本报讯 （记者袁传玺）近日，地平线机器人-W（以下简称"地平线"）在行业评选中捷报频传，旗下产 品与公司实力双双获得权威认可。其中，HSD（Horizon SuperDrive ）接连斩获"年度高阶智驾普惠 奖"与"年度标杆级辅助驾驶方案"；地平线公司则获评"年度智驾供应商"及"中国汽车新供应链百强"称 号。 业内人士认为，这一系列荣誉不仅印证了地平线在智能驾驶领域的领先地位，更凸显出其独特的产业价 值：HSD以前沿技术推动高阶智驾走向普及，而地平线则作为智能驾驶产业的"最大公约数"，持续为整 个汽车产业的智能化升级提供坚实支撑。 据了解，地平线HSD采用一段式端到端架构，并融入强化学习能力，实现从"光子输入到轨迹输出"的系 统超低时延，大幅提升辅助驾驶的安全、效率、舒适。 未来，随着HSD系统的持续量产落地，地平线将继续携手车企合作伙伴，加速全场景智能驾驶技术的普 及进程，让安全、好用的智能驾驶体验融入用户日常出行，共同开创智能出行新未来。 目前，搭载HSD的奇瑞星途ET5启动预售，风云T9L、iCAR V27亮相广州车展，以"量产即爆款"之势赢 得市场开门红，展现出强劲的市场竞争力。同时，HSD系统已与超 ...

Core Insights - Horizon Robotics has secured a significant order from a leading Japanese OEM for mid-to-high-level assisted driving solutions based on its Journey 6 series chips, which will enhance its market presence in China [2] - The Journey 6 series encompasses six versions with computing power ranging from 10 to 560 TOPS, making it the only domestic solution that meets the full spectrum of driving assistance needs from basic ADAS to full urban driving scenarios [3] - Horizon has established deep partnerships with over 40 automotive companies globally, enabling more than 400 vehicle models and serving over 6 million car owners [3] Company Developments - Horizon Robotics is the first Chinese company to achieve mass production of over 10 million intelligent driving solutions, with its HSD system being recognized as the "Chinese version of FSD" [2][3] - The company is accelerating its international expansion, having formed partnerships with nine joint venture automakers, including Volkswagen and Japan's largest automotive group, for 30 model collaborations by September 2025 [4] - The Journey 6B solution has been adopted by two foreign automakers for overseas models, with an expected total delivery of 7.5 million units [4]

Core Viewpoint - In the first half of 2025, the company achieved a revenue of 1.57 billion yuan, representing a year-on-year growth of 67.1% [2][6][7] Revenue and Profitability - The company's net profit for the first half of 2025 was -5.23 billion yuan, slightly worse than -5.10 billion yuan in the first half of 2024 [2][7] - Adjusted operating loss was -1.11 billion yuan, compared to -820 million yuan in the same period last year [2][7] - The gross profit margin for the first half of 2025 was 65.36%, a decrease of 13.7 percentage points year-on-year [3][15] - The net profit margin improved by 209.6% year-on-year, reaching -334% [3][15] Business Segmentation - Revenue from automotive solutions was 1.516 billion yuan, an increase of 66.1% year-on-year [11] - Revenue from automotive product solutions surged by 250.0% to 778 million yuan, driven by the rapid growth in shipments of the Chengcheng 6 series hardware [11] - Revenue from licensing and service business was 738 million yuan, up 6.9% year-on-year, as more clients integrated the company's IP into their software stacks [11] - Non-automotive solutions revenue reached 50 million yuan, a significant increase of 134.5% [11] Market Position and Growth Drivers - The company maintained the leading market share in basic and overall assisted driving solutions in China, with shares of 45.8% and 32.4% respectively [20] - The shipment volume of the Chengcheng series hardware reached 1.98 million units, doubling year-on-year [3][22] - The number of new model approvals reached nearly 400, with over 100 models approved for highway-assisted driving and above [3][22] Product Development and Partnerships - The Chengcheng 6 series chips are accelerating in mass production, with abundant orders on hand [4][6] - The company is collaborating with Bosch to develop a new multifunctional camera platform based on the Chengcheng 6B, expected to enter mass production by mid-2026 [5][33] - The Horizon SuperDrive (HSD) system, based on the Chengcheng 6P, is set to become a benchmark for urban assisted driving solutions [30][35] Global Expansion and Future Outlook - The company is expanding its global business layout and deepening cooperation with leading international automotive manufacturers [47] - The expected cumulative shipment of the Chengcheng series processing hardware is projected to exceed 10 million units by 2025, marking a significant milestone for the company [32][40]

Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, but also experienced a larger net loss compared to the previous year, primarily due to increased R&D investments and cloud computing costs related to model training [1][2]. Group 1: Financial Performance - Revenue for the first half of 2025 reached 1.57 billion yuan, representing a year-on-year increase of 67.6% [1] - Adjusted net loss amounted to 1.33 billion yuan, with the loss margin expanding by 65.7% year-on-year [1] - Gross margin stood at 65.4%, a decrease of 13.7 percentage points compared to the previous year [1] Group 2: Product and Market Performance - The penetration rate of domestic self-owned brand 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 new smart vehicles equipped with mid-to-high level ADAS rose from 20% at the end of 2024 to 32% in the first half of 2025 [1] - The company achieved a doubling of shipment volume, driven by the growth in penetration rates and sales of self-owned brand vehicles [1] Group 3: Business Segments - Revenue from automotive products and solutions reached 778 million yuan, while software and licensing services generated 738 million yuan, reflecting year-on-year increases of 250% and 6.9%, respectively [2] - The delivery volume of automotive products doubled to approximately 1.98 million units, with mid-to-high level product shipments contributing about 50% of the total volume and over 80% of the revenue [2] - The average selling price (ASP) of automotive products and solutions was 1.7 times that of the same period last year [2] Group 4: Future Outlook - The company is set to begin mass production of its HSD system in the second half of 2025, with new collaborations with Japanese automakers enhancing its global influence [2] - The company maintained its leading position in the domestic market for ADAS front-view integration and driving computing solutions, with market shares of 45.8% and 32.4%, respectively, reflecting increases of 12 percentage points and 3.8 percentage points year-on-year [2] - Future revenue projections for 2025, 2026, and 2027 are estimated at 3.516 billion, 5.714 billion, and 8.552 billion yuan, respectively, with adjusted net profits expected to improve significantly by 2027 [2]

Core Viewpoint - The company reported a significant revenue growth of 67.6% year-on-year in the first half of 2025, reaching 1.57 billion yuan, despite an increased adjusted net loss of 1.33 billion yuan, which expanded by 65.7% year-on-year, indicating ongoing investment in R&D and cloud computing for future technology upgrades [1][4]. Group 1: Financial Performance - In H1 2025, the company's revenue was 1.57 billion yuan, reflecting a year-on-year increase of 67.6% [1]. - The adjusted net loss for H1 2025 was 1.33 billion yuan, with a loss margin that widened by 65.7% compared to the previous year [1]. - The gross margin stood at 65.4%, down 13.7 percentage points year-on-year [1]. Group 2: Product and Market Development - The penetration rate of domestic self-owned brand advanced driver-assistance systems (ADAS) increased from 51% at the end of 2024 to 59% in H1 2025 [1]. - The proportion of new smart vehicles equipped with high-level ADAS features rose from 20% at the end of 2024 to 32% in H1 2025 [1]. - The company achieved a doubling of shipment volume in H1 2025, driven by the growth in penetration rates and sales of self-owned brand vehicles [1]. Group 3: Business Segmentation - In H1 2025, the revenue from automotive products and solutions reached 778 million yuan, while software and licensing services generated 738 million yuan, representing year-on-year increases of 250% and 6.9%, respectively [2]. - The delivery volume for automotive products and solutions doubled to approximately 1.98 million units, with mid-to-high-end products accounting for 980,000 units, contributing to about 50% of the total shipment volume and over 80% of revenue [2]. - The average selling price (ASP) of automotive products and solutions was 1.7 times that of the same period last year [2]. Group 4: Future Outlook - The company maintained its leading position in the domestic market for ADAS front-view integration and computing solutions, with market shares of 45.8% and 32.4%, respectively, reflecting increases of 12 percentage points and 3.8 percentage points year-on-year [3]. - The HSD system is expected to enter mass production in H2 2025, with multiple OEMs already securing contracts for over 10 models [3]. - The company has begun to see results from its international expansion, securing contracts for 30 models from nine joint venture automakers, including major players like Volkswagen and Japan's largest automotive group [3]. Group 5: Investment Recommendations - The company is positioned as a leading supplier of intelligent driving chips and solutions in the domestic ADAS/AD market, with strong revenue growth expected to continue [4]. - Projections for revenue from 2025 to 2027 are 19.47 billion, 22.4 billion, and 25.76 billion yuan, with net profits of 790 million, 1.01 billion, and 1.3 billion yuan, respectively [4]. - The current price-to-sales ratios are projected to be 45.5, 35.5, and 27.4 times for the years 2025 to 2027, maintaining an "overweight" investment rating [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5]. Core Insights - The company reported a revenue of 1.57 billion yuan for the first half of 2025, representing a year-on-year increase of 67.6%. However, the adjusted net loss was 1.33 billion yuan, with the loss margin expanding by 65.7% year-on-year. The gross margin was 65.4%, down 13.7 percentage points year-on-year [5]. - The penetration rate of domestic self-owned brand assisted driving increased from 51% at the end of 2024 to 59% in the first half of 2025. The proportion of new intelligent vehicles equipped with mid-to-high-level assisted driving features rose from 20% to 32% during the same period [5]. - The company is expected to achieve mass production of its HSD technology in the second half of 2025, with new collaborations with Japanese automakers enhancing its global influence [5]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue reached 1.57 billion yuan, with product and solution revenue of 778 million yuan and software and licensing services revenue of 738 million yuan, reflecting year-on-year growth of 250% and 6.9%, respectively [5]. - The company’s total revenue projections for 2025, 2026, and 2027 are 3.516 billion yuan, 5.714 billion yuan, and 8.552 billion yuan, respectively, with year-on-year growth rates of 47%, 63%, and 50% [6]. Market Position - The company maintained its leading position in the domestic ADAS market, with market shares of 45.8% and 32.4% for front-view integrated machines and assisted driving computing solutions, respectively, in the first half of 2025 [5]. - The company has secured over 100 model designations for its mid-to-high-level products, with HSD technology designated for over 10 models from multiple OEMs, expected to achieve mass production in the second half of 2025 [5]. Future Outlook - The company is anticipated to benefit from the continued penetration of urban assisted driving and the upcoming mass production of its HSD technology, which will support rapid growth in revenue and delivery volumes in the coming years [5]. - The projected net profit for 2025 is expected to be -2.653 billion yuan, with adjusted net profits of -2.253 billion yuan, indicating a path towards profitability by 2027 with a projected net profit of 363 million yuan [6].

