地平线机器人（9660.HK）系列点评一 2025H1 营收超预期 产品解决方案量价双升 2025 年 08 月 29 日 ➢ 事件：公司发布 2025H1 财报：2025H1 实现营收 15.67 亿元，同比 +67.64%；归母净利润为-52.33 亿元，同比-1.35 亿元；Non-GAAP 净利润为 -13.33 亿元，同比-5.29 亿元。 ➢ 2025H1 营收高速增长 产品解决方案为增长引擎。1）收入端：2025H1 实 现营收 15.67 亿元，同比+67.64%，主要系征程 6 处理硬件出货量快速增长， 驱动汽车产品解决方案业务收入同比+250%所致；2）利润端：2025H1 归母净 利润为-52.33 亿元，同比-1.35 亿元；Non-GAAP 净利润为-13.33 亿元，同比 -5.29 亿元。2025H1 毛利率为 65.36%，同比-13.68pct，其中汽车产品解决方 案业务毛利率为 45.6%，同比+3.9pct，产品解决方案出货量快速增长导致公司 整体毛利率下降；3）费用端：2025H1 销售/管理/研发/财务费用率分别 17.37%/19.60%/146.80%/10.86 ...

研究员：徐慧雄/者斯琪 事件：地平线发布2025 年半年报，营收15.67 亿，同比+67.6%；经营亏损15.9 亿，同比亏损扩大；经调 整经营亏损11.1 亿，同比亏损扩大。 2025 上半年营收高速增长，加大云端算力投入1) 分业务板块来看：①产品解决方案产品线量价齐升， 实现营收7.78 亿元，同比大幅增长249.97%。上半年公司征程系列处理硬件出货量达到198 万套，同比 实现翻倍增长；其中更高价值量的支持高速NOA 功能的处理硬件出货量达到98 万套，占出货量的 49.5%，为去年同期的六倍。②授权及服务实现营收7.4亿元，同比+6.9%。客户结构明显改善，去年同 期授权及服务营收主要来自于合作伙伴酷睿程，2025 年上半年授权及服务业务的客户集中度明显下 降。我们认为主要得益于公司获得的中高阶方案定点增多以及海外定点项目带来的软件服务收入增加。 上半年公司向超过30 家OEM 及生态合作伙伴授权算法和软件。 机构：国投证券 2) 毛利率：2025H1 公司毛利率65.36%，同比-13.76pct，同比下降主要系公司收入结构变化，高毛利的 授权及服务占比下降。 3) 费用端：2025H1 公司 ...

Core Viewpoint - Horizon Robotics (09660.HK) reported significant revenue growth but also an increase in losses for the second quarter and first half of 2025, driven by ongoing R&D investments and product optimization in a competitive smart driving market [1][10]. Financial Performance - Revenue for the first half of 2025 reached 1.567 billion yuan, a year-on-year increase of 67.6% [2] - Automotive solutions contributed 1.516 billion yuan, growing by 66% [2] - Product solutions surged to 777 million yuan, marking a 250% increase [2] - Gross profit was 1.024 billion yuan, up 38.6%, with a gross margin of 65.4% [2] - Operating loss expanded to 1.592 billion yuan, a 44% increase [2] - Net loss for the period was 5.233 billion yuan, up 2.6% [2] - R&D expenditure reached 2.3 billion yuan, increasing by 62% [2] - Cash reserves stood at 16.1 billion yuan [2] Highlights and Progress - Revenue growth was driven by both volume and price increases, with product solutions revenue reaching 778 million yuan, a 3.5-fold increase [4] - Shipment volume of automotive-grade processing hardware doubled to 1.98 million units [4] - Average selling price of product solutions increased to 1.7 times that of the previous year due to a higher proportion of high-value chips [4] - The share of mid-to-high-end assisted driving products rose to 49.5% of total shipments, contributing over 80% of revenue [5] - Software licensing and service revenue grew to 738 million yuan, a 6.9% increase [6] - Market share in China's autonomous brand automotive market reached 32.4% for assisted driving solutions and 45.8% for ADAS front-view integrated machines, both leading the market [6] - Successful international collaborations with major automotive groups, including partnerships with Volkswagen and Japan's largest automotive group, have been established [6] Future Outlook - The focus is on the mass production of high-level driving solutions (HSD), with several models already designated for production [8] - Improvement in profitability is anticipated as high-end products continue to scale and the HSD solution is launched [8] - Global expansion efforts with international automotive companies and Tier 1 suppliers are expected to create new growth opportunities [8]

