地平线机器人(09660) - 2025 - 中期业绩

Company Information and Financial Summary Company Overview 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] - 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] Financial Performance Summary 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 Business Review During the Reporting Period 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] - 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] Market Position and Shipments 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] - 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] Model Design Wins and Overseas Expansion 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] - 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] - 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] Revenue and Gross Margin Performance 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] - Operating efficiency steadily improved after excluding cloud computing costs for model training[5] R&D Investment and Strategic Transformation 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] - 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] Products and Solutions 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][9] Licensing and Services Business 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] - The company licenses algorithms and software and provides design and technical services to over 30 automakers and ecosystem partners[7] Automotive Product Solutions 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] - 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] Recent Developments After the Reporting Period 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] - 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] - 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] Industry Trends and Future Outlook 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] - 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] - 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] Detailed Financial Performance Analysis Analysis of Key Income Statement Items 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 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] 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] - Revenue from the licensing and services business increased by 6.9% year-on-year to RMB 738.5 million, maintaining stable growth[15] Cost of Sales, Gross Profit, and Gross Margin 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] - Gross profit increased by 38.6% year-on-year to RMB 1,024.0 million[16] - 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] 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 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] - 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] - 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] Other Income and Gains 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] - 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] Net Finance Income and Share of Results of Investments 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] - 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] Fair Value Changes of Preferred Shares and Other Financial Liabilities 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] Loss for the Period and Loss Per Share 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] - Basic and diluted loss per share were both RMB (0.42), compared to RMB (1.81) in the prior year period[60] - 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] Non-IFRS Measures 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][23] - 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] - 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] Financial Position and Liquidity Liquidity and Funding Sources 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] - The company primarily funds its cash requirements through cash generated from financing and operating activities[26] Asset and Liability Ratio 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][50] - The asset-liability ratio increased from 41.5% as of December 31, 2024, to 51.2% as of June 30, 2025[31] - 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] - 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] Capital Commitments and Contingent Liabilities 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] - Commitments to associates and joint ventures amounted to RMB 1,501.0 million[34] - As of June 30, 2025, the company had no significant contingent liabilities[33] Other Significant Information Employees and Remuneration 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] - Total employee remuneration expenses (including share-based payments) amounted to RMB 1,460.4 million, an increase year-on-year[35] - Remuneration primarily includes salaries, bonuses, social insurance contributions, and other benefits, and is linked to performance[35] Corporate Governance 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][37] - 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] - 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] - Directors and relevant employees consistently complied with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period[39] - 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] Material Investments, Acquisitions, and Disposals 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] - 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] - As of June 30, 2025, the Group had no detailed future plans for material investments or capital assets[30] Material Litigation and Post-Reporting Period Events 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] - 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] - Following the Series B financing and issuance of Class A ordinary shares, the company will continue to control D-Robotics[45] Dividend Policy 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] Board of Directors Information 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]