中证报中证网讯(记者龚梦泽)日前，地平线与欧摩威集团合资企业智驾大陆neueHCT完成近2亿美元新 一轮融资，云锋基金、达晨财智等产业资本联合入局，战略股东地平线与欧摩威集团持续追加投资。在 年初首轮市场化融资后再获资本密集青睐，不仅凸显其商业化潜力，更印证了其"国内技术+海外渠 道"的合资新模式与智驾普惠路线的行业价值。 智驾普惠的加速落地则成为资本追捧的另一关键逻辑。伴随智能驾驶从高端车型向大众化渗透，智驾大 陆推出的新一代繁星HCT Astra城区智能辅助驾驶方案，依托地平线征程6M芯片的成本与性能优势，以 一段式端到端架构实现类人驾驶体验，成功将好用的城区辅助驾驶普惠至10万元级乘用车市场。这一突 破精准契合行业需求，助力其2025年斩获超10款车型定点，商业化落地效率领跑行业，也标志着高阶城 区智驾正式迈入国民车时代。 在汽车智能化普及爆发期，智驾大陆的融资进展折射出行业新趋势：技术普惠与全球化布局已成为智驾 企业的核心竞争力。本轮资金将进一步赋能其技术研发与全球市场拓展，而其探索的合资模式与普惠化 路径，或将为行业格局重塑提供新方向，推动中国智驾技术从单点突破迈向全球规模化落地的新阶段。 此次融资 ...

12月8日，地平线首届技术生态大会（Horizon Together 2025）在深圳举行。 在这场长达3个小时的发布会上，地平线创始人兼首席执行官余凯以"向高同行"为主题，分享了智驾从"向高而行"到"与高同行"的思考与实践。据介 绍，在智驾普惠时代，地平线通过HSD Together模式与产业链伙伴深度合作，推动组合驾驶辅助功能下探至更广阔的市场。 更值得行业深究的，是这种新型合作关系对汽车供应链生态的重塑——"整零""零零"（供应商与供应商）关系在双向赋能中，正从单纯的供应走向紧密 的共生。 11 - The Property of Concession The Pro- S SELECTION A a WALL AND THE 从链条交付到网状链接的分工变革 这个变化不妨继续从12月8日说起。在地平线首届技术生态大会的聚光灯下，余凯宣布了一项被业界视为"游戏规则改变者"的计划：基于单颗征程6M芯 片的城区辅助驾驶（HSD）系统即将量产上车，并有望搭载于10万元级的国民车型。地平线为此提出两种截然不同的合作路径：除了提供芯片与工具链的传 统模式，还有一种名为HSD Together的全新算法服务模式。在后 ...

Core Viewpoint - The article discusses the significant challenges faced by mid-tier autonomous driving companies in the context of a rapidly consolidating industry, highlighted by the sudden shutdown of a once-promising unicorn, Haomo Zhixing, and the contrasting success of leading players like Huawei and Momenta [4][5][7]. Group 1: Industry Dynamics - In 2025, the autonomous driving industry experienced a harsh competitive landscape, with leading companies aggressively pursuing market share, leaving little room for smaller players [3][4]. - The industry is witnessing a "winner-takes-all" scenario, where top players are expected to dominate, while mid-tier companies struggle to find their place [9][11]. - The market is increasingly favoring companies that can integrate their technologies and maintain control over their intellectual property, as seen in the shift towards "white box" solutions [5][6][12]. Group 2: Company-Specific Insights - Haomo Zhixing, founded in 2019 and once valued over $1 billion, faced operational failures due to poor hardware choices, outdated software algorithms, and indecisive management, leading to its abrupt halt in operations [4][5]. - Mid-tier companies, like the one represented by Zhang Li, are exploring alternative markets and applications, such as unmanned delivery vehicles and international collaborations, to differentiate themselves [6][12]. - Leading companies like Huawei and Momenta are achieving significant milestones, with Huawei's autonomous driving technology being integrated into over 100,000 vehicles and Momenta collaborating with more than 160 models [7][9]. Group 3: Future Outlook - The consensus among industry experts is that the autonomous driving sector will continue to consolidate, with predictions that only a few key players will remain by 2027 [11][12]. - There is a debate on whether the industry will ultimately see a "winner-takes-all" outcome, with some arguing for a more diversified ecosystem to mitigate risks associated with having too few dominant players [12][13]. - The potential for standardization in hardware, particularly in autonomous driving chips, is recognized, while software solutions may retain diversity as companies seek to maintain competitive advantages [13].

