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company
Horizon Robotics地平线 9660
Country国家 China中国
Systems系统 Brain大脑
Bottlenecks瓶颈 P04 Edge inference边缘推理 · P11 Generalisable VLA policies可泛化的 VLA 策略
Market cap市值 Live, via TradingView.实时数据，来自 TradingView。
BPU compute and software stack; the core business is intelligent vehicles, with robotics as adjacent optionality.
BPU 计算与软件栈，主业智能汽车，机器人是外延可选项。
What it doesBPU compute and software stack; the core business is intelligent vehicles, with robotics as adjacent optionality.
在干什么BPU 计算与软件栈，主业智能汽车，机器人是外延可选项。
Name sheetHorizon Robotics
Why it mattersThe domestic edge-compute platform inside the Chinese OEM system, and the main vehicle for import substitution on P04.
为何重要中国 OEM 体系内的本土边缘算力平台，是国产替代在 P04 上的主要载体。
Caveat
The H1 2026 headline is non-operating, but the driver is the CARIAD convertible loan, not the D-Robotics deconsolidation. The company's profit alert puts H1 2026 revenue at RMB 1.93–2.08bn (+24.8% to +34.5%) and net profit at RMB 3.5–4.0bn, which it states is primarily a non-cash fair-value gain on convertible loans previously issued to CARIAD, Volkswagen Group's software arm, driven by share-price movement and with no material effect on core operating performance or cash flow; adjusted (non-IFRS) net loss is expected to widen to as much as RMB 1.7bn from RMB 1.33bn in H1 2025, and Horizon has moved to redeem the CARIAD convertible loan early to curb dilution.
That is a swing of roughly RMB 5.4bn between reported net profit and adjusted net loss on about RMB 2.0bn of revenue. The dilution of D-Robotics to roughly 40% and its deconsolidation in 2026 are real and separate; they are not what drives the H1 headline.
Return −9.74%.
风险提示
2026 上半年的利润头条属非经营性，其驱动项是 CARIAD 可转换贷款，而非 D-Robotics 出表。公司盈利预告：2026 上半年收入预计 19.3–20.8 亿元（+24.8% 至 +34.5%），净利预计 35–40 亿元，公司说明主要来自此前向大众集团软件公司 CARIAD 发行的可转换贷款的非现金公允价值收益，由股价变动驱动，对核心经营与现金流无重大影响；经调整（非 IFRS）净亏损预计从 2025 上半年的 13.3 亿元扩大至最多 17 亿元，公司已推动提前赎回 CARIAD 可转债以抑制稀释。
在约 20 亿元收入上，报告净利与调整后净亏损之间的摆幅约 54 亿元。D-Robotics 稀释至约 40% 并于 2026 年出表是真实且独立的事件，但它不是上半年头条利润的驱动因素。
回报 −9.74%。
ProductBPU compute and software stack for intelligent vehicles; broader robotics optionality
Value accrualChinese OEM integration and hardware/software platform
Key riskFY2025 revenue about RMB3.8bn. D-Robotics was diluted to ~40% and deconsolidated in 2026; H1 reported profit was driven by deconsolidation while adjusted operations remained loss-making. Do not treat accounting gain as operating inflection.
Bottlenecks瓶颈 P04 Edge inference边缘推理 · P11 Generalisable VLA policies可泛化的 VLA 策略
- Class
- public
- Country
- CN
- HQ
- Beijing, China
- Layer
- Compute / Software
- Systems
- brain
- Caveat stance
- avoid
- Ticker
- 9660
- Exchange
- HKEX
- Purity
- Medium-low / core business autonomous driving
- Valuation tier
- 2
- Last verified
- 2026-08-12
- Confidence note
- High facts / Moderate exposure
- Sources
- S-PUB-015
- Translated fields
- what_it_does_en · why_it_matters_en · caveat_en
- Chain position
- upstream
COMPANY RESEARCH公司研究 Commercial evidence商业证据 Expand +展开 + Collapse −收起 −
- Customer and task
- 客户与任务
- Not yet assessed in this structured record.本结构化记录尚未评估。
- Deployment and payment
- 部署与付款
- Not yet assessed in this structured record.本结构化记录尚未评估。
- Task results and human assistance
- 任务结果与人工协助
- Not yet assessed in this structured record.本结构化记录尚未评估。
- Cost and repeat purchases
- 成本与复购
- Not yet assessed in this structured record.本结构化记录尚未评估。
- What the evidence cannot establish
- 证据的局限
- Not yet assessed in this structured record.本结构化记录尚未评估。