Core Viewpoint - Horizon Robotics aims to democratize urban assisted driving technology by making it available for vehicles priced at 100,000 yuan, targeting the mass market [3][8]. Group 1: Market Dynamics - In the first three quarters of this year, vehicles priced above 200,000 yuan accounted for 30% of the market share, while those below 130,000 yuan made up 50%, with the latter lacking urban assisted driving features [3]. - The competition in the intelligent driving sector is consolidating around a few leading companies, with Huawei and Momenta establishing strong positions in the high-end market [4]. - Horizon Robotics is rapidly expanding its market presence by introducing new algorithm service models and collaborating with various partners, including major automotive suppliers [6][10]. Group 2: Technological Developments - Horizon Robotics has transitioned from being solely a chip manufacturer to a full-stack solution provider, emphasizing the integration of hardware and software [6][10]. - The company plans to equip vehicles priced as low as 70,000 yuan with its urban assisted driving solutions next year, targeting a significant portion of the Chinese passenger car market [8][12]. - The introduction of the HSD Together model allows Horizon to collaborate with international partners, facilitating its entry into overseas markets [17][18]. Group 3: Competitive Landscape - The competition between Horizon Robotics and Momenta is intensifying, with both companies vying for market share in the L2+ segment and preparing for a direct confrontation in the lower-priced vehicle market [13][16]. - Momenta is also developing its own chips, which are expected to enhance its competitive edge in the intelligent driving space [14][15]. - The ongoing competition is characterized by a race to achieve higher performance at lower costs, with both companies focusing on production efficiency and ecosystem collaboration [15][19].

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.

12月9日，首届地平线技术生态大会继续进行，在"迈向全域自动驾驶的规模化商用"专题论坛上，来自地平线、新石器、行深智能、嬴彻科技、卡尔动力等 多家自动驾驶领域一线企业共聚一堂，分享了从末端物流配送、干线重卡运输到Robotaxi出行等自动驾驶领域的实践成果与前沿思考。 行深智能创始人、董事长兼CEO安向京则强调："无人驾驶的价值不止于替代司机，更在于'实现整个物流流程的全闭环自动化'。"安向京继续讲到："为什么 L4物流是第一个可以商业化爆发的场景呢？有四个核心要素，第一，一定要做到极致的降本。第二，一定要提高运营性能。第三，一定要提高部署效率。 第四，最重要的是一定要做到数据的安全。我们在过去针对这4项都做了极大的优化，我们的战略就是用全栈本土化方案实现L4的商业无人驾驶底座。" 自动驾驶正从技术驱动迈向价值驱动，国产芯片与生态协同则成为行业破局的核心支撑。 与会嘉宾达成共识，自动驾驶的商业化落地已形成清晰的场景分层，不同赛道的企业基于场景特性走出了差异化发展路径。 在末端物流配送领域，新石器无人车首席技术官苗乾坤直言："降本是物流行业的第一性原理"。苗乾坤具体阐述："城市物流配送无人车之所以能持续推 进、 ...

