Thank you. Ladies and gentlemen, welcome to the investor conference call and audio webcast hosted by Horizon Robotics.

On today's call, we also have Dr. Kai Yu, Founder, CEO and the Chairman of the Board of Horizon Robotics, and Mr.

Lei Wang, CFO and Head of Capital Market of the company. We will begin with Dr.

Yu's sharing our latest strategic and business developments. This will be followed by Lei's review of the company's financial performance in 2025.

We will then proceed to the Q&A session. Before we start, we want to remind you that this call may include forward-looking statements which are underlined by a number of risks and uncertainties and may not be realized in the future for various reasons.

Information about general market conditions comes from a variety of sources outside of Horizon Robotics. This presentation also contains some unaudited non-IFRS financial measures that should be considered in addition to the company's financial prepared.

I will now turn to the call over to our CEO, Dr. Yu.

余博士。 好。各位投资人朋友晚上好。我是地平线创始人、CEO余凯。很高兴在线上和大家再次相聚，并向各位汇报我们2025年全年经营业绩情况。

Good evening, dear investor friends. I am Yu Kai, Founder and CEO of Horizon Robotics.

I'm very glad to meet everyone online again and report to you on our business performance for the full year of 2025. 首先，我想和大家分享一下整个智驾行业的最新趋势。

First, I would like to share with you the latest trends in the entire intelligent assisted driving industry. 2025年，中国乘用车市场智能辅助驾驶渗透率再创新高，达到了68%。这其中以高速NOA和城区NOA为代表的中高阶智驾车型，销量已经占到所有的智能车的43%。对比2024年，在短短的一年时间里，各类的NOA智驾功能的技术渗透率同比实现了翻倍。如果用更直观的方式来表述，这意味着去年市场上每售出三台乘用车，就有两台具备智驾能力，其中一台搭载了NOA级别的智驾系统。

In 2025, the penetration rate of intelligent assisted driving in China's passenger car market reached a new high of 68%. Among these, advanced intelligent assisted driving models represented by highway NOA and urban NOA already accounted for 43% of all intelligent assisted vehicles.

Compared with 2024, the penetration rate of various NOA intelligent assisted driving functions doubled within just 1 year. To put it more intuitively, this means that for every 3 passenger cars sold in the market last year, 2 featured intelligent assisted driving, and 1 was equipped with NOA intelligent assisted driving system.

在智驾行业不断向高而行的过程中，中国自主品牌和地平线发挥了核心的引领作用。去年，自主品牌销售的智能汽车中，中高阶智驾车型销量占比高达62%，远远高于合资品牌13%的水平。大家知道，车价20万以内的主流车型市场是构筑中国车市的基本盘，占据了中国汽车总销量的65%。自主品牌正是在这个价格区间内迎来了中高阶智驾系统的大爆发。NOA级别的车型销量占比从25年初的仅仅5%飙升到25年年底的50%以上。在这个销量最大、智驾结构陡峭上升的主流车型市场，地平线是当之无愧的推动引擎。基于全新一代征程6系列芯片的中高阶智驾解决方案，我们占据了该市场44%的份额。这个是征程6系列芯片量产首年即市占率第一。这也让我们对未来进一步向更高价格带突破充满了信心。 During the continued rise of the intelligent driving industry, Chinese domestic brands and Horizon Robotics have played a core leading role.

Last year, among the intelligent vehicles sold by Chinese domestic brands, advanced intelligent assisted driving models accounted for as high as 62% of sales, far higher than the 13% level of joint venture brands. Everyone knows that the mainstream market for cars priced under 200,000 yuan forms the foundation of China's auto market, accounting for 65% of total vehicle sales in China.

It is within this price range that Chinese domestic brands have experienced an explosive growth in mid-to-high-level intelligent assisted driving systems, with a sales share of NOA-level models rising from 5% at the beginning of 2025 to over 50% by the end of the year. In this largest sales segment where the proportion of intelligent assisted driving is steeply increasing, Horizon is undoubtedly the driving engine.

Based on the new-generation Journey 6 series SoC mid-to-high-level intelligent assisted driving solutions, we have captured 44% of the market, ranking first in market share in the first year of mass production, which has also filled us with confidence to further break into higher price ranges in the future.

