Core Viewpoint - Horizon Robotics-W (09660) reported a significant increase in revenue and gross profit for the six months ending June 30, 2025, driven by strong demand for advanced driving assistance solutions in the Chinese automotive market [1] Financial Performance - Revenue from customer contracts reached 1.567 billion RMB, representing a year-on-year increase of 67.64% [1] - Gross profit amounted to 1.024 billion RMB, reflecting a year-on-year growth of 38.61% [1] Market Position - The company maintained the leading market share in basic and overall driving assistance solutions among Chinese automakers, with shares of 45.8% and 32.4% respectively [1] - As of the end of 2024, the company had secured over 310 model designations, with nearly 400 new model designations achieved by the end of the reporting period [1] Product Performance - The shipment volume of the vehicle-grade Journey series processing hardware reached 1.98 million units, doubling year-on-year [1] - The shipment of processing hardware supporting highway driving assistance reached 980,000 units, accounting for 49.5% of total shipments, which is six times the volume from the same period last year [1] - More than 15 models equipped with the company's advanced driving assistance solutions successfully entered mass production during the first half of 2025 [1]

Core Insights - Seyond Holdings Ltd. (Tudatong) has updated its IPO prospectus, indicating a strong position in the laser radar market with plans to deliver approximately 230,000 automotive-grade laser radars in 2024 and a global sales revenue ranking of second in ADAS laser radar, capturing a 20.7% market share in China [1][2] - The company achieved a gross profit of $3.197 million in Q1 2023, with a gross margin of 12.6%, marking a significant turnaround in profitability and demonstrating effective cost control and operational efficiency [1][2] - The IPO proceeds will primarily be used to enhance R&D, improve product lines, upgrade production lines, optimize supply chains, and expand global market capabilities [2] Group 1: Product and Technology Development - Tudatong employs a dual-technology strategy with high-performance Falcon series (1550nm) and platform-based Robin series (905nm/940nm), continuously enriching its product matrix to provide comprehensive solutions for L2/L3 level assisted driving [3][4] - The company launched three breakthrough laser radar products in Q2 2023: Falcon K3, Robin E2, and Hummingbird D1, which together create a full-scene perception matrix [3] - The Falcon K3 offers ultra-long-range perception of 250-300 meters, while the Hummingbird D1 features a leading solid-state electronic scanning solution with a large field of view [3][4] Group 2: Market Position and Client Base - Tudatong's products cater to a range of market needs, from budget to luxury vehicles, supporting the acceleration of "smart driving equality" [4] - The company has established strong commercial capabilities, evidenced by its collaboration with NIO, where its laser radars are used across multiple vehicle models, showcasing its technical strength and market adaptability [5][6] - Tudatong has expanded its client base beyond NIO, securing projects with ten additional automotive manufacturers and ADAS companies, indicating robust demand for its products across various market segments [7] Group 3: Market Opportunities and Future Growth - The rise of robotics as a new application market for laser radars presents significant growth opportunities, with the market for robotic laser radar solutions projected to grow from 8.2 billion yuan in 2022 to 216.2 billion yuan by 2030, at a CAGR of 50.6% [8][9] - Tudatong has successfully entered this market, collaborating with leading players in logistics and industrial robotics, which underscores its understanding of the specific needs in these applications [8][9] - The company's strategy of leveraging diverse partnerships and technological advancements positions it to capitalize on the growing demand for laser radars across various industries, contributing to its long-term growth trajectory [9]

