Core Viewpoint - The article highlights the advancements in the Chinese automotive industry, focusing on the efficiency of Xiaomi's automotive factory and the technological breakthroughs at Horizon Robotics, emphasizing the importance of a systematic approach to manufacturing and innovation in the competitive landscape [2][30]. Group 1: Horizon Robotics - Horizon Robotics has achieved a market share of 33.97% in the Chinese smart driving solutions market by 2024 [8]. - The company has delivered over 8 million units and is on track to become the first domestic smart driving technology company to exceed 10 million units delivered [9]. - Horizon Robotics reported a revenue of 2.384 billion and a gross profit of 1.841 billion in 2024, reflecting a year-on-year growth of 68.3% [9]. - The company focuses on creating a complete ecosystem that includes chips, algorithms, and toolchains, allowing car manufacturers to integrate smart driving capabilities quickly [13][15]. - Horizon's approach to smart driving involves learning from real driver behavior to enhance the driving experience, demonstrating a commitment to long-term research and development [16][18]. Group 2: Xiaomi Automotive Factory - Xiaomi's automotive factory boasts an automation rate exceeding 90%, with an average of 400 vehicles produced daily, showcasing its commitment to efficiency [5][26]. - The factory employs advanced techniques such as high-temperature melting and rapid die-casting, emphasizing the importance of temperature control in production [25][26]. - The layout of the factory is designed for rapid response, with engineers positioned close to production areas to address issues promptly, reflecting a management philosophy centered on efficiency [27][28]. - The visit to Xiaomi's factory illustrates that efficiency is a result of comprehensive system design rather than isolated improvements, highlighting the interconnectedness of various production processes [28][30]. Group 3: Industry Insights - The article emphasizes that the true advantage of Chinese manufacturing lies in the collaborative capabilities of the entire industry chain, rather than individual breakthroughs [33]. - The evolution of Chinese manufacturing is characterized by the integration of design, production, supply chain, and user feedback into a cohesive system, enabling new players like Xiaomi to launch high-quality vehicles in a short time [33][34].

Group 1 - Horizon Robotics-W (09660) saw a stock increase of over 8%, reaching 8.3 HKD with a trading volume of 362 million HKD [1] - According to Citi, Horizon Robotics' stock has more than doubled this year, with market valuation shifting from comparable company PS ratios to the company's long-term potential [1] - Short-term catalysts for Horizon Robotics include more design orders from original equipment manufacturers, completion of J6P chip packaging, the release of Horizon Super Drive, and updates on the "Digua" humanoid robot [1] Group 2 - The company will hold a board meeting on March 21 to consider and approve the consolidated annual results for the year ending December 31, 2024, and to consider the payment of a final dividend [2] - Tianfeng Securities anticipates significant growth for Horizon Robotics this year, particularly with the integration of its J6M computing solution in BYD's "Tian Shen Zhi Yan C" and the DEEPALADPro from Changan Deep Blue, which will enhance the adoption of smart driving [2]