Core Viewpoint - The launch of the Chery Exeed ET5 marks a significant advancement in the competitive landscape of intelligent driving, introducing high-level autonomous driving capabilities to the mass market at an accessible price point [1][11]. Group 1: Product Launch and Features - The Exeed ET5 is the first mass-produced vehicle to feature Horizon's HSD and Journey 6P chips, promising an advanced driving experience with capabilities such as "superhuman response" and "human-like thinking" [1][10]. - The starting price of the Exeed ET5 is set at 144,900 yuan, with a potential subsidy bringing it down to 134,900 yuan, making high-level intelligent driving more accessible [1][11]. - The HSD system is praised as the "Chinese version of FSD," indicating its potential to reshape the intelligent driving industry [1][3]. Group 2: Technological Significance - The introduction of HSD signifies that Chinese automakers now possess a scalable top-tier intelligent driving foundation, crucial for the industry's transformation [2][15]. - The Journey 6P chip boasts a computing power of 560 TOPS, making it one of the most powerful domestic chips available, enhancing the performance of the HSD system [6][16]. - HSD's architecture incorporates reinforcement learning, enabling it to autonomously handle complex driving scenarios, thus pushing the boundaries of intelligent driving beyond mere imitation of human drivers [10][18]. Group 3: Market Impact and Competition - The Exeed ET5's launch is seen as a pivotal moment, as it brings high-level intelligent driving features, previously exclusive to luxury vehicles, into the 150,000 yuan market segment, which is the largest in China [11][12]. - The penetration rate of vehicles equipped with combined driving assistance systems in China reached 62.6% from January to July this year, indicating a growing consumer demand for intelligent driving features [11]. - The competitive landscape is intensifying with Tesla's FSD entering the Chinese market, prompting domestic brands to accelerate their intelligent driving offerings to maintain market share [12][15]. Group 4: Future Prospects - Horizon aims to achieve a production target of 10 million units for the HSD system over the next 3-5 years, further promoting the era of intelligent driving for the masses [14][18]. - The collaboration between Horizon and multiple automakers indicates a collective effort to enhance the intelligent driving capabilities across the industry, positioning HSD as a critical tool for Chinese car manufacturers to compete against global players like Tesla [15][18].

Core Insights - The launch of the Xpeng ET5 marks a significant step in making luxury automotive experiences accessible, as stated by Chery Automobile's Executive Vice President Li Xueyong [2] - The ET5 is equipped with advanced technology, including the Horizon HSD and Journey 6P chips, boasting a computing power of 560 TOPS, making it the first vehicle globally to feature the Journey 6P chip [2][3] - The ET5 has been recognized as one of the "World's Top Ten Smart Cars," highlighting its advanced driver assistance capabilities [2] Product Features - The ET5 is positioned as a "new luxury smart electric mid-size SUV" and features five core advantages in intelligent driving assistance: "superhuman response," "human-like thinking," "human-controlled driving," "panoramic roaming," and "easy parking" [3] - The vehicle includes 27 high-precision sensors, comprising 1 LiDAR, 3 millimeter-wave radars, 11 multifunctional cameras, and 12 ultrasonic radars, providing a perception range equivalent to three football fields and covering over 300 parking scenarios [4] - The smart cockpit features a tri-screen setup with a 10.25-inch instrument display, a 15.6-inch central control screen, and a 12.3-inch co-driver screen, supporting seamless information transfer and various wireless connectivity options [5] Performance and Efficiency - The ET5 is powered by the "Golden Range Extender CEM" system, featuring a 1.5T range extender with a thermal efficiency of 45.79% and an oil-electric conversion efficiency of 3.71 kWh/L [5] - The vehicle offers a pure electric range of 210 km and a comprehensive range of up to 1310 km, showcasing its efficiency and performance capabilities [5] Pricing and Offers - The ET5 is available in two configurations, with official prices ranging from 144,900 to 159,900 yuan, and after a trade-in subsidy, the prices drop to 134,900 to 149,900 yuan [2] - Customers who place orders before December 31, 2025, can enjoy a total value of 52,800 yuan in purchase benefits, including various incentives [2]

Group 1 - China FAW is expected to finalize its investment in Leap Motor by the end of this year, with an initial stake of approximately 5% [1] - Leap Motor's chairman, Zhu Jiangming, reiterated that the collaboration with FAW is ongoing and emphasized the desire for the founding team to maintain control [1] - Changan Automobile announced plans to invest 225 million RMB to establish a robotics company, holding a 50% stake [1] Group 2 - Changan Automobile's affiliate, Avita Technology, has submitted a listing application to the Hong Kong Stock Exchange, with Changan holding a 40.99% stake [2] - GAC Group appointed Liu Xiangneng as the new board secretary, while Yu Jun will no longer serve as deputy general manager [2] - Zotye Auto appointed Han Biwen as the new president, following a board meeting [2] Group 3 - Horizon Robotics has entered large-scale production of its HSD chip, coinciding with the launch of Chery's new model, the Starway ET5 [3] Group 4 - The global production of Japan's eight major automakers decreased by 1.5% in October, with Toyota achieving a record monthly output of 927,000 units, up 3.8% year-on-year [4] - Suzuki's production increased by 6.0%, reaching 304,900 units, while five automakers faced production cuts due to U.S. government tariff policies [4]

