Core Viewpoint - Horizon Robotics has successfully completed a placement, raising approximately HKD 63.39 billion at a price of HKD 9.99 per share, marking its third financing round within a year since its IPO in October 2024 [1][3]. Financing Activities - This recent placement is the second large-scale issuance in 2025, following a previous HKD 46.7 billion placement in June and an IPO that raised HKD 58.7 billion, totaling over HKD 168 billion in three rounds [3][4]. - The funds will primarily be allocated to expanding overseas market operations, investing in high-level assisted driving solutions, developing Robotaxi, and strategic investments in upstream and downstream partners [3]. Financial Performance - In the first half of 2025, Horizon Robotics reported revenue of RMB 1.567 billion, a year-on-year increase of 67.6%, with a gross margin of 65.4% [5][7]. - Despite revenue growth, the company faced a significant net loss of RMB 5.233 billion, with adjusted operating losses exceeding RMB 1.1 billion, indicating a trend of increasing losses despite rising revenues [5][8]. Operational Challenges - The company is caught in a cycle of "financing - investment - loss - re-financing," raising concerns about its sustainability and the effectiveness of its spending [9]. - Horizon Robotics lacks a complete ecosystem and faces risks from its reliance on partnerships with automakers, which could lead to renegotiation of contracts if its technology becomes replaceable [9]. Technological Development - Horizon Robotics has adopted a "soft and hard collaboration" approach, launching the Horizon SuperDrive (HSD) system, which integrates chip design, algorithm frameworks, and system integration [10][12]. - The HSD system has been tested in multiple cities and has achieved significant revenue growth, with over 10 vehicle models collaborating on pre-installation [12][14]. Market Position and Competition - The company faces high customer concentration, with the top five clients accounting for over 52% of its revenue, raising concerns about revenue volatility if these clients shift to in-house solutions [14][16]. - Competitors like Huawei and DJI are narrowing the technological gap, with their own advancements in chips and algorithms, putting pressure on Horizon Robotics [16]. Future Growth Strategies - Horizon Robotics is exploring the Robotaxi market as a potential second growth curve, partnering with Hello Chuxing to develop a mass-produced Robotaxi model, aiming for large-scale delivery by 2027 [18][20]. - The potential market for Robotaxi services in China is projected to reach USD 183 billion by the late 2030s, but the path to profitability remains uncertain [20][23]. Conclusion - Horizon Robotics is striving to position itself as a "technology base" in the smart driving era, facing challenges in maintaining a competitive edge and achieving self-sustaining growth amidst increasing competition and market pressures [24].
地平线 ，越融资越“缺钱”？
3 6 Ke·2025-10-16 11:01