地平线2025年上半年营收增长67.6% 城区辅助驾驶系统HSD将于年底量产

Group 1 - The core viewpoint of the article highlights the significant growth of Horizon Robotics, with a 67.6% year-on-year increase in revenue for the first half of 2025, reaching 1.567 billion yuan [1] - The company's gross profit for the same period was 1.024 billion yuan, resulting in a gross margin of 65.4%, indicating a strong financial performance [1] - Cash reserves stood at 16.1 billion yuan, reflecting a solid financial structure [1] Group 2 - The rapid development of the domestic intelligent driving market, particularly the widespread adoption of mid-to-high-level assisted driving features, has driven Horizon's performance [1] - Revenue from products and solutions reached approximately 778 million yuan, a 3.5 times increase compared to the same period last year, with total shipments doubling to 1.98 million units [1] - Mid-to-high-level solutions accounted for about 980,000 units shipped, a sixfold increase year-on-year, contributing over 80% of the revenue from this business segment [1] Group 3 - The company achieved 7.38 billion yuan in revenue from IP licensing and services, a 6.9% year-on-year increase, with nearly 400 model designations, including over 100 models featuring mid-to-high-level assisted driving capabilities [2] - Research and development expenditure reached 2.3 billion yuan, a 62% increase year-on-year, primarily focused on the development of the Horizon SuperDrive (HSD) system [2] - Horizon Robotics has made progress in international market expansion, securing designations from two Japanese automakers and collaborating with nine joint venture automakers, including Volkswagen, on 30 model projects [2] Group 4 - The company reported an adjusted operating loss of 1.11 billion yuan, attributed to high investments in cutting-edge technologies like HSD, which is viewed as a strategic choice to capture the trend of product high-endization [2] - As of August 2025, the cumulative shipment of Horizon's Journey series chips surpassed 10 million units, making it the first Chinese intelligent driving computing solution company to reach this milestone [2] - The market for intelligent driving assistance remains promising, with significant growth potential as the costs of urban NOA functions decrease and the popularity of vehicles priced around 150,000 yuan increases [2]