Core Viewpoint - The article emphasizes the importance of collaboration and technological breakthroughs in achieving scalable commercialization of autonomous driving, focusing on various applications such as Robotaxi, unmanned logistics, and trunk logistics [1]. Group 1: Event Overview - The "Towards High Collaboration" 2025 Horizon Technology Ecosystem Conference featured a forum on "Scaling Commercialization of Autonomous Driving," discussing sustainable business models and efficient industry ecosystems [1]. - Horizon's founder and CEO, Dr. Yu Kai, highlighted the significance of service providers in the autonomous driving sector, emphasizing the need for scene-based services beyond just vehicle manufacturing [1]. Group 2: Partnerships and Innovations - Horizon collaborates with various partners to provide key technological support for diverse scenarios, including Robotaxi and unmanned logistics, showcasing successful outcomes and industry trends during the forum [3]. - GoGoX and Amigo's founders shared their vision for deploying Robotaxi in Hong Kong, aiming to enhance urban mobility and improve service experiences [3]. - 行深智能 (Xing Shen Intelligent) announced a partnership with Horizon to launch the first L4 urban unmanned logistics solution based on Horizon's 6M chip, achieving a 30% cost reduction compared to similar solutions [3][5]. Group 3: Industry Trends and Developments - 京东物流 (JD Logistics) is advancing unmanned delivery capabilities, aiming to redefine logistics networks through automation across all stages of the supply chain [6]. - 嬴彻科技 (Yingche Technology) has validated its truck autonomous driving system through real operational data, achieving over 400 million kilometers in commercial operation [9]. - 卡尔动力 (Carl Power) introduced the KargoBot Space, a global first in L4 autonomous heavy trucks, which enhances cargo space and profitability while aiming for a commercial breakthrough in 2025 [10]. Group 4: Insights from Industry Leaders - A roundtable discussion led by industry leaders explored the transition from technology-driven to value-driven commercialization of autonomous driving, emphasizing the need for robust technical foundations and ecosystem collaboration [12]. - 佑驾创新 (Youjia Innovation) focuses on creating standardized unmanned vehicle platforms while customizing solutions for different scenarios, maintaining close collaboration with Horizon [14]. - The article concludes with a call for continued collaboration and innovation within the autonomous driving ecosystem, highlighting Horizon's commitment to being a trusted enabler in the industry [20].

