Core Insights - The release of Horizon's fourth-generation BPU architecture "Riemann" and the successful listing of Naxinwei on the Hong Kong stock market highlight the innovative momentum in China's automotive chip industry [2] - The automotive chip industry in China is transitioning from initial development to significant growth, driven by policy standards, core technology advancements, and market applications [2] Industry Developments - The upgraded "Automotive Chip Certification Review Technology System 2.0" was launched, featuring a comprehensive framework with 9 modules and 60 indicators, covering 10 categories of automotive chips for new energy vehicles [2][3] - The implementation of this certification system has improved quality control for chip manufacturers and reduced vehicle manufacturers' selection risks and costs, shortening the onboarding cycle by an average of 3 months [3] Market Performance - Chip manufacturers like Chipone and Horizon are achieving significant milestones, with Chipone's KungFu automotive-grade MCU deliveries surpassing 200 million units and Horizon's HSD system being integrated into more affordable vehicle models [3][9] - The domestic automotive chip industry has seen a rise in the number of companies, with over 1,000 firms involved in the supply chain, and a significant increase in the domestic chip application rate, which is projected to reach 20% by the end of 2024 [5][8] Competitive Landscape - Local companies are rapidly gaining market share in the mid-to-low-end automotive chip market, while high-end markets remain dominated by foreign giants [11] - The collaboration between automotive chip companies and vehicle manufacturers is fostering innovation and enhancing the reliability of domestic chips, which is crucial for market penetration [11][17] Future Opportunities - The automotive chip sector is viewed as a critical growth area, with companies exploring new applications in the robotics industry, which is expected to see significant growth in the coming years [12][14] - The integration of automotive chips with intelligent systems is seen as a pathway for companies to overcome existing growth bottlenecks and explore new market opportunities [14][15] Challenges Ahead - Despite progress, the domestic automotive chip industry still faces challenges, including a reliance on foreign technology for high-end chips and the need for a more robust supply chain [15][16] - The industry must focus on building a comprehensive ecosystem that includes software development capabilities alongside hardware reliability to meet the evolving demands of the automotive market [17]

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].

1. 地平线机器人-W全年业绩预期怎么样？ 截至2025年12月12日，根据朝阳永续季度业绩前瞻数据： 预测公司全年一致预期营业收入32.69~38.15亿元，同比增长37.1%~60.1%； 预测公司全年一致预期净利润-88.20~-20.51亿元，同比变动-475.9%~-187.4%； 预测公司全年一致预期经调整净利润-28.01~-22.91亿元，同比变动-66.6%~-36.3%。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 海通国际证券认为：地平线机器人-W与ZFGroup联合开发面向中国市场的L3级智能驾驶系统，预计2026年实现量产。ZF提供ProAI平台及系统级架构设 计，地平线提供Journey6P芯片及软件算法栈。此次合作强化了地平线在系统级应用中的算法适配与执行协同能力，J6P芯片性能获得国际Tier-1集成标准 验证。地平线有望借助ZF全球网络拓展海外客户，预计2027年海外收入占比提升至约10%。 （注：本文内容基于朝阳永续AI技术生成，文中相关盈利预测数据均来自朝阳永续盈利预测数据库） 风险提示：本文所示数据或案例仅供参考之用，不能作为 ...

Group 1 - The cumulative shipment of the Journey series has exceeded 10 million units, with the self-developed BPU architecture showing a performance improvement of 246 times over six years [1] - The Journey 6 series, set to begin mass production in 2025, is based on the new Nash architecture, covering computing power from 10 to 560 TOPS, and is the only domestic solution meeting the needs for L2 to full-scene urban driving assistance [1] - The Journey series has over 40 domestic and international automotive clients, with more than 400 models and serving over 6 million vehicle owners [1] Group 2 - The HSD is entering a large-scale mass production phase, with its technology path gaining widespread market validation and recognition [2] - The HSD employs a one-piece end-to-end architecture with reinforcement learning capabilities, significantly enhancing the safety, efficiency, and comfort of driving assistance [2] - The new flagship vehicle computing solution, Journey 6P, achieves a performance leap with up to 560 TOPS, supporting the large-scale implementation of HSD [2] Group 3 - The company expects revenues of 3.59 billion, 5.60 billion, and 8.14 billion yuan for 2025, 2026, and 2027 respectively, with net profits of -703 million, -151 million, and -83 million yuan [2]

地平线CEO 余凯 基于这一判断，地平线提出全新的商业模式——HSD Together模式。 在从征程2、征程3到征程5时期，地平线的主流商业模式是卖芯片、方案，包括工具链、基础软件以及硬件、域控制器的参考设计、芯片IP授权、算法IP授 权等。 文｜肖漫 编辑｜李勤 地平线正在试图打造一个"新生态"，拉更多人入局，把生意做大。 近日，地平线CEO余凯在地平线首届生态大会上提出，智能驾驶尚未真正进入大众市场。今年前三个季度，20万以上乘用车占30%的份额，13万以下占50% 的份额，但后者车型基本都不具备城区辅助驾驶功能。 今年年内，地平线打造的智能驾驶解决方案HSD已经在售价13万的车型上搭载。余凯透露，地平线明年将把基于单征程 6M 的城区辅助驾驶方案搭载到售价 最低 7 万元的车上。 为了进一步支撑智能驾驶能力的进化，满足新一代智能驾驶模型的需求，地平线宣布打造第四代 BPU 架构——黎曼架构。 相比上一代架构，高精度算子数量增加超 10倍；支持Tensor（张量）计算、Vector（向量计算），全面支持浮点计算，具备更高效率；面向大语言模型优化 设计，能效提升5倍。 征程7家族将全系搭载BPU黎曼架构， ...

