Group 1 - The core viewpoint of the report is that Horizon Robotics-W (09660) has achieved cumulative shipments of over 10 million units for its Journey series, maintaining a "Buy" rating [1] - The company's self-developed intelligent computing architecture, BPU, has undergone three iterations, improving its computing performance by 246 times over six years [1] - The Journey 6 series, set to begin mass production in 2025, is based on the new generation BPU Nash architecture, covering 10-560 TOPS computing power, and is the only domestic solution that meets the needs for L2 assisted driving to full-scene urban assisted driving [1] Group 2 - The HSD (High-Performance Smart Driving) technology is entering large-scale mass production, with a diverse range of vehicle models being covered [2] - HSD employs a one-piece end-to-end architecture with reinforcement learning capabilities, significantly enhancing the safety, efficiency, and comfort of assisted driving [2] - The new flagship vehicle intelligent computing solution, Journey 6P, achieves a generational performance leap with up to 560 TOPS computing power, supporting the large-scale implementation of HSD [2]