Summary of Horizon Robotics Conference Call Company Overview - **Company**: Horizon Robotics - **Industry**: Intelligent driving solutions in China Key Points Market Penetration and Growth - The penetration rate of urban NOA (Navigation on Autopilot) is expected to accelerate in 2026, following rapid growth in highway NOA in 2025, with Horizon Robotics capturing over 40% of the highway NOA market by 2025 [1] - The company is expanding its HSD (High-Performance Driving) product matrix targeting mainstream economy vehicles priced above 100,000 RMB, which is anticipated to increase its market share in urban NOA [1] - Total revenue is projected to reach 15 billion RMB by 2028, with a compound annual growth rate (CAGR) of 58% from 2024 to 2028 [1] Financial Forecasts - Revenue estimates for fiscal years ending December are adjusted as follows: - FY25E: 3,269 million RMB (down 3.7% from previous estimate) - FY26E: 5,517 million RMB (down 5.6% from previous estimate) [2] - The company expects to achieve profitability by 2028, with total revenue reaching 15 billion RMB [9][24] Product Launch and Performance - Two HSD solutions launched in Q4 2025 have shown strong activation rates, with 12,000 units activated within two weeks of launch [5] - HSD600 and HSD300 are designed for vehicles priced above 130,000 RMB and are expected to achieve shipments of 25,000 units in 2025 and 461,000 units in 2026, respectively [5] - The company aims to cover approximately 70% of new energy vehicles with its urban NOA solutions starting in 2026 [5] Investor Sentiment and Competitive Landscape - Investor feedback indicates a consensus on the optimistic outlook for the acceleration of intelligent driving feature penetration, with Horizon Robotics seen as a key beneficiary [5] - Concerns exist regarding valuation, with the current stock price reflecting a 13x projected sales multiple for 2027, and increasing competition from third-party suppliers like Momenta [5] - Despite competition, Horizon's market leadership and unique technology position it for a valuation premium [5] Stock Performance and Valuation - The stock price has rebounded 24% since November 21, outperforming the Hang Seng Tech Index, which rose 3% during the same period [5] - The target price for the stock is set at 13 HKD by December 2026, based on a 19x forward price-to-sales ratio, which is approximately 79% higher than its Hong Kong peers [9][25] Risks - Key risks affecting the rating include intensified competition, potential order shortfalls due to demand shrinkage or project delays, and disruptions in R&D or supply chains [26] Financial Metrics - The company is expected to see significant revenue growth, with a projected revenue CAGR of 54% from 2024 to 2027 [24] - Adjusted net profit is forecasted to improve significantly by 2028, with total revenue reaching 15 billion RMB [9][24] Additional Insights - The company is positioned as a leading supplier of intelligent driving solutions in China, with a product portfolio that includes chips and algorithm suites for entry-level ADAS and higher-level scenarios [24] - Emerging demands from robotaxi and other robotic scenarios are expected to provide long-term growth potential for Horizon Robotics [24] This summary encapsulates the key insights and projections from the conference call, highlighting the company's growth trajectory, financial forecasts, product performance, and market positioning.

Group 1 - The core viewpoint of the article highlights the significant collaboration between BAIC Group and Horizon Robotics, focusing on the development of an all-scenario urban NOA system using Horizon's Journey 6M chips and BAIC's self-developed "Yuanjing AI Central Brain" technology [1] - Horizon Robotics' stock has seen a rise of over 4%, with a current price of 9.01 HKD and a trading volume of 547 million HKD [1] - Goldman Sachs reports that Horizon Robotics' HSD solutions have been adopted by multiple new models from Chery, including the Exeed ET5, Fengyun T9, and iCAR V27, with expectations for increased production and new projects by 2026 [1]

Core Insights - The high-level autonomous driving technology is accelerating its penetration into the mass market, with Horizon Robotics announcing the upcoming mass production of its city navigation assisted driving (NOA) system based on the Journey 6M chip, expected to be featured in vehicles priced around 100,000 yuan [2] Group 1: Market Trends - Historically, advanced city NOA features have been limited to high-end models priced above 200,000 yuan due to the high cost of computing chips and complex algorithm development [3] - The demand for intelligent driving at lower price points is increasing in the Chinese market, with nearly 50% of NOA deliveries in the first three quarters of this year coming from vehicles priced below 200,000 yuan, contributing to a 70% increase in market delivery [4] Group 2: Technological Advancements - Horizon's Journey chip family has achieved cumulative shipments of over 10 million units in five years, with the latest Journey 6 chip series achieving over one million shipments in its first year [3] - The HSD Together algorithm service model aims to significantly reduce the manpower, computing power consumption, and time to market by 90% for partners developing products based on Horizon's validated intelligent foundation [3] Group 3: Competitive Landscape - Major automakers are increasingly introducing high-level autonomous driving features in lower-priced models, such as GAC Toyota's model priced at 149,800 yuan and Zeekr's model featuring city NOA [4] - The competition in the intelligent driving sector is shifting from high-end to mid-range and low-end vehicles, necessitating a balance between cost and performance to avoid a "low price, low quality" cycle [4]

