Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 54.5 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 120%. The gross margin was 17.9%, up by 3.7 percentage points year-on-year. The net profit attributable to shareholders was -1.52 billion RMB, a reduction in losses by 2.94 billion RMB year-on-year [5] - In Q3 2025, the company achieved a revenue of 20.4 billion RMB, a year-on-year increase of 102% and a quarter-on-quarter increase of 12%. The gross margin was 20.1%, up by 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter. The net profit attributable to shareholders was -380 million RMB, a reduction in losses by 1.43 billion RMB year-on-year and 100 million RMB quarter-on-quarter [5] - The company is undergoing a transformation into an AI enterprise, focusing on physical AI, embodied intelligence, and Robotaxi services, which are expected to enhance its monetization potential [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 30.68 billion RMB - 2024: 40.87 billion RMB - 2025E: 76.20 billion RMB - 2026E: 125.67 billion RMB - 2027E: 173.02 billion RMB - The net profit attributable to shareholders is projected to improve from -10.38 billion RMB in 2023 to 6.52 billion RMB in 2027 [6][8] - The company expects to achieve a quarterly delivery guidance of 125,000 to 132,000 vehicles in Q4 2025, which would mark a new high [7] Market Position and Competitive Landscape - The company is expected to benefit from the launch of new models and partnerships, which will enhance its market position and sales volume. The introduction of the G7 model and the expansion of the range of vehicles with extended range capabilities are anticipated to drive sales growth [7] - The report highlights the competitive landscape in the new energy vehicle sector, indicating that while competition is intensifying, the company's strategic initiatives may provide a competitive edge [7]

大家好我是大鱼 场面失控了！ Tesla 官方 一声令下 让车主去「感谢」 荷兰监管机构 结果直接把 对方客服打爆 逼得官方紧急求饶 拜托别再打了！ 这不只是闹剧 更是矽谷激进派 与欧洲官僚的 正面对决 与此同时 FSD已悄悄 拿下韩国 Robotaxi 更杀进了 波士顿的冰天雪地 从瘫痪政府信箱 到65 亿英里的 数据碾压 FSD这场 全球攻势 到底有多疯狂？ 大家不要错过 今天的精彩内容 OK let's go 第一部分 FSD全球 攻城略地 各位 场面有点尴尬了 就在这两天 Tesla 官方号召 欧洲车主去 「感谢」荷兰监管 机构RDW 希望能加速 FSD的审批 结果RDW 昨天紧急 发声明求饶 谢谢大家 但拜托别再 打电话了！ 我们客服 已经瘫痪了！ 这绝对是今年 FSD面对的 最荒谬的场面 或者说是马斯克 的一步高招？ 但你以为Tesla 只是在欧洲 跟官僚打架吗？ 错了 当欧洲人还在 处理信箱的时候 Tesla 已经 悄悄拿下了 亚洲的一个 关键据点 甚至把Robotaxi 丢进了 冰天雪地里 今天我们就来 盘点一下 Tesla 这几天 在全球的疯狂布局 首先我们先把 目光放在这场 闹剧的中心 荷 ...

大家好我是大鱼 马斯克用两只 恐龙Emoji 给传统车厂 判了死刑 最讽刺的不是 他们拒绝了FSD 而是他们竟妄想 用五年后的计画 来对接每周 都在进化的AI 这哪里是造车？ 根本是在考古！ 这其实更是 老马的一记 「免责声明」 当未来Robotaxi 血洗市场 这就是他 仁至义尽的铁证 面对这场 注定的灭顶之灾 传统车厂 还有救吗？ 大家不要错过 今天的精彩内容 OK let's go 特斯拉的股票 周一收盘是417.78% 全天上涨了 26.69%美元 涨幅是6.82% 成交量是 9625万股 梅利厄斯研究 Melius Research 的分析师 罗布· 韦特海默Rob Wertheimer 刚刚发布了 一份报告 他没有跟你纠结 下个季度的销量 而是直接抛出了 一个历史性的判断 报告认为 Tesla 的自动驾驶 优势正在接近一个 『不可逆转的临界点』 而这将引发 现代工业史上最大的 价值转移之一 这话说得有多重？ 他接着补了一刀 这句话我建议 所有还在看空 Tesla 的人听三遍 他说我们的观点 不是Tesla 处于风险之中 而是除了Tesla 以外的所有人 都在危险之中 Wertheimer说 未来五 ...

