截至目前， 地平线 HSD已与全球近10家汽车品牌达成合作意向，全球首发搭载奇瑞的星途星纪元 E05量产在即 。 截至目前，地平线HSD已与全球近10家汽车品牌达成合作意向。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 地平线 日前 发布 了 有史以来最大升级的高性能城区辅助驾驶产品 HSD （ Horizon SuperDrive） ，其作为 基于征程 ®6P打造的一段式端到端辅助驾驶系统，实现了从"光 子输入到轨迹输出"的系统超低时延，大幅提升 了 辅助驾驶安全、效率、舒适。 值得一提的是， 地平线最新版本的 HSD 现已被誉为 "国内最像特斯拉FSD的辅助驾驶系统" —— HSD可行驶区域覆盖城区、高速、乡间小路、停车场等道路场景 ， 不仅在连续弯道、多出口大型环 岛等复杂道路拓扑环境下，依然能实现精准感知与丝滑通行，还能从容完成高难度直行待行区识别、 盲区遮挡防御性驾驶、潮汐车道通行等复杂城区驾驶任务，并实现不依赖于记忆建图的园区漫游及车 位到车位的流畅驾驶 。 某种程度上而言， HSD 于今年年初的发布及日前完成的进一步迭代，再一 ...

Core Viewpoint - Horizon Robotics (9660.HK) is a leading provider of intelligent driving assistance solutions for passenger vehicles in China, ranking first in the advanced driver assistance systems (ADAS) market with over 40% market share in 2024 [1] Business Segments - The main business segments include product solutions, licensing and service business, and non-vehicle solutions [2] Product Solutions - The company offers a comprehensive range of advanced driver assistance and high-level autonomous driving solutions, from mainstream assistance (L2) to advanced autonomous driving (L2+) compliant with Chinese regulations, including Horizon Mono, Horizon Pilot, and Horizon SuperDrive [3] Horizon Mono - Positioned as an active safety advanced driving assistance solution, it enhances daily driving safety and comfort, utilizing visual sensors and optional radar to identify various objects [5] Horizon Pilot - This solution provides a safe and efficient driving experience on highways, featuring advanced tasks such as automatic lane changes and parking assistance [6][7] Horizon SuperDrive - An end-to-end urban driving assistance system that theoretically supports high-level autonomous driving up to L4, utilizing a combination of visual sensors, radar, and LiDAR [8] Non-Vehicle Solutions - The non-vehicle solutions are primarily managed by the subsidiary Diguo Robotics, offering products like lawn mowers and air purifiers, benefiting from significant synergies with automotive solutions [9] Licensing and Service Business - The company provides algorithm and software licensing and technical support to automotive clients, which has become a major revenue source, significantly increasing overall gross margins [10] Financial Performance - The company achieved revenues of 910 million, 1.55 billion, and 2.38 billion yuan for 2022, 2023, and 2024, respectively, with year-on-year growth rates of 94%, 71%, and 54% [11] - The gross margins for the same years were 69.3%, 70.5%, and 77.3% [11] - By 2024, the revenue breakdown is expected to be 664 million from product solutions, 1.647 billion from licensing and services, and 72 million from non-vehicle solutions [11] Market Outlook - According to the China Association of Automobile Manufacturers, China's vehicle sales are projected to reach 31.436 million units in 2024, with new energy vehicle sales at 12.888 million units, indicating a growth rate of 34.4% [15] - The penetration rate of L2+ intelligent driving functions is expected to rise to 8.5% in 2024, with significant growth anticipated in urban NOA functions by 2030 [15] Market Performance - In the Chinese market, Horizon Robotics delivered 67,853 units in May 2025, capturing a market share of 9.8%, with a total delivery of 253,241 units in the first five months [18] - The company ranks third in ADAS front camera chip manufacturing, with a market share of 13.0% [21] Recent Shareholding Changes - As of the end of 2024, Baiji held 5.27% of the company's shares and increased its stake to 4.95% in June 2025 [22] Stock Price Drivers - The company anticipates delivering approximately 2.9 million product solutions in 2024, with cumulative deliveries reaching around 7.7 million [23] - The launch of the "Journey 6P" SoC is expected to enhance the company's market position significantly [23]