进一步来看，在15万左右价格带，地平线已经推动了多款搭载城区NOA功能的车型实现量产。这表明中国汽车市场不仅已经实现了智驾平权，正在我们和车企的共同推动下，开始大步迈入高阶智驾平权的新阶段。从地平线的视角来看，这一跨越意义重大。一方面，搭载车型向大众市场下沉，带来了城区NOA潜在的市场规模的指数级扩容，仅在中国就有上千万辆的市场空间。与此同时，通过对单车仅有二三十美金基础的ADAS芯片实现硬件替代升级，并搭载我们高附加值的智驾软件系统，我们把单车价值量逐步提升至数百美金量级。市场在下沉，单价却在向上。这一令人兴奋的趋势正在我们的推动下全面展开。曾经仅限于豪车的城区NOA智驾体验正在成为大众用户的标配权益。

Looking further, in the price range around 150,000 yuan, Horizon has promoted the mass production of multiple models equipped with urban NOA functions. This shows that the Chinese auto market has not only achieved democratization of intelligent assisted driving, with a joint effort by us and carmakers, has begun to stride into the new stage of democratization of advanced intelligent assisted driving.

From Horizon's perspective, this leap is of great significance. On one hand, the equipped models have penetrated into the mass market, bringing an exponential expansion of the potential market size for urban NOA, with a market space of tens of millions of vehicles in China alone.

Meanwhile, by replacing basic ADAS SoC that cost only $20 to $30 per vehicle with our high value-added intelligent assisted driving software system, we have gradually increased the per-vehicle value to the scale of hundreds of US dollars. This market is also cascading down and the per-vehicle value is rising.

This exciting trend is unfolding fully under our promotion. The urban NOA intelligent assisted driving experience that was once limited to luxury cars is now becoming a standard right for mass users.

在此背景下，很高兴和各位投资人朋友汇报，地平线于报告期内达成了以下重大的里程碑。第一，在2025年——

Against this—

Go ahead.

Against this background, we are pleased to report to our investor friends that Horizon achieved the following major milestones during the reporting period.

第一，在2025年，我们凭借47.7%的市场份额，以绝对优势稳居自主品牌ADAS解决方案的第一名，继续领跑行业。同时，在快速爆发的自主品牌中高阶智驾市场，我们凭借14.4%的市场份额，与市占率15.2%的华为几乎并驾齐驱，与英伟达一起共同构成了市场的第一梯队。三家企业的合计市场份额高达89%，头部聚集效应明显，形成了一超双强的市场格局。在空间最大、智驾增速最快的20万以内主流车型价格带，刚刚也和大家简述过，地平线已经占据了自主品牌NOA市场44%的份额，稳居行业第一。

First, in 2025, with a market share of 47.7%, we secured the absolute lead as the number one Chinese domestic brand ADAS solution provider, continuing to lead the industry. At the same time, in the rapidly booming domestic brand advanced intelligent assistant driving market, with a market share of 14.4%, we are almost tied for second place with Huawei, which has a market share of 15.2%, and together with NVIDIA formed the first tier of the market, with a combined market share of the three companies reaching 89%, showing significant concentration at the top and forming a one strong player and two powerful players market pattern.

In the largest space and the fastest-growing intelligent assisted driving segment under the mainstream price range of 200,000 yuan, which I have briefly introduced, Horizon has already captured 44% of the Chinese domestic brand NOA market, firmly holding the industry's top position.

第二，2025年我们车规级芯片方案的年出货量突破了400万套，同比增长约39%。其中最大的亮点是结构的持续优化。受益于下游车企的智驾平权的开展，我们支持NOA功能的芯片出货占比已经达到了45%，是2024年同期出货量的近5倍，可谓是爆发性的增长。这一产品向上的结构性变化，在优化了我们芯片产品组合的同时，更加推动了我们的ASP较24年提升了超过75%，再次实现了量价齐升的高质量增长。我想强调，这在行业中并不多见。而从另外一个角度看，在报告期内，我们支持NOA功能的芯片出货中，有超过95%都是通过生态合作伙伴共同交付完成的。这充分凸显了我们行业生态之王的地步，也证明了我们开放生态战略的成功。

Second, in 2025, our automotive-grade SoC solution annual shipments exceeded 4 million units, with a year-on-year growth of about 39%, and the biggest highlight was the optimization of the structure. Benefiting from the promotion of democratization of intelligent assisted driving by downstream automakers, our SoC shipments supporting NOA functions have already reached 45% of the total, nearly 5 times the shipments during the same period in 2024, which can be described as explosive growth.

This product's upward structural change, while optimizing our SoC product portfolio, has also driven our ASP to increase by more than 75% compared with 2024, once again achieving high-quality growth with both volume and price rising. I want to emphasize that this is rarely seen in the market.

From another perspective, during the reporting period, more than 95% of the SoC we shipped that support the NOA function were jointly delivered through ecosystem partners, which fully highlights our position as the top leader of the industry ecosystem and proves the success of our open ecosystem strategy.

