招股书显示，魔视智能成立于2015年，是一家专注于AI模型驱动的智能驾驶技术公司。公司为主机厂 及一级供应商提供具备L0级至L4级智能驾驶功能的软硬一体解决方案，助力其智能化转型并推动智能 驾驶的普及。 魔视智能产品组合包括行车解决方案（Magic Drive）、自动泊车解决方案（Magic Parking）和主动安全 解决方案（Magic Safety）等。目前，魔视智能已与广汽、比亚迪（002594）、吉利、奇瑞、北汽、长 城、长安、东风、上汽、一汽等国内外主流车企建立合作，业务范围拓展至美洲、欧洲、东南亚、中东 及大洋洲等多个海外市场。截至报告期，公司智能辅助驾驶解决方案已获选用于92款车型，交付超过 330万套。 魔视智能科技（上海）股份有限公司（下称魔视智能）近日向港交所提交上市申请书，联席保荐人为国 泰君安国际、国信证券（香港）。值得注意的是，魔视智能过去3年半累计亏损超7亿元，仍未盈利。 毛利率方面，魔视智能2022年至2024年的毛利率分别为25.6%、13.7%、14.2%。公司2025年上半年毛利 率为20.1%，较去年同期的10.0%增长10.1个百分点。 魔视智能此次IPO募集资金将用 ...

Core Insights - The company has launched a new brand name "AFARI" and logo, indicating a strong commitment to accelerate AI integration and international development [2] - Since its rebranding and AI integration last year, the company has implemented an "AI+" strategic transformation, leveraging its manufacturing base in Chongqing and partnerships in the automotive sector [2] - The company has established a comprehensive business layout in intelligent driving, intelligent cockpit, and smart mobility within a year [2] Intelligent Driving - The intelligent driving system is transitioning to a development phase driven by AI large models [2] - The technology route balances performance and cost effectively, showcasing sustainable implementation prospects [3] Intelligent Cockpit - The combination of large models and cockpit technology is expected to significantly enhance user experience, with customer value projected to be on par with intelligent driving [2] Smart Mobility - With technological iterations, cost reductions, and policy openness, Robotaxi is anticipated to enter a rapid popularization phase in the next three years [2] - The company aims to complete the full-chain industrial layout for Robotaxi within the next 18 months [2]

按2024年L0至L2+级解决方案收入计算，魔视智能在中国第三方提供商中排名第三。公司是中国首批实 现自研AI模型开发的乘用车智能驾驶解决方案量产的公司之一，并已实现全球车型量产的市场覆盖。 其平台兼容超过10个主要智能驾驶芯片平台，并且适配新芯片平台和部署新算法的速度远快于行业平均 水平。 魔视智能向港交所提交上市申请，国泰君安国际、国信证券(香港)为联席保荐人。 公司的技术能将新车型的推出周期缩短至最短三个月。 公司拥有从底层算法到应用层的全栈自研技术体系，包括算法、模型、数据治理及智能驾驶软硬件核心 技术。魔视智能为主机厂及一级供应商提供L0至L4级智能驾驶功能的软硬一体解决方案。截至报告 期，公司解决方案已获选用于92款车型，交付超过330万套。 ...

公司为主机厂及一级供应商提供L0级至L4级智能驾驶功能的软硬一体解决方案，产品组合包括 MagicDrive（行车解决方案）、MagicParking（自动泊车解决方案）和MagicSafety（主动安全解决方 案）。这些解决方案采用模块化设计，高度可定制，客户可按需选择组合功能。往绩记录期间，其解决 方案已被主机厂客户选用于92款车型，交付超330万套，彰显了强大的技术实力。公司的合作车企众 多，乘用车领域有奇瑞、广汽、北汽、上汽等，商用车领域则包括陕重汽、宇通客车（600066）、开沃 汽车等。 根据灼识咨询的资料，魔视智能是中国智能驾驶解决方案行业中少数具备自研AI算法设计的第三方提 供商，按2024年L0—L2级(包含L2+)解决方案的收入计算，在该等提供商中排名第三；公司同时是中国 首批实现以自研AI模型开发的乘用车智能驾驶解决方案量产的公司之一；公司是中国首批为主机厂的 全球车型实现量产的、市场覆盖范围最广的第三方智能驾驶解决方案提供商之一，包括美洲、欧洲、东 南亚、中东及大洋洲；此外，魔视智能的平台为业内功能最全面，兼容逾10个国家及国内主要智能驾驶 芯片平台。 日前魔视智能向港交所递交上市申请 ...

