Core Insights - The automotive market is witnessing a shift where practical operators are becoming rare assets, with many new component suppliers lacking a complete business loop despite appearing strong [2] - Horizon Robotics has adopted a flexible and altruistic business model, positioning itself as a Tier 2 supplier serving both OEMs and Tier 1 suppliers, which enhances its commercial adaptability [2][3] Business Model and Collaboration - The partnership between Volkswagen Group (China) and Horizon Robotics has evolved, with the establishment of a joint venture, CARIZON, focusing on system-level computing solutions in China [3][5] - This collaboration marks a strategic upgrade for Horizon, transitioning from a supplier to a core strategic partner, enhancing its value proposition [3][7] - The flexible and mutually beneficial business model is crucial for maintaining stability in the complex automotive supply chain, especially as the electric vehicle market undergoes supply relationship restructuring [4][8] Market Performance and Growth - Horizon Robotics reported a significant revenue increase of 67.6% year-on-year, reaching 1.567 billion yuan, with hardware revenue surging by 250% to 778 million yuan [15][17] - The company holds a 32.4% market share in China's autonomous driving computing solutions and 45.8% in the ADAS front-view integrated machine market, indicating strong market penetration [19] Technological Advancements - Horizon emphasizes the integration of software and hardware, with its products, such as the Journey 6 series, achieving high performance and mass production efficiency [17][20] - The company has developed advanced algorithms and hardware, enabling it to maintain a competitive edge in the high-level autonomous driving sector [21][23] - Horizon's next-generation vision model, Vision Mamba, has gained recognition in the AI research community, showcasing its commitment to innovation [23] Strategic Implications - The collaboration with Volkswagen not only enhances Horizon's market position but also provides a pathway for Chinese tech companies to expand their core technological capabilities and business models internationally [13][14] - This partnership sets a benchmark for efficient transformation in the automotive industry, potentially attracting more global automotive companies to collaborate with Horizon [14]

e start of the G ( 9 余凯 ◎记者 俞立严 金秋时节，在港交所上市一周年的地平线迎来"丰收季"：基于地平线征程6E/6M芯片的博世中阶智驾方 案批量交付；与采埃孚合作，在中国市场推出支持城市领航（NOA）的coPILOT辅助驾驶硬件系统，计 划2026年量产交付；全球首搭地平线HSD城区辅助驾驶系统的奇瑞星途ET5车型日前完成智驾首秀并将 于2025年11月上市。 战略聚焦让地平线脱胎换骨。作为乘用车高级辅助驾驶（ADAS）和高阶自动驾驶（AD）解决方案供 应商，自2021年起，按解决方案总装机量计算，地平线持续位居中国前装量产ADAS/AD解决方案本土 供应商首位。 在产品与合作方面，地平线2024年4月发布的征程6系列及HorizonSuperDriveTM城区辅助驾驶解决方案 引发行业关注，该方案宣布了10家首批量产合作车企及品牌，并将从2025年开始实现量产交付。同时， 地平线软硬一体的解决方案获得多家OEM（整车制造商）的采用，中国十大OEM均已选择地平线的智 驾解决方案。 2024年10月24日，地平线在港交所主板挂牌上市。"经过9年的努力，我们已成为众多国际车企品牌在中 国布 ...

Core Insights - The company reported a total revenue of 1.567 billion yuan for the first half of 2025, representing a year-on-year increase of 67.6%, but incurred an adjusted net loss of 1.33 billion yuan compared to a loss of 804 million yuan in the same period last year [1] Revenue Breakdown - Revenue from products and solutions reached 778 million yuan, a year-on-year increase of 350%, while software and licensing services generated 738 million yuan, up 6.9% [1] - The delivery volume of products and solutions approached 2 million units, marking a year-on-year growth of approximately 100%, driven by the mass production of the Zhengcheng 6 series [1] - Mid-to-high-end product shipments totaled 980,000 units, accounting for 49.5% of total shipments, with a year-on-year increase of six times [1] - Mid-to-high-end products contributed over 80% of the revenue from products and solutions [1] - The average selling price of automotive products and solutions reached 1.7 times that of the same period last year [1] Innovation and International Expansion - The company has achieved a record number of designated models, with nearly 400 models cumulatively, including over 100 mid-to-high-end products equipped with highway-assisted driving and above [1] - The HSD has secured designations for over 10 models from multiple OEMs, with plans for mass production in the second half of 2025 [1] - The company has made breakthroughs in internationalization, obtaining designations for 30 domestic models from 9 joint venture automakers and designations for overseas models from 2 foreign automakers, with expected total deliveries exceeding 7.5 million units [1]

