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].

报告期内，地平线产品及解决方案业务收入较去年同期翻3.5倍增长，营收7.78亿元；出货量198万套， 同比翻倍增长。业务营收与出货量双双创新高，地平线产品解决方案备受市场认可，竞争力强大。出货 总量上升的同时，在新一代产品征程6系列量产的推动下，产品及解决方案业务出货结构进一步优化。 中高阶产品解决方案实现出货量98万套，较去年同期激增6倍；占总出货量的49.5%，并贡献了产品及 解决方案业务超过80%的收入。因中高阶产品解决方案交付比例的提升，单车价值量大幅提升至去年同 期的1.7倍。 消息面上，8月27日，地平线机器人发布中期业绩。上半年收入15.67亿元，同比增长67.6%；毛利润达 10.24亿元，综合毛利率65.4%；现金储备161亿。地平线机器人CEO余凯在中期业绩会上表示，今年上 半年集团以45.8%的市占率蝉联ADAS基础辅助驾驶市场份额第一，以32.4%的市占率蝉联内地自主品牌 整体智能辅助驾驶计算方案市场份额第一。 地平线机器人-W(09660)午前涨超4%，截至发稿，涨3.53%，报8.22港元，成交额23.9亿港元。 ...

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].

Core Insights - 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 company's gross profit reached 1.024 billion yuan, with a comprehensive gross margin of 65.4% [1] - Cash reserves stood at 16.1 billion yuan [1] Industry Trends - 2025 is identified as the year of widespread adoption of intelligent driving technology, with domestic brands capturing over 63% of the Chinese passenger car market [1] - The penetration rate of advanced driver assistance systems (ADAS) increased from 51% at the end of 2024 to 59% in the first half of 2025 [1] - The proportion of vehicles equipped with mid-to-high-level ADAS features rose from 20% at the end of 2024 to 32% in the first half of 2025 [1] Company Performance - Horizon's product and solution business saw a revenue increase of 350% year-on-year, reaching 778 million yuan, 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-level product solutions achieving a shipment volume of 980,000 units, a sixfold increase year-on-year, contributing over 80% of the revenue from the product and solution business [2] - As of August 2025, the Horizon family of products surpassed 10 million units in production, making the company the first intelligent driving technology enterprise in China to reach this milestone [2] R&D Investment - The company increased its R&D expenditure to 2.3 billion yuan, a 62% year-on-year increase, primarily focused on cloud services and urban driving system solutions [2] - Horizon's urban driving system (Horizon SuperDrive) has been integrated into the supply chains of multiple automakers, with the first model featuring this system, the Xingtu E05, set to enter mass production soon [2]

Core Insights - MSCI China Index has officially included Horizon Robotics (9660.HK) as the only autonomous driving technology company, reflecting market recognition of its growth potential [1] - Horizon's H1 2023 financial report shows significant growth, with revenue reaching 1.567 billion yuan, a 67.6% year-on-year increase, and gross profit of 1.024 billion yuan, with a gross margin of 65.4% [3][4] - The company is optimistic about its annual shipment volume, projecting around 4 million units, driven by new orders from major automakers like Geely, Chery, and Changan [2][10] Financial Performance - Horizon's revenue structure has improved, with product solutions and software services driving growth [3][4] - The product solutions business saw a total shipment of 1.98 million units in H1 2023, doubling year-on-year, with high-end products accounting for 49.5% of total shipments [3][4] - The average unit price of products is expected to continue rising, contributing to a 3.5-fold increase in revenue for the product solutions segment [3][4] Market Position and Strategy - Horizon holds a 32.4% market share in the domestic autonomous driving market and has made significant progress in supplying both domestic and joint venture brands [2][9] - The company has established partnerships with 27 OEMs, including the top ten Chinese OEMs, and is expanding its international presence [9][10] - The upcoming launch of the Horizon SuperDrive (HSD) system is anticipated to create substantial growth opportunities, with multiple models already designated for production [6][10] Technological Advancements - HSD is positioned as a foundational technology for future Robotaxi applications, with high computational power and advanced capabilities [6][7] - The company is increasing its investment in cloud services, with R&D expenses rising by over 62% to 2.3 billion yuan, indicating a focus on enhancing software and algorithm capabilities [7][8] - The penetration rate of advanced driver-assistance systems (ADAS) in China's passenger vehicles has reached 65.6%, with high-end features rapidly increasing [4][5] Future Outlook - The year 2025 is projected to be a pivotal year for the widespread adoption of intelligent driving solutions in China [2][5] - Horizon's strategic focus on high-end autonomous driving technology and its ability to adapt to market changes position it favorably for sustained growth [11] - The company is expected to benefit from the increasing demand for high-performance autonomous driving solutions as competition intensifies [10][11]