Core Insights - Tesla's FSD version 14 is expected to be released soon, with significant improvements in driving experience, likened to having "perception" [1] - The FSD system's competitive data loop capabilities provide a solid foundation for rapid iteration and performance enhancement [2] - The anticipated performance improvements from FSDV14 may exceed market expectations due to substantial growth in model parameters and the introduction of multimodal capabilities [3] Group 1: FSD Version Updates - FSDV14 is projected to be released next week, followed by versions 14.1 and 14.2, with 14.2 expected to deliver unprecedented intelligence in driving experience [1] - The FSD system has shown significant improvements in key metrics, such as city takeover mileage increasing from an average of approximately 100 miles per instance in FSD12 to over 200 miles in FSD13 [2] Group 2: Performance and Data Capabilities - The rapid growth in model parameters may lead to performance improvements that surpass the expected linear enhancements, potentially due to foundational changes similar to large language models [3] - The introduction of SDF network technology and audio data allows FSDV14 to achieve a refined understanding of the physical world, transitioning from single-visual capabilities to multimodal collaboration [3] Group 3: Investment Analysis - If FSDV14's performance exceeds expectations, it could drive technological transformation in the autonomous driving industry, with a focus on companies like XPeng Motors and Li Auto [4] - The release of FSDV14 may further advance Tesla's Robotaxi business, prompting interest in related domestic companies such as Pony.ai and WeRide [4]

Core Viewpoint - Horizon is accelerating its entry into the Robotaxi sector by raising approximately HKD 58 billion through a share placement, aiming to invest in new fields, particularly Robotaxi, while also expanding overseas and enhancing R&D capabilities [3][5][6]. Financing Details - Horizon plans to raise around HKD 58 billion through a "old shares first, new shares later" placement, issuing 639 million new shares at a price of HKD 9.99 per share, which is a 5.75% discount from the previous closing price of HKD 10.60 [3][4]. - The total amount raised is expected to be approximately HKD 63.4 billion, making it one of the largest single financings in recent years for the company [3]. Investment Focus - The funds will be allocated to invest in new areas such as Robotaxi, expand overseas operations, enhance R&D for advanced driving solutions, and make strategic investments in upstream and downstream partners [5][6]. - Horizon believes that the current market conditions present a good opportunity for financing, allowing for the attraction of new investors and strengthening its capital structure [5]. Industry Context - The Robotaxi market is anticipated to experience explosive growth, with projections estimating a market size of USD 40 to 45.7 billion by 2030, reflecting a compound annual growth rate (CAGR) exceeding 60% [6]. - Major players like Tesla, Waymo, and Baidu have made significant advancements in their Robotaxi operations, indicating a shift from technology validation to large-scale implementation [6][7]. Strategic Partnerships - Horizon has entered into a strategic partnership with Hello Chuxing, where Horizon will serve as the "technology base company" to develop L4 autonomous driving software and hardware for Hello's Robotaxi fleet [8]. - The first mass-produced Robotaxi fleet from Hello is expected to reach a scale of 10,000 units by 2026 and over 50,000 units by 2027, creating a fully autonomous and commercially viable operation [8]. Competitive Landscape - The industry has seen a surge in interest and activity in the Robotaxi sector, particularly following Tesla's successful deployment of its Robotaxi fleet in Texas, which has influenced optimism across the market [10][11]. - Horizon is adopting a gradual approach similar to Tesla's, focusing on building a solid L2 foundation before advancing to L4 capabilities, which is seen as a more effective path to achieving full autonomy [11][12]. Market Position - Horizon has established partnerships with over 40 global automotive brands, with plans for mass production of its HSD technology, aiming for a target of 10 million units in the next 3 to 5 years [12]. - The company holds a 33.97% market share in the domestic autonomous driving computing solutions sector, positioning itself as a leading supplier among Chinese brands [12]. Future Outlook - Horizon's founder has emphasized the company's long-term goal of achieving L4 autonomy, with the entry into the Robotaxi market seen as a critical step in this journey [13]. - The competitive landscape is expected to evolve, with fewer players remaining as the market matures, focusing on product quality, organizational capability, and rapid iteration [13].

Core Insights - The recent collaboration involves the merger of three teams: Geely Research Institute, Zeekr Autonomous Driving Team, and Maichi Intelligent Mobility into a joint venture named Chongqing Qianli Intelligent Driving [1] Group 1: Company Developments - The chairman of Qianli Technology, Yin Qi, indicated that the current integration is only a small part of the overall expectations [1] - Yin emphasized the necessity of two organizational capabilities for the intelligent driving system: strong AI native capabilities and a robust engineering team, both of which are essential for success [1] Group 2: Team Integration - The integration of the three teams is seen as a complementary effort, but Yin acknowledged that team fusion will require time [1] - There is confidence in forming a strong team and operational capability within a short timeframe of 2-3 months [1]

