Core Viewpoint - Horizon has delivered an impressive performance in the intelligent driving competition, showcasing significant revenue growth and leading gross margins in the industry [1][2]. Revenue Growth and Financial Performance - In the first half of the year, Horizon's revenue surged by 67.6% year-on-year to 1.567 billion yuan, with product solutions contributing a staggering 250% increase to 778 million yuan [2][4]. - The gross profit reached 1.024 billion yuan, with a comprehensive gross margin of 65.4%, leading the industry [2][12]. - The company achieved a milestone of over 10 million units shipped for its Journey series hardware, becoming the first intelligent driving technology company in China to reach this figure [2][12]. Product and Solution Breakdown - Horizon's revenue sources are divided into two categories: product solutions and software & licensing services, with both categories contributing approximately equally to the total revenue [4]. - The revenue from product solutions is 3.5 times that of the same period last year, attributed to both volume and price increases [8]. Market Trends and Future Outlook - The market for intelligent driving is rapidly evolving, with mid to high-level assisted driving features now present in 32% of new car sales, up from 20% at the end of last year [10]. - Horizon anticipates that high-level assisted driving (HSD) will become standard in vehicles priced between 100,000 to 150,000 yuan within the next 2 to 3 years, with an expected annual shipment of several million units [10][12]. - The company has secured nearly 400 new model designations, with over 100 models featuring mid to high-level assisted driving capabilities [10]. Research and Development Investment - Horizon's R&D expenses for the first half of the year reached 230 million yuan, a 62% increase year-on-year, primarily focused on urban assisted driving systems [12]. - The company emphasizes a "first invest, then yield" approach typical in the technology-intensive intelligent driving sector, aiming to enhance delivery capabilities [12]. Strategic Partnerships and Global Expansion - Horizon is actively expanding its client base among foreign automotive companies, establishing strategic partnerships with top-tier suppliers like Bosch and Denso [17]. - The company has secured model designations with nine joint venture automakers in China and is working with two Japanese automakers for overseas market models [17]. Methodological Approach and Company Philosophy - Horizon's success is attributed to its commitment to continuous R&D investment and adherence to fundamental methodologies, such as competing in areas with less competition and maintaining a cautious approach to risk [18][20]. - The company has maintained a strong cash position, ensuring stability even during challenging periods, and focuses on long-term strategic goals rather than short-term visibility [21][22].

Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Insights - The company reported total revenue of 56.2 billion yuan for the first half of 2025, a year-on-year decrease of 2.0%, with vehicle sales revenue at 53.6 billion yuan, down 1.8%. However, net profit increased by 3.0% to 1.7 billion yuan [1][2]. - The company faced short-term sales pressure, with a projected delivery volume of 90,000 to 95,000 units for Q3 2025, representing a year-on-year decline of 37.8% to 41.1% [2]. - Despite the challenges, the company demonstrated resilience in profitability, with a gross margin increase from 19.0% to 19.6% due to effective cost control measures [2][3]. Financial Performance Summary - Revenue projections for 2025-2027 have been adjusted to 129.4 billion, 205.3 billion, and 229.1 billion yuan, with year-on-year growth rates of -10.5%, 58.7%, and 11.6% respectively [4]. - The net profit forecast for the same period has been revised to 7.79 billion, 12.44 billion, and 15.80 billion yuan [4]. - The company’s gross margin is expected to remain stable around 20.1% in the coming years [4]. Sales and Product Development - The company has launched the VLA driver model to enhance its advanced driver-assistance capabilities, which is expected to strengthen its competitive edge [3]. - The new electric SUV model i8 is anticipated to achieve a delivery volume of 8,000 to 10,000 units by the end of September 2025, with a steady monthly sales forecast of around 5,000 units [3]. - The upcoming i6 model is expected to further boost sales, with projections indicating a potential monthly sales volume exceeding 10,000 units [3].

