半年亏52亿！地平线陷双重危机：芯片巨头压境，核心客户自研

Core Viewpoint - Horizon faces significant challenges in business, profitability, and technology despite reporting a revenue increase in the first half of 2025 [1] Financial Performance - In the first half of 2025, Horizon reported revenue of approximately 1.567 billion yuan, a year-on-year increase of 67.6%, while losses expanded to 5.233 billion yuan from 5.098 billion yuan in the same period last year [2] - Adjusted operating losses grew by 34.9% year-on-year to 1.111 billion yuan, primarily due to rising sales costs and R&D expenses [2] - Sales costs surged to 543 million yuan, a staggering increase of 177.13% compared to 196 million yuan in the previous year [2] - The automotive product solutions segment contributed 778 million yuan in revenue, a 250% increase from 222 million yuan year-on-year, with a gross margin improvement of 3.9 percentage points to 45.6% [3] - The automotive licensing and services business saw a 6.9% revenue increase to 738 million yuan, but its gross margin declined from 93% to 89.7% [3] - Overall gross margin decreased by 13.7 percentage points to 65.36% due to fluctuations in gross margins across different business segments [3] R&D and Operational Costs - R&D expenses reached 2.3 billion yuan, a 62% increase from 1.42 billion yuan year-on-year, driven by a strategic shift towards mid-to-high-end assisted driving solutions [5] - Administrative expenses rose by 26.33% to 307 million yuan, while sales and marketing expenses increased from 198 million yuan to 272 million yuan [6] Competitive Landscape - Despite significant R&D investments, Horizon's technology still lags behind international chip giants like Intel, Qualcomm, and NVIDIA, which are advancing to 4nm/5nm processes [7][8] - The self-research trend among automotive manufacturers is reducing Horizon's market space, as clients like BYD and Li Auto begin to develop their own chips and algorithms [9] Customer Dependency - Horizon's revenue is heavily reliant on a few major clients, with the top five clients accounting for 52.48% of revenue in the first half of 2025, and the largest client contributing 19.7% [10][11] - The instability of client business has become evident, with significant drops in revenue contribution from major clients compared to the previous year [12]