Horizon Robotics-W (09660) announced its annual results for the period ending December 31, 2025. The group recorded revenue from customer contracts of 37.58 billion yuan, an increase of 57.7% year-on-year. Gross profit was 24.26 billion yuan, up 31.7% compared to the previous year. The adjusted net loss widened to 28.12 billion yuan, an increase of 67.3%. Throughout 2025, the company maintained its dominant position in the basic ADAS solutions market for self-owned brand automakers, ranking first with a commanding 47.7% market share. In the emerging mid-to-high-end intelligent driving assistance market, the company, with a 14.4% share, formed the top tier alongside a leading Chinese tech firm with 15.2% and a US technology company. The combined market share (CR3) of these three leaders reached 89%, creating a market structure characterized by one dominant player and two strong competitors. In the mainstream vehicle market for models priced under 200,000 yuan, as mentioned, the company's mid-to-high-end intelligent driving solutions held a 44.2% market share, securing the top position and significantly advancing the adoption of advanced intelligent driving technologies in China. Shipments of mid-to-high-end hardware surged nearly fivefold, continuing a trend of growth in both volume and value. During the reporting period, total shipments of the company's Journey® series automotive-grade processing hardware reached 4.01 million units, a 38.8% increase year-on-year. Shipments of processing hardware supporting mid-to-high-end intelligent driving functions grew rapidly, accounting for 45% of total shipments, which is 4.8 times the volume from the same period in 2024. This structural shift not only significantly optimized the company's product mix for 2025 but also increased the average value per vehicle by over 75%, further sustaining the growth momentum of rising volume and value. Furthermore, it is noteworthy that over 95% of the total shipments during the reporting period were delivered through the company's ecosystem partners, highlighting its technological leadership and established position within the ecosystem.
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