Group 1 - The 2025 IAA Mobility exhibition in Munich showcased AiChip's first demonstration of its advanced driver assistance solution developed in collaboration with STRADVISION, featuring a front-view perception integration based on AiChip's M57 [1] - The solution supports various functions such as static object detection, vehicle/pedestrian detection, lane/road boundary detection, traffic sign/light recognition, and free space detection, enabling L2 level ADAS functionalities like AEB, ACC, and LCC [1] - The solution is optimized for ultra-low power consumption, making it highly competitive in the global driver assistance market, and is fully compliant with the upcoming AEB regulations in China [1] Group 2 - AiChip's important perception partner, Nulmax, also showcased its perception solution at the exhibition, which is focused on intelligent driving applications and has been validated across multiple vehicle models [2] - Nulmax's forward perception algorithm, based on M57 and its self-developed BEV-Transformer platform, features long perception distances and over 20 frames per second, enhancing 3D object detection and lane line recognition accuracy [2] - AiChip aims to expand its market beyond domestic boundaries, providing intelligent computing solutions for both domestic and international automotive manufacturers [2]

Core Viewpoint - The company believes that the smart driving sector is a "long slope with thick snow," indicating that while competition is fierce, the market is far from reaching its conclusion. The ability to deeply bind technology, products, and customers is key to ultimate success [1] Market Perspective - The entire smart driving market is rapidly expanding, with increasing penetration rates and a swift evolution of functionalities from L2 to L2+ and L3, creating significant incremental space [1] Customer Strategy - The company is committed to strategic cooperation with leading automotive manufacturers to achieve deep binding relationships [1] Technological Development - The company has laid out a multi-dimensional perception product strategy, including camera perception systems, ultrasonic radar systems, and millimeter-wave radar systems, while also making forward-looking investments in perception fusion algorithms to build technological barriers [1] - The company insists on core technology being self-controllable and provides higher performance and lower-cost solutions through integrated hardware and software [1]

Core Insights - The establishment of a European subsidiary in Brunswick marks Shenzhen Zhuoyu Technology's strategic entry into the European market, emphasizing a "full-stack self-research + localized adaptation" model for smart driving technology [1][3] - The company aims to deploy scalable Advanced Driver Assistance Systems (ADAS) and autonomous driving solutions, focusing on compliance with EU regulations and safety architecture [1][2] Group 1 - Zhuoyu Technology has initiated the formation of a multi-functional team in Germany to respond quickly to regional demands [1] - The company plans to expand its product matrix in Europe, introducing smart cockpit solutions, multi-modal interaction platforms, and next-generation perception modules [1][2] - The company expects to cover all of Germany with testing vehicles and scenarios by next year, with ongoing investments in computing power and infrastructure [1] Group 2 - Zhuoyu Technology showcased integrated hardware and software solutions at the Munich International Motor Show, including the industry-first vehicle-grade laser and vision integration solution "Jimu 2.0" [2] - The company has achieved mass production based on Qualcomm's Snapdragon RideTM platform, marking a significant milestone in its collaboration with Qualcomm [2] - The company aims to leverage generative AI and large model technologies in smart driving, accelerating the iteration and large-scale implementation of L2 to L4 autonomous driving technologies [2][3] Group 3 - Analysts suggest that Zhuoyu Technology could become a benchmark for technology export following CATL, potentially transitioning from a technology follower to a rule-maker in the industry [3] - The company's core philosophy of "In Europe, for Europe" will drive its efforts in promoting the global scaling and innovative application of smart driving technology [3] - The participation in the IAA exhibition serves as a formal announcement of Zhuoyu Technology's European strategy and aims to build an industry ecosystem with upstream and downstream partners [3]

