公告披露，Horizon Together由Horizon Robotics全资拥有。Horizon Robotics为香港联合交易所上市公司，作为市场领先的乘用车 智能辅助驾驶解决方案供应商，其解决方案整合了领先算法、专用软件及先进处理硬件，可为基础辅助驾驶与全场景辅助驾驶 提供核心技术支撑。 值得关注的是，佑驾创新与Horizon Robotics在智能辅助驾驶方案开发及L4无人物流车方案开发方面有着深度合作。佑驾创新基 于Horizon Robotics征程系列处理硬件开发的辅助驾驶域控制器产品已实现大规模量产上车，业务覆盖国内及国际多家领先的乘 用车、商用车厂商。 对于此次增持，Horizon Together向佑驾创新董事会表示，增持决定源于母公司Horizon Robotics与佑驾创新多年的合作基础，其 长期看好佑驾创新未来的业务发展前景，高度认可佑驾创新在Horizon Robotics生态中的重要价值。同时，双方期待通过技术与 资源的双向赋能，携手推动L4无人物流车业务快速发展。 1月8日，佑驾创新发布自愿公告称，公司基石投资者之一Horizon Together Holding Ltd.（ ...

Horizon Together向董事会表示，本次增持公司的决定源于其母公司Horizon Robotics与公司多年合作的 基础，长期看好集团未来的业务发展前景，认可公司在Horizon Robotics生态中的重要价值;同时，双方 期待通过技术与资源的双向赋能，携手推动L4无人物流车业务快速发展。 董事会相信，Horizon Together透过场内收购进行的自愿购股彰显了对集团未来前景及长远发展的坚定 信心。 佑驾创新(02431)公布，基于对公司业务发展的长期看好，近期，公司的基石投资者之一Horizon Together在公开市场购买了总计68.82万股公司H股。 Horizon Together由Horizon Robotics全资拥有。Horizon Robotics为一家于香港联合交易所上市的公司(股 份代号：9660)，是市场领先的乘用车智能辅助驾驶解决方案供应商。该公司的解决方案整合了领先算 法、专用软件及先进处理硬件，可为基础辅助驾驶与全场景辅助驾驶提供核心技术支撑。公司与 Horizon Robotics在智能辅助驾驶方案开发及L4无人物流车方案开发方面有深度合作，集团基于Horizo ...

智通财经APP讯，佑驾创新(02431)公布，基于对公司业务发展的长期看好，近期，公司的基石投资者之 一Horizon Together在公开市场购买了总计68.82万股公司H股。 Horizon Together由Horizon Robotics全资拥有。Horizon Robotics为一家于香港联合交易所上市的公司(股 份代号：9660)，是市场领先的乘用车智能辅助驾驶解决方案供应商。该公司的解决方案整合了领先算 法、专用软件及先进处理硬件，可为基础辅助驾驶与全场景辅助驾驶提供核心技术支撑。公司与 Horizon Robotics在智能辅助驾驶方案开发及L4无人物流车方案开发方面有深度合作，集团基于Horizon Robotics征程系列处理硬件开发的辅助驾驶域控制器产品已大规模量产上车，覆盖国内及国际多家领先 的乘用车、商用车厂。 董事会相信，Horizon Together透过场内收购进行的自愿购股彰显了对集团未来前景及长远发展的坚定 信心。 Horizon Together向董事会表示，本次增持公司的决定源于其母公司Horizon Robotics与公司多年合作的 基础，长期看好集团未来的业务发展 ...

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]

Core Viewpoint - Horizon Robotics is experiencing rapid revenue growth in its automotive product solutions, with significant increases in both volume and pricing, and is expected to maintain a "buy" rating due to upcoming product launches and successful overseas expansion [1] Group 1: Financial Performance - In H1 2025, Horizon Robotics' automotive product solutions revenue reached 778 million yuan, representing a year-on-year increase of 250%; gross margin was 45.6%, up by 3.9 percentage points [2] - The shipment volume of the company's vehicle-grade Journey series processing hardware reached 1.98 million units, doubling year-on-year; shipments of 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 [2] - The market share for basic and overall assisted driving solutions in China is leading, at 45.8% and 32.4% respectively, with 400 new model designations accumulated, including over 100 models with highway-assisted driving capabilities [2] Group 2: Product Development and Partnerships - The company is closely collaborating with global partners to develop the new generation of basic assisted driving solutions, Horizon Mono, based on the Journey 6B processor, and has secured model designations from two Japanese automakers for markets outside China [3] - The partnership with overseas automakers is expected to yield over 7.5 million units in lifetime shipments, with nine joint venture automakers in China designating 30 models for the company's solutions, some of which are set to begin production by the end of 2025 [3] - The successful collaboration with the Volkswagen Group has further enhanced the company's international product layout and global brand influence [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 10.17 and an industry rating of outperforming the market [2][4]. Core Insights - The company is experiencing rapid revenue growth in H1 2025, with a year-on-year increase of 68%, while also facing strategic losses. The high-level autonomous driving (HSD) production is imminent, and initial success in overseas expansion is noted. The rating is supported by the anticipated rise in average selling price (ASP) for automotive solutions and an increase in contracts for licensing and services due to new product launches [4][5][8]. Financial Projections - Revenue estimates for 2025 and 2026 have been adjusted to HKD 36.97 billion and HKD 57.71 billion, respectively, with a projected revenue of HKD 81.15 billion for 2027. The company is expected to significantly increase its R&D expenses to maintain market competitiveness, impacting net profit forecasts for 2025 and 2026 [5][7]. - The company reported a revenue of HKD 15.67 billion in H1 2025, with a gross profit of HKD 10.24 billion, while net losses expanded to HKD 52.33 billion. R&D expenses reached HKD 23 billion, reflecting a 62% year-on-year increase [8]. Market Position and Product Development - The company's automotive product solutions saw a revenue increase of 250% year-on-year, with a gross margin of 45.6%. The shipment of automotive hardware doubled, with significant growth in products supporting highway-assisted driving [8]. - The company has secured contracts for over 400 new vehicle models, with more than 100 models featuring advanced driving capabilities. The HSD solution has been adopted by multiple vehicle manufacturers, with production expected to commence in the second half of 2025 [8]. International Expansion - Initial success in overseas markets is highlighted, with partnerships leading to the development of new basic driving assistance solutions. Collaborations with major global automotive manufacturers are expected to yield substantial shipment volumes [8]. Licensing and Service Business - The automotive licensing and service business generated HKD 7.38 billion in H1 2025, with a gross margin of 89.7%. The company is actively providing design and technical services to over 30 automotive manufacturers, enhancing ecosystem value [8].

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]