地平线融资“狂潮”难掩亏损深渊，技术短板困局难破

Core Viewpoint - Horizon Robotics is struggling in the capital market, facing a vicious cycle of financing to cover losses, leading to doubts about its future development [1][3]. Financing Activities - Since its market debut, Horizon has raised a total of approximately 164.21 billion HKD (about 150.29 billion RMB) through multiple financing rounds, including 54.07 billion HKD from its IPO and 46.74 billion HKD from a rights issue [3]. - Despite these efforts, the market has reacted negatively, with stock prices plummeting after each financing announcement, including an 8.49% drop following the latest share placement [3]. Financial Performance - In the first half of the year, Horizon reported revenues of approximately 15.67 billion RMB, a year-on-year increase of 67.6%, but its losses expanded from 50.98 billion RMB to 52.33 billion RMB [4]. - Cumulative losses over the past three years have exceeded 175 billion RMB, raising concerns about the company's financial stability [4]. Research and Development Challenges - Horizon's R&D expenses reached 23 billion RMB in the first half of the year, a 62% increase from the previous year, yet it still lags behind international chip giants in technology [4][5]. - The company is currently using a 7nm process, while competitors like Qualcomm and NVIDIA are moving to 4nm/5nm, limiting Horizon's competitiveness in the high-end market [5]. Market Competition - The rise of self-developed chips by major clients, such as BYD and Li Auto, is further squeezing Horizon's market share, as these companies are reducing their reliance on Horizon's software solutions [6]. - If Horizon fails to achieve technological breakthroughs and secure new customer growth, it risks being trapped in a cycle of financing and losses, jeopardizing its market position [6].