Core Viewpoint - The recent announcement by Haomo Technology regarding a complete shutdown and holiday for all employees starting November 24, 2025, marks a significant downturn for the company, which has seen a drastic reduction in workforce and challenges in maintaining its position in the intelligent driving sector [2][3][22]. Company Overview - Haomo Technology, incubated by Great Wall Motors in 2019, was once a leading player in the intelligent driving industry, primarily supplying Great Wall's brands with its driving systems [2][3]. - The company had a peak workforce of nearly 800 employees, focusing on the development of intelligent driving technologies for passenger vehicles [2][3]. Recent Developments - In late 2023, Haomo lost a key contract with Great Wall's Weipai brand, which shifted to a competitor, Yuanrong Qixing, for its intelligent driving solutions due to delays in Haomo's product development [3][9]. - Despite retaining contracts with Great Wall for mid- and low-tier models in 2024, Haomo is not the sole supplier for other major automakers like Beijing Hyundai, Toyota, and BMW [8][9]. Strategic Challenges - Haomo's initial strategy involved a heavy investment in high-level talent and technology, but the company struggled to keep pace with competitors who adopted more advanced technological approaches [5][12]. - The company's reliance on Qualcomm chips limited its ability to compete effectively in the high-performance segment of the intelligent driving market, as its AI computing power was insufficient for urban driving applications [11][12]. Financial and Operational Issues - Haomo's financial health has deteriorated, with a significant drop in valuation from $1 billion in 2021 to approximately 900 million yuan in 2024, reflecting limited growth and investor confidence [20][22]. - The company has faced challenges in converting its technological advancements into cash flow, leading to a reliance on external financing to sustain operations [18][20]. Conclusion - The trajectory of Haomo Technology illustrates the complexities of navigating the intelligent driving landscape, where strong initial backing from Great Wall Motors ultimately constrained its ability to diversify partnerships and adapt to rapid technological changes [22][23].

Core Viewpoint - The article discusses the decline of the autonomous driving supplier, Haomo Technology, highlighting its operational challenges, loss of key partnerships, and the impact of its reliance on Great Wall Motors [4][22]. Company Overview - Haomo Technology, incubated by Great Wall Motors in 2019, was once a leading player in the autonomous driving sector, primarily supplying technology for Great Wall's various vehicle brands [4][6]. - The company had a peak workforce of around 800 employees, focusing on autonomous driving technology, but has since dwindled to fewer than 300 employees [4][6]. Key Events - In 2023, Haomo faced significant setbacks, including the loss of its exclusive partnership with Great Wall Motors, which shifted to another supplier, Yuanrong Qixing, for its new models [5][10]. - Despite retaining some contracts with Great Wall for lower-tier models, Haomo's overall market position weakened as it became one of several suppliers for other major automakers like Hyundai, Toyota, and BMW [8][10]. Financial and Operational Challenges - Haomo's financial health has deteriorated, with a reported valuation of approximately 900 million yuan in 2024, showing limited growth compared to its previous valuation of 1 billion USD in 2021 [21][22]. - The company has undergone five rounds of financing, raising about 1.5 billion yuan, but has struggled to convert its technology into cash flow due to operational inefficiencies and a lack of market traction [21][22]. Technological Development - Haomo's technology strategy has been criticized for lagging behind competitors, particularly in the transition to more advanced autonomous driving systems that do not rely on high-definition maps [14][17]. - The company initially focused on a "heavy perception, light mapping" approach but failed to adapt quickly to industry shifts towards end-to-end models, which integrate perception, prediction, and planning into a single system [15][17]. Market Position and Future Outlook - The article suggests that Haomo's close ties with Great Wall Motors have limited its ability to establish deeper partnerships with other automakers, hindering its growth potential [22]. - As the industry moves towards more autonomous solutions, Haomo's inability to innovate and adapt may lead to further decline, raising questions about its long-term viability [22].

Group 1 - The overall demand for passenger vehicles is expected to remain stable, with incremental growth driven by high-end market expansion and exports [3][6][35] - The penetration rate of new energy vehicles (NEVs) is stabilizing, with domestic market competition gradually reaching a steady state [23][35] - The average price of passenger vehicles is anticipated to increase, particularly in the mid-to-high-end market, as domestic brands continue to replace foreign brands [6][35] Group 2 - The heavy truck market faces pressure domestically, but exports are expected to recover as the pressure on sales to Russia eases [46][50] - The export of medium and large buses is projected to maintain rapid growth, with profitability largely dependent on the European market [55] - The rapid growth of AI data centers is expected to create additional demand in the diesel engine sector [3][46] Group 3 - The smart driving sector is entering a new phase of resonance between China and the US, with advancements in L2 and L3 driving standards expected [58][63] - The Robotaxi market in the US is anticipated to experience explosive growth, driven by companies like Tesla and Waymo [72][75] - The integration of robotics into the automotive supply chain is becoming increasingly significant, with automotive suppliers likely to extend their capabilities into the robotics sector [87][90] Group 4 - Recommended stocks in the passenger vehicle sector include Jianghuai Automobile, BYD, and BAIC Blue Valley, with a focus on high-end vehicles and exports [4][94] - In the robotics sector, recommended stocks include Top Group, Yinlun, and BlueDye Technology, with a focus on companies capable of transitioning into robotics [4][94] - For smart driving, recommended stocks include Bertel, Horizon, and Pony.ai, focusing on the growth of L2 driving technology and Robotaxi commercialization [4][94]

