Core Viewpoint - Horizon Robotics has officially entered the Hong Kong Stock Connect list, indicating strong market recognition of its integrated software and hardware technology path and signaling an acceleration in value discovery and re-evaluation as a leading provider of intelligent assisted driving solutions in China [1] Group 1: Market Performance and Recognition - Since its listing in late October 2024, Horizon Robotics has been a focal point in the industry, with its stock showing high activity and receiving positive coverage from major domestic and international brokerages [1] - The successful inclusion in the Hong Kong Stock Connect reflects the high popularity of Horizon Robotics in the capital market [1] Group 2: Product Development and Market Position - Horizon Robotics has consistently attracted investor interest due to its strong performance in the intelligent assisted driving sector, with significant product launches like the Journey series, which has gained trust from major clients like BYD [2] - The Journey family is expected to exceed 8 million units shipped by Q1 2025, showcasing robust market growth, with a market share of over 40% in China's OEM advanced assisted driving solutions [2] - The recent launch of the L2 urban assisted driving system HSD has garnered significant attention, with partnerships established with major automotive manufacturers like Chery and Volkswagen for mass production [3][4] Group 3: Technological Advancements and Competitive Edge - The HSD system features the advanced Journey 6P computing solution, which allows for hardware modularity and software upgrades, catering to diverse customer needs [4] - Horizon Robotics has developed a strong technological foundation with its self-developed BPU architecture and has established a deep "moat" in the market, collaborating with over 40 automotive brands and achieving over 8 million units in front-end production [6] Group 4: Future Growth Potential - The automotive industry is moving towards a "universal intelligent assisted driving" era, with BYD leading the charge, which is expected to benefit Horizon Robotics significantly as other manufacturers follow suit [5] - The company's comprehensive solutions and full-stack delivery capabilities position it to capitalize on the industry's growth, enhancing its visibility and potential for future expansion [5] - Analysts have expressed optimism about Horizon Robotics' long-term growth, with several brokerages issuing "buy" ratings and projecting profitability by 2027 [7]

Core Viewpoint - Chinese intelligent assisted driving companies are accelerating their international expansion, particularly through strategic partnerships with global mobility giants like Uber, which is expected to enhance their global competitiveness and market presence [1][2][3] Group 1: International Expansion Strategies - Companies like Xiaoma Zhixing and Wenyan Zhixing are leveraging Uber's platform to launch Robotaxi services in the Middle East and Europe, with plans to expand to 15 international cities over the next five years [1][2] - Baidu's Robotaxi service, Luobo Kuai Pao, has signed a strategic cooperation agreement with the Dubai Roads and Transport Authority to deploy over 1,000 intelligent assisted driving vehicles for large-scale testing and services [2] - The shift from single-point technology testing to multi-regional, large-scale commercial operations is evident, with companies adopting flexible cooperation models, including technology licensing and joint ventures [3] Group 2: Technological and Market Drivers - Chinese companies have developed globally competitive mature technology solutions in areas like mapless navigation and vehicle-road collaboration, benefiting from extensive data accumulation from complex domestic road conditions [3][4] - The international expansion is driven by favorable policies and strong market demand in overseas markets, providing significant business growth potential for leading Chinese intelligent assisted driving companies [3][4] Group 3: Ecosystem Development - The expansion of Chinese intelligent assisted driving companies is not just about technology and product export but also involves co-building intelligent transportation ecosystems with local governments and industry players [4][6] - Companies are focusing on creating a complete Robotaxi ecosystem in markets like the UAE, potentially collaborating with local partners and exploring innovative services such as battery swapping [6][7] Group 4: Challenges and Adaptation - Chinese intelligent assisted driving companies may face compliance barriers, data trust issues, and technology adaptation challenges when entering international markets [6][7] - Continuous breakthroughs in rule-making, local integration, and safety trust are necessary for successful international operations, alongside adapting to local cultural and developmental needs [6][7]

| | | | 截至12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | | | 人民幣元 | 96 | 人民幣元 | 96 | 人民幣元 | 96 | | | | | (以千計,百分比除外) | | | | | FT Pro. | 139,330 | 42.5 | 173,531 | 19.1 | 110,744 | 8.6 | | FT Max . . . | 138,040 | 42.1 | 290,398 | 32.0 | 558,117 | 43.5 | | FT Ultra . . | 50,352 | 15.4 | 443,703 | 48.9 | 614,405 | 47.9 | | 望計 | 327,722 | 100.0 | 907,632 | 100.0 | 1,283,266 | 100.0 | 随着智能汽车升级及技术迭代的需求不断增加，2022年至2024年，福瑞泰克FT Max及FT Ultra解決方案交付量快速增长，增长率分别为482%和 65 ...

Core Insights - The article discusses the advancements and competitive landscape of the assisted driving industry, highlighting various companies' self-developed systems and strategies [1][4]. Group 1: Company Developments - Li Auto has launched its new generation dual-system intelligent driving solution, focusing on upgrading driving capabilities and synchronizing updates for smart electric vehicles [3]. - NIO's intelligent assisted driving system has reportedly avoided over 3.5 million collision risks, accumulating a total driving mileage of approximately 4.94 billion kilometers as of May 15, 2025 [3]. - Chery's Hawk 500 has achieved widespread adoption of assisted driving features, with the Hawk 700 targeting mid-to-high-end models and the Hawk 900 positioned as a flagship [3]. - GAC Group's GSD intelligent driving assistance system has accumulated 5 million user driving scenarios and over 40 million kilometers of high-level autonomous driving data [3]. Group 2: Industry Trends - BYD and XPeng are recognized as leaders in self-developed intelligent driving systems, with BYD's high-end system named "Tianshen Eye" [4]. - Bosch's China president has expressed skepticism about the self-development model, suggesting that mid-level intelligent driving should become standard and that costs could be better managed through supply chain partnerships [4]. - Huawei is positioned as a top player in the intelligent driving system market, with plans for 10 brands from 7 automakers to adopt its solutions, potentially exceeding 500,000 vehicles [4][5]. - Huawei's collaboration models include component supply, Huawei Inside (HI) partnerships, and deep cooperation with automakers, with the latter being the most integrated approach [5]. Group 3: Strategic Partnerships - SAIC Group has publicly stated its intention to maintain control over core technologies while also choosing to collaborate with Huawei [6]. - The partnerships with Huawei have led to increased sales for collaborating automakers, but questions remain about their ability to independently develop high-quality vehicles [6].