Core Viewpoint - Horizon Robotics (地平线机器人) is recognized as a leading company in domestic intelligent driving solutions, with rapid growth in product shipments and authorized solution business revenue, indicating a strong business model and potential for further growth in J6 and HSD solutions [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 2.384 billion yuan, representing a year-on-year increase of 53.62%, and a net profit of 2.347 billion yuan, up 134.82% year-on-year [1] - The company's automotive solutions revenue reached 2.312 billion yuan in 2024, accounting for 97% of total revenue, with a significant increase in gross margin to 77.25% from 70.53% in 2023 [2] - The company reported a net profit of 2.347 billion yuan in 2024, with adjusted operating losses narrowing to 1.495 billion yuan, a reduction of 11.4% compared to 2023 [3] Group 2: Operational Efficiency - The company's sales expense ratio decreased from 21.09% in 2023 to 17.20% in 2024, continuing a three-year trend of rapid decline, while the management expense ratio also fell from 28.57% to 26.75% [3] - Research and development investment reached 3.156 billion yuan, accounting for 132% of revenue, with a decrease in R&D expense ratio from 152% in 2023 [3] Group 3: Market Position and Product Development - As of March 2025, Horizon Robotics' solutions have been adopted by 27 OEMs (42 brands), with over 100 new models added in 2024, and a cumulative delivery of over 7.7 million units, maintaining the top position in China's intelligent driving solution delivery scale [4] - The company ranks second among independent third-party high-level intelligent driving solution providers in China, with positive market feedback for the newly launched Journey 6 solution, expected to exceed 10 million units in cumulative shipments by 2025 [4] - The new generation all-scenario high-level autonomous driving solution, Horizon SuperDrive (HSD), is set to begin mass production in Q3 2025, aiming to enhance market share [4]