and and and and and and and and and the many of the la 192 Part Concerner Courselves STATE Y COSTANTA s criming .. 0 pl 地平线副总裁、战略部&智驾产品规划与市场部负责人吕鹏表示："传统的两段式端到端、一段式端到端+规则后处理等混合式架构采用横纵向解耦，会 导致响应延迟增加、信息传递损失、横纵向不协调等难题。而地平线HSD打造真正的一段式端到端，有很强的防御性驾驶能力，和专业司机开得非常像，推 动辅助驾驶迎来拟人化体验拐点。" 地平线介绍，星途ET5作为全球首款搭载地平线HSD与征程6P的车型，将于2025年11月上市。目前，HSD已完成京沪广深等多城验证，并与全球多家汽 车品牌超10款车型达成合作意向，今年底将进入大规模量产，未来3-5年，HSD计划实现千万量产目标，推动辅助驾驶从"高端配置"走向"全民普惠"。 and and the first the first of the states of the was and the states of the st ar a lead the ...

Core Insights - Horizon showcased its upgraded urban auxiliary driving system HSD at the "HSD Pioneer Experience Day" in Beijing, featuring a "one-stage end-to-end + reinforcement learning" architecture that overcomes traditional separation limitations [1] - The HSD system demonstrated low latency, defensive driving, and human-like control capabilities during real-world tests in complex urban environments [1] - The system is designed to self-evolve through reinforcement learning, maintaining stable performance in extreme conditions such as tidal lane changes and unpaved roads [1] - The Xingtai ET5 will be the world's first vehicle equipped with Horizon's HSD and the Journey 6P chip, set to launch in November 2025 [1] - Horizon plans to enter mass production of the HSD system by the end of this year, with expectations to achieve millions of installations over the next 3 to 5 years, promoting the widespread adoption of auxiliary driving technology [1]

（原标题：地平线携手奇瑞做"时间的真朋友"） 在香港交易所的首日亮相，奇瑞汽车（9973.HK）以34.2港元开盘，高于发行价30.75港元，涨幅达到 11.22%。 在当前资本市场并不宽裕的背景下，这样的开局不仅释放出市场对奇瑞基本面的认可，也让它背后的基 石投资者们，获得了一个相当亮眼的起点。 其中，地平线的名字格外引人注目。与高瓴、景林、国轩等机构并列，作为基石投资者之一，地平线并 非传统意义上的财务投资人，而是奇瑞汽车的长期技术伙伴。 早在2022年，奇瑞便对地平线进行战略投资，双方由此开启了智能化的深度协作。此次地平线以投资者 身份再次站在奇瑞上市的重要节点，更多是一种战略协同的延续。这种关系的独特之处，在于资本和技 术的双重捆绑，彼此已经不止是"金钱与股份"的交换，而是建立在长期互信和共同愿景之上的路径选 择。 征程6P具备560TOPS的算力支持，HSD系统则实现了城区NOA的环境感知与路径规划能力，使得车辆 在复杂城市道路中表现出接近人类驾驶员的决策水准。对地平线而言，这是一种真正的"走进市场"的能 力展示，它表明技术不再停留在实验室，而是成为能够批量交付、规模应用的智能驾驶解决方案。 更深一 ...

Core Insights - Horizon and Hello signed a strategic cooperation agreement to develop low-cost, high-safety, and reliable intelligent driving technology for Robotaxi operations [1] - The collaboration marks a significant step in Horizon's strategic layout, enabling L2 to L4 scenarios in intelligent driving [1] - The Robotaxi service market in China is projected to reach a potential scale of $183 billion by the late 2030s, with approximately 4 million Robotaxis expected to be operational nationwide [1] Group 1: Technology and Collaboration - Horizon has built a technology foundation suitable for Robotaxi deployment, leveraging its full-stack technology and mass production experience [2] - The Zhencheng 6P provides 560 TOPS of computing power, with a modular system capable of achieving over 1,000 TOPS, meeting the demands for multi-sensor fusion and large model applications [2] - The collaboration aims to optimize the core software and hardware systems of Robotaxi, reducing development cycles and integration costs [2] Group 2: Business Model and Market Strategy - Hello's Robotaxi business is supported by investments from Hello, Ant Group, and CATL, facilitating large-scale commercial applications [3] - The first mass-produced Robotaxi model, HR1, was unveiled, with plans for mass production in 2026 across over 10 cities, targeting a fleet of 10,000 vehicles [3] - Two main technical routes for L4 autonomous driving are identified: a leapfrogging route focusing on regulatory compliance and a progressive route driven by user experience [3] Group 3: Industry Perspectives - The progressive route, represented by companies like Tesla and Horizon, emphasizes speed and iterative development from L2 to L4 capabilities [4] - Horizon's president stated that a solid L2 foundation is essential for achieving L4, advocating for a data-driven approach to expand operational design domain (ODD) boundaries [4] - The approach aims to significantly reduce per-vehicle investment and enhance return on investment (ROI) [4]

Group 1 - Horizon has launched the "Horizon Journey 10 Million Production Witness Ceremony" at the Chengdu International Auto Show, aiming to achieve over 10 million units of the Journey family chips by August 2025 [1] - The company has established partnerships with over 40 global automotive manufacturers, including China's top ten car companies, enabling over 400 vehicle models and serving more than 6 million users [3] - The Journey 6 series, set to begin mass production in 2025, is developed on the new BPU Nash architecture, covering a computing power range of 10-560 TOPS, catering to L2 to full-scene urban driving assistance needs [3] Group 2 - The high-performance flagship Journey 6P has a computing power of 560 TOPS, and the HSD urban driving assistance system is based on a one-stage end-to-end architecture with reinforcement learning capabilities [4] - The HSD system has already secured partnerships with over 10 vehicle models from various manufacturers, with the first collaboration model, the Starway ET5, set to be mass-produced in November 2025 [4] - The achievement of over 10 million units in production marks a new phase for China's intelligent driving industry, transitioning from the initial stage to large-scale commercialization and ecosystem collaboration [5]

Core Viewpoint - Horizon has launched its most significant upgrade of the high-performance urban auxiliary driving product HSD, which is recognized as the "most Tesla-like FSD system" in China, enhancing safety, efficiency, and comfort in driving [3][5]. Group 1: Product Development and Features - HSD is built on the Journey 6P platform, achieving ultra-low latency from "photon input to trajectory output" and introducing reinforcement learning for maximizing model potential [8]. - The product covers various driving scenarios, including urban areas, highways, rural roads, and parking lots, and can handle complex driving tasks without relying on memory mapping [3][5]. - Horizon has established cooperation intentions with nearly 10 global automotive brands, with the first mass production set to be launched on Chery's Exeed Star Era E05 [3][5]. Group 2: Market Trends and Growth - The high-level auxiliary driving technology is transitioning from validation to large-scale adoption, with 902,200 new cars equipped with urban NOA delivered in China in the first five months of the year, marking a 152.5% year-on-year increase [5]. - Horizon has achieved over 8 million sets of front-mounted mass production shipments and over 200 mass-produced vehicle models as of the end of Q1 this year [16]. Group 3: Strategic Vision and Competitive Edge - The founder and CEO of Horizon emphasizes the importance of continuous technological iteration and the launch of high-performance products to maintain market leadership [16]. - Horizon's strategy of "soft and hard integration" has allowed it to achieve over 1000 times improvement in computing performance over the past decade, supporting the mass production of over 10 computing solutions [19][21]. - The company aims to become a leading player in the high-level auxiliary driving market, leveraging its unique position as a "full-stack soft and hard technology enterprise" with extensive practical experience [23].

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。 " ...