8月27日，地平线机器人-W（以下简称"地平线"）披露的2025年中期业绩显示，公司上半年收入实现 15.67亿元，同比大增67.6%；毛利润达10.24亿元，综合毛利率65.4%；现金储备161亿元。 地平线创始人、CEO余凯在业绩说明会上表示，2025年上半年自主品牌车企销量高歌猛进，其市场份额 已经占据中国乘用车市场的63%以上，同时自主品牌的辅助驾驶渗透率已经从2024年底的51%上升至 2025年上半年的59%。在这些因素的共同作用下，地平线上半年乘风而上，出货量得到了翻倍增长。公 司相信后续随着自主品牌智能化率继续提高，还会给地平线带来持续的增长潜能。 产品解决方案量价齐升 余凯表示，今年上半年，搭载高速NOA和城区NOA等中高阶辅助驾驶功能的车型，在智能车中的销量 占比已经从去年底的20%上升至2025年上半年的32%，这意味着在中国每售出10辆乘用车，超过6辆已 搭载辅助驾驶配置，其中超过2辆已具备中高阶辅助驾驶能力。 当行业还在争论"纯视觉vs激光雷达"技术路线时，地平线已悄然完成下一代技术范式的布局。其即将量 产的Horizon SuperDrive（HSD）解决方案，被业内视为"中国版F ...

Core Insights - The CEO of Horizon, Yu Kai, stated that the maturity of technology for high-level assisted driving transitioning to RoboTaxi is accelerating, with the entire industry expected to move towards fully autonomous driving in the next 5 to 10 years [1] Group 1: Market Position and Performance - Horizon maintained a 45.8% market share in the ADAS (Advanced Driver Assistance Systems) market, ranking first, and a 32.4% market share in the overall assisted driving solutions market for Chinese self-owned brands [1] - The company shipped approximately 2 million automotive-grade processing hardware units in the reporting period, achieving over double the growth, with around 1 million units supporting mid-to-high-level assisted driving solutions, accounting for half of the total shipments in the first half of the year, which is six times that of the same period last year [1] - Horizon has secured nearly 400 new model designations, with over 100 models featuring mid-to-high-level assisted driving capabilities, and more than 15 models have successfully launched with Horizon's mid-to-high-level assisted driving solutions in the first half of the year [1] Group 2: Revenue and Solutions - The increase in the shipment proportion of mid-to-high-level solutions led to a 70% year-on-year growth in the average selling price of solutions, resulting in automotive products and solutions revenue reaching 780 million yuan, which is 3.5 times that of the same period last year, with mid-to-high-level solutions contributing over 80% of the revenue [2] - Horizon generated 740 million yuan in IP licensing and service-related revenue, a year-on-year increase of 6.9%, by licensing a series of algorithms and software to over 30 automotive companies and partners [2] - The cumulative shipment of the Zhengcheng series processing hardware has surpassed 10 million units, making Horizon the first intelligent driving technology company in China to achieve this milestone [2]

Core Insights - The company, Horizon Robotics, reported a significant revenue increase of 67.6% year-on-year, reaching 1.567 billion yuan in the first half of 2025, with a gross profit of 1.024 billion yuan and a gross margin of 65.4% [1] - The strong performance is attributed to the booming demand for advanced driving assistance systems (ADAS) in the Chinese automotive market, where the penetration rate of such features has risen from 51% at the end of 2024 to 59% in the first half of 2025 [2][3] - The company achieved a milestone of over 10 million units shipped, solidifying its leading position in the smart driving technology sector [4] Financial Performance - Revenue from the products and solutions segment surged 350% year-on-year to 778 million yuan, with a shipment volume of 1.98 million units, doubling compared to the previous year [2][3] - The average value per vehicle increased significantly, reaching 1.7 times that of the previous year, driven by a higher proportion of mid-to-high-end product solutions [3] Market Position - Horizon Robotics holds a 32.4% market share in the Chinese autonomous driving computing solutions market and a 45.8% share in the ADAS front-view integrated machine market, maintaining its leadership in both segments [4] - The company has established partnerships with 27 OEMs, including all top ten Chinese OEMs, and has secured nearly 400 model designations, with over 15 models featuring mid-to-high-end ADAS solutions launched in the first half of 2025 [4][5] International Expansion - Horizon Robotics is expanding its international presence, having established partnerships with nine joint venture car manufacturers in China and securing model designations with two foreign car manufacturers for overseas markets [5] - The company is collaborating with global suppliers like Bosch and Denso to build a global smart driving industry ecosystem [5] Technological Advancements - The company has increased its R&D spending to 2.3 billion yuan, a 62% year-on-year increase, focusing on cloud services and urban driving assistance systems [6] - The Horizon SuperDrive (HSD) system has been recognized for its advanced capabilities, with multiple car manufacturers already designating models to feature this technology [6][7] Future Outlook - With the continued growth in product shipments and the successful launch of the HSD system, Horizon Robotics is positioned for sustainable high-speed growth in the high-end ADAS market [7] - The company is gaining recognition in global indices, indicating a shift in its valuation logic from a local leader to a global hard-tech player [7]

