Rapid Growth in Scale of Performance: Horizon Robotics, a Smart Driving Technology Company, Holds Hearing at Hong Kong Stock Exchange

On October 8, 2024, the Hong Kong Stock Exchange website posted the prospectus for Horizon Robotics' IPO, signaling that the intelligent driving technology company Horizon Robotics is officially undergoing a hearing at the Hong Kong Stock Exchange and will soon enter the Hong Kong stock market. According to data from Strategy Analytics, since 2021, based on the total installed base of solutions, Horizon Robotics is the first and largest Chinese company to provide mass-produced advanced driver-assistance systems (ADAS) and high-level automated driving (AD) solutions annually. As of now, Horizon Robotics' integrated software and hardware solutions have been adopted by 27 OEMs (42 OEM brands) and are equipped in 290 models, with all of China's top ten OEMs choosing Horizon Robotics' intelligent driving solutions. In line with the trend of the automotive industry towards intelligence transformation, Horizon Robotics provides comprehensive intelligent driving solutions, utilizing a full-stack technology combining software and hardware to meet customers' varying levels of intelligent driving mass production requirements. Horizon Robotics' solutions integrate leading algorithms, specialized software, and advanced processing hardware to provide core technology for advanced driver-assistance and high-level automated driving. Horizon Journey is the largest scale mass-produced onboard intelligent computing solution in China, with cumulative shipments exceeding 6 million sets; Horizon Journey-enabled intelligent driving solutions including Horizon Mono, Horizon Pilot, and Horizon SuperDrive meet the mass production needs of intelligent vehicles across all levels and scenarios. Thanks to its proprietary software and hardware technology, Horizon Robotics has become the preferred partner for domestic and foreign automakers in promoting intelligent deployment in China. As a market leader, Horizon Robotics seizes the significant growth opportunities in the industry, achieving remarkable scale growth in performance. In 2021, 2022, and 2023, the company recorded revenues of approximately RMB 467 million, RMB 906 million, and RMB 1.552 billion respectively, with a compound annual growth rate of 82.3%; gross profits were approximately RMB 331 million, RMB 628 million, and RMB 1.094 billion, with a compound annual growth rate of 81.8%, and high and stable gross profit margins of 70.9%, 69.3%, and 70.5% respectively. In the first half of 2024, the company recorded revenues of approximately RMB 935 million and gross profits of approximately RMB 739 million, representing a year-on-year growth of 151.6% and 225.99% respectively, with a further increase in gross profit margin to 79.0%. With the official listing on the Hong Kong stock market, leveraging the power of the capital market, Horizon Robotics will further consolidate its leading position in the intelligent driving sub-market, achieving faster and sustainable growth.