Core Viewpoint - Horizon Robotics (09660.HK) reported significant revenue growth but also an increase in losses for the second quarter and first half of 2025, driven by ongoing R&D investments and product optimization in a competitive smart driving market [1][10]. Financial Performance - Revenue for the first half of 2025 reached 1.567 billion yuan, a year-on-year increase of 67.6% [2] - Automotive solutions contributed 1.516 billion yuan, growing by 66% [2] - Product solutions surged to 777 million yuan, marking a 250% increase [2] - Gross profit was 1.024 billion yuan, up 38.6%, with a gross margin of 65.4% [2] - Operating loss expanded to 1.592 billion yuan, a 44% increase [2] - Net loss for the period was 5.233 billion yuan, up 2.6% [2] - R&D expenditure reached 2.3 billion yuan, increasing by 62% [2] - Cash reserves stood at 16.1 billion yuan [2] Highlights and Progress - Revenue growth was driven by both volume and price increases, with product solutions revenue reaching 778 million yuan, a 3.5-fold increase [4] - Shipment volume of automotive-grade processing hardware doubled to 1.98 million units [4] - Average selling price of product solutions increased to 1.7 times that of the previous year due to a higher proportion of high-value chips [4] - The share of mid-to-high-end assisted driving products rose to 49.5% of total shipments, contributing over 80% of revenue [5] - Software licensing and service revenue grew to 738 million yuan, a 6.9% increase [6] - Market share in China's autonomous brand automotive market reached 32.4% for assisted driving solutions and 45.8% for ADAS front-view integrated machines, both leading the market [6] - Successful international collaborations with major automotive groups, including partnerships with Volkswagen and Japan's largest automotive group, have been established [6] Future Outlook - The focus is on the mass production of high-level driving solutions (HSD), with several models already designated for production [8] - Improvement in profitability is anticipated as high-end products continue to scale and the HSD solution is launched [8] - Global expansion efforts with international automotive companies and Tier 1 suppliers are expected to create new growth opportunities [8]

Core Insights - The 15th China Automotive Forum was successfully held in Shanghai from July 10 to 12, where Horizon Robotics' President Chen Liming delivered a keynote speech on the latest trends in the intelligent driving industry and the company's technological innovations [1]. Group 1: Industry Trends - Intelligent driving technology is at a critical development stage, with a potential for rapid growth as it has reached an inflection point [1]. - The growth is supported by three factors: the integration of intelligent driving in China's new energy vehicle strategy, the expansion of Navigate on Autopilot (NOA) features from high-end to mid-range vehicles, and consumer preference for intelligent features in electric vehicles, especially among premium brands [1]. Group 2: Challenges in Intelligent Driving - Despite the promising outlook, intelligent driving faces challenges, particularly with urban NOA, which is still in a "usable" stage due to complex traffic conditions leading to safety issues [2]. - Current systems have limited Operational Design Domain (ODD) and weak generalization capabilities, which restrict their usage areas [2]. - High-performance systems are costly, hindering widespread adoption [2]. Group 3: Technological Innovations by Horizon - Horizon has developed the Vision Mamba algorithm, which addresses computational and visual challenges, enhancing performance with linear complexity and global perception [2]. - The Senna architecture combines end-to-end models with Visual Language Models (VLM), improving generalization and decision-making capabilities while reducing planning errors and collision rates [2]. - The Journey 6 series chips cover a range of intelligent driving applications, with the Journey 6P chip set to debut in Chery vehicles this year [2]. Group 4: Future Outlook - Horizon supports domestic manufacturers in producing intelligent driving systems and collaborates with international companies, including strategic partnerships with Bosch and Denso announced at the Shanghai Auto Show [3]. - The future of the intelligent driving industry is expected to see further integration of hardware and software, leading to the development of a unified AI Agent for distributed control [3]. - Horizon aims to collaborate with partners across the industry chain to create user-friendly intelligent driving products that deliver real value to consumers [3].