Core Insights - Horizon Robotics (09660.HK) reported a revenue of 1.567 billion RMB for the first half of 2025, marking a year-on-year growth of 67.6% [1] - The company's gross profit reached 1.024 billion RMB, with a gross margin of 65.4%, reflecting a 38.6% increase year-on-year [1] - Cash reserves are robust, amounting to 16.1 billion RMB, providing a solid financial foundation for future growth [1] Business Performance - Revenue from automotive products and solutions surged to 778 million RMB, a remarkable year-on-year increase of 250.0%, with a shipment volume of 1.98 million units, doubling from the previous year [1][2] - The shipment of hardware supporting highway-assisted driving reached 980,000 units, a sixfold increase compared to the same period last year, contributing 80% of the revenue from products and solutions [1] Software and Services - Horizon Robotics generated 739 million RMB from software and service business, a 6.9% increase year-on-year, supported by the significant rise in product and solution revenue [2] - The dual-core business model of products and solutions alongside software and services is expected to sustain the company's growth momentum [2] Market Position and Partnerships - As of August 2025, the cumulative shipment of the Journey series processing hardware surpassed 10 million units, making Horizon the first smart driving technology company in China to achieve this milestone [2] - The company secured nearly 400 new model designations, with over 100 models featuring highway-assisted driving capabilities [2][3] International Expansion - Horizon is actively expanding its international presence, collaborating with major global automotive brands, including Volkswagen and Japan's largest automotive group [3] - The new generation basic assisted driving solution, Horizon Mono, is expected to deliver 7.5 million units over its lifecycle, enhancing the company's sales potential [3] Research and Development - R&D expenditure reached 2.3 billion RMB, a 62% increase year-on-year, primarily focused on urban driving system solutions [4] - The Horizon Super Drive (HSD) system has undergone significant iterations, offering advanced capabilities for complex urban driving tasks [4] - HSD has already secured multiple model designations, with the first model, the Xingtu E05, set to enter mass production soon [4]

中国首个光量子计算机制造工厂落地深圳南山 人工智能芯片等需求爆发下光刻胶快速市场发展 地平线余凯：未来五至十年全行业最终会走向全场景无人驾驶 【今日导读】 四星入轨，开启"联通星系" 量产节点临近，机构称固态电池已处于商业化前夕 随着应用端推理需求大爆发，ASIC芯片迎来黄金发展期 【主题详情】 中国首个光量子计算机制造工厂落地深圳南山 据创新南山公众号，近日，国内量子计算领军企业——北京玻色量子科技有限公司（以下简称"玻色量 子"）自建的"专用光量子计算机制造工厂"正式落地深圳南山区。同时，玻色量子在南山智城注册成 立"深圳玻色智能制造科技有限公司"和"深圳玻色量子科技有限公司"两家子公司，分别负责相干光量子 计算机整机及核心部件的规模化生产任务和相干光量子计算机销售与技术服务。此次玻色量子自建的国 内首个规模化专用光量子计算机制造工厂，建成后预计年产光量子计算机可达数十台/套，可形成专用 光量子计算机的批量生产产能。 中国报告大厅网数据显示，预计到2029年，全球量子科技市场规模将增长至97.58亿美元。华创证券表 示，政策与技术共振，量子科技产业化进程加速。近年来，基于中等规模含噪声量子处理器（NISQ ...