Core Viewpoint - Horizon Robotics (地平线) reported a significant increase in revenue and performance for the first half of 2025, with a revenue of 1.567 billion yuan, a year-on-year growth of 67.6%, and a gross profit of 1.024 billion yuan, achieving a gross margin of 65.4% [1] Financial Performance - The company achieved a revenue of 1.567 billion yuan in the first half of 2025, marking a 67.6% increase year-on-year [1] - Gross profit reached 1.024 billion yuan, with a gross margin of 65.4% [1] - Cash reserves stood at 16.1 billion yuan [1] Product and Solutions Growth - The demand for advanced driving assistance systems (ADAS) is increasing, with the penetration rate rising from 51% at the end of 2024 to 59% in the first half of 2025 [2] - The revenue from products and solutions grew 3.5 times year-on-year to 778 million yuan, with a shipment volume of 1.98 million units, also doubling year-on-year [2][3] - High-end product solutions accounted for 49.5% of total shipments, contributing over 80% of the revenue from the products and solutions business [3] Market Position and Achievements - Horizon Robotics became the first smart driving technology company in China to achieve a cumulative shipment of over 10 million units [4] - The market share for the company's ADAS solutions increased to 32.4% in the Chinese market [4] - The company has established partnerships with 27 OEMs, including all top ten Chinese OEMs, serving 6 million car owners [4] International Expansion and Collaborations - Horizon is expanding its international presence, having established partnerships with nine joint venture car manufacturers in China and two foreign car manufacturers for overseas models [5] - The company is collaborating with global suppliers like Bosch and Denso to build a global smart driving ecosystem [5] Future Growth Potential - The company is increasing its R&D investment, with expenditures reaching 2.3 billion yuan, a 62% increase year-on-year [6] - The Horizon SuperDrive (HSD) system is expected to enhance the company's growth potential, with multiple car models already adopting this technology [6][7] - Horizon's valuation is transitioning from a local leader to a global hard-tech player, as recognized by major global indices [7]

Core Viewpoint - Horizon has launched its most significant upgrade of the high-performance urban auxiliary driving product HSD, which is recognized as the "most Tesla-like FSD system" in China, enhancing safety, efficiency, and comfort in driving [3][5]. Group 1: Product Development and Features - HSD is built on the Journey 6P platform, achieving ultra-low latency from "photon input to trajectory output" and introducing reinforcement learning for maximizing model potential [8]. - The product covers various driving scenarios, including urban areas, highways, rural roads, and parking lots, and can handle complex driving tasks without relying on memory mapping [3][5]. - Horizon has established cooperation intentions with nearly 10 global automotive brands, with the first mass production set to be launched on Chery's Exeed Star Era E05 [3][5]. Group 2: Market Trends and Growth - The high-level auxiliary driving technology is transitioning from validation to large-scale adoption, with 902,200 new cars equipped with urban NOA delivered in China in the first five months of the year, marking a 152.5% year-on-year increase [5]. - Horizon has achieved over 8 million sets of front-mounted mass production shipments and over 200 mass-produced vehicle models as of the end of Q1 this year [16]. Group 3: Strategic Vision and Competitive Edge - The founder and CEO of Horizon emphasizes the importance of continuous technological iteration and the launch of high-performance products to maintain market leadership [16]. - Horizon's strategy of "soft and hard integration" has allowed it to achieve over 1000 times improvement in computing performance over the past decade, supporting the mass production of over 10 computing solutions [19][21]. - The company aims to become a leading player in the high-level auxiliary driving market, leveraging its unique position as a "full-stack soft and hard technology enterprise" with extensive practical experience [23].