Core Insights - The launch of Chery's Starway ET5 equipped with Horizon HSD marks a significant breakthrough in China's smart driving industry, bringing advanced intelligent driving experiences to mass-market vehicles priced around 150,000 yuan [2][11] - Horizon HSD aims to challenge Tesla's dominance in high-level intelligent driving, facilitating a collective effort among Chinese automakers to surpass industry benchmarks [2][11] Industry Challenges - The Chinese intelligent driving sector faces two main challenges: a focus on high computing power without sufficient algorithm optimization, leading to high hardware costs and limited consumer experience, and the use of segmented technology solutions that result in performance issues [5] - Horizon HSD addresses these challenges with an end-to-end architecture and reinforcement learning, enhancing the driving experience in complex urban scenarios [5] Technological Advantages - Horizon HSD features the "Zhengcheng 6P" chip, providing 560 TOPS of computing power, enabling efficient deployment of advanced driving models [5] - The system's architecture allows for rapid iteration and improvement, with performance enhancements expected to be significant within short timeframes [7] Production Capabilities - Horizon has established itself as the first company to achieve mass production across all levels of driving assistance, with over 40 partnerships and more than 400 models covered, achieving a market share exceeding 30% in the smart driving solutions for domestic passenger vehicles [8] - The company emphasizes a strong engineering and production capability, ensuring seamless integration of technology and mass production [8] Open Empowerment Strategy - Horizon's open empowerment model contrasts with Tesla's closed ecosystem, allowing various automakers to adopt high-level intelligent driving systems without extensive R&D investments [10] - The technology is now accessible to mainstream vehicles priced below 150,000 yuan, breaking the previous barrier that limited advanced driving systems to luxury models [10] Future Goals - Horizon aims to achieve a production target of 10 million units for HSD in the next 3-5 years, driving the widespread adoption of advanced driving assistance systems [11] - The company's efforts are positioned to enhance China's competitiveness in the global smart driving landscape, contributing to a collective advancement beyond Tesla [11]

Group 1 - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973" [2] - The IPO involved the issuance of 297,397,000 H-shares, with a total fundraising amount of HKD 9.145 billion, making it the largest IPO for a car company in Hong Kong this year [2] - The public offering was oversubscribed by 308.18 times, while the international offering was oversubscribed by 11.61 times [2] Group 2 - Horizon Robotics, a long-term strategic partner of Chery, invested approximately USD 58.7 million (HKD 457.25 million) in the IPO, highlighting the trust and collaboration between the two companies [2][3] - The launch of the Xpeng ET5, the world's first vehicle equipped with Horizon's HSD system and flagship chip, is a significant milestone in their partnership [3][6] - Chery plans to allocate 35% of the IPO proceeds for new model development and 25% for next-generation technology and advanced R&D systems, aligning with Horizon's focus on intelligent driving capabilities [8] Group 3 - Horizon Robotics has established a comprehensive strategic partnership with Chery since 2021, focusing on the development of next-generation assisted driving products [4] - Horizon's products have been adopted by 27 OEMs, with a market share of 32.4% in the Chinese autonomous driving computing solutions market [9] - The company has achieved a production milestone of over 10 million units for its Journey family of products, becoming the first domestic intelligent driving technology company to reach this level [9][12] Group 4 - Horizon Robotics is transitioning from a "hardware and software solution provider" to a "technology infrastructure platform builder," which may lead to a structural change in its valuation logic [13] - The company's stock price has increased by 185% since the beginning of 2025, driven by the rapid growth of the intelligent driving industry and adjustments in its valuation anchors [14]

