Core Viewpoint - Horizon Robotics has engaged in high-frequency financing since its market debut, raising over 15 billion yuan within a year, but continues to face significant losses and challenges in technology competitiveness [1][2][3]. Financing Activities - On September 26, Horizon announced a share placement at HKD 9.99 per share, raising approximately HKD 63.4 billion (about RMB 58.12 billion) [2]. - The share placement was at a discount of about 5.75% compared to the closing price on September 25, with the new shares representing about 4.6% of the existing share capital [2]. - Since its IPO in October last year, Horizon has raised a total of approximately RMB 150.29 billion through various financing rounds, including HKD 54.07 billion at IPO and HKD 46.74 billion in June [2]. Financial Performance - In the first half of the year, Horizon reported revenues of approximately RMB 15.67 billion, a year-on-year increase of 67.6%, but losses expanded from RMB 50.98 billion to RMB 52.33 billion [3]. - Cumulatively, Horizon has incurred losses exceeding RMB 175 billion from 2021 to 2023, with adjusted operating losses increasing by 34.9% year-on-year to RMB 11.11 billion [3][4]. Research and Development - Horizon's R&D expenses reached RMB 23 billion in the first half of the year, a 62% increase from RMB 14.2 billion in the same period last year [5]. - Despite significant R&D investments, Horizon's technology remains behind international chip giants, which are advancing to 4nm/5nm processes, while Horizon is still at the 7nm stage [6]. Market Competition - The trend of automakers developing their own technologies has further compressed Horizon's market space, as clients like BYD and Li Auto are reducing their reliance on Horizon's software solutions [7][8]. - Horizon is caught in a cycle of financing, R&D, and losses, and without breakthroughs in technology or new customer growth, the company faces increasing uncertainty in a competitive landscape [8].

2025年年初至今，港股市场走出一波强势上涨行情，恒生指数累计涨幅已超30%，期间市场成交量持续放大，交投活跃度显著提升。 而在市场走强的同时，港股"配售潮"也同步出现，众多上市企业陆续抛出配售集资计划，其中不乏百亿级规模的筹资。譬如，年初的比亚迪（01211.HK） 433亿港元配售筹资。 今年前8月，港股再融资规模已超2300亿港元，同比增长逾2.5倍，比同期IPO募资规模还多近千亿。步入9月，港股配售筹资步伐仍在提速，其中，地平线机 器人-W（09660.HK）超60亿配售筹资引发关注度较高。 折让配售集资逾63亿港元，股价放量大跌 9月26日早间，地平线机器人公告称，公司与现有股东及相关经办人正式订立配售及认购协议，采用"先旧后新"的方式实施配售。 根据协议，现有股东将出售6.39亿股公司现有股份，占地平线机器人当前已发行股本的比例约为4.6%；此次配售的每股定价为9.99港元，较9月25日收盘价 折让约5.75%。最终预计所得款项净额为63.39亿港元。 公告还披露，地平线机器人董事认为配售事项及认购事项为公司集资良机，并可扩大股东基础。 公司拟将所得款项净额用于（1）扩大海外市场业务；（2）投资研 ...

Core Viewpoint - Horizon Robotics plans to raise approximately HKD 63.39 billion through a share placement at HKD 9.99 per share, which represents a discount of about 5.75% [1][2] Group 1: Fundraising and Use of Proceeds - The share placement will account for approximately 4.6% of the company's existing issued share capital and about 1.9% of the voting rights at the shareholders' meeting [1] - The net proceeds from the placement will be used to expand overseas market operations, support the scaling of advanced driver assistance solutions, and invest in emerging fields such as Robotaxi-related initiatives [2] Group 2: Market Performance and Financials - On the secondary market, Horizon Robotics opened down over 5% on September 26, and by the time of reporting, the stock had dropped over 6% to HKD 9.92 per share [5] - The company reported a revenue of approximately CNY 15.67 billion for the first half of the year, marking a year-on-year increase of 67.6%, while losses widened from CNY 50.98 billion to CNY 52.33 billion [8] - The increase in sales costs and R&D expenses has been identified as the primary reason for the widening losses [8] Group 3: Customer Base and Market Position - Horizon Robotics is a leading supplier of intelligent driving assistance solutions for passenger vehicles, with significant revenue contributions from its top five customers, which accounted for 52.48% of total revenue in the first half of the year [8] - The revenue from the top five customers has shown a trend of increasing diversification, with the largest customer contributing 19.7% of total revenue [8]

