报告期内，地平线产品及解决方案业务收入较去年同期翻3.5倍增长，营收7.78亿元；出货量198万套， 同比翻倍增长。业务营收与出货量双双创新高，地平线产品解决方案备受市场认可，竞争力强大。出货 总量上升的同时，在新一代产品征程6系列量产的推动下，产品及解决方案业务出货结构进一步优化。 中高阶产品解决方案实现出货量98万套，较去年同期激增6倍；占总出货量的49.5%，并贡献了产品及 解决方案业务超过80%的收入。因中高阶产品解决方案交付比例的提升，单车价值量大幅提升至去年同 期的1.7倍。 消息面上，8月27日，地平线机器人发布中期业绩。上半年收入15.67亿元，同比增长67.6%；毛利润达 10.24亿元，综合毛利率65.4%；现金储备161亿。地平线机器人CEO余凯在中期业绩会上表示，今年上 半年集团以45.8%的市占率蝉联ADAS基础辅助驾驶市场份额第一，以32.4%的市占率蝉联内地自主品牌 整体智能辅助驾驶计算方案市场份额第一。 地平线机器人-W(09660)午前涨超4%，截至发稿，涨3.53%，报8.22港元，成交额23.9亿港元。 ...

Core Insights - MSCI China Index has officially included Horizon Robotics (9660.HK) as the only autonomous driving technology company, reflecting market recognition of its growth potential [1] - Horizon's H1 2023 financial report shows significant growth, with revenue reaching 1.567 billion yuan, a 67.6% year-on-year increase, and gross profit of 1.024 billion yuan, with a gross margin of 65.4% [3][4] - The company is optimistic about its annual shipment volume, projecting around 4 million units, driven by new orders from major automakers like Geely, Chery, and Changan [2][10] Financial Performance - Horizon's revenue structure has improved, with product solutions and software services driving growth [3][4] - The product solutions business saw a total shipment of 1.98 million units in H1 2023, doubling year-on-year, with high-end products accounting for 49.5% of total shipments [3][4] - The average unit price of products is expected to continue rising, contributing to a 3.5-fold increase in revenue for the product solutions segment [3][4] Market Position and Strategy - Horizon holds a 32.4% market share in the domestic autonomous driving market and has made significant progress in supplying both domestic and joint venture brands [2][9] - The company has established partnerships with 27 OEMs, including the top ten Chinese OEMs, and is expanding its international presence [9][10] - The upcoming launch of the Horizon SuperDrive (HSD) system is anticipated to create substantial growth opportunities, with multiple models already designated for production [6][10] Technological Advancements - HSD is positioned as a foundational technology for future Robotaxi applications, with high computational power and advanced capabilities [6][7] - The company is increasing its investment in cloud services, with R&D expenses rising by over 62% to 2.3 billion yuan, indicating a focus on enhancing software and algorithm capabilities [7][8] - The penetration rate of advanced driver-assistance systems (ADAS) in China's passenger vehicles has reached 65.6%, with high-end features rapidly increasing [4][5] Future Outlook - The year 2025 is projected to be a pivotal year for the widespread adoption of intelligent driving solutions in China [2][5] - Horizon's strategic focus on high-end autonomous driving technology and its ability to adapt to market changes position it favorably for sustained growth [11] - The company is expected to benefit from the increasing demand for high-performance autonomous driving solutions as competition intensifies [10][11]