Summary of Conference Call Records Industry Overview - The conference call discusses the intelligent driving industry, focusing on the transition from L2 to L4 automation levels, with key players like Xiaopeng, Geely, Horizon Robotics, and Hezhima actively involved in Robotaxi and Robotman businesses [1][2][4]. Key Points and Arguments Regulatory and Technological Developments - The L2 combination driving scheme national standard has been released, with plans for implementation by 2027, indicating a significant regulatory milestone for the industry [2][4]. - Major automotive companies and suppliers are enhancing their capabilities, with new technology iterations expected in Q4, including Huawei ADS 4.0 and Xiaopeng XOS 5.7.7 [3][8]. Company-Specific Insights - **Horizon Robotics**: - Recently completed a second round of financing amounting to approximately 5 billion RMB (over 800 million USD), with limited impact on stock price but presenting investment opportunities [1][4]. - Aims to increase chip shipments from 2 million in the first half of the year to 4 million for the full year, with a target of 5.5 million for next year [3][9]. - Current market valuation is around 150 billion RMB, corresponding to a 30x price-to-sales (PS) ratio, indicating significant growth potential [3][9]. - **Hezhima**: - Recognized as the second-largest intelligent driving chip supplier in China, with a projected revenue growth of 50-60% next year, despite a lower market valuation of 10x PS [1][5]. - Actively expanding its customer base, including international markets and collaborations with Desay SV [1][5]. Market Dynamics - The self-developed algorithms account for half of the intelligent driving algorithm market, with Momenta leading among third-party suppliers, holding a 60-70% market share [1][6]. - Other notable suppliers include Yuanrong Qixing and Qingzhou Technology, primarily founded by AI talents from Baidu [1][6][7]. Financing and Market Position - **Momenta**: - Plans to go public in the US by the second half of 2025, having raised over 1.2 billion USD in cumulative financing, making it the most funded algorithm supplier in the secondary market [3][10]. - **Yuanrong Qixing and Qingzhou Technology**: - Yuanrong has raised over 500 million USD, with significant investments from Great Wall Motors, while Qingzhou has secured over 200 million USD in financing, primarily from Chery [10]. Competitive Landscape - Major automotive companies are diversifying their partnerships for intelligent driving solutions, with companies like BYD, Geely, and Great Wall Motors collaborating with various algorithm suppliers [14][15]. - The next two years are critical for these companies as they transition from primary to secondary markets, with Horizon and Hezhima already listed and Momenta planning to list soon [14][15]. Additional Important Insights - The intelligent driving chip market is expected to see significant growth, with Horizon's high-end chip G6P anticipated to contribute substantially to revenue in the coming year [9]. - The competitive landscape is characterized by a mix of established players and emerging startups, with ongoing technological advancements driving the market forward [8][11][12].

【千里科技： 未来十八个月完成Robotaxi全链路产业布局】智通财经9月28日电，在今晚举行的"AI重庆 智驾之夜暨千里科技品牌发布会"上，千里科技董事长印奇表示，Robotaxi在未来三年将进入快速普及 期，为此制定了一个在未来十八个月完成Robotaxi全链路产业布局的计划，"第一，我们正在加速研发 L4级别的智能驾驶解决方案，并计划在明年年中发布，然后我们会与吉利推动整车的研发，打造兼顾 安全性、便捷性和舒适性的Robotaxi专用硬件载体，此外，我们会与国内外领先的出行服务提供商共同 打造Robotaxi的运营服务平台；第二，我们计划与合作伙伴一起在全球范围内十个城市启动商业运营服 务；第三，我们目标在单一城市布局超过1000台Robotaxi。"小财注：千里科技在今晚发布了全新英文 名"AFARI"与新Logo。（智通财经记者 刘建） 转自：智通财经 ...

【#李书福谈与千里科技董事长相识#：一见如故，相见恨晚，一拍即合】今日举办的AI重庆智驾之夜 暨千里科技品牌发布会上，吉利控股集团董事长李书福与千里科技董事长印奇进行现场对话。#千里科 技董事长回应奔驰入股# 分享中，李书福谈及自己与印奇的相逢相识时表示，我与他的认识是在一个非常聪明的人介绍下认识 的。对方说他"他（印奇）很聪明，我考核后确实证明他很聪明。"李书福表示，自己与印奇"一见如 故"，"相见恨晚"，"一拍即合"。 "希望印奇下决心，认准一个方向，坚定一个信念，凝聚一个力量，完成一个使命。"李书福表示，"你 （印奇）的使命就是，要带领千里走向无限广阔的未来。"（新浪科技） "未来是属于你的。"作为千里科技旗下千里智驾股东方，李书福现场释放了吉利对印奇管理千里智 驾"充分授权"的信号。并进一步表示，"在人工智能时代，我相信印奇一定会很有作为，一定如鱼得 水，如虎添翼。" ...