Financial Data and Key Metrics Changes - The total revenue for the first half of 2025 amounted to RMB 1.57 billion, representing an increase of 67.6% compared to the same period last year [21] - Revenue from automotive solutions surged by 67%, with product solutions revenue increasing by 250% to RMB 777.8 million [21][22] - The overall gross margin was 65.4%, maintaining a strong position compared to other automotive solution providers [22] Business Line Data and Key Metrics Changes - The company shipped approximately 2 million units of automotive-grade processing hardware, more than doubling year on year [10] - Shipments of mid to high-level intelligent driving solutions accounted for half of total shipments, with a sixfold increase compared to the same period last year [10][12] - The average selling price (ASP) of solutions increased by 70% compared to last year, driven by a higher mix of mid to high-end solutions [15] Market Data and Key Metrics Changes - The penetration rate of intelligent driver assistance in domestic brands rose from 51% in 2024 to 59% in 2025 [6] - The market share of the company in the ADAS basic assisted driving market was 45.8%, and 32.4% in the overall intelligent assisted driving computing solutions market among Chinese domestic brands [9] Company Strategy and Development Direction - The company aims to advance its position in the high-end intelligent driving market, focusing on the development of the Horizon SuperDrive (HSD) as a foundation for future robotaxi solutions [14][19] - Strategic investments in cloud services and R&D are expected to drive growth opportunities and enhance the company's competitive edge in the intelligent driving sector [15][63] - The company plans to expand its global footprint and deepen partnerships with leading international automakers [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustained growth potential in the intelligent driving market, driven by rising volumes and prices [6][12] - The company anticipates achieving shipments of around 4 million units in 2025, with a significant portion coming from mid to high-end solutions [32][42] - The management highlighted the importance of adhering to strict standards for L2 intelligent driving, which will benefit the entire ecosystem [56] Other Important Information - The company recorded an adjusted operating loss of RMB 1.1 billion, reflecting increased R&D investments [24][25] - Cumulative shipments of the Journey series processing hardware exceeded 10 million units, setting a new benchmark for the industry [17] Q&A Session Summary Question: Can management elaborate on major customers for mid to high-end products in the first half of this year? - Major customers included BYD and Auto Li, with both being early adopters of the company's solutions [30][31] Question: What is the outlook for revenue contribution from Journey 6E and Horizon SuperDrive? - The ASP for Journey 6P and HSD is expected to be significantly higher, contributing to future revenue growth [35] Question: Can management provide guidance for volume and ASP for the second half of this year? - The company expects continued growth in shipments and ASP, driven by new product launches and market penetration [40][45] Question: What are the details about global customers and their chosen solutions? - The company is working with global automotive groups and joint ventures, providing ADAS and new generation solutions [48][50] Question: Does the company anticipate actual deployments of robotaxi within this year? - The company plans to launch robotaxi technologies within the next three to five years, collaborating with operators to validate data [59] Question: What are the plans regarding R&D expenditure? - The company will continue to invest heavily in R&D, particularly for HSD, to capture structural transformations in the intelligent driving industry [63]