Core Insights - Horizon Robotics has recently announced that its "Journey" family of products is about to surpass 10 million units in cumulative production, making it the first company in China to reach this milestone in intelligent driving solutions [1] - The company has launched the largest upgrade of its Horizon SuperDrive (HSD) system, which is designed to provide a smooth, human-like driving experience across various scenarios [1][2] - The company's mid-year financial report shows significant growth, with revenue reaching 1.567 billion yuan, a year-on-year increase of 67.6%, and gross profit of 1.024 billion yuan, up 38.6%, resulting in a gross margin of 65.4% [1] Financial Performance - In the first half of the year, Horizon Robotics achieved a product solution shipment of 1.98 million units, doubling year-on-year, with revenue from product solutions increasing 2.5 times to 778 million yuan [4] - The delivery of mid-to-high-end solutions reached 980,000 units, accounting for 49.5% of total shipments, contributing over 80% of the revenue from product solutions [4] - The company's R&D expenditure for the first half of the year was 2.3 billion yuan, a 62% increase year-on-year, indicating a strong commitment to innovation [5][6] Market Trends - The global market for intelligent driving solutions is projected to grow from 19.1 billion yuan in 2024 to 123.4 billion yuan by 2030, with a compound annual growth rate of 36.5% [3] - Horizon Robotics has captured a significant market share, with 45.8% in the ADAS front-view integrated machine market and 32.4% in the autonomous driving computing solutions market [5] Product Development and Partnerships - The HSD system is expected to enhance the company's market performance, with multiple car manufacturers already committing to its deployment [2][7] - Horizon Robotics has established partnerships with major automotive brands, including BYD, Chery, and NIO, and has secured contracts for nearly 400 new vehicle models [7] - The company has also formed strategic collaborations with international suppliers like Bosch and Denso, expanding its global ecosystem [7] Investment Recognition - Horizon Robotics has been included in several authoritative indices, such as the FTSE Global Index and MSCI China Index, reflecting its growing investment value [9] - The company is expected to maintain strong domestic performance while enhancing its influence in international markets due to its robust product offerings and innovations [9]

Horizon Robotics (09660) Q2 2025 Earnings Call August 27, 2025 07:00 AM ET Speaker0Greetings, ladies and gentlemen. Welcome to Horizon Robotics twenty twenty five Interim Results Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded.I would now like to turn the call over to your host, Mrs. Xuan Jiang, VP and Board Secretary and Head of Investor Relations of Horizon Robotic ...

Core Insights - Huawei's automotive business is rapidly expanding its assisted driving solutions and collaborating with various car manufacturers, including Baojun, Leap Motor, and Hongqi, indicating a growing presence in the industry [2][3] - The company emphasizes a diverse cooperation model with car manufacturers, ranging from component supply to full-stack solutions, enhancing their capabilities from product definition to marketing [2][9] - Huawei's approach to assisted driving technology diverges from the prevalent Vision-Language-Action (VLA) model, focusing instead on a World and Action (WA) model that utilizes direct sensory inputs for vehicle control [3][10] Cooperation Models - Huawei's cooperation with car manufacturers includes multiple models: component supply, single intelligence (either smart cockpit or assisted driving), dual intelligence (both), and full-stack solutions [2][9] - The collaboration process is designed to deepen over time, with Huawei supporting car manufacturers throughout the entire product lifecycle, from design to marketing [2][9] Technology Perspective - Huawei does not endorse the VLA approach, believing it is not the ultimate solution for autonomous driving; instead, it prioritizes the WA model, which aims for direct control through sensory inputs [3][10] - The company acknowledges the rapid development of assisted driving technology and anticipates a consolidation of players in the market, driven by data, computing power, and algorithms [11] Commercial Strategy - Huawei does not have a specific short-term profitability target for its automotive business, focusing instead on long-term user-centered investments and sustainable growth [8] - The company argues that there is no such thing as a free service in the automotive sector, as costs are often hidden in vehicle pricing or future service fees [13]

转自：新华财经 新华财经上海8月26日电（记者 王鹤）"只有具备强大制造能力，对人工智能未来科技全面布局，具有强大科技属性的汽车公司才能生存，走向未来。"在近 日举办的吉利汽车控股有限公司（0175.HK）上半年业绩会上，管理层释放出公司发展方向的重要信号。 吉利汽车集团CEO淦家阅在业绩说明会上指出，基于"感知-规控-决策"链式逻辑的传统辅助驾驶系统，在面对复杂道路场景时存在响应机制不够灵活的问 题。特别是在高速公路匝道、多车道变道等场景下，系统的决策能力与人类驾驶员仍存在差距。 针对这些痛点，吉利选择与千里科技深度协同的技术路线。双方合作开发的"One Model"，即一个大模型解决方案，采用端到端的深度学习架构，通过先进 的AI算法模型取代传统的算法和人工编写规则，实现技术路径的根本性变革。这种架构变革使得辅助驾驶系统能够更好地处理长尾场景，提升系统的泛化 能力。 在技术方面，吉利汽车7月发布了最新技术架构，包括云端WM世界模型、基座大模型、车端多模态VLA大模型，以及端到端安全对抗大模型，通过这些大 模型，吉利将构建出云端和车端协同的闭环系统——在云端训练AI、车端校验AI，使得整个系统具备持续进化能 ...

