58亿融资换来113亿市值蒸发！地平线陷“融资补亏”循环困局

Core Viewpoint - Horizon Robotics has engaged in high-frequency financing since its market debut, raising over 15 billion yuan within a year, but continues to face significant losses and challenges in technology competitiveness [1][2][3]. Financing Activities - On September 26, Horizon announced a share placement at HKD 9.99 per share, raising approximately HKD 63.4 billion (about RMB 58.12 billion) [2]. - The share placement was at a discount of about 5.75% compared to the closing price on September 25, with the new shares representing about 4.6% of the existing share capital [2]. - Since its IPO in October last year, Horizon has raised a total of approximately RMB 150.29 billion through various financing rounds, including HKD 54.07 billion at IPO and HKD 46.74 billion in June [2]. Financial Performance - In the first half of the year, Horizon reported revenues of approximately RMB 15.67 billion, a year-on-year increase of 67.6%, but losses expanded from RMB 50.98 billion to RMB 52.33 billion [3]. - Cumulatively, Horizon has incurred losses exceeding RMB 175 billion from 2021 to 2023, with adjusted operating losses increasing by 34.9% year-on-year to RMB 11.11 billion [3][4]. Research and Development - Horizon's R&D expenses reached RMB 23 billion in the first half of the year, a 62% increase from RMB 14.2 billion in the same period last year [5]. - Despite significant R&D investments, Horizon's technology remains behind international chip giants, which are advancing to 4nm/5nm processes, while Horizon is still at the 7nm stage [6]. Market Competition - The trend of automakers developing their own technologies has further compressed Horizon's market space, as clients like BYD and Li Auto are reducing their reliance on Horizon's software solutions [7][8]. - Horizon is caught in a cycle of financing, R&D, and losses, and without breakthroughs in technology or new customer growth, the company faces increasing uncertainty in a competitive landscape [8].