Movement Alert｜Horizon Robotics Falls 3.11% in Regular Trading, BYD In-House Chip Threat Compounds Annual Loss Pressure

Market Focus06-26

On June 26, Horizon Robotics-W fell 3.11% in regular trading, trading at HK$3.75/share with turnover of approximately HK$85 million. The stock has now declined over 60% from its historical high, hitting a fresh record low.

The decline is driven by sustained market concerns over BYD's mass production of its self-developed Xuanji A3 chip — China's first 4nm automotive-grade autonomous driving chip with 700 TOPS per unit and over 2,100 TOPS in tri-chip configuration. BYD, as Horizon's core client with annual shipments of 2.5 million Journey 6 chips, poses a direct substitution risk. Additionally, broader automaker self-research trends from Xpeng, NIO, and Li Auto further compress the addressable market for third-party chip suppliers.

Compounding the pressure, Horizon's annual report revealed a net loss of RMB 10.47 billion, a sharp reversal from the prior year's RMB 2.35 billion profit, driven by fair value changes in preferred shares and rising operating costs despite 57.7% revenue growth to RMB 3.76 billion.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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