事实上，自今年4月底起，多部门已陆续就智驾管理发声或出台文件，监管举措密集落地，形成了一套 覆盖标准设定、伦理规范、责任界定的"监管组合拳"。其不仅有效填补了智能网联汽车在缺陷管理、生 产一致性把控及宣传行为规范等领域的制度空白，更清晰预示着智驾行业正从过去的"事后追责"模式， 向"事前预防+全周期管控"的强监管时代转型。 从行业发展态势来看，今年我国智驾汽车普及速度显著加快。数据显示，2024年我国L2级组合辅助驾 驶新车渗透率已达57.3%，预计到2025年年底这一比例将突破65%。在技术持续迭代、用户需求不断升 级及市场竞争日趋激烈的多重驱动下，智驾平权——即让更广泛用户享受到智驾技术红利，已成为行业 发展的大趋势。 日前，市场监管总局与工业和信息化部联合起草《关于加强智能网联新能源汽车产品召回、生产一致性 监督管理与规范宣传的通知（征求意见稿）》（以下简称意见稿）。笔者注意到，意见稿中"不得"一词 出现了6次，措辞较以往更为严厉，明确要求不得将未经充分测试验证的软件版本推送给用户，不得通 过OTA（远程在线升级）方式隐瞒缺陷等。这份意见稿也因此被业内称为"史上最严"智驾新规。 然而，行业快速发展背后也 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 805 million CNY, representing a year-on-year growth of 35.79% [3] - The net profit attributable to shareholders, after deducting non-recurring items, was 41.29 million CNY, with a year-on-year increase of 13.75% [3] - The gross profit margin for the first half of 2025 was 20.47%, a decrease of 0.84% compared to the same period last year [3] Group 2: Customer and Product Structure - The top five customers accounted for approximately 70% of the revenue in the first half of 2025, with the new energy business contributing around 50% [3] - The main products generating revenue were automotive intelligent driving perception systems, with revenue shares of 65% for onboard camera systems and 35% for ultrasonic radar systems [3] Group 3: Research and Development - The company invested 103 million CNY in R&D in the first half of 2025, which is 12.85% of its revenue, marking a year-on-year increase of 53.25% [3] - The company plans to expand its R&D team from 400-600 to approximately 1,000 personnel to support its global development strategy [6] Group 4: Global Strategy and Market Expansion - In the first half of 2025, overseas revenue accounted for about 40%, with expectations for further increases as the global strategy is implemented [5] - The company has established long-term partnerships with major automotive manufacturers globally, including Volkswagen, Ford, and BYD [5] Group 5: Future Product Development - The company anticipates significant growth in the sales of its intelligent driving products, particularly the AK2 ultrasonic system and APA automatic parking system [4] - The unit price of the perception systems is expected to rise from below 1,000 CNY to between 3,000 and 4,000 CNY per vehicle as the number of sensors increases [8] Group 6: Order Backlog - The company currently has a robust order backlog, with total project amounts ranging from 20 billion to 30 billion CNY, covering various advanced perception systems [7]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 701.14 million yuan, a year-on-year increase of 55.72% [1] - The net profit attributable to shareholders was 75.52 million yuan, reflecting a year-on-year growth of 10.22% [1] - The revenue breakdown includes approximately 49.66% from panoramic/action camera business, 22.80% from smart home business, 18.90% from smart automotive business, and 7.55% from new business [1] Group 2: Gross Margin Analysis - The gross margin for emerging consumer optical lenses was 46.06%, showing a decline compared to the previous year due to an increase in the sales proportion of lower-margin products [2] - The gross margin for emerging consumer camera modules was 15.48%, also down from the previous year, primarily due to product structure adjustments and increased rework costs during the new product ramp-up phase [2] Group 3: Smart Automotive Business - The smart automotive business generated operating revenue of 132.50 million yuan in the first half of 2025, marking a year-on-year increase of 56.44% [3] - Revenue from smart automotive lenses reached 127.30 million yuan, with a year-on-year growth of 70.40% [3] - The company is actively expanding its customer base and has secured multiple domestic and international projects, enhancing production efficiency through automation [3] - The market for automotive cameras in China is projected to exceed 100 million units with a market size of 23.7 billion yuan by 2025 [3] Group 4: New Business Development - The "N" business segment, which includes industrial inspection, medical applications, AI hardware, and machine vision, accounted for approximately 7.55% of total revenue [4] - Initial successes in machine vision projects have been achieved, including mass production of robotic lawn mowers and motion-sensing game consoles, although overall contribution to revenue remains small [4] Group 5: Panoramic/Action Camera Business - The panoramic/action camera business contributed approximately 49.66% to total revenue, driven by new customer projects and increased sales of new products [5] - The company is enhancing customer collaboration while seeking new partnerships, although additional customers currently contribute minimally to overall performance [5] Group 6: Production Capacity - The company is progressing with investment projects to boost production capacity, with total output of optical lenses and camera modules increasing year-on-year [5] - Camera module production saw a significant increase of over 80% year-on-year, primarily from the panoramic/action camera and "N" business segments [5]

