中国经济网上海11月6日讯(记者 郭涛) 昨日，坐落于上海虹桥商务区的保时捷中国研发中心迎来正 式启幕，标志着保时捷"在中国，为中国"战略达成又一重要里程碑。这座全新的万平米研发中心，是保 时捷在德国魏斯阿赫之外首个大规模海外研发基地，将极大提升其本土创新能力。 "中国正引领未来移动出行之道，包含电气化、数字化与新豪华理念等多个维度，"保时捷全球执行 董事会主席奥博穆博士(Oliver Blume)在启幕仪式上表示。"要应对这场深刻变革，远距离洞察难以精准 把握本地趋势，必须扎根于此。我们将中国研发中心作为一个战略支柱，联结德国工程实力与中国数字 未来，助力我们广泛学习、更快行动，并强化保时捷全球研发实力。" 中国研发中心是保时捷在华研发力量的战略性升级，它将既有的研发资源，包括保时捷中国技术 部、保时捷工程和保时捷数字科技，整合为一个拥有更高自主权的综合实体。通过融合研发、采购与质 量三大职能，该中心能够以前所未有的敏捷性，回应中国客户期待。该中心现代化设施完备，拥有专业 试制车间和人机交互实验室等，旨在吸引中国顶尖的工程与数字化人才，目前已拥有一支超过300名工 程师的核心团队。 中国研发中心目前全力聚焦 ...

Core Viewpoint - Horizon faces significant challenges in business, profitability, and technology despite reporting a revenue increase in the first half of 2025 [1] Financial Performance - In the first half of 2025, Horizon reported revenue of approximately 1.567 billion yuan, a year-on-year increase of 67.6%, while losses expanded to 5.233 billion yuan from 5.098 billion yuan in the same period last year [2] - Adjusted operating losses grew by 34.9% year-on-year to 1.111 billion yuan, primarily due to rising sales costs and R&D expenses [2] - Sales costs surged to 543 million yuan, a staggering increase of 177.13% compared to 196 million yuan in the previous year [2] - The automotive product solutions segment contributed 778 million yuan in revenue, a 250% increase from 222 million yuan year-on-year, with a gross margin improvement of 3.9 percentage points to 45.6% [3] - The automotive licensing and services business saw a 6.9% revenue increase to 738 million yuan, but its gross margin declined from 93% to 89.7% [3] - Overall gross margin decreased by 13.7 percentage points to 65.36% due to fluctuations in gross margins across different business segments [3] R&D and Operational Costs - R&D expenses reached 2.3 billion yuan, a 62% increase from 1.42 billion yuan year-on-year, driven by a strategic shift towards mid-to-high-end assisted driving solutions [5] - Administrative expenses rose by 26.33% to 307 million yuan, while sales and marketing expenses increased from 198 million yuan to 272 million yuan [6] Competitive Landscape - Despite significant R&D investments, Horizon's technology still lags behind international chip giants like Intel, Qualcomm, and NVIDIA, which are advancing to 4nm/5nm processes [7][8] - The self-research trend among automotive manufacturers is reducing Horizon's market space, as clients like BYD and Li Auto begin to develop their own chips and algorithms [9] Customer Dependency - Horizon's revenue is heavily reliant on a few major clients, with the top five clients accounting for 52.48% of revenue in the first half of 2025, and the largest client contributing 19.7% [10][11] - The instability of client business has become evident, with significant drops in revenue contribution from major clients compared to the previous year [12]