Core Viewpoint - Company Horizon reported a significant revenue growth of 67.6% year-on-year for the first half of 2025, reaching 1.567 billion, despite an increase in operating losses [1][2] Revenue Breakdown - The product solutions segment saw a substantial revenue increase of 249.97%, generating 778 million, with hardware shipments doubling to 1.98 million units, including 490,000 units of high-value processing hardware supporting high-speed NOA functions, which is six times the amount from the same period last year [1] - The licensing and services segment generated 740 million, a year-on-year increase of 6.9%, with improved customer structure and reduced revenue concentration from a single partner [1][2] Profitability Metrics - The gross margin for the first half of 2025 was 65.36%, a decrease of 13.76 percentage points year-on-year, primarily due to changes in revenue structure with a lower proportion of high-margin licensing and services [1] Expense Analysis - Research and development expenses reached 2.3 billion, a year-on-year increase of 62%, driven by increased investment in cloud computing capabilities and the development of high-end products [2] Growth Opportunities - The company is set to launch its HSD advanced driver assistance products, which are expected to open new growth avenues, with initial production slated for the Chery Xingji Yuan E05 model [2] - The company has made progress in overseas expansion, securing model designations from two Japanese OEMs for markets outside China, with an expected total lifecycle shipment of over 7.5 million units [2] Investment Outlook - The company maintains a "Buy-A" rating, projecting revenues of 3.52 billion, 5.48 billion, and 8.02 billion for 2025 to 2027, with growth rates of 47.6%, 55.8%, and 46.3% respectively, and a target market value of 123.2 billion RMB [2]