8月27日，地平线机器人（09660.HK）发布2025年上半年业绩公告，交出了一份令人瞩目的成绩单。公告显示，上半年实现营业收入15.67亿元，同比增长 67.6%，创下历史新高。毛利润达到10.24亿元，综合毛利率保持在65.4%的行业领先水平。截至6月30日，公司现金储备高达161亿元，为后续技术研发和 市场拓展提供了充足弹药。 这份亮眼的财报背后，是中国智能驾驶市场迎来历史性拐点的最佳印证。行业数据显示，2025年上半年，中国乘用车市场辅助驾驶渗透率首次突破60%大 关，呈现出爆发式增长态势。地平线创始人、CEO余凯对此指出："智驾正快速下探至主流市场——目前在中国，每售出10辆乘用车，就有超过6辆搭载辅 助驾驶系统，其中2辆以上已具备中高阶辅助驾驶能力。" 余凯进一步强调，高阶智能驾驶系统将在未来2到3年内逐渐成为市场标配。"预计不久之后，10万至15万元价位的主力车型，也将全面标配城市工况 NOA。" 高阶智驾转折点已至 2025年被业内誉为"智驾普及之年"，地平线业绩延续了去年"狂飙"增长的趋势。深入剖析财务数据，产品及解决方案业务成为推动业绩大涨的核心引擎。 报告期内，地平线产品及解决方案业务 ...

Core Insights - The article highlights the rapid growth of Horizon Robotics, driven by the trend of "intelligent driving equality," with a significant increase in revenue and product shipments [2][3] - The company aims to become the leader in intelligent driving solutions, with a focus on high-end products and a strategic push for market penetration [2][4] Financial Performance - Horizon's total revenue for the first half of 2025 reached 1.57 billion yuan, marking a year-on-year increase of 67.6% [2] - The product solutions business saw a shipment volume of 1.98 million units, doubling from the previous year, with high-end products accounting for 980,000 units, a sixfold increase [2] - The average value per vehicle for product solutions increased by nearly 70%, contributing to a 3.5 times growth in revenue for this segment, totaling 778 million yuan [2] Market Trends - The penetration rate of advanced driver assistance systems (ADAS) among domestic brands rose from 51% at the end of 2024 to 59% in the first half of 2025, surpassing the 44% penetration rate of new energy vehicles [3] - The overall penetration rate of ADAS in China's passenger vehicles reached 65.6%, with high-end intelligent driving features accounting for 32.4% [3] - Canalys predicts that the penetration rate of L2 and above intelligent driving functions in the Chinese market will further increase to 62% this year [3] Competitive Landscape - Horizon Robotics is not the only player in the intelligent driving market, with competitors like Momenta, Pony.ai, and WeRide also advancing rapidly [4] - The company is set to launch its Horizon Super Drive (HSD) system, which is designed to provide a seamless driving experience comparable to Tesla's Full Self-Driving (FSD) [5][6] Strategic Initiatives - HSD aims to make high-level intelligent driving solutions more accessible, targeting a market where 80% of passenger vehicles sold are priced above 100,000 yuan [6] - Horizon has secured over 10 models from various automakers for HSD, with mass production plans set for the second half of 2025 [7] - The company is currently in an investment phase, with an adjusted operating loss of 1.11 billion yuan, primarily due to R&D expenditures for HSD and cloud service costs [8]