中经记者 方超 石英婧 上海报道 而在冲击港股上市的背后，魔视智能也因长期亏损、市场份额较低等问题，引发市场密切关注。相关数 据显示，魔视智能在过去的三年半时间内，累计亏损额就达到7.74亿元。 尽管智驾行业竞争愈加激烈，但魔视智能似乎对未来发展有不小的"野心"。公开信息显示，魔视智能创 始人、CEO虞正华曾表示："我们相信做智能驾驶是一件长周期的事，把产品力做到行业顶级，就无惧 市场挑战。"不仅如此，其之前还声称："希望能够成为'汽车界的华为'。" 市场份额仅约为0.4% 在智能化热潮席卷汽车行业的情形下，诸多智驾企业争先恐后谋求上市。 盖世汽车研究院数据显示，整体市场方面，2024年，国内新车L2及以上ADAS装配量达1098.2万辆，渗 透率为47.9%，其中新能源车L2及以上渗透率为56.9%。灼识咨询数据显示，预计中国L0级至L2/L2+级 智能驾驶解决方案市场，将于2029年达到2281亿元，复合年增长率为20.1%。 智驾行业发展势头强劲，近年来，国内不少智驾企业纷纷谋求登陆资本市场，公开信息显示，自2024年 以来，福瑞泰克、驭势科技、希迪智驾等皆递交或更新港股上市申请书，最新一例则是魔视智能 ...

卓驭科技相关负责人在接受《中国经营报》记者采访时解释称，中国一汽的资金之于卓驭科技并不只是 财务投入，更重要的是其背后承载的体系协同：供应链、整车验证场景、软硬件集成能力，这些都决定 了下一阶段技术能否以更低成本、更高安全级别落地到公共交通、乘用车以及海外市场。 卓驭科技为何赢得一汽战投？ 卓驭科技获得来自中国一汽超过36亿元的战略投资，使这家以技术见长的智能驾驶企业首次站到产业资 本聚光灯下。这一体量在当下资本趋于谨慎的周期中格外醒目，但更受关注的是，中国一汽选择在此时 扩大与卓驭科技的绑定，折射出的产业博弈方向。 中经记者 陈靖斌 广州报道 近日，中国第一汽车集团有限公司（以下简称"中国一汽"）以超36亿元的规模入局深圳市卓驭科技有限 公司（以下简称"卓驭科技"）。这笔投资的资金体量引人侧目，资本关注的是它背后折射的智能驾驶产 业竞速方向——央企开始主动"把关键技术握在自己手里"。 在卓驭科技看来，中国一汽的加入属于智能驾驶产业迈向"规模化节点"的信号——头部主机厂的技术路 线选择，往往意味着产业链的资源重新分配。 企业跳出"技术优但规模小"困境的关键变量。 多元资本下注背后的价值 资本正在围绕卓驭科技形 ...

这场"承诺与兑现"的实践，不仅是奇瑞智能化战略的里程碑，更折射出中国智能驾驶行业从 概念走向实用的阶段更迭。 此外，多数智驾系统在高速、城市快速路等结构化道路表现稳定，但在乡村小路、老旧城区的非结构化 道路上，或是暴雨、大雾等极端天气下，以及鬼探头、施工占道等突发场景中，仍存在识别准确率低、 决策迟缓、误判率高等问题。 行业数据显示，当前主流智驾系统在非结构化道路的失误率是结构化道路的3-5倍，这成为了制约智驾 摆脱"辅助"角色的瓶颈。 2025年，中国智能驾驶行业正式从"参数竞赛"迈入"落地验证"的深水区。 当特斯拉FSD、华为ADS、小鹏XNGP等玩家在高阶智驾赛道激烈角逐，消费者对智能辅助驾驶的期待 已从"有没有"，转向"好不好用"和"靠不靠谱"。在这样的行业背景下，年初各大车企的"智驾普及"承诺 能否兑现，成为检验技术实力和企业信用的标尺。 今年3月，奇瑞汽车董事长尹同跃在智能之夜公开承诺：猎鹰智驾辅助系统将于年内实现全品牌全系车 型搭载。 这一承诺在当时引发了行业热议，因为此前多数车企的高阶智驾集中在中高配车型或特定旗舰产品上。 全系标配L2+级以上智驾解决方案，不仅考验技术成熟度，更对成本控制、供 ...

