Core Viewpoint - Horizon Robotics is experiencing rapid revenue growth in H1 2025, with a revenue of 1.567 billion yuan, a year-on-year increase of 68%, despite a strategic loss of 5.233 billion yuan [1] Group 1: Revenue and Profitability - H1 2025 revenue reached 1.567 billion yuan, up 68% YoY, with gross profit at 1.024 billion yuan, a 39% increase YoY, while net loss expanded to 5.233 billion yuan [1] - R&D expenditure for H1 2025 was 2.3 billion yuan, reflecting a 62% increase YoY, indicating a strategic focus on enhancing cloud services [1] Group 2: Automotive Product Solutions - Revenue from automotive product solutions surged to 778 million yuan, a 250% YoY increase, with a gross margin of 45.6%, up 3.9 percentage points [2] - The shipment of vehicle-grade processing hardware reached 1.98 million units, doubling YoY, with 980,000 units supporting highway-assisted driving, marking a sixfold increase from the previous year [2] - The company holds the top market share in basic and overall assisted driving solutions in China, at 45.8% and 32.4% respectively, with over 400 new model designations [2] Group 3: International Expansion - The company has established partnerships with global players, leading to the development of the Horizon Mono solution, with expected shipments exceeding 7.5 million units [3] - Nine joint venture automakers in China have designated 30 models for the company's solutions, with some set to begin production by the end of 2025 [3] Group 4: Licensing and Service Business - Revenue from automotive licensing and service business was 738 million yuan, a 7% YoY increase, with a gross margin of 89.7%, down 3.3 percentage points [3] - The company is providing algorithms and software to over 30 automotive manufacturers, helping to reduce product development cycles and costs [3] Group 5: Valuation and Future Projections - The company anticipates an increase in average selling price (ASP) for automotive product solutions in H2 2025, driven by the upcoming mass production of high-level driving solutions [3] - Revenue estimates for 2025 and 2026 have been adjusted to 3.697 billion yuan and 5.771 billion yuan respectively, with a projected revenue of 8.115 billion yuan for 2027 [3] - As of September 15, 2025, the company's market capitalization was approximately 141.2 billion HKD, translating to price-to-sales ratios of 34.9, 22.3, and 15.9 for 2025, 2026, and 2027 respectively [3]

该行表示，2025H1地平线机器人汽车产品解决方案业务营收7.78亿元，YoY+250%;毛利率45.6%， YoY+3.9pcts。2025H1公司车载级征程系列处理硬件出货量达198万套，同比实现翻倍增长;其中支持高 速公路辅助驾驶功能的处理硬件出货量达98万套，占总出货量49.5%，是去年同期的六倍。新一代征程 6系列产品出货量的增长也带动平均售价上升。根据地平线机器人2025年中期业绩公告数据，公司在中 国基础辅助驾驶和整体辅助驾驶解决方案的市场份额均位列第一，分别达到45.8%和32.4%。截至2025 年中，公司已累计获得400款新车型定点，其中具备高速公路辅助驾驶及以上功能的订单车型超过100 款。公司的高阶智驾解决方案HSD已获得多家整车企业定点，覆盖十余款车型，并计划于2025年下半年 量产。 报告指，公司和全球合作伙伴紧密合作，依托基于征程6B处理器硬件打造新一代基础辅助驾驶解决方 案Horizon Mono，并已获得两家日本车企在中国以外市场的车型定点。公司预计该合作将带来全生命周 期超过750万套的出货量。此外，海外汽车商于中国的合资车企正在升级其现有车型的辅助驾驶功能。 包括大众汽车 ...

电子 | 证券研究报告 — 调整盈利预测 2025 年 9 月 17 日 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 188.9 38.2 47.8 相对恒生指数 154.1 33.5 37.1 发行股数 (百万) 13,881.29 流通股 (百万) 11,756.90 总市值 (港币 百万) 141,172.76 3 个月日均交易额 (港币 百万) 1,770.06 主要股东 5Y Capital 4.66% (19%) 16% 51% 86% 121% 156% Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 地平线机器人-W 恒生指数 资料来源：公司公告， Wind ，中银证券 以 2025 年 9 月 15 日收市价为标准 相关研究报告 《地平线机器人-W》20250120 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：半导体 证券分析师：苏凌瑶 09660.HK 买入 原评级：买入 市场价格:港币 10.17 板块评级:强于大市 股价表现 地平线机器人 ...