Group 1 - The report maintains an overweight rating on the automotive industry, highlighting that Robotaxi is approaching a commercialization inflection point driven by policy support, technological maturity, and cost reductions [5][65]. - Robotaxi is defined as an autonomous taxi service that operates without human drivers, utilizing advanced technologies such as sensors, artificial intelligence, and high-precision maps for navigation and decision-making [14][16]. - The report indicates that the global market for Robotaxi services is expected to reach $1.6 billion by 2025, with exponential growth projected to $119.2 billion by 2030 and $462.7 billion by 2035, showcasing significant development potential [5][56]. Group 2 - The report emphasizes that Robotaxi can significantly reduce traffic accident rates and improve travel efficiency, with data showing that 94% of traffic accidents are caused by human error, which Robotaxi systems can mitigate through advanced algorithms and multi-sensor integration [29][30]. - The report notes that the cost of Robotaxi services is expected to decline significantly, with projections indicating that by 2030, the operating cost could drop to $1.0/km, which is 42% of the cost of human-driven taxis [50][56]. - The report identifies key players in the Robotaxi sector, including companies like Xiaoma Zhixing, Baidu's Luobo Kuaipao, and WeRide, which are leading the commercialization efforts in China [19][21]. Group 3 - The report highlights the importance of core components in the Robotaxi ecosystem, noting that the cost of essential parts like LiDAR has decreased significantly, with Xiaoma Zhixing's seventh-generation Robotaxi hardware costs dropping from 1 million yuan to 270,000 yuan [45][46]. - The report suggests that the Robotaxi model has the potential to transform transportation methods, with a market penetration rate of less than 2% currently, indicating substantial room for growth as costs decrease and consumer acceptance increases [49][50]. - The report recommends focusing on related component companies such as Juxing Technology, Yutong Optical, and Junsheng Electronics, which are positioned to benefit from the growth of the Robotaxi market [5][65].

封面图片来源：每日经济新闻 资料图 地平线业绩高增长背后，是国内智能驾驶市场的快速发展，尤其是眼下中高阶辅助驾驶功能正快速普 及。据财报及业绩会披露，2025年上半年，地平线产品及解决方案业务收入约7.78亿元，为去年同期的 3.5倍；总出货量198万套，实现了翻倍增长。值得注意的是，支持高速NOA和城区NOA的中高阶方案 出货约98万套，同比增长6倍，占总体出货比例近50%，贡献该业务超80%收入。 "在中国每售出10辆乘用车，超过6辆已搭载辅助驾驶配置，其中超过2辆具备中高阶辅助驾驶能力。"地 平线创始人兼CEO余凯在业绩会上表示，这一结构性变化推动地平线实现"量价齐升"，中高阶产品带动 平均单车价值量同比提升70%。 除了硬件解决方案，地平线通过IP授权与服务实现收入7.38亿元，同比增长6.9%。截至目前，公司累计 获得近400个车型定点，其中超过100款具备中高阶辅助驾驶功能，2025年上半年已有15款合作车型量产 上市。 在技术推进方面，地平线持续加大研发投入，上半年研发支出23亿元，同比增长62%，主要用于全场景 城区辅助驾驶系统Horizon SuperDrive（HSD）的开发。余凯透露，H ...

中证报中证网讯(龚梦泽熊永红)8月27日，地平线机器人-W(以下简称地平线)发布2025年上半年业绩公 告。公告显示，公司上半年收入15.67亿元，同比增长67.6%；毛利润10.24亿元，综合毛利率65.4%；现 金储备161亿元。2025年上半年地平线总体业绩延续去年增长势头，核心财务指标持续向好。 进入2025年，国内汽车市场迈向智能驾驶普及大年。数据显示，上半年自主品牌车企销量强劲增长，市 场份额已占据中国乘用车市场的63%以上，同时，辅助驾驶渗透率已从2024年底的51%上升至2025年上 半年的59%。用户对辅助驾驶功能接受度不断提高，辅助驾驶功能正成为主流刚需。 庞大的市场需求，为地平线产品及解决方案业务翻倍式增长提供广阔空间。2025年上半年，地平线产品 及解决方案业务收入较去年同期翻3.5倍增长，营收7.78亿元；出货量198万套，同比翻倍增长。 具体来看，地平线中高阶产品解决方案实现出货量98万套，较去年同期激增6倍；占总出货量的 49.5%，并贡献了产品及解决方案业务超过80%的收入。凭借优异的增长潜力，富时全球指数中国大盘 股、MSCI中国指数等全球权威指数已经纷纷将地平线纳入成分股。 ...