Core Viewpoint - The company anticipates revenue exceeding RMB 250 million for the six months ending June 30, 2025, representing a growth of over 38% compared to the same period in 2024, but expects a net loss not exceeding RMB 800 million during this period due to various factors [1] Financial Performance - Expected revenue for the upcoming period is over RMB 250 million, which is an increase of more than 38% year-on-year [1] - Projected net loss is capped at RMB 800 million for the same period [1] Cost Drivers - The anticipated loss is primarily attributed to: - Share-based compensation expenses of no less than RMB 200 million due to employee awards [1] - Significant expenditures related to the research and development of advanced driver assistance systems and solutions [1] - Decreased fair value gains on financial instruments issued to investors, linked to the conversion of preferred shares to common shares following the company's listing on the Hong Kong Stock Exchange [1]

Core Insights - The core viewpoint of the articles emphasizes that AI technology is a driving force in the evolution of advanced driver-assistance systems (ADAS), transitioning from "assistance" to "autonomy" in the automotive industry [2][3][4]. Group 1: AI Technology and Market Trends - AI has become the core driver for the transition of high-level ADAS, reshaping the automotive technology landscape and competitive dynamics [2][3]. - According to S&P Global Automotive, by 2024, L2 and above ADAS will be able to handle over 70% of structured road scenarios, with an 11% equipment rate for new models in China [3][4]. - The application of advanced AI technologies, including large language models, is enhancing the reasoning capabilities of ADAS, pushing the boundaries of functionality [4][5]. Group 2: Challenges and Ethical Considerations - Despite advancements, the technical boundaries of ADAS remain clear, particularly in extreme weather and complex scenarios where human intervention is still required [4]. - Ethical dilemmas, such as the "trolley problem," highlight the lack of a unified global standard for decision-making in unavoidable danger situations [4]. Group 3: Industry Transformation and Supply Chain Dynamics - The rapid penetration of high-level ADAS is driving profound changes in the automotive supply chain, necessitating a balance between cost reduction and quality enhancement [6][7]. - A collaborative model of "hardware standardization + software differentiation" is emerging, reshaping relationships between manufacturers and suppliers [6][7]. - The standardization of hardware components, such as LiDAR and radar, has significantly reduced costs, with some companies achieving over a 70% reduction since 2020 [7]. Group 4: Future Outlook and Policy Implications - The future of AI in high-level ADAS will follow a clear stepwise progression, heavily reliant on technological breakthroughs and the maturity of application scenarios [5]. - By 2030, it is predicted that over 65% of new light vehicles in China will be equipped with L2 and above ADAS, contingent on supportive policies and infrastructure [5]. - The upcoming 2025 Mobility Intelligence Dialogue series in major cities will explore how to evolve high-level ADAS from mere "assistive tools" to "mobility partners" [8].

Core Insights - BYD's intelligent driving technology is rapidly advancing, with significant improvements in user confidence and functionality [1][3][10] - The company aims to integrate advanced driving features into everyday user habits, enhancing user stickiness across various vehicle price points [5][9] Group 1: Intelligent Driving Features - The usage rate of parking functions among BYD users has increased from 30-40% to over 60% since the introduction of comprehensive parking guarantees [1][7] - High-speed Navigation on Demand (NOA) has reached a peak usage rate of 90%, while urban NOA remains lower at 20-30% due to user mindset and trust issues [1][2][8] - BYD has launched 21 models equipped with advanced driver assistance systems, with a significant OTA upgrade enhancing these features [3][4] Group 2: Safety and User Trust - BYD has committed to covering all safety and damage costs related to parking incidents, alleviating concerns about insurance premium increases for users [3][4] - The company emphasizes the importance of safety and reliability in building user trust, focusing on practical experience rather than just technological advancement [4][10] Group 3: Technological Development and Strategy - BYD is prioritizing the development of algorithms and data over creating high-computing power chips, aiming to deploy capabilities on lower-spec models [4][11] - The company maintains a dual approach of self-research and collaboration with algorithm firms to enhance its understanding and capabilities in intelligent driving [12][13] - Innovations in the vehicle's power and chassis systems are expected to significantly improve the efficiency of advanced driving features [14][15]