Core Viewpoint - The Chinese automotive industry is entering a phase of "intelligent driving equality," with key technology suppliers' business progress and strategic layout becoming crucial indicators for investors assessing the industry's future [1]. Financial Performance - Horizon Robotics reported a revenue of 1.567 billion yuan for the first half of 2025, representing a year-on-year growth of 67.6% [1]. - The gross profit reached 1.024 billion yuan, with a comprehensive gross margin of 65.4%, maintaining a leading position in the industry [1]. Market Position and Growth - Horizon's stock price has increased by over 120% this year, establishing it as a market leader with a valuation exceeding 100 billion yuan [3]. - The rise of Chinese independent automotive brands, which accounted for over 63% of passenger car sales in China in the first half of 2025, has created a favorable environment for Horizon [4]. Product Solutions and Revenue Streams - Revenue from product solutions reached 778 million yuan, a 3.5-fold increase compared to the same period last year, driven by a doubling of shipment volume to 1.98 million units [7]. - The average selling price of product solutions increased to 1.7 times that of the previous year, with high-end product solutions contributing over 80% of the revenue despite only accounting for 49.5% of total shipments [7]. Strategic Advantages - Horizon's competitive edge stems from its strong technological and model innovation, which creates significant barriers to entry for competitors [5]. - The company has established long-term stable partnerships with clients, enhancing its market position and creating a "moat" that is difficult for competitors to breach [7]. Future Outlook - Short-term catalysts include Horizon's inclusion in major global indices, positioning it as a "global hard tech" stock, which may lead to valuation premiums [11]. - Mid-term growth is supported by nearly 400 model designations, with over 100 models featuring advanced driving assistance functions, indicating a strong pipeline for future orders [11]. - Long-term sustainability is bolstered by Horizon's leading market share among independent brands and its ability to continuously secure orders from cooperative automakers [12][14].