Investment Rating - The investment rating for Horizon Robotics is "Buy" with a high risk designation [7]. Core Insights - Horizon Robotics expects significant growth in shipments for 2026, projecting high-end shipments between 300,000 to 500,000 units, mid-end shipments around 3 million units, and low-end shipments approximately 2 million units. Key contributors to high-end shipments are anticipated to be Chery and Chang'an, accounting for 50% of the total [1][2]. - The company maintains its guidance to ship 4 million units of automotive-grade processing hardware in 2025, with mid-to-high end products making up 50% of this total [2]. - Horizon Robotics has secured design wins for its high-end ADAS solution from Chery and Chang'an, with mass production of the first models expected in the second half of 2025 [3]. - The average selling price (ASP) for various products is detailed as follows: HSD (J6P) at US$700, HSD (dual J6M) at US$400, mid-end ADAS at US$90-100, and low-end ADAS at US$20-30 [4]. - The gross margin for the J6P chip is around 50%, while the software component has a gross margin close to 100% [5]. - Horizon Robotics has established collaborations with overseas tier-1 suppliers such as Bosch, Continental, and Denso to enhance its competitiveness in international markets [5]. - The company aims to increase its market share with BYD's God's Eye C solution in 2026 and plans to explore additional solutions [9]. - Horizon Robotics believes its HSD offers a competitive edge over Huawei's ADAS solution due to its high value for money, making it suitable for mass-market models [10]. - The deployment of HSD is expected to facilitate the development of Robotaxi systems, with a partnership announced with Hello Inc. in September 2025 [11]. - The valuation of Horizon Robotics is based on projected strong growth in the ADAS market from 2025 to 2030, with a target price set at HK$12.30, reflecting a potential return of 49.1% [12].

TechCrunch Mobility: Searching for the robotaxi tipping point https://t.co/N6jHwzRfCI ...

大家好我是大鱼 特斯拉刚无预警 推送FSD v14.2% (2025.38%.9.5%) 这不是日常吹牛 而是底层逻辑 的全面翻新！ 这次升级核心是 「视觉编码器」 的大跃进 FSD将不再只是 看到「有辆车」 而是能识别出 闪着警灯的救护车 并主动让行！ 决策也从 毛躁青少年 变成开了十年 的老司机 更懂得看手势 避开路面碎片 版本进化 正在补齐 Robotaxi最细节 也最难的拼图 它不再追求 「能开车」 而是追求 「开得像人」 大家不要错过 今天的精彩内容 OK let's go 特斯拉的股票 周五收盘 是391.09% 全天下跌了 3.96%美元 跌幅是1.00% 成交量是 9912万股 第一部分 FSD v14.2% 上路实测 今天的影片 可能会让 一半的人 兴奋尖叫 让另一半的人 特别是老车主 感到一阵心酸 特斯拉刚刚 无预警推送了 FSD (Supervised) v14.2% 版号2025.38%.9.5% 大家别以为 这只是马斯克 日常吹牛 改个版号 骗骗股价 就在几个小时前 Tesla AI 资深工程师 Yun-Ta Tsai 直接在X 上发了 一条意味深长的推文 只有短短一句话： 这可绝不 ...

Group 1 - The core viewpoint of the articles highlights a significant shift in investor sentiment towards valuations, particularly among S&P 500 stocks, with some trading at extremely high price-to-earnings ratios of 150 or more [1] - The article mentions that the AI stock market is experiencing severe downturns, with a reported loss of $2.4 trillion in value, indicating a potential bubble burst in this sector [2] - Specific companies such as Tesla, CVS Health, and Fidelity National Information Services are noted for their inflated valuations, which may raise concerns among investors [1] Group 2 - Nvidia's recent earnings report has led to a sell-off, impacting other major tech stocks like Amazon, Meta, and Microsoft, suggesting a broader market reaction to tech earnings [4] - Analysts are warning that nine stocks are at risk of significant declines, indicating potential volatility in the market [4] - The article also notes that 13 S&P 500 stocks have slipped into bear market territory, reflecting a challenging environment for investors [4]