Core Insights - The introduction of Tesla's Model Y L has sparked discussions about its potential impact on the pricing and market dynamics of electric vehicles, particularly in the context of the Ideal i8 and other competitors [1][26] - The electric vehicle market faces challenges in breaking the 300,000 yuan price barrier, with a significant majority of sales coming from models priced below 150,000 yuan [1][3] - Consumer preferences are shifting towards six or seven-seater vehicles, with a notable inclination towards SUVs, indicating a change in market demand [8][12] Market Dynamics - The electric vehicle market is heavily influenced by consumer demographics, with 97% of potential buyers in the six-seater segment coming from replacement needs, primarily traditional fuel vehicle owners [3][21] - The high depreciation rates of electric vehicles contribute to consumer hesitance in investing more in pure electric models [3][12] - The sales performance of pure electric models remains weak, with the best-selling model, Zeekr 009, not exceeding 9,000 units in the first half of 2025 [6][12] Consumer Preferences - A significant 76.6% of consumers prefer SUVs when considering six-seater vehicles, with 41.4% specifically looking for six-seater versions for enhanced comfort [8][12] - Key factors influencing vehicle purchase decisions include space, comfort, safety, and energy efficiency, with over 60% of users prioritizing these aspects [12][14] - The reliability of Tesla's battery management system and electric drive system is a major draw for potential buyers, with over 80% of users valuing these features [14][26] Pricing and Value Perception - The official price of Model Y L is set at 339,000 yuan, which many consumers perceive as high, especially when considering additional costs for features like Full Self-Driving (FSD) [16][18] - Over 50% of users are reluctant to pay for FSD due to perceived high costs, and 32.7% express distrust in the utility of smart driving features [18][26] - The potential for Model Y L to penetrate the market hinges on its ability to attract high-income consumers, with 48.4% of potential buyers having an annual household income exceeding 300,000 yuan [23][26]

Core Insights - As of July this year, the number of vehicles equipped with Huawei's QianKun intelligent driving system has reached 1 million, with over 10 million instances of parking assistance and a cumulative assisted driving mileage of 4 billion kilometers [1][3] - Huawei's QianKun intelligent driving system has successfully avoided potential collisions 2.54 million times, with an average assisted driving mileage of nearly 700 kilometers per person and an average of 37 parking assists per person [1][3] Industry Overview - The Chinese automotive assisted driving industry is experiencing intense market competition, with a significant reduction in the number of manufacturers compared to 5-6 years ago, indicating a trend towards market concentration [3] - The penetration rate of L2 level assisted driving functions in China was only 19% last year, but it is expected to soar to 50% this year, reflecting strong consumer demand for intelligent features [5] Technological Development - Huawei emphasizes the importance of data-driven technology in the development of assisted driving systems, arguing that the industry is fundamentally a competition of data volume, computing power, and algorithms [3][4] - The company has adopted a one-step end-to-end approach for its technology, which is seen as a more challenging but ultimately superior path compared to other manufacturers' visual language action models [3] Product Collaboration - Huawei has partnered with 28 vehicle models, including brands like Audi, Avita, and others, covering a wide range of vehicle types and price points, which has led to significant sales growth for its partners [5] - The collaboration with Audi signifies that luxury brands will increasingly consider intelligent features, presenting an opportunity for Chinese automakers to transition from mid-range to high-end markets [5] User Experience and Innovation - Huawei's MoLA architecture aims to integrate applications, hardware, and devices to enhance user experience, with features like a high-power audio system and AI assistants [6] - The company believes that a fragmented supply chain can lead to poor user experiences, thus it focuses on providing a cohesive system to ensure long-term satisfaction [6] Strategic Focus - Huawei's strategy is centered on long-term investment and user-centric development, with over 10 years of investment in its automotive business leading to current profitability [8][9] - The company prioritizes product quality and delivery in collaboration with partners, emphasizing that consumer perception of value is the key measure of success [9]

