地平线，越融资越“缺钱”？

Core Viewpoint - Horizon Robotics has successfully completed a significant capital raise of approximately HKD 63.39 billion, marking its third financing round within a year since its IPO, raising a total of over HKD 168 billion, indicating a strong demand for funds despite the industry's slow recovery [2][4][5] Financing Activities - The recent capital raise was conducted at a price of HKD 9.99 per share, with the funds primarily allocated for expanding overseas markets, investing in advanced driver assistance systems, exploring Robotaxi opportunities, and strategic investments in upstream and downstream partners [4][5] - Horizon's financing frequency is expected to increase to nearly quarterly by 2025, reflecting a pressing need for capital in a challenging market environment [4][6] Financial Performance - In the first half of 2025, Horizon reported revenues of CNY 1.567 billion, a year-on-year increase of 67.6%, with a gross margin of 65.4%, indicating growth in software algorithm revenue [7][11] - However, the company faced a net loss of CNY 5.233 billion, with adjusted operating losses exceeding CNY 1.1 billion, highlighting a trend of increasing losses despite revenue growth [7][11] Expenditure and Investment - Horizon's R&D expenses reached CNY 2.3 billion in the first half of 2025, representing a 62% increase and nearly 1.5 times its revenue, alongside significant sales and management expenses [11][12] - The company appears to be caught in a cycle of financing, investment, losses, and further financing, raising concerns about its long-term sustainability [12] Market Position and Competition - Horizon operates as a "middle-layer" solution provider in the chip industry, lacking the ecosystem and terminal brand support that competitors like Huawei and Mobileye possess, which may weaken its risk resilience [12][17] - The company has a high customer concentration, with the top five clients accounting for over 52% of its revenue, raising concerns about potential revenue volatility if these clients shift towards in-house development [17][18] Technological Developments - Horizon has introduced the Journey 6 series of full-stack chip platforms, with computing power ranging from 10 TOPS to over 560 TOPS, catering to various levels of intelligent driving needs [14] - The company has also developed the HSD (Horizon SuperDrive) urban driving platform, which has undergone extensive testing in major cities, showcasing its capabilities in complex urban scenarios [14][22] Strategic Initiatives - Horizon has formed a strategic partnership with Hello Chuxing to develop a Robotaxi model, aiming for mass production by 2026 and deployment of over 50,000 units by 2027, marking a significant move into the B-end autonomous driving market [21][22] - The potential market for Robotaxi services in China is projected to reach USD 183 billion by the late 2030s, indicating a substantial growth opportunity despite the high costs and uncertainties associated with this sector [21][22]