Core Viewpoint - Company Horizon reported a significant revenue growth of 67.6% year-on-year for the first half of 2025, reaching 1.567 billion, despite an increase in operating losses [1][2] Revenue Breakdown - The product solutions segment saw a substantial revenue increase of 249.97%, generating 778 million, with hardware shipments doubling to 1.98 million units, including 490,000 units of high-value processing hardware supporting high-speed NOA functions, which is six times the amount from the same period last year [1] - The licensing and services segment generated 740 million, a year-on-year increase of 6.9%, with improved customer structure and reduced revenue concentration from a single partner [1][2] Profitability Metrics - The gross margin for the first half of 2025 was 65.36%, a decrease of 13.76 percentage points year-on-year, primarily due to changes in revenue structure with a lower proportion of high-margin licensing and services [1] Expense Analysis - Research and development expenses reached 2.3 billion, a year-on-year increase of 62%, driven by increased investment in cloud computing capabilities and the development of high-end products [2] Growth Opportunities - The company is set to launch its HSD advanced driver assistance products, which are expected to open new growth avenues, with initial production slated for the Chery Xingji Yuan E05 model [2] - The company has made progress in overseas expansion, securing model designations from two Japanese OEMs for markets outside China, with an expected total lifecycle shipment of over 7.5 million units [2] Investment Outlook - The company maintains a "Buy-A" rating, projecting revenues of 3.52 billion, 5.48 billion, and 8.02 billion for 2025 to 2027, with growth rates of 47.6%, 55.8%, and 46.3% respectively, and a target market value of 123.2 billion RMB [2]

Core Insights - Horizon Robotics (09660.HK) reported a revenue of 1.567 billion RMB for the first half of 2025, marking a year-on-year growth of 67.6% [1] - The company's gross profit reached 1.024 billion RMB, with a gross margin of 65.4%, reflecting a 38.6% increase year-on-year [1] - Cash reserves are robust, amounting to 16.1 billion RMB, providing a solid financial foundation for future growth [1] Business Performance - Revenue from automotive products and solutions surged to 778 million RMB, a remarkable year-on-year increase of 250.0%, with a shipment volume of 1.98 million units, doubling from the previous year [1][2] - The shipment of hardware supporting highway-assisted driving reached 980,000 units, a sixfold increase compared to the same period last year, contributing 80% of the revenue from products and solutions [1] Software and Services - Horizon Robotics generated 739 million RMB from software and service business, a 6.9% increase year-on-year, supported by the significant rise in product and solution revenue [2] - The dual-core business model of products and solutions alongside software and services is expected to sustain the company's growth momentum [2] Market Position and Partnerships - As of August 2025, the cumulative shipment of the Journey series processing hardware surpassed 10 million units, making Horizon the first smart driving technology company in China to achieve this milestone [2] - The company secured nearly 400 new model designations, with over 100 models featuring highway-assisted driving capabilities [2][3] International Expansion - Horizon is actively expanding its international presence, collaborating with major global automotive brands, including Volkswagen and Japan's largest automotive group [3] - The new generation basic assisted driving solution, Horizon Mono, is expected to deliver 7.5 million units over its lifecycle, enhancing the company's sales potential [3] Research and Development - R&D expenditure reached 2.3 billion RMB, a 62% increase year-on-year, primarily focused on urban driving system solutions [4] - The Horizon Super Drive (HSD) system has undergone significant iterations, offering advanced capabilities for complex urban driving tasks [4] - HSD has already secured multiple model designations, with the first model, the Xingtu E05, set to enter mass production soon [4]

