For the intelligent driving industry, 2025 is likely to be a landmark year. During this period, the narrative of democratizing intelligent driving gained widespread acceptance, with high-level autonomous driving features penetrating the mainstream market at an unprecedented pace. As a key driver behind this transformation, Horizon Robotics-W (09660) moved closer to its defining moment. On March 19, Horizon disclosed a robust 2025 performance report. The financial results showed that, while maintaining an absolute lead in scale, the company's annual revenue continued to climb, increasing by 57.7% year-on-year to 3.758 billion yuan. Gross profit similarly rose, reaching 2.426 billion yuan and maintaining a high level of 64.5%.
The strong growth momentum on a high base was largely attributable to the simultaneous increase in both volume and price of Horizon's product and solution offerings. Data revealed that the company shipped 4.01 million chips for the full year, a 38.8% increase compared to the previous year. Notably, shipments of chips supporting Navigation on Autopilot (NOA) functionality reached nearly five times the volume from the same period in 2024, accounting for 45% of total shipments and contributing over 80% of product and solution revenue.
The explosive growth in mid-to-high-end intelligent driving chips directly drove the average value per vehicle solution up by more than 75% year-on-year, fully realizing the logic of volume-price synergy. Propelled by this, revenue from Horizon's product and solution business reached 1.622 billion yuan, surging 144.2% year-on-year, with its contribution to total revenue jumping to 43.2%. Furthermore, it is worth highlighting that over 95% of the chip shipments were delivered collaboratively with ecosystem partners, underscoring Horizon's increasingly prominent role as the central ecosystem player for industry-wide intelligent driving democratization.
Concurrently, Horizon's licensing and services business also achieved steady growth, with annual revenue reaching 1.935 billion yuan, a 17.4% year-on-year increase, accounting for 51.4% of total revenue. The trend indicates that Horizon's two main business segments are moving towards a balanced revenue scale, gradually forming a healthy dual-driver growth pattern.
The continuous consolidation of its market position is key to Horizon's ability to consistently meet growth expectations. Public information shows that in 2025, Horizon retained its championship title in China's domestic brand basic ADAS market with a 47.7% share, maintaining a significant lead. In the high-end urban NOA market, Horizon, along with two other leading players, formed a top-three landscape, with the company ranking third with a 14.4% share, trailing the second-place player by a mere 0.85 percentage points. Within the mainstream golden market segment priced under 200,000 yuan, mid-to-high-end intelligent driving experienced explosive growth, where Horizon held the top position with a 44% market share, establishing itself as a critical force in promoting the widespread adoption of intelligent driving.
Regarding international expansion, by the end of 2025, Horizon had cumulatively assisted 11 automakers with over 40 models in going global, with the number of models doubling since the end of the previous year. The cumulative lifetime export design-wins reached 2 million units. During the year, Horizon also successfully secured design-wins from three international automakers, bringing the total cumulative lifetime export design-wins to 10 million units, demonstrating that its technological prowess has gained recognition from the world's most demanding customers.
Horizon's founder and CEO, Yu Kai, stated during the earnings call that, based on a robust pipeline of design-wins and the leadership of its next-generation software and hardware technologies, the company is confident in continuing the volume-price growth trend this year and driving an average annual revenue growth rate of 60% for the coming years, which represents a steeper growth trajectory than previously anticipated.
In summary, Horizon's latest financial report undoubtedly reaffirms its position as a key enabler of intelligent driving democratization and itself as one of the most visible growth stories with immense potential within the entire industry chain. Moreover, with cash and cash equivalents standing at a substantial 20.2 billion yuan by year-end, ample resources provide solid backing for its continued investment in technology R&D and expansion into overseas markets. For investors, a company like Horizon, which demonstrates both the ability to deliver near-term results and possesses significant long-term strategic potential, represents a core asset worthy of long-term holding in the era of intelligent driving democratization.
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