其他方面，盘面上，科网股普跌，阿里巴巴-W（09988.HK）低开2%，随后跌幅收窄。京东、网易、哔哩哔哩、美团跌超1%；创新药概念普遍低开，药明 生物（02269.HK）跌超2%；保险股走弱，中国人寿（02628.HK）跌超1%。 今日（9月26日），港股早盘跳空低开。截至发稿，恒生指数开盘报26272点，下跌212点，跌幅0.80%；恒生科技指数报6317点，低开61.59点，跌幅0.97%。 公告称，公司拟以每股9.99港元（折价约5.75%）配售股份，筹资净额约63.39亿港元。配售股份占公司现有已发行股本约4.6%，及占公司已发行股本在股东 大会上的投票权约1.9%。公司拟将所得款项净额用于扩大海外市场业务、支持中高阶辅助驾驶解决方案的规模化应用、投资新兴领域，例如与Robotaxi相关 的计划等。 中银证券表示，地平线机器人2025上半年营收同比呈现快速增长趋势，同时伴随着战略性亏损。公司汽车产品解决方案量价齐升，高阶智驾HSD量产在即， 海外拓展初见成效。预计公司汽车产品解决方案ASP会相应上升，且新产品预计将同步带动授权和服务业务合同数量上升。考虑到海外客户拓展初见成效， 预计2026年公司来 ...

中银证券指出，考虑到地平线机器人高阶HSD将于2025下半年量产，预计2025下半年公司汽车产品解决 方案ASP会相应上升，且新产品预计将同步带动授权和服务业务合同数量上升；考虑到海外客户拓展初 见成效，预计2026年公司来自海外的授权和服务合同数量将显著上升；考虑到自动驾驶模型更迭速度较 快，预计公司为保持市场竞争力将大幅提高研发费用支持。 智通财经APP获悉，地平线机器人-W(09660)早盘涨超7%，高见11.32港元，再创上市新高。截至发稿， 涨4.78%，报10.95港元，成交额12.41亿港元。 消息面上，9月11日，地平线机器人与哈啰正式签署战略合作协议，双方将基于robotaxi运营需求，打造 端到端的L4级自动驾驶核心系统，加速robotaxi的城市部署与商业化落地。值得注意的是，借助与哈啰 Robotaxi的合作，地平线智驾技术基座也完成了L2到L4全域场景覆盖。 ...

Core Insights - The report emphasizes that high-end equipment, artificial intelligence, and green manufacturing will be the main lines for medium to long-term allocation, with leading state-owned enterprises and private companies with core technologies likely to benefit first [5][6][8] - The report highlights the performance of specific companies, such as Xin Feng Ming, which reported a revenue of 33.491 billion yuan in the first half of 2025, a year-on-year increase of 7.10%, and a net profit of 709 million yuan, up 17.28% [10][11] - Horizon Robotics is noted for its rapid revenue growth of 68% year-on-year in the first half of 2025, reaching 1.567 billion yuan, despite a strategic loss of 5.233 billion yuan [14][15] Company Performance Xin Feng Ming - The company achieved a total revenue of 33.491 billion yuan in the first half of 2025, with a year-on-year growth of 7.10% and a net profit of 709 million yuan, reflecting a 17.28% increase [10] - In Q2 2025, revenue reached 18.934 billion yuan, marking a 12.57% year-on-year increase and a 30.06% quarter-on-quarter increase [10][11] - The company’s PTA production capacity reached 7.7 million tons, with revenue from PTA at 4.652 billion yuan, significantly up from 1.18 billion yuan in the same period last year [11][12] Horizon Robotics - The company reported a revenue of 1.567 billion yuan in the first half of 2025, a 68% increase year-on-year, with a gross profit of 1.024 billion yuan, up 39% [14][15] - The automotive product solutions segment saw revenue growth of 250% year-on-year, reaching 778 million yuan, with a gross margin of 45.6% [15][16] - Horizon Robotics has established a strong market presence, with a 63% share of the Chinese passenger car market and a 59% penetration rate for assisted driving [14][15] Industry Trends - The report indicates that the "14th Five-Year Plan" policies have been largely absorbed by the market, while the "15th Five-Year Plan" emphasizes "artificial intelligence+" and internationalization, potentially creating new structural opportunities in the capital market [8] - The focus on digitalization, greening, and high-end manufacturing is expected to provide long-term policy support for strategic industries such as equipment manufacturing and industrial software [6][7] - The report suggests that companies with core technologies and international operational advantages will be the primary beneficiaries of upcoming policy dividends [8]