大家好我是大鱼 Tesla财报将暴亏 260 亿美元 数年利润 会一夜归零？ 路透社这篇 看似惊悚的报导 其实是专为 散户设计的 一场「会计烟雾弹」！ 当华尔街机构 看着恐慌盘 偷笑时 你千万别被 这些「纸面数字」 骗走了手中的筹码 真相究竟是什么？ 大家不要错过 今天的精彩内容 OK let's go 特斯拉的股票 周四收盘是395.05% 全天下跌了 8.94%美元 跌幅是2.21% 成交量是 1.1%亿股 这两天有个大新闻 很多人可能 看了一眼 就滑过去了 但这件事和 Tesla有很大关系 荷兰政府刚刚宣布 暂停对一家 中资晶片厂商 的接管行动 表面上看 这是欧洲 对中国示好 大家可以松口气了？ 但在我看来 这恰恰暴露了 欧美汽车产业 最致命的软肋 就在政客们 握手言和的时候 你们猜马斯克 在干什么？ 他和GM一样 正在加速把 供应链搬出中国 这背后的逻辑 非常有意思 我们就来拆解这场 看不见硝烟的战争 先说说这个主角 Nexperia （安世半导体） 这家公司 总部在荷兰 但背后的老板 是中国的闻泰科技 前段时间 荷兰政府因为 国家安全理由 一度想 对这 家公司动手 搞得全球车企 人心惶惶 为什么慌？ ...

Core Viewpoint - The company has shown significant growth in vehicle deliveries and revenue, with a strong focus on technological collaboration and product innovation, while also facing challenges in profitability and cost management [1][2][3]. Group 1: Financial Performance - In Q3, the company delivered 116,000 vehicles, a year-on-year increase of 149%, leading to a revenue growth of 102% to 20.38 billion yuan [1]. - The automotive sales revenue and service revenue were 18.1 billion yuan and 2.3 billion yuan, respectively, reflecting year-on-year growth of 105% and 78% [1]. - The overall gross margin for Q3 was 20.1%, an increase of 4.9 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [1]. - The net loss attributable to the parent company in Q3 was 380 million yuan, significantly narrowing compared to previous periods [1]. Group 2: Future Outlook - For Q4, the company expects vehicle sales between 125,000 and 132,000 units, representing a year-on-year growth of 36.6% to 44.3%, with total revenue projected between 21.5 billion and 23 billion yuan [2]. - The company anticipates maintaining a gross margin of around 20% in Q4 [2]. Group 3: Product and Market Development - The company plans to launch the X9 super range extender version on November 20, with three additional super range extender models set for Q1 2026 [3]. - The company is focusing on enhancing brand strength and emotional value through improved design and technology, with key design personnel joining from prestigious automotive brands [3]. - In the overseas market, the company delivered 29,706 vehicles in the first three quarters, with September sales surpassing 5,000 units, a year-on-year increase of 79% [4]. Group 4: Technological Advancements - The company announced the latest generation of its intelligent driving model, VLA 2.0, which has been trained on nearly 100 million clips, equating to extreme driving scenarios [5]. - The upcoming "Xiaolu NGP" feature is expected to significantly enhance intelligent driving performance in complex environments [5]. - The company plans to introduce three Robotaxi models in 2026, aiming for trial operations in the domestic market [6].

FSD (Full Self-Driving) Performance & Safety - Piper Sandler's analyst Alex Potter reports FSD v14 performed flawlessly in Fremont, calling it better than the average American driver and delivering a perfect robotaxi ride with zero interventions [1] - Tesla's FSD safety data indicates one crash every 669 million miles, approximately 10 times safer than the US average of one crash every 670 thousand miles [1] Market Perception & Future Outlook - Analyst maintains an Overweight rating on Tesla with a $500 target price [1] - The report suggests the arrival of robotaxis might be sooner than skeptics anticipate [2]