根据协议，现有股东同意出售639,028,800股现有股份，占公司于公告日期现有已发行股本约4.6%，配售价为每股9.99港元。该配售价较股份于最后交易日在 联交所所报收市价每股10.6港元折让约5.75%。同时，现有股东有条件同意认购，公司亦有条件同意根据一般授权配发及发行认购股份予现有股东，数目与 经办人实际配售的配售股份数目相同，认购价同样为每股9.99港元。 公司计划将认购事项的估计所得款项净额用于优化资本结构，并支持公司的健康及可持续发展。具体用途包括：扩大海外市场业务，鉴于2025年6月配售事 项中拟将所得款项净额主要用于加速国内市场的业务扩张；投资研发以进一步提升技术能力，并支持中高阶辅助驾驶解决方案的规模化应用；投资新兴领 域，如与Robotaxi相关的计划；以及对上游及下游业务合作伙伴进行战略性投资。 9月26日，地平线机器人（Horizon Robotics）宣布与现有股东及经办人于2025年9月25日交易时段后订立配售及认购协议，成功完成股份配售及认购事项， 预计筹集资金净额约63.394亿港元。 紧随配售事项完成后，现有股东的持股比例将有所变动。例如，5Y Capital持股比例将从3 ...

人民财讯9月26日电，地平线机器人9月26日早间在港交所公告，公司拟以每股9.99港元(折价约5.75%)配 售股份，筹资净额约63.39亿港元。配售股份占公司现有已发行股本约4.6%及公司已发行股本在股东大 会上的投票权约1.9%。公司拟将所得款项净额用于扩大海外市场业务、支持中高阶辅助驾驶解决方案 的规模化应用、投资新兴领域，例如与Robotaxi相关的计划等。 ...

Core Insights - Horizon Robotics-W reported a revenue of 1.567 billion yuan in the first half of 2025, representing a year-on-year growth of 67.6% [2] - The company's comprehensive gross margin stood at 65.4% [2] Group 1: Product and Solutions Business - Revenue from product and solutions business surged 3.5 times year-on-year to 778 million yuan, with a shipment volume of 1.98 million units, doubling compared to the previous year [2] - The shipment volume of mid-to-high-end product solutions increased sixfold, accounting for 49.5% of total shipments and contributing over 80% of the revenue from the product and solutions business [2] - The average value per vehicle for the product and solutions business increased to 1.7 times that of the same period last year due to enhanced deliveries of mid-to-high-end products [2] Group 2: Software and Licensing Services - Revenue from software and licensing services reached 738 million yuan, marking a year-on-year increase of 6.9%, closely matching the revenue from product and solutions business at a ratio of approximately 1:1 [2] Group 3: Market Position and Partnerships - As of August 2025, the Journey family of products achieved a production milestone of over 10 million units, making Horizon the first domestic intelligent driving technology company to reach this level [2] - The company increased its market share in China's self-owned brand assisted driving computing solutions to 32.4%, and its market share in the ADAS front-view integrated machine segment rose to 45.8%, both ranking first [2] - Horizon's products have been adopted by 27 OEMs (42 OEM brands), including the top ten OEMs in China [2] - In the first half of the year, the company secured nearly 400 model designations, with over 100 models featuring highway-assisted driving and above functionalities; more than 15 models equipped with Horizon's mid-to-high-end assisted driving solutions have been mass-produced and launched [2][3]

Core Viewpoint - Horizon Robotics-W (09660) reported a significant increase in revenue and gross profit for the six months ending June 30, 2025, driven by strong demand for advanced driving assistance solutions in the Chinese automotive market [1] Financial Performance - Revenue from customer contracts reached 1.567 billion RMB, representing a year-on-year increase of 67.64% [1] - Gross profit amounted to 1.024 billion RMB, reflecting a year-on-year growth of 38.61% [1] Market Position - The company maintained the leading market share in basic and overall driving assistance solutions among Chinese automakers, with shares of 45.8% and 32.4% respectively [1] - As of the end of 2024, the company had secured over 310 model designations, with nearly 400 new model designations achieved by the end of the reporting period [1] Product Performance - The shipment volume of the vehicle-grade Journey series processing hardware reached 1.98 million units, doubling year-on-year [1] - The shipment of processing hardware supporting highway driving assistance reached 980,000 units, accounting for 49.5% of total shipments, which is six times the volume from the same period last year [1] - More than 15 models equipped with the company's advanced driving assistance solutions successfully entered mass production during the first half of 2025 [1]