Core Insights - The intelligent driving industry is at a critical inflection point, with the potential for rapid growth or falling into an innovation gap as technology penetration reaches 10% to 20% [4] - The future growth of mid-to-high level intelligent driving is supported by three main factors: its central role in China's smart connected new energy vehicle strategy, the decreasing costs and increasing accessibility of advanced driving features, and strong consumer demand for intelligent features in vehicle purchases [4] Industry Trends - Intelligent driving is a core component of China's "14th Five-Year Plan" and is expected to drive the automotive industry from manufacturing to intelligent manufacturing [4] - The cost of advanced driving features has decreased significantly, with functionalities like urban NOA and highway NOA now available in vehicles priced below 150,000 yuan, accelerating the "smart driving equality" movement [4] - Consumer surveys indicate that intelligent features are among the top factors influencing the purchase of new energy vehicles, with a strong emphasis on intelligent driving and smart cockpit features in high-end models [4] Challenges - Despite advancements, intelligent driving still faces challenges, particularly in urban NOA, which is currently at a "usable" level but not meeting user expectations [5] - Issues include the system's performance in complex scenarios, limited operational design domain (ODD), and high costs, necessitating improvements in both system performance and application range [5] Technological Innovations - Horizon has made significant breakthroughs in four core areas: algorithms, software architecture, computing power, and data/engineering capabilities [6][7][8] - The Vision Mamba algorithm represents a key advancement in visual perception technology, achieving a 2.8 times increase in computation speed and an 87% reduction in GPU memory usage [6] - The new Senna multi-modal architecture integrates sensor and map data for improved vehicle control, resulting in over a 40% reduction in average planning displacement error and a 45% decrease in collision rates [6] Product Development - Horizon has launched the Horizon SuperDrive urban assistance driving system, which utilizes a combination of cameras and radar to enable full-scene intelligent driving without high-precision maps [9] - The system has demonstrated its ability to handle complex driving scenarios and is set for mass production this year [9] Future Outlook - The future of intelligent driving is expected to evolve towards hardware integration and software unification, with a focus on creating user-friendly intelligent driving products [9]

Core Insights - The 15th China Automotive Forum will be held in Shanghai from July 10 to 12, 2025, focusing on the theme "Quality Improvement and New Directions for Intelligent Driving" [1] - Dr. Chen Liming, President of Horizon Robotics, delivered a keynote speech discussing the latest research and industry insights in the field of intelligent driving [1] Industry Trends - Intelligent driving is at a critical inflection point in China, driven by three main factors: its significant role in the national strategy for smart connected new energy vehicles, the industry's push for technology democratization, and increasing consumer demand for intelligent features in electric vehicles [3][7] - The functionality of Highway Navigation on Autopilot (NOA) is becoming more user-friendly, while urban NOA is still in a "usable" stage, facing challenges such as complex traffic conditions and system performance issues [7] Technological Innovations - Horizon Robotics has made significant advancements in visual perception algorithms, evolving from traditional methods to the new Vision Mamba algorithm, which improves computational efficiency and resource optimization [11] - The Senna architecture combines end-to-end models with Visual Language Models (VLM), demonstrating over 40% reduction in average planning displacement error and 45% decrease in average collision rates compared to traditional models [14] Chip Technology - The Journey 6 series chips from Horizon Robotics cover a full range of intelligent driving applications, with the Journey 6P chip innovating in areas such as function, floating-point operations, and memory management, effectively reducing system deployment costs [17] Data and Engineering Capabilities - Horizon Robotics has introduced a solution combining reinforcement learning with world models, enabling continuous interaction with the environment for autonomous learning and optimization [19] - The company has achieved ISO 8800 certification for road vehicle safety and AI, providing over 8 million solutions and aiming to exceed 10 million this year, supporting over 200 vehicle models [19] Product Launches - The Horizon SuperDrive (HSD) for urban driving utilizes a one-stage end-to-end model and is set to enter mass production this year, featuring a configuration of 11 cameras and 1 millimeter-wave radar [22] - Horizon Robotics emphasizes its commitment to serving both domestic and global markets, collaborating with major international companies like Bosch and Denso [22]