Core Viewpoint - Horizon Robotics-W (09660) has seen a stock increase of over 4%, currently trading at 9.01 HKD with a transaction volume of 547 million HKD, following a significant partnership announcement with BAIC Group to develop an all-scenario urban NOA system [1] Group 1: Partnership and Technology Development - On December 9, BAIC Group and Horizon Robotics announced a deep collaboration to jointly develop an all-scenario urban NOA system based on two Horizon Journey 6M chips [1] - The partnership will integrate BAIC's self-developed "Yuanjing AI Central Brain" technology, marking a significant breakthrough in intelligent technology for BAIC and injecting new momentum into the development of autonomous brand smart vehicles [1] Group 2: Market Expectations and Product Adoption - Goldman Sachs reported that Horizon Robotics' HSD solutions have been adopted by multiple new models from Chery, including the Exeed ET5, Fengyun T9, and iCAR V27 [1] - Goldman Sachs anticipates that by 2026, Horizon Robotics will see more models enter mass production and secure additional new projects, which will drive an increase in shipment volumes and higher average selling prices through product mix upgrades [1]

Core Viewpoint - Horizon Robotics-W (09660) has seen a stock increase of over 4%, currently trading at 9.01 HKD with a transaction volume of 547 million HKD, following a significant partnership announcement with BAIC Group to develop an all-scenario urban NOA system [1] Group 1: Partnership and Technology Development - BAIC Group and Horizon Robotics have announced a deep collaboration to jointly develop an all-scenario urban NOA system based on two Horizon Journey 6M chips [1] - The partnership will integrate BAIC's self-developed "Yuanjing AI Central Brain" technology, marking a significant breakthrough in intelligent technology for BAIC and injecting new momentum into the development of autonomous brand smart vehicles [1] Group 2: Market Expectations and Product Adoption - Goldman Sachs has reported that Horizon Robotics' HSD solutions have been adopted by multiple new models from Chery, including the Exeed ET5, Fengyun T9, and iCAR V27 [1] - Goldman Sachs anticipates that by 2026, Horizon Robotics will see more models enter mass production and secure additional new projects, which will enhance its shipment volume and lead to higher average selling prices through product mix upgrades [1]

Group 1 - The core point of the article is that BAIC Group is establishing a deep collaborative R&D mechanism with Horizon Robotics to enhance its "Yuanjing AI Central Brain" technology [1] - BAIC Group plans to develop a full-scenario urban NOA (Navigation on Autopilot) system based on two Horizon Journey 6M chips [1] - The new NOA system will be prioritized for deployment in the latest products under BAIC's self-owned brands [1]

Core Insights - Youjia Innovation (02431) has announced a renewed collaboration with a leading domestic brand to provide high-performance auxiliary driving domain controller iPilot4Plus for two of its main models, marking a significant step in the large-scale implementation of advanced driver assistance systems (ADAS) [1] - The iPilot4Plus will be equipped in the brand's flagship SUV and highway travel SUV, covering both fuel and hybrid models, with mass production and delivery scheduled to begin in 2026 [1] - This partnership reflects the client's high recognition of Youjia Innovation's technology development, product performance, and large-scale delivery capabilities [1] Product Features - The iPilot4Plus is powered by Horizon Journey 6M chip, offering 128 TOPS of efficient computing power and supporting frequently used auxiliary driving functions such as NOA, memory driving, and memory parking [1] - The product boasts core advantages of stability, reliability, and high performance, maintaining precise perception and smooth response even in complex road conditions [1] - It aligns perfectly with automotive companies' needs for intelligent upgrades and provides users with an exceptional driving experience [1] Industry Context - As the smart driving sector progresses towards large-scale implementation, mature engineering capabilities and reliable delivery systems have become key competitive factors in the industry [1] - By mid-2025, Youjia Innovation has already achieved mass production for 42 vehicle manufacturers, establishing an efficient R&D system and large-scale delivery experience, making it a preferred choice for many automotive companies in realizing ADAS system mass production [1] Future Outlook - The company plans to continue collaborating with more industry partners, leveraging iterative technology and an open, win-win philosophy to accelerate the advancement of smart driving from "usable to user-friendly, from high-end to popular" [2] - The goal is to make safe, intelligent, and comfortable auxiliary driving accessible to more users [2]

Core Insights - Youjia Innovation (佑驾创新) has announced a renewed partnership with a leading domestic brand to provide high-performance auxiliary driving domain controller iPilot 4 Plus for two of its main models, marking a significant step in the large-scale implementation of advanced auxiliary driving technology [1] - The iPilot 4 Plus will be equipped in the brand's flagship SUV and highway travel SUV, covering both fuel and hybrid models, with mass production and delivery scheduled to begin in 2026 [1] - The collaboration reflects the client's high recognition of Youjia Innovation's technology development, product performance, and large-scale delivery capabilities [1] Company Developments - As of mid-2025, Youjia Innovation has achieved mass production for 42 vehicle manufacturers, establishing an efficient R&D system and large-scale delivery experience, making it a preferred choice for many automakers in realizing ADAS system mass production [2] - The company aims to continue collaborating with more industry partners to accelerate the advancement of smart driving from "usable to user-friendly, from high-end to popular," ensuring safe, intelligent, and comfortable auxiliary driving benefits more users [2]

Core Viewpoint - The article highlights the challenges faced by Hezhima Intelligent, the leading Chinese smart driving chip company, due to increasing competition from self-research initiatives by major automotive manufacturers and a lack of significant high-quality clients compared to competitors like Momenta and Horizon Robotics [1][4][10]. Company Performance - Hezhima reported a net loss of 760 million RMB for the first half of 2025, a 169% increase year-on-year, despite a revenue of 250 million RMB, which represents a 40.4% increase compared to the previous year [4][5]. - The company had previously warned of expected losses not exceeding 800 million RMB for the same period, attributing the losses to employee stock-based compensation, R&D expenses, and reduced fair value gains on financial instruments [5][12]. Industry Context - The Chinese assisted driving industry continues to grow, with L2 and above assisted driving function installation rates in passenger vehicles increasing from 66.4% to 82.6% year-on-year, a rise of 16.2 percentage points [5]. - Major competitors like Momenta and Horizon Robotics are advancing their self-research chip capabilities, with Momenta's chip set to compete with high-performance chips from NVIDIA and Qualcomm [8][10]. Competitive Landscape - Hezhima's client base is relatively weak compared to competitors, with significant clients like BYD and Geely not fully leveraging Hezhima's chips in their popular models [11][15]. - The performance of Hezhima's A1000 chip, with a computing power of 58 TOPS, is significantly lower than competitors like Horizon's 128 TOPS and NVIDIA's 254 TOPS, making it less attractive to automakers [19][20]. Future Outlook - The trend of automotive manufacturers developing their own chips poses a significant threat to all chip suppliers, including Hezhima, as companies like Tesla, Huawei, and various domestic automakers are increasingly integrating their hardware and software solutions [22][23][24]. - Hezhima's revenue for 2024 is projected to be under 500 million RMB, raising concerns about its ability to survive in a rapidly evolving market [25].