Core Viewpoint - The company is experiencing significant revenue growth driven by the mass production of the J6 series and is maintaining a leading market share in the ADAS front-view integrated machine and autonomous driving computing solutions market in China [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.567 billion, a year-on-year increase of 67.6%, surpassing Bloomberg consensus expectations of 1.435 billion [2]. - The revenue from products and solutions reached 778 million, with a year-on-year increase of 250%, and delivery volume approached 2 million units, up 106% year-on-year [2]. - The average selling price increased by 70% year-on-year, with mid-to-high-end product revenue accounting for over 80% of the products and solutions revenue [2]. Group 2: Production and Market Expansion - The HSD has secured over 10 models from multiple OEMs, with mass production expected in H2 2025, which is anticipated to drive short-term growth [2]. - The company has made significant strides in internationalization, securing 30 domestic models from 9 joint venture car companies and 2 foreign car companies for overseas models, with an expected total delivery of over 7.5 million units [2]. - Collaborations with Bosch, Denso, and Continental are expected to enhance the company's market position through partnerships with overseas Tier 1 suppliers [2]. Group 3: Future Growth Potential - The company is expected to collaborate with Robotaxi operators in H2 2025, aiming to deploy tens of millions of HSD units within 3-5 years, which will accelerate the deployment of Robotaxi technology [2].

Core Viewpoint - Horizon Robotics has demonstrated strong performance in the first half of 2025, with significant revenue and gross profit growth, driven by the successful mass production of the Journey 6 series [1][2] Financial Performance - In the first half of 2025, Horizon achieved revenue of 1.567 billion yuan, a year-on-year increase of 67.6% [1] - Gross profit reached 1.024 billion yuan, with a gross margin of 65.4%, leading the industry [1] - The average selling price of automotive products and solutions increased to 1.7 times that of the same period last year, with product prices rising by 70% [1] Product and Market Development - The shipment volume of Horizon's product solutions reached 1.98 million sets, doubling year-on-year, with high-end product solutions accounting for 49.5% of total shipments [1] - The Journey family has surpassed 10 million cumulative shipments, making Horizon the first smart driving technology company in China to achieve this milestone [2] - The market share for basic and overall assisted driving solutions stands at 45.8% and 32.4%, respectively, solidifying Horizon's position as the leader in the smart driving sector [2] Future Outlook - Horizon aims to achieve a shipment target of 4 million units for the year, with high-end product shipments maintaining a 50% share [4] - The penetration rate of high-end assisted driving features is expected to rise, with vehicles equipped with such features increasing from 20% at the end of 2024 to 32.4% in the first half of 2025 [5] - Horizon plans to reach a milestone of 10 million units for its Horizon SuperDrive (HSD) system within five years, with multiple automakers already committed to the technology [5][7] R&D and Investment - Horizon's R&D expenditure for the first half of the year was 2.3 billion yuan, a year-on-year increase of 62%, reflecting a narrowing proportion of R&D spending relative to total revenue [10] - The company maintains a strong cash reserve of 16.1 billion yuan, ensuring liquidity for ongoing investments in advanced algorithms and software development [10] - Horizon has received recognition and investment from numerous prominent institutions, including major automotive groups and financial investors, indicating strong market confidence [10][11] Market Position - Horizon is poised to solidify its status as a top player in the high-end assisted driving market while maintaining its leadership in the overall smart driving sector [8] - Recent strong performance has led to positive ratings from several investment institutions, indicating confidence in Horizon's long-term growth potential [11]