一家智驾独角兽，倒在2025年的冬天。 据多方媒体消息证实，长城系智驾公司毫末智行公司内部下发停工放假通知：基于公司经营现状，公司决定自2025年11月24号起，公司及分公 司全部在职员工停工放假，复工时间另行通知。 来源：毫末智行通知 大约在十年前，汽车智能化变革伊始，长城汽车便主动布局，设立长城汽车技术中心的智能驾驶前瞻分部，专注于自动驾驶技术的研发，涵盖 感知、决策、高精地图、域控制器等模块。2019年11月，长城汽车将该部门独立出来，放在北京，成为毫末智行的开端。 作为长城汽车新组成部分，毫末智行有着很硬核的管理团队，长城汽车技术中心的班底，加上百度、华为出身的工程与技术资本专家，在当时 车企对智能化加大投入的背景下，毫末智行被市场看好。 天眼查信息显示，毫末智行自创立至今已完成7轮融资，背后投资方聚集了美团、高瓴、高通、九智资本、首程控股等知名机构。在2021年12 月，毫末智行完成近10亿元A轮融资，投后估值超10亿美元，跻身独角兽行列。 | | | | 毫末智行融资历程信息 | | | --- | --- | --- | --- | --- | | 序号 | 披露目期 | 融资轮次 | 融资金额 ...

Core Insights - The launch of Chery's Starway ET5 equipped with Horizon HSD marks a significant breakthrough in China's smart driving industry, bringing advanced intelligent driving experiences to mass-market vehicles priced around 150,000 yuan [2][11] - Horizon HSD aims to challenge Tesla's dominance in high-level intelligent driving, facilitating a collective effort among Chinese automakers to surpass industry benchmarks [2][11] Industry Challenges - The Chinese intelligent driving sector faces two main challenges: a focus on high computing power without sufficient algorithm optimization, leading to high hardware costs and limited consumer experience, and the use of segmented technology solutions that result in performance issues [5] - Horizon HSD addresses these challenges with an end-to-end architecture and reinforcement learning, enhancing the driving experience in complex urban scenarios [5] Technological Advantages - Horizon HSD features the "Zhengcheng 6P" chip, providing 560 TOPS of computing power, enabling efficient deployment of advanced driving models [5] - The system's architecture allows for rapid iteration and improvement, with performance enhancements expected to be significant within short timeframes [7] Production Capabilities - Horizon has established itself as the first company to achieve mass production across all levels of driving assistance, with over 40 partnerships and more than 400 models covered, achieving a market share exceeding 30% in the smart driving solutions for domestic passenger vehicles [8] - The company emphasizes a strong engineering and production capability, ensuring seamless integration of technology and mass production [8] Open Empowerment Strategy - Horizon's open empowerment model contrasts with Tesla's closed ecosystem, allowing various automakers to adopt high-level intelligent driving systems without extensive R&D investments [10] - The technology is now accessible to mainstream vehicles priced below 150,000 yuan, breaking the previous barrier that limited advanced driving systems to luxury models [10] Future Goals - Horizon aims to achieve a production target of 10 million units for HSD in the next 3-5 years, driving the widespread adoption of advanced driving assistance systems [11] - The company's efforts are positioned to enhance China's competitiveness in the global smart driving landscape, contributing to a collective advancement beyond Tesla [11]

高管增持释放积极信号。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，香港联交所网站11月27日显示，深圳佑驾创新科技股份有限公司（2431.HK） 联合创始人、董事长兼CEO刘国清以个人名义增持公司5万股，平均价每股约15.88港元。此次增 持，体现了佑驾创新管理层对公司业务基本面与中长期成长价值的坚定看好，为公司未来发展注入积 极信号。 从业务表现看，佑驾创新在核心业务与新兴赛道均实现飞跃。根据2025年上半年业绩报告，佑驾创 新收入同比增长46.1%，其中L4新业务实现关键突破，半年内营收达千万元。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 截至2025年6月底，佑驾创新已累计为42家整车厂量产，客户覆盖上汽、长安、奇瑞等国内主流品 牌与合资车厂，展现出强大的产业渗透与商业化能力。近日，佑驾创新高阶辅助驾驶域控iPilot 4 Plus再获头部自主品牌两款车型定点，智能座舱方案也新获全球知名车企旗下合资品牌、豪华品牌 定点。叠加平台化开发提效，将进一步释放规模效应、提高盈利能力、实现持续" ...

摩根大通此前发布研报称，相信地平线机器人具竞争力的产品性能与定价策略，将有助公司持续扩大市 占率并驱动增长。此外，机器人产品线可带来增量营收并支撑长期增长。该行预测公司2024至2027年营 收复合年增长率达56%，2028年将实现73%的年增长率，此趋势应能推动股价进一步上扬。 地平线机器人-W(09660)午前涨超4%，截至发稿，涨3.7%，报7.84港元，成交额4.57亿港元。 消息面上，11月13日，星途汽车旗下全新车型星途ET5正式开启预售，全球首搭地平线HSD城区辅助驾 驶系统与征程6P计算方案。地平线近期公布，HSD已获得国内外多达10家车企品牌，超20款车型的定 点合作。随着HSD首批合作车型的规模化量产，地平线也成为业界首家实现低、中、高全阶辅助驾驶量 产的智驾科技公司。 ...