Core Insights - The Horizon Together 2025 conference was held in Shenzhen, focusing on the transition of smart driving from "usable" commercialization to "user-friendly" widespread adoption [1] - Horizon announced the launch of its new "algorithm service" model, HSD Together, aimed at significantly reducing human input, computing power consumption, and time to market by 90% for partners [1] - The company is set to mass-produce its urban auxiliary driving solution based on the Journey 6M chip, making reliable urban smart driving experiences accessible to the 100,000 yuan national car market [1] Company Developments - Horizon's HSD Together algorithm service will open its validated full-stack capabilities to the entire industry [1] - The first batch of mass production partners for the Journey 6M urban auxiliary driving solution includes Bosch, Zhuoyue, Qingzhou Zhihang, Denso, CoolCore, and Zhidrive Continental [1] Industry Impact - The introduction of the Journey 6M chip is expected to enhance the smart driving experience in the affordable car segment, potentially increasing market penetration [1] - The conference theme "Towards High Peers" reflects the industry's shift towards collaboration and shared technological advancements in smart driving [1]

Core Viewpoint - Youjia Innovation (2431.HK) launched its unmanned logistics brand "Xiao Zhu Unmanned Vehicle" on September 15, aiming to leverage advanced L4 technology to create value in diverse and complex scenarios [2][4]. Group 1: Product Launch and Features - The launch event featured industry leaders, including Horizon Robotics and RoboSense, highlighting the collaboration to enhance unmanned vehicle capabilities and drive efficiency in the logistics sector [6][10]. - The first two models, T5 and T8, were introduced, with T5 offering a cargo space of 5.5m³, a maximum load of 1000kg, and a range of 180km, targeting express delivery and retail [8]. - T8 provides a larger capacity of 8.5m³, a maximum load of 1700kg, and a range of 240km, suitable for urban distribution and industrial logistics [10]. Group 2: Technological Advancements - The unmanned vehicles utilize a multi-sensor fusion approach, including three LiDARs and eleven cameras, ensuring 360° visibility and precise road condition recognition [10]. - Youjia Innovation has developed core capabilities for the Xiao Zhu unmanned vehicles, including handling complex road conditions and autonomous navigation in various environments [10]. Group 3: Market Strategy and Partnerships - The company has established strategic partnerships with Shenzhen Postal and Eastern Bus, enhancing its logistics capabilities and community service [11]. - The launch event also marked the immediate delivery of the first batch of unmanned vehicles to partners, emphasizing a "release and deliver" strategy [11]. Group 4: Financial Performance and Future Outlook - Youjia Innovation's L4 autonomous driving business achieved significant revenue growth, surpassing ten million in the first half of 2025, with ongoing projects across multiple cities [15]. - The company has received positive market recognition, with Citic Lyon reaffirming a "outperform" rating and a target price of HKD 32 [15].

Core Viewpoint - The article discusses Li Auto's four collaboration models with suppliers, emphasizing the importance of strategic partnerships and self-research in enhancing product competitiveness and supply chain security [1][5][13]. Group 1: Collaboration Models - **Self-Research and Manufacturing**: Li Auto designs and produces key components in-house, such as the rear electric drive system for the i8, to ensure competitive efficiency and product integration [6][7]. - **Self-Research with Key Technology Lock-in**: The company collaborates with suppliers like Huichuan to co-develop critical components, such as the front electric drive, to mitigate risks and enhance supply chain security [8][9]. - **Deep Cooperation for Cutting-Edge Technology**: Li Auto invests heavily in partnerships, such as with CATL for the 5C ultra-fast charging Kirin battery, which significantly improves charging times and vehicle range [11][12]. - **Strategic Cooperation for Product Optimization**: Collaborations with companies like Horizon and Hesai lead to customized components that meet specific technical requirements, enhancing overall product performance [12][14]. Group 2: Supply Chain Strategy - **Investment in Core Technologies**: Li Auto focuses on self-research in critical areas like battery cell technology while outsourcing manufacturing to specialized firms, ensuring advanced technology without heavy capital investment [14]. - **Dynamic Supplier Management**: The company maintains a flexible supplier base of approximately 500, aiming to streamline this number for better cost efficiency and competitive advantage [14]. - **Balancing Self-Research and Outsourcing**: Li Auto adopts a dual approach of self-research and external procurement to foster healthy competition among suppliers, ensuring continuous technological advancement and cost optimization [13][14].