Horizon Robotics (9660) investor relations material

Executive summary

• Revenue grew 67.6% year-over-year to RMB1,566.8 million for the first half of 2025, driven by surging demand for intelligent driving solutions and a doubling of shipment volumes.

• Maintained leadership in the ADAS market with a 45.8% share and 32.4% in intelligent driving computing solutions among Chinese brands.

• Expanded international presence with design-wins from two Japanese OEMs and nominations from nine joint venture automakers in China.

• Cumulative shipments of Journey series hardware surpassed 10 million units in August 2025.

• Net loss for the period was RMB5,233.0 million, slightly higher than the prior year.

Financial highlights

• Total revenue reached RMB1.57 billion, up 67.6% year-over-year for the first half of 2025.

• Automotive product solutions revenue surged 250% to RMB777.8 million, driven by shipment volume more than doubling.

• IP licensing and service revenue increased 6.9% year-over-year to RMB738.5 million.

• Gross profit margin was 65.4%, with gross profit at RMB1,024.0 million.

• R&D expenses rose 62% to RMB2,300.0 million, mainly from higher cloud service fees and labor costs.

Outlook and guidance

• Confident in achieving around 4 million unit shipments for the full year, with mid to high-end solutions accounting for about half.

• Anticipates millions of dollars in revenue from HSD solutions over the next two to three years as advanced features become standard.

• Expects further ASP growth as mid and high-end products become mainstream and international expansion continues.

• Plans to expand global partnerships, especially in the robotaxi sector, and continue investing in software and hardware innovation.

• Expects to partner with robotaxi operators and provide technological infrastructure for L2 to L4 evolution.