Core Viewpoint - Horizon Robotics has officially entered the Hong Kong Stock Connect list, indicating strong market recognition of its integrated software and hardware technology path and signaling an acceleration in value discovery and re-evaluation as a leading provider of intelligent assisted driving solutions in China [1] Group 1: Market Performance and Recognition - Since its listing in late October 2024, Horizon Robotics has been a focal point in the industry, with its stock showing high activity and receiving positive coverage from major domestic and international brokerages [1] - The successful inclusion in the Hong Kong Stock Connect reflects the high popularity of Horizon Robotics in the capital market [1] Group 2: Product Development and Market Position - Horizon Robotics has consistently attracted investor interest due to its strong performance in the intelligent assisted driving sector, with significant product launches like the Journey series, which has gained trust from major clients like BYD [2] - The Journey family is expected to exceed 8 million units shipped by Q1 2025, showcasing robust market growth, with a market share of over 40% in China's OEM advanced assisted driving solutions [2] - The recent launch of the L2 urban assisted driving system HSD has garnered significant attention, with partnerships established with major automotive manufacturers like Chery and Volkswagen for mass production [3][4] Group 3: Technological Advancements and Competitive Edge - The HSD system features the advanced Journey 6P computing solution, which allows for hardware modularity and software upgrades, catering to diverse customer needs [4] - Horizon Robotics has developed a strong technological foundation with its self-developed BPU architecture and has established a deep "moat" in the market, collaborating with over 40 automotive brands and achieving over 8 million units in front-end production [6] Group 4: Future Growth Potential - The automotive industry is moving towards a "universal intelligent assisted driving" era, with BYD leading the charge, which is expected to benefit Horizon Robotics significantly as other manufacturers follow suit [5] - The company's comprehensive solutions and full-stack delivery capabilities position it to capitalize on the industry's growth, enhancing its visibility and potential for future expansion [5] - Analysts have expressed optimism about Horizon Robotics' long-term growth, with several brokerages issuing "buy" ratings and projecting profitability by 2027 [7]

Group 1: Advanced Manufacturing and Technology - Ningde Times launched the second-generation Shenxing supercharging battery and "Sodium New" sodium-ion battery on April 21, with the supercharging battery achieving a peak charging rate close to 12C and a peak charging power exceeding 1.3 MW, enabling a 5-minute charge for over 520 km range [2] - The sodium-ion battery, set to begin mass production in June, demonstrates safety features under extreme conditions and is expected to replace lead-acid batteries in various applications, indicating a positive outlook for the sodium battery industry chain [2] - Huawei's QianKun Intelligent Technology Conference will showcase the latest high-level intelligent driving assistance system, with significant advancements in L3 driving technology expected to enhance the competitiveness of domestic new energy vehicles [3] Group 2: Consumer Sector - Yanjing Beer reported stable financial performance in its 2024 annual report, aligning with previous performance forecasts [5] - Hengshun Vinegar's 2024 annual report showed revenue of 2.2 billion yuan, a 4.3% increase year-on-year, and a net profit of 130 million yuan, a 46.5% increase, despite a 2.4% decline in its core condiment business [5] - Guibao Pet's 2024 annual report indicated revenue of 5.25 billion yuan, a 21.2% increase, and a net profit of 630 million yuan, a 45.7% increase, driven by the overall expansion of the pet food industry and rising demand for high-quality products [6] - TCL Smart Home's Q1 2025 report showed revenue of 4.6 billion yuan, a 9.6% increase, and a net profit of 300 million yuan, a 34.0% increase, attributed to increased exports and effective cost control [7] - Miaokelando's Q1 2025 report indicated revenue of 1.23 billion yuan, a 6.3% increase, and a net profit of 80 million yuan, a 114.9% increase, marking a recovery from previous sales pressures [7]