Core Insights - The launch of the Harmony Smart Driving's first affordable model, the Shangjie H5, is expected to create significant market interest and potential sales growth [1][3][8] Group 1: Product Overview - The Shangjie H5 is positioned as a mid-size SUV with dimensions of 4780×1910×1664 mm and a wheelbase of 2840 mm [4] - It offers two power options: a range-extended version with a CLTC comprehensive range of 1360 km and a pure electric version with a maximum CLTC range of 655 km [4] - The starting pre-sale price is set at 169,800 yuan, with over 50,000 orders received within 18 hours of opening [1][2] Group 2: Market Positioning and Strategy - The vehicle is targeted at the 200,000 yuan price segment, which is a significant market for domestic passenger vehicles, expected to account for about 20% of total retail sales in 2024 [8] - The collaboration between Huawei and SAIC Group is crucial for achieving cost efficiency and production capabilities, enabling the Shangjie brand to explore the mass market [5][7] - The introduction of the Shangjie H5 is seen as a response to the growing competition in the smart driving segment, with other companies like BYD and Chery also launching affordable smart driving models [6] Group 3: Sales and Production Expectations - The Shangjie brand is anticipated to achieve substantial sales, with projections of reaching 500,000 to 1 million units across its full lineup in the future [8] - A dedicated team of over 5,000 people and an initial investment of 6 billion yuan have been allocated for the Shangjie project, indicating strong commitment from both Huawei and SAIC [7] - The establishment of a specialized factory and supply chain for the Shangjie brand is underway, further supporting its market entry and production capabilities [7]

证券研究报告 电子 | 半导体 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 联系人 熊宇翔 xiongyuxiang@huayuanstock.com | 基本数据 | | | 年 | 08 月 | 25 | 日 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 103.25 | | | | 一 年 内 最 最 低 | 高 | / | | | | | | | （元） | | | | | | | | | 总市值（百万元） | | | | | 41,490.14 | | | | 流通市值（百万元） | | | | | 33,354.32 | | | | 总股本（百万股） | | | | | 401.84 | | | | 资产负债率（%） | | | | | 54.59 | | | | 每股净资产（元/股） | | | | | 11.49 | | | | 资料来源： ...

Group 1 - Automotive parts stocks saw significant gains, with Minth Group rising 7.11% to HKD 34.64, Nexperia up 6.16% to HKD 6.89, and Delta Electronics increasing 5.27% to HKD 28.74 [1] - A report from China Merchants Securities highlights a noticeable off-season in the car market for July, attributed to sales overreach in June and temporary subsidy interruptions in some regions. However, a new batch of national subsidies amounting to 68 billion is expected to boost the market towards the end of August [1] - The upcoming World Robot Conference is anticipated to act as a catalyst for the robotics industry and related sectors, with a focus on companies that have significant product deliveries and ongoing order fulfillment [1] Group 2 - According to Minsheng Securities, BYD's entire model lineup will feature advanced driving capabilities, with models priced around 200,000 expected to be a major growth area for advanced driving technology. The year 2025 is projected to be a turning point for equal access to intelligent driving [1] - Tesla's Full Self-Driving (FSD) has surpassed 3 billion miles in cumulative mileage, with version 13 achieving parking-to-parking functionality. The rapid growth of Tesla's AI computing power is providing strong support for model training [1] - There is optimism regarding the growth potential in the intelligent driving domain, cockpit domain control, and steer-by-wire chassis sectors [1]

