Core Insights - Horizon is attempting to create a "new ecosystem" to expand its business and attract more participants [3] - The CEO of Horizon, Yu Kai, stated that smart driving has not yet truly entered the mass market, with vehicles priced above 200,000 yuan accounting for 30% of the market share, while those below 130,000 yuan make up 50%, but the latter generally lack urban auxiliary driving capabilities [3] - Horizon's smart driving solution, HSD, has been integrated into vehicles priced at 130,000 yuan this year, with plans to extend urban auxiliary driving solutions to vehicles priced as low as 70,000 yuan next year [3] Business Model Evolution - Horizon has introduced a new business model called "HSD Together," transitioning from selling chips and solutions to selling algorithms and capabilities [4] - The previous mainstream business model included selling chips, toolchains, basic software, hardware reference designs, chip IP licensing, and algorithm IP licensing [4] - Horizon has partnered with companies like Denso and the joint venture CARIZON to implement the HSD Together model, while HCT has restructured to focus on Tier 2 solutions based on the 6M platform [4] Industry Dynamics - Horizon views smart driving as the "automatic transmission" of the new era, where functionality will converge, and differentiation will stem from branding rather than significant differences in underlying capabilities [5] - To support the evolution of smart driving capabilities, Horizon announced the development of the fourth-generation BPU architecture, Riemann, which increases the number of high-precision operators by over ten times and enhances efficiency [6] - The Riemann architecture will be integrated into the entire Journey 7 family and is set to launch alongside Tesla's next-generation AI5 chip [6] Ecosystem Challenges - Horizon aims to reshape the collaboration paradigm within the smart driving supply chain by adopting a more open and cooperative approach, inviting more Tier 1 and Tier 2 participants [6] - However, this new ecosystem introduces complexities, as the boundaries between Horizon and its partners are becoming blurred, creating both a community of interests and competitive dynamics [6] - The ability to maintain a healthy ecological tension between "co-building" and "competition" will determine the longevity of this model and Horizon's success in making smart driving mainstream [6]

Core Insights - Horizon Robotics held the 2025 Horizon Technology Ecosystem Conference, showcasing advancements in intelligent driving, computing architecture, developer ecosystem, and embodied intelligence [1] - The company launched its fourth-generation BPU Riemann architecture, which is optimized for large language models, achieving a fivefold increase in energy efficiency [1] - The HSD system for advanced driver assistance officially launched on November 18, with over 12,000 units activated within two weeks, indicating strong market response [1] Group 1 - Horizon Robotics' CEO Yu Kai highlighted key progress in high-level assisted driving over the past two years, including the practical application of the HSD solution in vehicles like the Starway ET5 and Deep Blue L06 [1] - The company aims to make advanced driving technology accessible, targeting the budget car market where new car sales under 100,000 yuan account for 50% of the market [1] - The upcoming mass production of the urban driving assistance system, based on the Chengcheng 6M chip, will further lower the entry barrier for national models priced around 100,000 yuan [1] Group 2 - Horizon Robotics has collaborated with partners to launch various products, including Fourier humanoid robots, Cloud Whale cleaning robots, Yinghans tennis robots, and Yingshi panoramic drones [1] - The CEO believes that the foundational models for embodied intelligence are still in the early stages, and the company will continue to advance these technologies to drive the development of intelligent robotics [1]

Core Insights - Chery's Starway ET5 officially launched on November 28, featuring Horizon's HSD urban assisted driving system and the Journey 6P computing solution, marking the start of large-scale production for Horizon's HSD [1][2] Group 1: Product Launch and Technology - The Starway ET5 is the first vehicle globally to incorporate Horizon's HSD urban assisted driving system, which utilizes the Journey 6P chip and offers advantages such as low system latency, strong defensive driving capabilities, smooth control in both lateral and longitudinal directions, and continuous self-evolution [2] - Horizon has secured partnerships with over 10 automotive brands and more than 20 vehicle models for the HSD system, with notable models like Chery's Fengyun T9L and iCAR V27 showcased at the Guangzhou Auto Show [2] Group 2: Market Outlook and Financial Projections - The company anticipates significant growth in revenue, projecting operating income of 3.543 billion yuan, 6.010 billion yuan, and 8.007 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of -686.5 million yuan, -135.8 million yuan, and -82.3 million yuan [3] - The current price-to-sales (PS) ratios are estimated at 29.65 times, 17.48 times, and 13.12 times for the years 2025, 2026, and 2027 [3] Group 3: Strategic Partnerships and Global Expansion - The company is deepening ties with leading Tier 1 suppliers, aiming to gradually penetrate global markets, with Bosch's mid-level intelligent driving solution based on the Journey 6M already delivered at scale, and ZF planning to launch a coPILOT system based on the Journey 6P in China by 2026 [2] - The company’s subsidiary, Diguo Robotics, has launched the first integrated SoC computing kit RDK S100 in June and plans to release a high-performance platform RDK S600 (560 TOPS) in Q1 2026 [2]