地平线征程家族产量突破1000万套 HSD量产或将为业绩增长按下“加速键”

Core Viewpoint - Horizon Robotics (hereinafter referred to as "Horizon") reported a significant increase in revenue and market share in the first half of 2025, driven by the growth of domestic brand car sales and the rising penetration of advanced driver-assistance systems (ADAS) [2] Group 1: Financial Performance - In the first half of 2025, Horizon achieved revenue of 1.567 billion yuan, a year-on-year increase of 67.6% [2] - The gross profit reached 1.024 billion yuan, with a comprehensive gross margin of 65.4% [2] - Cash reserves stood at 16.1 billion yuan [2] Group 2: Market Position and Product Solutions - Domestic brand car companies captured over 63% of the Chinese passenger car market, with ADAS penetration increasing from 51% at the end of 2024 to 59% in the first half of 2025 [2] - The sales proportion of vehicles equipped with mid-to-high level ADAS features rose from 20% at the end of last year to 32% in the first half of 2025 [3] - Horizon's product and solution business saw a revenue increase of 350% year-on-year, reaching 778 million yuan, with a shipment volume of 1.98 million sets, doubling compared to the previous year [3] Group 3: Product Development and Future Outlook - The new generation product, the Horizon SuperDrive (HSD), is set to be mass-produced and is considered a key breakthrough in the industry [5] - HSD has already secured over 10 model contracts from various car manufacturers, with the first model, the Xingtu E05, about to enter mass production [6] - R&D investment surged by 82% year-on-year to 2.3 billion yuan, primarily focused on cloud services for urban ADAS solutions [6] - Horizon aims to continue its innovation and open collaboration strategy, enhancing its global business footprint and partnerships with mainstream international car manufacturers [6]