11月24日，根据红星资本局消息，智驾公司毫末智行突曝"停工放假通知"，称24日起全部员工停工，复工时间另行通知，领导层未作解释，且公司群随后被 禁言。 在此之前，毫末的经营困境早有苗头，高管离职的消息也传了一阵。从今年8月开始，它的公众号就不再更新自家资讯，只剩行业资讯的整理；最新一条内 容停在10月1日，官方微博更冷清，最新更新是10月6日的"中秋快乐"，之后便没了声响。 对比之下，同行的布局要早得太多：Momenta在2020年就搭好了数据闭环；华为有盘古大模型兜底；大疆靠低成本硬件倒逼算法创新；地平线更是建起了从 芯片到工具链的全栈闭环。而毫末呢？既没有原生的大模型基因，也没有快速转身的组织能力。那些攒下的技术债务，终于在 2025 年集中爆了雷。 谁能想到，从2019年魏建军将长城智能驾驶前瞻部独立出来寄予厚望，到如今核心团队作鸟兽散，这家"含着金汤匙出生"的公司只撑了五年。 图源：毫末智行 毫末之死：既有内患，也有外忧 毫末的失败，外界归因为长城战略摇摆，但这只是表象，毫末的困境既有内患，也有外忧。 2019年毫末成立时，行业的主流技术还是高精地图+规则算法的重模式。毫末的HPilot1.0到3. ...

Group 1: Company Updates - Ansem Semiconductor welcomes the U.S. authorities' decision to suspend the "penetration rule" for one year, which could have impacted its operations as a subsidiary of Wingtech Technology [1] - Ansem has had to suspend direct wafer supply to its factories in China since October 29, while operations in Europe and other regions continue normally [1] - Honda is adjusting its strategy to manage existing parts amid ongoing semiconductor supply chain issues affecting the automotive industry [1][2] Group 2: Automotive Industry Insights - The automotive industry has faced multiple production disruptions due to natural disasters and supply chain issues, highlighting the importance of supply chain stability [2] - China's automotive production and sales are projected to reach 31.28 million and 31.43 million units in 2024, with a year-on-year growth of 3.7% and 4.5% respectively [3] - The penetration rate of new energy vehicles in China is expected to exceed 40%, providing significant market demand for automotive chip manufacturers [3] Group 3: Semiconductor Market Developments - Domestic automotive chip production is accelerating, with a high import ratio still present in the automotive chip market [4] - Horizon Robotics announced that its chip family has surpassed 10 million units in production, indicating a strong growth trajectory in the SoC segment [5] - Black Sesame Technologies has successfully integrated its A1000 chip into multiple vehicle models, with plans for further production in 2025 [5][6] Group 4: MCU and Power Device Trends - The automotive MCU market is expected to exceed 100 billion by 2029, with domestic MCU production rapidly increasing [7] - Chip manufacturers like Chipone Technology and GigaDevice have reported significant milestones in MCU and SoC product lines, indicating robust growth in the automotive electronics sector [7] - Power devices are becoming increasingly critical in hybrid and electric vehicles, with domestic manufacturers like Silan Microelectronics gaining market share [11][12] Group 5: Industry Challenges and Future Outlook - The automotive semiconductor industry faces challenges in high-end product capacity, while domestic brands are covering mid-to-low-end products [8] - The Chinese automotive semiconductor market is expected to grow, but collaboration among automakers, Tier 1 suppliers, and chip manufacturers is essential for a complete development model [14] - The future of the semiconductor supply chain will require a shift from linear models to collaborative networks among various stakeholders [14][15]

Core Insights - The domestic intelligent driving industry is gaining significant attention due to recent dual listings and supportive policies, with Horizon Robotics (9660.HK) being a key player [1] Group 1: Company Developments - Horizon Robotics has successfully delivered Bosch's mid-level intelligent driving system based on its Journey 6E/M chip, achieving mass production for multiple car models from various manufacturers [2] - The Journey family of chips has surpassed 10 million units shipped and has secured partnerships with over 20 automotive brands, with an expected output of several million units by 2025 [2] - Horizon's newly launched Horizon SuperDrive (HSD) system has been recognized as "China's version of FSD," with over 10 models already designated for production [3] Group 2: Strategic Partnerships - Horizon Robotics signed a strategic cooperation agreement with Hello to develop low-cost, high-safety intelligent driving technology for Robotaxi operations, marking a significant step in enhancing its technology capabilities across L2 to L4 scenarios [2][3] Group 3: Market Position and Future Outlook - Horizon Robotics is increasingly recognized as a "technology infrastructure platform builder," with major investment banks acknowledging its potential benefits from the acceleration of autonomous driving adoption [4] - Recent reports indicate that the global L2+ intelligent driving market is expected to grow at a compound annual growth rate of 8% over the next decade, with Horizon and Huawei projected to capture 50% of the Chinese market share [5]

Core Insights - Horizon Robotics-W won the "Best IPO Company" award at the "2025 Phoenix Star Listed Company Selection," highlighting its strong performance post-IPO and effective market capitalization management [1] - The company successfully listed on the Hong Kong Stock Exchange in October 2024, marking the largest tech IPO in the Hong Kong market in three years, with its market value increasing by over 200% within a year [1] - The award reflects the market's recognition of Horizon's business model and its transition from "scale realization" to "full-scenario expansion" in the intelligent driving industry [1][2] Company Performance - Horizon's self-research strategy integrating hardware and software has led to significant breakthroughs, with over 10 million units shipped from the Journey family and successful mass production of the HSD urban auxiliary driving system [2] - The company holds a 32.4% market share in China's autonomous driving computing solutions market, maintaining its position as the leader [2] - Horizon has empowered seven major domestic brands, with over 25 models "going global," and established production partnerships with several foreign and joint venture brands [2] Industry Outlook - UBS predicts that by the mid-2030s, China's Robotaxi market will reach $183 billion, with over 4 million Robotaxis expected to operate nationwide [3] - Horizon is positioned as a key player in the transition from "product shipment" to "platform output," influencing the platform development of the intelligent driving industry [3] - The recognition as "Best IPO Company" signifies confidence in Horizon's current capabilities and future growth potential in the capital market [3]

Group 1 - Horizon has launched the "Horizon Journey 10 Million Production Witness Ceremony" at the Chengdu International Auto Show, aiming to achieve over 10 million units of the Journey family chips by August 2025 [1] - The company has established partnerships with over 40 global automotive manufacturers, including China's top ten car companies, enabling over 400 vehicle models and serving more than 6 million users [3] - The Journey 6 series, set to begin mass production in 2025, is developed on the new BPU Nash architecture, covering a computing power range of 10-560 TOPS, catering to L2 to full-scene urban driving assistance needs [3] Group 2 - The high-performance flagship Journey 6P has a computing power of 560 TOPS, and the HSD urban driving assistance system is based on a one-stage end-to-end architecture with reinforcement learning capabilities [4] - The HSD system has already secured partnerships with over 10 vehicle models from various manufacturers, with the first collaboration model, the Starway ET5, set to be mass-produced in November 2025 [4] - The achievement of over 10 million units in production marks a new phase for China's intelligent driving industry, transitioning from the initial stage to large-scale commercialization and ecosystem collaboration [5]