在战略合作伙伴方面，Momenta在IAA前夕与法雷奥达成全面合作，双方将联合开发中高阶组合驾驶辅 助系统及自动驾驶产品，进一步巩固了Momenta在全球自动驾驶领域的领先地位。 此次IAA Mobility 2025上的精彩表现，不仅彰显了Momenta作为中国AI科技代表的全球影响力，更为智 能驾驶技术的普及与未来智慧出行的发展描绘了宏伟蓝图。随着与全球伙伴合作的深化和技术创新的持 续突破，Momenta正稳步迈向智能驾驶的新纪元。 与此同时，Momenta与全球最大移动出行平台Uber的战略合作也迈入新阶段。双方计划于2026年在慕尼 黑启动L4级自动驾驶Robotaxi的商业化运营，此举不仅将重塑欧洲出行方式，更预示着Momenta在欧洲 自动驾驶服务领域的规模化落地即将开启。 技术层面，Momenta持续引领创新。公司推出的R6飞轮大模型，作为全球领先的辅助驾驶算法，实现了 端到端基础上的强化学习大模型量产落地。该模型通过模拟环境探索新驾驶行为，实现自我快速成长， 驾驶能力有望超越人类水平。此外，Momenta的"无图端到端"方案，不依赖高精地图，实现了全球范围 内的快速部署，成为中国智能驾驶技术出 ...

Core Insights - Uber and Momenta have announced Munich as the launch city for their joint Robotaxi project, expected to start operations in 2026, highlighting strategic considerations for entering the European market [1][2] - Momenta's approach to Robotaxi services emphasizes a "flywheel" strategy that integrates L2 and L4 autonomous driving technologies, aiming for efficient collaboration and rapid iteration [2][3] - The cost of smart driving technology is decreasing, with L2 level assistance in China surpassing a 50% adoption rate, indicating a shift from luxury to standard features in vehicles [5][6] Group 1: Strategic Considerations - The choice of Munich for the Robotaxi project is influenced by Europe's stringent regulations and data compliance requirements, which could facilitate easier expansion into other global markets [1] - Momenta's partnerships with major automotive manufacturers, including Mercedes-Benz and BMW, position the company favorably for growth in the European market [3] Group 2: Technological Advancements - Momenta's Robotaxi service will utilize mass-produced vehicles, allowing for a unified software algorithm and sensor solution, which is expected to accelerate the commercialization of Robotaxi services [2] - The rapid deployment of Momenta's smart driving systems has seen over 400,000 vehicles equipped, with significant acceleration in the adoption rate over time [3] Group 3: Market Trends - The trend of smart driving technology transitioning from a luxury feature to a standard offering is evident, with expectations that even lower-priced vehicles will soon include advanced driving assistance features [5] - The cost of components necessary for smart driving, such as sensors, is rapidly decreasing, which is crucial for achieving economies of scale in the industry [6]

Core Insights - The 2025 IAA MOBILITY in Munich showcased Horizon Robotics' latest global collaborations, particularly with Bosch, marking significant progress in their partnership [1] - Bosch's upgraded driving assistance system, based on Horizon's Journey 6 series, has achieved project designations from multiple major automakers, indicating a shift to large-scale production [3] Group 1: Partnership Developments - Horizon and Bosch's collaboration has led to the development of an upgraded driving assistance system with computing power reaching 80TOPS or 128TOPS, successfully securing project designations from five automakers for over ten vehicle models [3] - The fourth-generation multifunction camera developed by Bosch, based on Horizon's Journey 6B, has also received multiple project designations and is expected to begin deliveries in June 2026 [3] Group 2: Market Position and Achievements - Horizon's Journey family of chips has surpassed 10 million units in production, making it the first domestic autonomous driving technology company to achieve this milestone [4] - The company supports partners like Bosch in efficiently completing the entire process from chip adaptation to system integration, facilitating rapid large-scale production and delivery of advanced driving technologies [4] Group 3: Strategic Vision - Horizon aims to continue its open collaboration strategy to promote the large-scale implementation of intelligent driving technology globally, emphasizing its commitment to creating safer, smarter, and more comfortable travel experiences for users [5]