中邮证券发布研报称，地平线机器人-W(09660)征程系列累计出货量破千万，维持"买入"评级。公司自 主研发设计的智能计算架构BPU，历经三代架构迭代，从伯努利架构到纳什架构，BPU计算性能6年间 提升了246倍。 2025年开启量产的征程6系列基于新一代BPU纳什架构开发，覆盖10-560TOPS算力，是目前国内唯一满 足从L2辅助驾驶到全场景城区辅助驾驶需求的计算方案，高效满足智能汽车的多元化需求；征程系列 客户覆盖超40家国内外车企，合作车型超400款，服务车主超600万。截至2025年8月底，地平线征程家 族车载智能计算方案总出货量已突破1000万片。 该行认为HSD覆盖多元化车型，进入大规模量产阶段。随着公司HSD量产阵营的不断扩大，软硬结合技 术路径也持续获得市场广泛验证与高度认可。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。新一代旗舰车载智 能计算方案——征程6P，以高达560TOPS的算力实现代际性能跃迁，结合硬件架构革新与安全冗余设 计，为HSD的规模化落地提供了坚实支撑。目前公司的HSD已获得国内外多达1 ...

2025年开启量产的征程6系列基于新一代BPU纳什架构开发，覆盖10-560TOPS算力，是目前国内唯一满 足从L2辅助驾驶到全场景城区辅助驾驶需求的计算方案，高效满足智能汽车的多元化需求；征程系列 客户覆盖超40家国内外车企，合作车型超400款，服务车主超600万。截至2025年8月底，地平线征程家 族车载智能计算方案总出货量已突破1000万片。 智通财经APP获悉，中邮证券发布研报称，地平线机器人-W(09660)征程系列累计出货量破千万，维 持"买入"评级。公司自主研发设计的智能计算架构BPU，历经三代架构迭代，从伯努利架构到纳什架 构，BPU计算性能6年间提升了246倍。 该行认为HSD覆盖多元化车型，进入大规模量产阶段。随着公司HSD量产阵营的不断扩大，软硬结合技 术路径也持续获得市场广泛验证与高度认可。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。新一代旗舰车载智 能计算方案——征程6P，以高达560TOPS的算力实现代际性能跃迁，结合硬件架构革新与安全冗余设 计，为HSD的规模化落地提供了坚实支撑。目前公司的HS ...

里昂发布研报称，上调地平线2026-2027年研发支出估算近10亿元人民币。该行认为地平线当前股价已 充分反映负面因素，上行空间更大。该行预计，未来数月J6P的客户认证落地、国内头部整车厂对 HSD600的采用将成为核心催化剂，故维持"跑赢大市"评级。 消息面上，地平线机器人与无人驾驶企业卡尔动力宣布达成全面战略合作，双方将基于地平线征程6P 打造高效、安全、可规模化的干线物流自动驾驶解决方案，双方将通过数据与场景的深度耦合赋能，软 硬协同打造最强L4自动驾驶货运系统，共同推动L4级自动驾驶重卡加速技术与商业化的规模落地进 程。 本文源自：智通财经网 智通财经获悉，地平线机器人-W(09660)午后涨超6%，截至发稿，涨5.52%，报9.18港元，成交额18.01 亿港元。 ...

里昂发布研报称，上调地平线2026-2027年研发支出估算近10亿元人民币。该行认为地平线当前股价已 充分反映负面因素，上行空间更大。该行预计，未来数月J6P的客户认证落地、国内头部整车厂对 HSD600的采用将成为核心催化剂，故维持"跑赢大市"评级。 消息面上，地平线机器人与无人驾驶企业卡尔动力宣布达成全面战略合作，双方将基于地平线征程6P 打造高效、安全、可规模化的干线物流自动驾驶解决方案，双方将通过数据与场景的深度耦合赋能，软 硬协同打造最强L4自动驾驶货运系统，共同推动L4级自动驾驶重卡加速技术与商业化的规模落地进 程。 智通财经APP获悉，地平线机器人-W(09660)午后涨超6%，截至发稿，涨5.52%，报9.18港元，成交额 18.01亿港元。 ...

在"2025地平线技术生态大会"上，地平线创始人兼CEO余凯博士发表"向高同行"主题演讲。他首先回顾了过去两年地平线在高阶辅助驾驶领域持续发力、成 果斐然。从2021年起，地平线持续推动高价驾驶向高而行，2024年4月24日征程6家族芯片重磅发布、2025年4月18日征程6P与HSD发布。2025年11月18日 起，地平线智驾HSD正式首发量产，以堪比豪华车的智驾体验降低了高阶智驾门槛，助力车企打造爆款产品，让高阶智驾人人可享。首搭HSD量产落地的星 途ET5和深蓝L06上市仅两周，HSD激活量超12000辆，市场反响热烈，展现出地平线在高阶辅助驾驶领域的强大实力与广阔前景。 ...