8月27日，地平线机器人-W（以下简称"地平线"）披露的2025年中期业绩显示，公司上半年收入实现 15.67亿元，同比大增67.6%；毛利润达10.24亿元，综合毛利率65.4%；现金储备161亿元。 地平线创始人、CEO余凯在业绩说明会上表示，2025年上半年自主品牌车企销量高歌猛进，其市场份额 已经占据中国乘用车市场的63%以上，同时自主品牌的辅助驾驶渗透率已经从2024年底的51%上升至 2025年上半年的59%。在这些因素的共同作用下，地平线上半年乘风而上，出货量得到了翻倍增长。公 司相信后续随着自主品牌智能化率继续提高，还会给地平线带来持续的增长潜能。 产品解决方案量价齐升 余凯表示，今年上半年，搭载高速NOA和城区NOA等中高阶辅助驾驶功能的车型，在智能车中的销量 占比已经从去年底的20%上升至2025年上半年的32%，这意味着在中国每售出10辆乘用车，超过6辆已 搭载辅助驾驶配置，其中超过2辆已具备中高阶辅助驾驶能力。 当行业还在争论"纯视觉vs激光雷达"技术路线时，地平线已悄然完成下一代技术范式的布局。其即将量 产的Horizon SuperDrive（HSD）解决方案，被业内视为"中国版F ...

Core Viewpoint - The article highlights the significant growth of Horizon Robotics (地平线) in the first half of 2025, driven by increased sales and market share in the autonomous driving sector, with a strong emphasis on the adoption of advanced driver assistance systems (ADAS) and the successful launch of new product lines [3][6][7]. Financial Performance - In the first half of 2025, Horizon reported revenue of 1.567 billion yuan, a year-on-year increase of 67.6%, with a gross profit of 1.024 billion yuan and a gross margin of 65.4% [5]. - The product and solution business achieved a revenue of 778 million yuan, a 3.5 times increase compared to the same period in 2024, with a shipment volume of 1.98 million units, doubling year-on-year [11]. Market Position and Growth - Horizon's market share in China's passenger car market exceeded 63%, with the penetration rate of ADAS rising from 51% at the end of 2024 to 59% in the first half of 2025 [7]. - The company became the first smart driving technology enterprise in China to reach a cumulative shipment of over 10 million units, solidifying its leading market position [12][18]. Product Development and Innovation - The introduction of the new generation product line, the Journey 6 series, has significantly optimized the product shipment structure, with high-end product solutions accounting for 49.5% of total shipments and contributing over 80% of the revenue from the product and solution business [11]. - Horizon's R&D expenditure reached 2.3 billion yuan in the first half of 2025, a 62% increase year-on-year, focusing on enhancing urban driving assistance systems [24]. Strategic Partnerships and International Expansion - Horizon has established partnerships with major international suppliers like Bosch and Denso, aiming to build a global smart driving industry ecosystem [22]. - The company is actively expanding its international presence, securing model designations with foreign brands, including two overseas partnerships expected to deliver 7.5 million units over their lifecycle [21]. Future Outlook - The market for high-end ADAS is anticipated to grow, with vehicle prices for urban driving assistance solutions expected to drop to the 150,000 yuan range, indicating a shift towards higher-end features [24]. - With the successful rollout of the Horizon SuperDrive (HSD) system, the company is positioned to continue its momentum in revenue growth and market expansion [26].