Summary of Conference Call Records Industry and Companies Involved - **Industry**: Autonomous Driving - **Companies**: Xiaoma Zhixing (小马智行), Wenyan Zhixing (文远知行) Key Points and Arguments Xiaoma Zhixing (小马智行) 1. **Cost Reduction and Model Optimization**: Xiaoma Zhixing has reduced the cost of its seventh-generation vehicle to 300,000 yuan, significantly lowering vehicle costs and laying the foundation for its Unit Economic Model (UE model) to turn positive [1][4] 2. **Robotruck Business Growth**: The Robotruck business is the main revenue source, expected to account for 53.8% of total revenue in 2024, with a year-on-year growth of 60%. However, future growth is anticipated to slow down [1][2] 3. **Operational Model and Profitability**: The operational model shows potential profitability, with daily gross transaction value (GTV) estimated at 275 yuan after subsidies, leading to a daily profit of 6 yuan [1][10] 4. **Vehicle Fleet Expansion**: By Q2 2025, Xiaoma Zhixing plans to have 1,000 vehicles, half for testing and half for operation, with capabilities to operate in adverse weather conditions [2] 5. **Technological Advancements**: The seventh-generation L4 level domain controller has been tested over 2 million kilometers, with an 80% cost reduction compared to previous generations [1][5] 6. **Future Projections**: By 2030, if the Robotaxi penetration rate reaches 10% with a market share of 20%, the fleet could reach 62,000 vehicles, with daily profits potentially nearing 3 million yuan [3][11][12] Wenyan Zhixing (文远知行) 1. **Global Expansion Plans**: Wenyan Zhixing aims to have 1,000 Robotaxi vehicles globally by the end of the year, competing with companies like Tesla and Waymo [1][6] 2. **Middle East Market Development**: The company is leading in commercializing autonomous driving in the Middle East, with plans for commercial operations in Abu Dhabi by the end of the year [1][9] 3. **Partnership with Uber**: Over the next five years, Wenyan Zhixing plans to deploy 30,000 to 50,000 Robotaxi vehicles in collaboration with Uber across 15 cities [3][13] 4. **Financial Performance**: In Q2 2025, Wenyan Zhixing's robot business is expected to grow by 156%, with total revenue projected to exceed 37 million yuan and a gross margin of 16% [3][14] Competitive Landscape 1. **Competitors**: Key competitors include Tesla, which uses a pure vision approach, and Waymo, which has a fleet of 1,500 vehicles priced at $180,000 each [6][7] 2. **Market Dynamics**: The presence of traditional ride-hailing services like Uber poses a challenge to the autonomous driving sector, as companies like GM and Apple are also entering the market [7] Team and Expertise 1. **Founding Team Background**: The founding team of Xiaoma Zhixing includes members with extensive experience from Baidu and Google, enhancing the company's technological innovation and market expansion capabilities [1][8] Additional Insights 1. **Cost Structure Analysis**: Detailed cost analysis indicates that fixed costs, including vehicle depreciation and personnel expenses, are manageable, supporting the potential for profitability [10] 2. **Long-term Growth Potential**: Both Xiaoma and Wenyan are positioned for significant long-term growth, with strategic plans to enhance their market presence and operational efficiency [3][13]

Core Viewpoint - Horizon Robotics, founded by Yu Kai, has seen a significant surge in stock price and market capitalization, reaching approximately HKD 136 billion, an increase of about HKD 88 billion since the beginning of the year [2]. Group 1: Company Performance - Horizon Robotics has capitalized on the growing demand for intelligent driving solutions, with its "Journey" chip family achieving cumulative shipments of over 10 million units [3]. - The company reported a revenue of CNY 1.57 billion for the first half of the year, marking a year-on-year increase of 67.6% [3]. - Despite the revenue growth, the company has not yet achieved profitability, with an operating loss of CNY 1.59 billion during the same period [8]. Group 2: Market Position and Partnerships - Horizon Robotics collaborates with nearly all major Chinese automakers, including Volkswagen, BYD, and Li Auto, with nearly 400 new vehicle models confirmed by the end of June [4]. - The company holds a market share of 45.8% for basic driving assistance solutions and 32.4% for overall solutions among Chinese automakers [12]. - The average selling price of Horizon's automotive products and solutions has increased to 1.7 times that of the same period last year [16]. Group 3: Future Prospects - The company is targeting the RoboTaxi market, with plans to collaborate with several operating companies in the second half of the year [18]. - Horizon Robotics aims to deploy millions of its HSD system in the next 3 to 5 years, enhancing its data testing capabilities for RoboTaxi technology [18]. - The penetration rate of advanced driving assistance systems among domestic brands is expected to rise from 51% at the end of 2024 to 59% in the first half of 2025 [6]. Group 4: R&D and Innovation - The company invested CNY 2.3 billion in R&D in the first half of the year, a 62% increase year-on-year [9]. - Horizon Robotics emphasizes high R&D investment to maintain its market position, with a focus on developing advanced chip generations [10].

