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]