Horizon Robotics (9660) H2 2025 earnings summary

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.