Core Viewpoint - The automotive industry is experiencing a shift towards "intelligent driving equality," leading to discussions on whether advanced driving assistance systems should be charged or offered for free [2][6]. Group 1: Industry Trends - The transition from 2G to 5G has made mobile data services a basic consumer good, influencing the automotive sector to consider similar models for intelligent driving features [2]. - Companies like BYD are advocating for "intelligent driving equality," aiming to make advanced driving technologies accessible to a broader consumer base [3][4]. - The introduction of various intelligent driving solutions, such as BYD's "Tian Shen Zhi Yan" and XPeng's AI driving features, reflects a trend towards standardizing these technologies across all vehicle models [3][4]. Group 2: Business Models - The industry is divided into two main camps regarding the commercialization of intelligent driving: those advocating for free access and those supporting a paid model [6][7]. - Tesla and Huawei represent the "charging camp," focusing on monetizing software services through one-time purchases or subscriptions, which has proven to be a lucrative model [6][7]. - A middle-ground approach is emerging, where companies embed hardware and offer software on a subscription basis, balancing hardware sales with potential software revenue [7][8]. Group 3: Cost Considerations - The cost of hardware for advanced driving systems is significant, with estimates ranging from 15,000 to 30,000 yuan per vehicle, impacting the profitability of companies adopting free models [9][10]. - R&D costs for advanced driving technologies are substantial, with leading companies investing billions annually, necessitating a sustainable business model to recoup these investments [9][10]. - The pressure to offer free intelligent driving features is leading to cost-cutting measures within the supply chain, affecting suppliers' margins [10][11]. Group 4: Future Outlook - The sustainability of the "intelligent driving free" model is under scrutiny, as companies must find a balance between cost absorption and future revenue generation [11][12]. - Some companies are beginning to see success through cost reduction strategies and scaling, indicating a potential path to profitability [12]. - The industry is expected to evolve towards a model where user experience and real value become the primary competitive factors, rather than just pricing strategies [13].

Core Insights - The Chinese intelligent driving industry is at a pivotal moment, balancing opportunities and challenges, with a focus on creating a sustainable industrial ecosystem [1][2] - The consensus among industry leaders is that "high safety + low cost" will be the long-term trend and goal for the intelligent driving sector [4][8] Industry Trends - The penetration rate of Level 2 and above advanced driver-assistance systems has exceeded 50%, with high-level intelligent driving features being made available in the mainstream market priced between 100,000 to 200,000 yuan [1] - The industry is experiencing rapid technological evolution, with key developments including the rise of end-to-end solutions and the emergence of visual language action (VLA) models [5] Challenges - The industry faces significant challenges, including safety and liability issues, insufficient technological maturity and reliability, and a crisis of consumer trust due to over-promising [2][7] - The need for a user-centric approach is emphasized, focusing on addressing market pain points and typical high-frequency safety scenarios rather than just extreme cases [6] Technological Developments - Recent advancements include the introduction of solid-state LiDAR technology, which is seen as the ultimate form of LiDAR due to its lower cost and higher reliability [8] - The intelligent driving sector is moving towards a model that integrates advanced safety features, with companies like NiuMai Technology developing brain-like neural network architectures to enhance safety [9] Regulatory Environment - Recent regulatory measures aim to strengthen product safety through comprehensive oversight, including recalls and performance standards for intelligent connected vehicles [10] - The trend towards stricter regulations is expected to promote healthy industry development and enhance safety standards [10] Market Dynamics - The intelligent driving sector is witnessing a resurgence in capital market interest, with several leading companies going public, indicating an acceleration in industry growth [11] - Mergers and acquisitions are becoming more common, particularly targeting non-compliant smaller firms, which is viewed positively for enhancing market competitiveness [11]