Core Insights - Horizon Robotics-W (09660) saw its stock rise over 4% in the morning session, currently trading at 8.22 HKD with a transaction volume of 2.39 billion HKD [1] Financial Performance - For the first half of the year, Horizon Robotics reported a revenue of 1.567 billion CNY, representing a year-on-year growth of 67.6% [1] - The gross profit reached 1.024 billion CNY, with a comprehensive gross margin of 65.4% [1] - The company holds cash reserves of 16.1 billion CNY [1] Market Position - The CEO of Horizon Robotics, Yu Kai, announced that the company maintained a market share of 45.8% in the ADAS (Advanced Driver Assistance Systems) market, ranking first [1] - In the overall intelligent driving computing solutions market for domestic brands, the company also secured the top position with a market share of 32.4% [1] Product and Solution Performance - Revenue from products and solutions grew 3.5 times year-on-year, amounting to 778 million CNY, with a shipment volume of 1.98 million units, doubling compared to the previous year [1] - The shipment structure improved significantly, with mid-to-high-end product solutions achieving a shipment volume of 980,000 units, a sixfold increase year-on-year, accounting for 49.5% of total shipments and contributing over 80% of the revenue from products and solutions [1] - The increase in the delivery ratio of mid-to-high-end product solutions led to a substantial rise in the average value per vehicle, which is now 1.7 times higher than the same period last year [1]

Core Viewpoint - Horizon Robotics reported strong mid-year performance with significant revenue growth and market leadership in the ADAS sector [1] Financial Performance - Revenue for the first half of the year reached 1.567 billion yuan, representing a year-on-year increase of 67.6% [1] - Gross profit amounted to 1.024 billion yuan, with a comprehensive gross margin of 65.4% [1] - Cash reserves stood at 16.1 billion yuan [1] Market Position - The company maintained a 45.8% market share in the ADAS basic auxiliary driving market, ranking first [1] - It also held a 32.4% market share in the overall intelligent auxiliary driving computing solutions market for domestic brands, again ranking first [1] Product and Solution Growth - Revenue from products and solutions business grew 3.5 times year-on-year, reaching 778 million yuan [1] - Total shipment volume reached 1.98 million units, doubling compared to the same period last year [1] - The shipment structure improved, with mid-to-high-end product solutions accounting for 49.5% of total shipments and contributing over 80% of the revenue from products and solutions [1] - The average value per vehicle increased significantly to 1.7 times that of the same period last year due to the higher delivery ratio of mid-to-high-end product solutions [1]

Core Viewpoint - The Chinese automotive industry is entering a phase of "intelligent driving equality," with key technology suppliers' business progress and strategic layout becoming crucial indicators for investors assessing the industry's future [1]. Financial Performance - Horizon Robotics reported a revenue of 1.567 billion yuan for the first half of 2025, representing a year-on-year growth of 67.6% [1]. - The gross profit reached 1.024 billion yuan, with a comprehensive gross margin of 65.4%, maintaining a leading position in the industry [1]. Market Position and Growth - Horizon's stock price has increased by over 120% this year, establishing it as a market leader with a valuation exceeding 100 billion yuan [3]. - The rise of Chinese independent automotive brands, which accounted for over 63% of passenger car sales in China in the first half of 2025, has created a favorable environment for Horizon [4]. Product Solutions and Revenue Streams - Revenue from product solutions reached 778 million yuan, a 3.5-fold increase compared to the same period last year, driven by a doubling of shipment volume to 1.98 million units [7]. - The average selling price of product solutions increased to 1.7 times that of the previous year, with high-end product solutions contributing over 80% of the revenue despite only accounting for 49.5% of total shipments [7]. Strategic Advantages - Horizon's competitive edge stems from its strong technological and model innovation, which creates significant barriers to entry for competitors [5]. - The company has established long-term stable partnerships with clients, enhancing its market position and creating a "moat" that is difficult for competitors to breach [7]. Future Outlook - Short-term catalysts include Horizon's inclusion in major global indices, positioning it as a "global hard tech" stock, which may lead to valuation premiums [11]. - Mid-term growth is supported by nearly 400 model designations, with over 100 models featuring advanced driving assistance functions, indicating a strong pipeline for future orders [11]. - Long-term sustainability is bolstered by Horizon's leading market share among independent brands and its ability to continuously secure orders from cooperative automakers [12][14].