不断技术迭代、不断推出更高性能的产品，从而不断保持自己的领导地位。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 4月18日， 地平线举办以 "征程所向，远超想象"为主题的2025年度产品发布会 并正式 推出 L2城区 辅助驾驶系统 " 地平线 HSD "。 值得注意的是，这是 4月16日工信部 发布新公告（注： 工信部官网 于 4月16日 发布《装备工业一 司召开智能网联汽车产品准入及软件在线升级管理工作推进会》公告 ）后首场由智驾科技企业召开 的产品发布会。换言之，地平线成为 工信部收紧智能网联汽车相关管理之后，第一家在智驾产品宣 传上作出反应的企业 ， 为整个行业的规范行为率先打了个样。 同时 ， 地平线在发布会上还提出了 "用户智驾信任度模型"，这是行业首次就如何提升智驾信任度 进行的标准化、规范化的探索 。由地平线这一 "用户智驾信任度模型"所引发的行业思考，或将定义 智驾行业的新标准，推动智驾行业从无序走向规范。 在会后交流环节， 地平线创始人兼 CEO余凯博士 向「 IPO早知道」等指出， 这次工信部发布新政 让整个行业回归到正常轨道，确实是好事。 " ...

地平线的最新愿景——"打造人人爱用的智能驾驶产品"。 此外， 余凯博士在本次发布会上还宣布了地平线的最新愿景——"打造人人爱用的智能驾驶产品"。 站在现在看未来， 地平线以全新愿景为指引，打造高信任度的智驾产品；站在未来看现在，地平线遵循AI时代产品逻辑，不断"逼近世界 的真相"。 与奇瑞就HSD量产展开全面合作 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，地平线于4月18日正式推出L2城区辅助驾驶系统——地平线HSD—— HSD搭载当前最强性能的国产智 驾计算方案征程6P，采用一段式端到端技术架构，是国内首个软硬结合全栈开发的L2城区辅助驾驶系统，能够全方位 提升系统安全性、稳定性和通行效率 ，为用户带来信任度高、体验类人的智慧出行。 同时，基于软硬结合全栈技术，地平线创新推出Horizon Cell"弹夹系统"，实现硬件可插拔、软件可升级，为车企合作 伙伴提供"软硬件皆可升级"的方案选择，支持车载计算平台快速升级，实现车企与用户的共赢。基于弹夹系统，依托 于"技术同源、架构统一"的特点，软硬一体全栈方案HSD推出HSD 300/HSD 60 ...

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 "土星五号" 是地平线高阶智驾研发的项目代号，主要负责基于地平线征程 6P 研发高阶智驾方案 Horizon SuperDrive，团队负责人是苏箐。苏箐此前是华为车 BU 智能驾驶产品部部长，强于工程能力和团队管理，曾 带队完成华为第一代智能驾驶产品 ADS 1.0 的研发工作。他在 2022 年 10 月加入地平线。 本周一，地平线在上海举办了 "智驾科技畅想日" 活动，这也是苏箐 2022 年从华为离职后的首度公开亮相。 苏箐在活动上称，自动驾驶研发没有 "银子弹"。地平线只有通过打造坚实工程团队，比别人吃更多苦、掌握 更多经验、具有更加持之以恒的心态，及时吸收最新技术并理解技术的边界，才能让高阶智能驾驶的技术创 新逐步落地。 "高阶智驾方案的成败，将决定地平线在国内市场的话语权。" 文丨赵宇 编辑丨龚方毅 我们独家获悉，国产智能驾驶解决方案提供商地平线近期发生多项组织调整，主要涉及智能汽车事 业部、"土星五号" 项目团队等。调整完成后，地平线高阶智驾研发、工程团队的管理权 ...

自地平线2024年10月24日正式登陆港交所以来，余凯首次对外系统性分享。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，地平线创始人兼CEO余凯博士在1月13日举行的"Beyond the Horizon地平线 智驾科技畅想日"上系统性地分享了其对于2024年及地平线过去9年多发展的总结和思考、以及对未 来智能驾驶行业发展的期许和展望。 这也是自地平线2 024 年 10 月2 4 日正式登陆港交所以来，余凯首次对外系统性分享。 事实上，在2024年这一年里，地平线发布了征程6系列，拿下了超过20家车企品牌的100款车型定 点；同时，地平线也正式发布了高阶智驾系统SuperDrive，并且已经实现了全国泛化，即将在今年 Q3正式上车量产。 截至目前，地平线的智驾方案出货量已突破700万套，持续引领中国智驾最大规模量产，且已服务了 全球超过40家车企，是中国前十大车企的一致选择，同样也是500多万位车主的智驾选择。 此外，余凯还强调，他特别相信巴菲特的一句话——"股价在短期是整个市场对你的投票机，但是这 个股价长期是对你的称重机"。换言之，这个公司 ...