地平线机器人：上半年营收15.67亿元，同比增长67.6%

Core Insights - Horizon Robotics reported a revenue of 1.567 billion yuan for the first half of 2025, representing a year-on-year growth of 67.6% [1] - The gross profit reached 1.024 billion yuan, with a comprehensive gross margin of 65.4% [1] - The company has a cash reserve of 16.1 billion yuan [1] Revenue Breakdown - The products and solutions business achieved a revenue of 778 million yuan, a 3.5 times increase compared to the same period last year, with a shipment volume of 1.98 million units, doubling year-on-year [1] - The new generation product, Journey 6 series, significantly improved the shipment structure, with mid-to-high-end product solutions achieving a shipment volume of 980,000 units, a sixfold increase year-on-year, accounting for 49.5% of total shipments and contributing over 80% of the revenue from products and solutions [1] Market Positioning - The increase in the delivery ratio of mid-to-high-end product solutions led to a substantial rise in the average value per unit, which increased to 1.7 times that of the same period last year [1] - The company emphasizes that mid-to-high-end assisted driving is becoming the core engine driving its business growth, reflecting a high-quality development path [1] Software and Licensing Revenue - Horizon Robotics generated 738 million yuan from software and licensing services, showing a stable growth of 6.9% year-on-year [2] - As of August 2025, the Journey family has achieved a production milestone of over 10 million units [2]