded.I would now like to turn the call over to your host, Mrs. Xuan Jiang, VP and Board Secretary and Head of Investor Relations of Horizon Robotic ...

（原标题：地平线机器人-W(09660)：徐健获委任为执行董事） 智通财经APP讯，地平线机器人-W(09660)发布公告，陶斐雯女士因个人健康原因已辞任执行董事。 张觉慧博士因达退休年龄，已辞任非执行董事职务。 徐健博士已获委任为执行董事。 张坚俊先生已获委任为非执行董事。 陶女士不再担任上市规则第3.05条规定的公司授权代表，以及徐博士已获委任为授权代表，以上变动自2025年8月27日起生效。 | 云计算50ETF | | --- | | (产品代码:516630) | ...

Core Insights - The company reported a revenue of 1.567 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 67.64% [1] - Gross profit reached 1.024 billion RMB, showing a year-on-year growth of 38.61% [1] - The company maintained the leading market share in basic and overall assisted driving solutions among Chinese automotive enterprises, with shares of 45.8% and 32.4% respectively [1] Revenue and Profitability - Revenue from customer contracts was 1.567 billion RMB, up 67.64% year-on-year [1] - Gross profit was 1.024 billion RMB, reflecting a 38.61% increase compared to the previous year [1] Market Position - The company continues to hold the top market share in basic assisted driving solutions and overall assisted driving solutions in China [1] - The market shares for basic and overall assisted driving solutions are 45.8% and 32.4% respectively, reinforcing the company's leading position in the Chinese market [1] Product Performance - The company achieved a shipment of 1.98 million units of its vehicle-grade processing hardware, doubling the volume year-on-year [1] - The shipment of processing hardware supporting highway assisted driving reached 980,000 units, accounting for 49.5% of total shipments, which is six times the amount from the same period last year [1] - The growth was primarily driven by the new generation of the Journey 6 series products [1] Model Development - As of the end of 2024, the company has secured over 310 model designations [1] - By the end of the reporting period, nearly 400 new model designations were achieved, with over 100 models equipped with highway assisted driving or higher functionalities [1] - In the first half of 2025, more than 15 models featuring the company's mid-to-high level assisted driving solutions were successfully mass-produced and launched [1]