地平线机器人：1H25 符合预期 - 对 J6P 首次亮相寄予厚望

August 27, 2025 03:43 PM GMT Horizon Robotics | Asia Pacific 1H25 in line – pinning high-end hopes on J6P debut Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Total shipments doubled YoY in 1H25, to 1.98mn units – including nearly 50% from AD products (vs. <20% in 1H24), thanks to major customers BYD and Li Auto, which combined accounted for > ...