Core Viewpoint - Horizon Robotics reported strong performance for the first half of 2025, with revenue increasing by 68% year-on-year to 1.57 billion RMB, primarily driven by a significant growth of 250% in automotive product solutions [1] Group 1: Financial Performance - The company's revenue for automotive product solutions reached 778 million RMB, reflecting a substantial year-on-year increase of 250% [2] - Despite a 13.7 percentage point decline in gross margin due to changes in product mix, the overall gross margin remained high at 65.4% [1] - The net loss for the first half of the year slightly widened to 5.2 billion RMB, compared to 5.1 billion RMB in the same period last year [1] Group 2: Market Position and Growth Drivers - Horizon Robotics holds a market share of 45.8% in basic assisted driving solutions and 32.4% in overall assisted driving solutions, reinforcing its leadership in the Chinese automotive technology market [1] - The company expects its product solutions revenue to reach 2.1 billion RMB this year, with a projected revenue split of 60% from product solutions and 40% from licensing/services [2] - The penetration rate of the NOA function in the Chinese market increased from 20% in 2024 to 32% in the first half of 2025, contributing to the growth in high-end product sales [2] Group 3: Profitability and Margin Outlook - The gross margin for the product solutions business improved by 3.9 percentage points to 45.6%, despite a decline in overall gross margin [3] - The company anticipates a long-term gross margin stabilization above 50%, with projected overall gross margins of 63.8% and 58.1% for 2025 and 2026, respectively [3] - The gross margin for the licensing/services business decreased by 3.2 percentage points to 89.7% due to rising labor costs [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 12.3, reflecting a potential upside of 28.1% from the current price of HKD 9.60 [1][3][7]. Core Insights - The company reported a strong revenue growth of 68% year-on-year, reaching RMB 1.57 billion in the first half of 2025, primarily driven by a significant increase in automotive product solutions, which grew by 250% [1][7]. - Despite a decline in gross margin by 13.7 percentage points due to changes in product mix, the overall gross margin remains high at 65.4% [1][7]. - The company continues to invest heavily in R&D, leading to a slight increase in net loss to RMB 5.2 billion in the first half of the year [1][7]. - The management emphasizes the competitive advantage in the accelerating adoption of assisted driving technologies in China [1][7]. Financial Overview - Revenue projections show a steady increase from RMB 1.55 billion in FY23A to RMB 8.73 billion in FY27E, with year-on-year growth rates of 71.3% in FY23A and 53.6% in FY24A [2][11]. - Gross margin is expected to stabilize above 50% in the long term, with specific forecasts of 63.8% for FY25E and 58.1% for FY26E [2][11]. - The net profit is projected to remain negative in the coming years, with estimates of RMB -6.93 billion in FY25E and RMB -1.96 billion in FY26E [2][11]. Market Position - The company holds a market share of 45.8% in basic assisted driving solutions and 32.4% in overall assisted driving solutions, reinforcing its leadership in the Chinese automotive technology market [1][7]. - The product solutions segment is anticipated to be the core growth engine, with revenue expected to reach RMB 2.1 billion this year, driven by a shift towards higher-value products [7]. Shareholder Structure - Major shareholders include SAIC QIJUN I HLDG LTD with 9.3% and GIL TRUST LIMITED with 8.1% [4]. Stock Performance - The stock has shown strong performance with a 31.3% absolute return over the past month and a 26.8% return over the past three months [5].