Group 1 - The core point of the article is that Ningbo Joyson Electronic Corp has passed the listing hearing of the Hong Kong Stock Exchange, indicating progress in its IPO process [2] - The company plans to issue up to 283 million overseas listed ordinary shares and has already completed the listing filing with the China Securities Regulatory Commission [2] - Joyson Electronic positions itself as a "Tier 1" supplier in the automotive and robotics sectors, focusing on advanced products and solutions in automotive electronics, safety solutions, and robotic assembly solutions [2] Group 2 - In the first half of 2025, Joyson Electronic reported revenue of 30.347 billion yuan, a year-on-year increase of 12.07%, and a net profit attributable to shareholders of 707 million yuan, up 11.13% [2] - The company secured new project orders with a total lifecycle value of approximately 31.2 billion yuan, with over 20.6 billion yuan related to new energy vehicles, accounting for more than 66% of the total [2] - This year, Joyson Electronic has announced a comprehensive layout in the embodied intelligence field, aiming to create a second growth curve by leveraging its experience in automotive components [3] Group 3 - The funds raised from the IPO will be used for the research and commercialization of next-generation automotive intelligent solutions, enhancing manufacturing capabilities, optimizing supply chain management, and expanding overseas business and investment acquisitions [3]

财报显示，公司各项主要指标均实现强劲双位数增长，高级辅助驾驶系统(ADAS)和高阶自动驾驶(AD)解决 方案获得了车企的青睐。去年公司获得100余款新车型定点，截至去年底累计定点车型达310款，覆盖40多 个汽车品牌。 对于像地平线这样的公司来说，项目定点是未来增长的关键驱动力，预示着潜在收入来源。但需要注意的 是，相当部分设计车型可能不会量产，而成功量产的车型也需要一两年时间才能贡献可观收入。 尽管如此，地平线充足的定点项目储备仍推动去年业务高速发展。公司全年营收从15.5亿元增至23.8亿元， 增幅53.6%。年内交付各类解决方案290万套，累计交付量达770万套。 分业务看，授权及服务收入同比劲增70.9%至16.5亿元，公司称这"主要是由于智能汽车行业加速朝着智能化 转型"。产品解决方案收入增长31%至6.64亿元。 这家高级辅助驾驶系统 (ADAS) 和高阶自动驾驶 (AD) 技术供应商去年营收同比增长 53.6% ▶ 地平线去年营收增长53.6%，受益于产品组合变化，毛利率提升近7个百分点至77.3% ▶ 公司预计其征程系列处理硬件累计出货量今年将突破1,000万片 Key takeaways: ...

Core Viewpoint - Horizon Robotics (9660.HK) stands out in the increasingly competitive smart automotive technology sector in China, boasting a nearly 80% gross margin and launching its latest generation products into mass production [1][3]. Financial Performance - The company reported a revenue increase from 1.55 billion to 2.38 billion yuan, a growth of 53.6%, driven by a strong project pipeline and demand for advanced driver-assistance systems (ADAS) and autonomous driving (AD) solutions [3][4]. - Gross margin improved by nearly 7 percentage points to 77.3%, compared to 70.5% in 2023, reflecting a favorable shift in sales structure [4][6]. Product Development and Market Position - Horizon Robotics launched its Horizon SuperDrive (HSD) and Journey 6 series processing hardware, which are expected to be key growth drivers, with anticipated shipments exceeding 10 million units this year [6][7]. - The company secured over 100 new model designations last year, bringing the total to 310 across more than 40 automotive brands, indicating strong market acceptance [3][5]. Revenue Composition - The share of revenue from licensing and services increased from 62% in 2023 to nearly 70%, highlighting the higher profit margins associated with these segments compared to product solutions [5][6]. - The company delivered 2.9 million solutions last year, with a cumulative delivery of 7.7 million units, showcasing robust operational performance [3][4]. Strategic Partnerships - Horizon Robotics established a joint venture with Volkswagen in 2023, positioning itself as a key supplier of smart automotive technology in China, alongside partnerships with major domestic and international automotive brands [6][7]. Research and Development - Despite high gross margins and rapid sales growth, the company remains in a loss position due to significant R&D investments, which rose from 2.37 billion to 3.16 billion yuan, a 33% increase [7]. - Adjusted operating losses narrowed to 1.5 billion yuan in 2024 from 1.69 billion yuan the previous year, indicating progress towards profitability [7].