Core Insights - The CEO of Horizon, Yu Kai, stated that the maturity of technology for high-level assisted driving transitioning to RoboTaxi is accelerating, with the entire industry expected to move towards fully autonomous driving in the next 5 to 10 years [1] Group 1: Market Position and Performance - Horizon maintained a 45.8% market share in the ADAS (Advanced Driver Assistance Systems) market, ranking first, and a 32.4% market share in the overall assisted driving solutions market for Chinese self-owned brands [1] - The company shipped approximately 2 million automotive-grade processing hardware units in the reporting period, achieving over double the growth, with around 1 million units supporting mid-to-high-level assisted driving solutions, accounting for half of the total shipments in the first half of the year, which is six times that of the same period last year [1] - Horizon has secured nearly 400 new model designations, with over 100 models featuring mid-to-high-level assisted driving capabilities, and more than 15 models have successfully launched with Horizon's mid-to-high-level assisted driving solutions in the first half of the year [1] Group 2: Revenue and Solutions - The increase in the shipment proportion of mid-to-high-level solutions led to a 70% year-on-year growth in the average selling price of solutions, resulting in automotive products and solutions revenue reaching 780 million yuan, which is 3.5 times that of the same period last year, with mid-to-high-level solutions contributing over 80% of the revenue [2] - Horizon generated 740 million yuan in IP licensing and service-related revenue, a year-on-year increase of 6.9%, by licensing a series of algorithms and software to over 30 automotive companies and partners [2] - The cumulative shipment of the Zhengcheng series processing hardware has surpassed 10 million units, making Horizon the first intelligent driving technology company in China to achieve this milestone [2]

Core Insights - The company reported a revenue of 1.567 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 67.64% [1] - Gross profit reached 1.024 billion RMB, showing a year-on-year growth of 38.61% [1] - The company maintained the leading market share in basic and overall assisted driving solutions among Chinese automotive enterprises, with shares of 45.8% and 32.4% respectively [1] Revenue and Profitability - Revenue from customer contracts was 1.567 billion RMB, up 67.64% year-on-year [1] - Gross profit was 1.024 billion RMB, reflecting a 38.61% increase compared to the previous year [1] Market Position - The company continues to hold the top market share in basic assisted driving solutions and overall assisted driving solutions in China [1] - The market shares for basic and overall assisted driving solutions are 45.8% and 32.4% respectively, reinforcing the company's leading position in the Chinese market [1] Product Performance - The company achieved a shipment of 1.98 million units of its vehicle-grade processing hardware, doubling the volume year-on-year [1] - The shipment of processing hardware supporting highway assisted driving reached 980,000 units, accounting for 49.5% of total shipments, which is six times the amount from the same period last year [1] - The growth was primarily driven by the new generation of the Journey 6 series products [1] Model Development - As of the end of 2024, the company has secured over 310 model designations [1] - By the end of the reporting period, nearly 400 new model designations were achieved, with over 100 models equipped with highway assisted driving or higher functionalities [1] - In the first half of 2025, more than 15 models featuring the company's mid-to-high level assisted driving solutions were successfully mass-produced and launched [1]

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]

Group 1 - The company reported a revenue of RMB 1.567 billion in the first half of 2025, representing a year-on-year growth of 67.6%, with a gross margin of 65.4% [1] - The transition to mid-to-high level assisted driving solutions is identified as the next dominant trend in the industry, with increasing demand for advanced algorithms and software related to cloud services [1] - The company is developing the Horizon Super Drive (HSD) full-scene urban assisted driving solution, which is expected to become the technological foundation for future robotaxi services [1] Group 2 - The company has become the first intelligent driving technology company in China to achieve cumulative shipments of over 10 million units of its Chengcheng series processing hardware, setting a new industry benchmark [2] - The Chengcheng 6B processing hardware has been successfully launched, featuring a highly integrated design that doubles the performance of the front-view integrated ADAS system while significantly reducing system costs, power consumption, and size [2] - The Chengcheng 6 series processing hardware has established a complete product portfolio covering high, medium, and low processing capabilities, which will support revenue growth in both mainstream and high-end markets [2]

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: ...