Horizon Robotics (9660) H1 2025 earnings summary

Executive summary

• Revenue grew 67.6% year-over-year to RMB 1.57 billion in H1 2025, driven by surging demand for intelligent assisted driving solutions, strong domestic car brand sales, and a doubling of shipment volumes.

• Maintained leadership in ADAS (45.8%) and intelligent driving solutions (32.4%) among Chinese OEMs.

• Expanded international presence with design-wins from two Japanese OEMs, nominations from nine joint ventures, and deepened global partnerships.

• Achieved record-high nominations, with nearly 400 new model nominations and over 15 models entering mass production in H1 2025.

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

Financial highlights

• Total revenue reached RMB 1.57 billion in H1 2025, up 67.6% year-on-year.

• Gross profit was RMB 1,024.0 million, up 38.6% year-on-year, with a gross margin of 65.4% (down from 79.0%).

• Adjusted operating loss (non-IFRS) was RMB 1,111.3 million, mainly due to increased R&D and cloud investment.

• Net loss was RMB 5,233.0 million, compared to RMB 5,098.1 million in H1 2024.

• Cash and cash equivalents increased 4.5% to RMB 16.1 billion as of June 30, 2025.

Outlook and guidance

• Full-year shipment guidance is around 4 million units, with mid to high-end solutions expected to account for about half.

• Anticipates further ASP growth and adoption of advanced features as costs decrease and features penetrate lower-priced segments.

• Expects millions of dollars in revenue from HSD solutions in the next two to three years.

• Plans to expand global footprint, deepen international partnerships, and invest in software and hardware integration.

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