Group 1 - Horizon is set to release a new integrated cockpit and driving chip in 2026, which is expected to be the most complex chip designed by the company to date [3] - The new chip development is led by Horizon's VP and Chief Architect Su Qing, focusing on defining computing power based on software algorithm requirements, which is becoming a mainstream development model in the autonomous driving chip sector [3][4] - The integrated cockpit and driving chip aims to reduce data transmission latency and simplify vehicle hardware design, offering a cost advantage over separate chips for mid-to-low-end autonomous driving and cockpit systems [5] Group 2 - Qualcomm is a major player in the integrated chip market, with its Snapdragon 8775 chip offering AI computing power of 72 Tops, and an upgraded version, the SA8797, providing 320 Tops, which is set to be used by companies like Li Auto and Leap Motor [4][5] - Horizon's lower-tier chips (J2/J3) still account for a significant portion of its shipments, with an expected shipment volume of around 4 million units in 2025, split evenly between low-tier and mid-to-high-tier solutions [5][6] - BYD is actively integrating its cockpit and driving teams to develop its own integrated chip products, with plans to launch a One-Board solution that combines cockpit and driving functions on a single PCB [6][7] Group 3 - BYD's "Heavenly Eye" driving assistance system is categorized into three platforms based on computing power and configuration, with plans to mass-produce the B platform by 2025, potentially offering advanced driving features at lower price points [7][8] - BYD aims to maintain its scale through smart technology, planning to introduce high-level driving assistance features at competitive prices as it faces increasing competition in the electric vehicle market [8]

Core Insights - The article discusses the strategic positioning of Horizon Robotics in the global smart driving industry, emphasizing its role as a "non-car manufacturer Tesla" that focuses on providing comprehensive solutions in the smart driving ecosystem [3][4] - Horizon's approach is characterized by a collaborative philosophy, aiming to empower automotive manufacturers by filling the gaps in the smart driving value chain, thus achieving a significant market share in China [4][5] - The company is poised for a technological leap, likening the current moment in smart driving to the "4G moment" in mobile communications, with its HSD system set to revolutionize the market by making advanced driving assistance accessible to mainstream vehicles [5][6][8] Company Strategy - Horizon Robotics is recognized for its "four quadrants" strategy, encompassing chips, software, cockpit, and intelligent driving, positioning itself as a comprehensive enabler for automotive companies [3][4] - The company has achieved a 45.8% market share in China's ADAS front-view integrated machine market in the first half of 2025, collaborating with over 40 manufacturers and enabling more than 400 models [4][5] - Horizon aims to transition from "millions of chips" to "millions of HSD systems," focusing on delivering a fully integrated autonomous driving solution that combines perception, decision-making, and execution [11][12] Technological Advancements - The HSD system, which debuted at the Munich Auto Show, integrates advanced algorithms and low-latency processing, marking a significant step in the evolution of smart driving technology [5][6][7] - Horizon's chips, such as the Journey 6P, boast a processing power of 560 TOPS, placing them in the same league as competitors like Mobileye and NVIDIA [7] - The company emphasizes making high-level driving assistance a standard feature in affordable vehicles, aiming to democratize access to advanced driving technologies [6][8] Global Expansion - Horizon has established a European headquarters in Munich and formed deep partnerships with major Tier-1 suppliers, completing extensive overseas testing [15][16] - The company has secured collaborations with nine joint venture automakers for 30 models, projecting over 7.5 million overseas orders in the future [15][16] - Horizon's strategy for international expansion focuses on building trust and ecological partnerships rather than merely increasing shipment volumes, reflecting a long-term vision for global market integration [15][16]