IPO募资60亿8个月后拟再融47亿 地平线“烧钱”搏杀自动驾驶军备竞赛

Group 1 - Horizon Robotics announced a placement financing of HKD 4.7 billion, using a "old shares first, new shares later" method, just 8 months after its IPO which raised HKD 6.087 billion [1] - The placement price is set at HKD 6.93 per share, representing a discount of approximately 6.85% from the previous closing price, leading to a 3.49% drop in stock price on the announcement day [1] - The company reported a revenue of CNY 2.384 billion for 2024, a year-on-year increase of 53.6%, but also recorded an operating loss of CNY 2.144 billion [1][2] Group 2 - Revenue growth rates for Horizon Robotics from 2022 to 2024 were 94.4%, 71.3%, and 53.6%, indicating a continuous decline [2] - The company has incurred losses for four consecutive years since 2021, with a cumulative loss of CNY 6.31 billion [2] - As of the end of 2024, the company had cash reserves of CNY 15.4 billion, a 35.3% increase from the previous year, but faced significant cash outflows due to operating losses and R&D expenditures [2] Group 3 - R&D expenses for 2024 reached CNY 3.156 billion, exceeding total revenue by 1.32 times, with a year-on-year increase of 33.4% [2] - The first major customer, Core Technology, accounted for over 30% of total revenue in 2024, raising concerns about the company's independent profitability [3] - Following the recent financing, the net proceeds will primarily be used for business expansion and R&D, extending the company's funding runway by approximately 1.5 years [3]