Group 1 - The core event was the launch of multiple new models by Zhijie and Wenjie at the autumn product launch in Chengdu, including the new Zhijie R7, Zhijie S7, and the pure electric version of Wenjie M8 [1][3] - Zhijie R7 and Zhijie S7 feature advanced technology and design aimed at young consumers, with prices starting at 249,800 yuan and 229,800 yuan respectively, and significant pre-sale incentives [3][5] - The cumulative delivery of Hongmeng Zhixing vehicles surpassed 900,000 units as of August 25, 2025, with notable sales figures for various models, including 12,000 units of the Zunjie S800 in 87 days and 226,000 units of the Wenjie M9 [3][11] Group 2 - The Wenjie M8 pure electric version is positioned as a family-oriented smart flagship SUV, offering two seating configurations and priced between 359,800 yuan and 449,800 yuan [12][13] - The M8 features a long wheelbase and high body design, with dimensions of 5190×1999×1795mm and a wheelbase of 3105mm, enhancing comfort and usability [15] - The M8 has achieved a C-NCAP 2024 super five-star safety certification with a comprehensive score of 93.7%, indicating strong safety performance [20][22] Group 3 - The new Zhijie models incorporate the latest HUAWEI ADS 4 technology, enhancing driving assistance capabilities with advanced radar systems for improved safety and performance [9][11] - The Zhijie R7 offers a pure electric version with a range of 802 km and a range-extended version with a fuel consumption as low as 5.68 L per 100 km, showcasing high efficiency [11] - The upcoming Wenjie M7 is set to be launched on September 23, featuring a new design and platform, and will also include the HUAWEI ADS 4 system across all models [31][33]

Core Viewpoint - Junsheng Electronics (600699) demonstrated resilience in a complex external environment, achieving solid growth in revenue and net profit in its 2025 semi-annual report, with a focus on "stabilizing growth and improving performance" [1] Group 1: Financial Performance - The company reported revenue of approximately 30.347 billion yuan, a year-on-year increase of 12.07% [1] - The net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses were 708 million yuan and 706 million yuan, respectively, reflecting year-on-year growth of 11.13% and 10.53% [1] - The net cash flow from operating activities was approximately 1.906 billion yuan [2] Group 2: Profitability and Orders - The overall gross margin increased by 2.6 percentage points year-on-year to approximately 18.2%, marking several consecutive quarters of positive growth [2] - The gross margin in overseas regions improved significantly, with a year-on-year increase of 3 percentage points to 17.8% [2] - The total amount of new orders acquired globally reached 31.2 billion yuan, with over 66% related to new energy vehicles [2] Group 3: Research and Development - The company invested approximately 2.488 billion yuan in R&D during the first half of the year, focusing on new products and technologies for automotive intelligence and safety [3] - New innovative products such as domain fusion controllers and regional controllers were launched, alongside advancements in intelligent connected products [3] Group 4: Strategic Initiatives - The company is expanding into the humanoid robotics sector, establishing a dedicated company to provide key components and integrated solutions for domestic and international clients [3] - The company has formed strategic investments in intelligent driving chip companies, with new orders exceeding 1 billion yuan for advanced driver assistance systems [2][3] Group 5: Shareholder Returns - Over the past three years, the company has distributed approximately 860 million yuan in dividends and repurchased shares worth about 420 million yuan, with 222 million yuan of shares repurchased and canceled this year [3] - Continuous stock purchases by major shareholders and executives reflect confidence in the company's future development [3]