Core Insights - The company achieved revenue of 4.184 billion yuan in the first half of 2025, representing a year-on-year increase of 40.0%, and a net profit attributable to shareholders of 31.17 million yuan, up 19.0% year-on-year [1] Revenue and Profit Analysis - Revenue growth was primarily driven by increased sales in the automotive and motorcycle segments [1] - The net profit attributable to shareholders decreased significantly to -130 million yuan after deducting non-recurring items, a decline of 903.9% year-on-year, indicating that the core business profitability still needs improvement [1] - The company received 170 million yuan in government subsidies and 30 million yuan from the disposal of long-term equity investments, contributing to non-recurring gains of 160 million yuan [1] - Gross margin was 8.3%, down 0.33 percentage points year-on-year, affected by product mix [1] - R&D expenses increased by 59.7% to 290 million yuan, accounting for 6.9% of revenue, while sales expenses decreased by 21.2% [1] - The company reported a strong cash flow performance with net cash flow from operating activities of 1.32 billion yuan, up 396.3% year-on-year [1] Business Segments - The automotive and motorcycle segments are the core support for stable performance, with the automotive sector focusing on integrated charging and swapping capabilities [2] - The automotive segment has established deep ties with B-end operational markets like Cao Cao Mobility, ensuring base sales, and is accelerating international market expansion, particularly in Europe and Indonesia [2] - The motorcycle segment emphasizes international expansion, with export business becoming a major growth driver, covering 87 countries and entering emerging markets like Brazil and Egypt [2] - Technological upgrades are being pursued, including hybrid power solutions and advanced driver assistance systems, enhancing product competitiveness [2] Technology Initiatives - The company is focusing on "AI + vehicle" integration, aiming to commercialize its technology business [3] - In the intelligent driving sector, the company released the "Qianli Zhijia 1.0" system, with plans for L3 and L4 level solutions in the near future [3] - The company is leveraging its AI capabilities to develop next-generation smart cockpit products, enhancing market competitiveness [3] - A joint venture named "Qianli Zhijia" has been established to integrate resources and promote Robotaxi commercialization, with plans for L4 level customized vehicles by the end of 2026 [3] Valuation and Investment Outlook - The company is compared with five peers in the motorcycle, passenger vehicle, and intelligent driving sectors, with an average PS ratio of 1.3X for comparable companies [4] - The transition towards an "AI + vehicle" technology platform is expected to be a core growth driver, with a reference PS ratio of 23.04X for intelligent driving peers [4] - The deep integration with Geely's automotive ecosystem and advancements in intelligent driving and cockpit technology are anticipated to accelerate growth [4]

Industry Overview - The intelligent driving industry is currently in a phase of rapid development, with technology iterating almost every quarter, indicating significant room for improvement in both system capabilities and user experience [1] - The Hong Kong stock market has established a relatively mature intelligent driving sector, with several related listed companies performing well, reflecting capital market recognition of the field [1] Company Insights - Magic View Intelligent Technology (Shanghai) Co., Ltd., led by founder and CEO Yu Zhenghua, is positioned to capitalize on the opportunities presented by the growing intelligent driving market [1] - The influx of intelligent driving companies choosing to list in Hong Kong is creating a clustering effect of industry and capital [1]