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Horizon Robotics
Horizon Robotics (9660) investor relations material
Horizon Robotics H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary19 Mar, 2026
Executive summary
Achieved CNY 3.8 billion (RMB3,758 million) in 2025 revenue, up 57.7% year-over-year, driven by automotive solutions, licensing growth, and mass production of advanced NOA products.
Maintained leadership in China's intelligent assisted driving market, with 47.7% ADAS and 44% NOA market share in key segments, and 44.2% share in advanced NOA for vehicles under RMB200,000.
Advanced SoC shipments exceeded 4 million units, with a 39% year-over-year increase and a 75% rise in ASP.
HSD (Horizon SuperDrive) mass production began, with strong adoption and high user engagement, becoming a decisive purchase driver for 83% of relevant model sales.
Expanded global footprint with nominations from 11 automakers, 40+ overseas models, and deepened partnerships with joint ventures and international OEMs.
Financial highlights
Total revenue: CNY 3.8 billion (RMB3,758 million), up 57.7% year-over-year.
Automotive solutions revenue: CNY 1.62 billion (RMB1,622.3 million), up 144% year-over-year, now 43% of total revenue.
Licensing and services revenue: CNY 1.94 billion (RMB1,934.9 million), up 17.4% year-over-year.
Gross margin: 64.5% overall; automotive business gross margin at 67.2%.
Adjusted operating loss: CNY 2.4 billion (RMB2,372.3 million), up from CNY 1.5 billion in 2024, due to increased R&D.
Net loss: CNY 10.5 billion (RMB10,469.4 million), mainly from fair value changes in convertible bonds and preferred shares.
Outlook and guidance
Confident in sustaining 60% average annual revenue growth over the next three years, up from previous 50% guidance.
HSD shipments projected to reach 400,000 units in 2026.
Gross margin expected to remain above 60% despite memory price hikes, due to business model and cost controls.
Plans to launch next-generation Agentic CAR SoC/OS and Riemann Architecture BPU, aiming for cockpit-driving fusion and benchmarking global leaders.
Targeting pilot Robotaxi operations in Q3 2026, leveraging HSD foundation models for L4-level autonomy.
Criteria for HSD subscription model activation
Agentic Car SoC competitive edge over Qualcomm
Drivers of ASP growth amid market down-shifting
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Latest events from Horizon Robotics
Next Horizon Robotics earnings date
H1 202626 Aug, 2026
Horizon Robotics
Next Horizon Robotics earnings date
H1 202626 Aug, 2026
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