第三，我们推出的全场景城区辅助驾驶解决方案Horizon SuperDrive，也就是HSD，已经在去年11月份正式迈入量产状态，率先在15万左右的主流车型市场落地，为中国首个量产的基于一段式端到端技术的智能驾驶大模型，并在短短一个月多的时间内迅速突破了2.2万套的出货，成功地把高阶智驾体验带入了大众用户的视野。 Third,

our all-scenario urban assisted driving solution, Horizon SuperDrive, or HSD, officially entered mass production in November last year, first launched in the mainstream market around 150,000 yuan, becoming China's first mass-produced intelligent assisted driving large model based on one-stage and end-to-end technology. Within just over a month's time, it quickly surpassed 22,000 units in shipments, successfully bringing high-level intelligent assisted driving experiences to mass users.

此外，我们还观察到一个趋势风向标：地平线HSD已经成为影响终端消费者买车决策的重要因素。大家都知道，汽车行业传统的销售结构往往呈现金字塔型。通常来讲，在一个车型中，中低配负责走量，顶配车型买的较少。但是在2025年首发搭载我们HSD的车型上，把HSD作为核心配置的顶配车型，销量占比高达83%，打破了这个规律。

In addition, we have observed a trend indicator: Horizon's HSD has already become an important factor influencing end consumers' car-buying decisions. Everyone knows that the traditional sales structure of the automotive industry often takes the shape of a pyramid, with mid and low-tier configurations responsible for volume, and top-tier models selling less.

For the models in 2025 that first launched with our HSD, the top-tier models with HSD as a core configuration accounted for as much as 83% of sales, breaking this pattern.

更令人振奋的是，不仅用户愿意为之买单，使用粘性也非常高。今年春节期间，该款车型的智驾用户的智驾里程占比达到了总里程占比的41%，这意味着HSD的智驾里程数快要和人类司机持平了。这是一个具有战略意义的数字。过去大家问我，什么条件下地平线可能会考虑通过订阅模式收取HSD的费用。在我看来，一旦智驾里程占比突破50%的临界点，意味着机器主导的里程数超过人类开车的里程数，用户对智驾的依赖将变得不可逆。这种高产品粘性就为我们未来推出SaaS订阅收费模式提供了条件。目前公司营收主要是由搭载了我们产品的新车销量驱动，未来我们有望依托庞大的搭载了HSD的车型的保有量，在全生命周期收取服务订阅收费。

What's even more exciting is that not only are users willing to pay for it, but the usage stickiness is also very high. During this Chinese New Year, the ratio of intelligent assisted driving mileage among intelligent driving users of this model reached 41%, meaning HSD's driving mileage is nearly equal to that of human drivers.

That is a strategically significant number. In the past, people asked me, under what conditions Horizon might consider charging fees for HSD through a subscription model.

In my view, once the proportion of intelligent assisted driving mileage surpasses the critical point of 50%, mileage dominated by machines exceeds that of humans, and users' reliance on intelligent assisted driving will become irreversible. This high product stickiness provides conditions for us to launch a SaaS subscription charging model in the future.

Currently, the company's revenue is mainly driven by sales of new cars equipped with our products. In the future, we expect to leverage the large size of HSD-equipped vehicles to collect service subscription fees through the full life

cycle. 第四，关于我们的出海战略，我觉得可以总结为三句话：帮自主品牌走出去，帮合资品牌留下来，帮海外品牌迈进智能化时代。关于走出去，截至2025年，我们已累计拿下11家车企超过40款出海车型的量产定点，生命周期累计出口定点达200万套。大家熟知的国内排名前五的出海车企，他们的主流出海车型上都搭载了我们的技术。可以说目前中国汽车走向全球的进程中，地平线已经成为了赋能他们出海的中坚力量之一。其次——

Fourth, regarding our global strategy, I think it can be summarized in three sentences: help Chinese domestic brands go global, help joint venture brands stay, and help overseas brands step into the intelligent era. Regarding going global, by 2025, we have already cumulatively secured mass nominations from 11 automakers and over 40 overseas models, with a cumulative life cycle export nominations reaching 2 million units.

Well-known top 5 Chinese automakers going global have our technology equipped on their mainstream overseas models. It can be said that in the current process of Chinese automobiles going global, Horizon has already become one of the core forces enabling their overseas expansions.

其次看留下来。面对竞争激烈的国内市场，合资品牌怎么能更好的发展？目前我们已经累计获得了9家合资品牌在国内超过35款车型的定点。大家知道，我们和大众集团旗下软件公司CARIAD有深度的合作，并成立了合资公司。所以我们拿到许多大众的车型并不奇怪。但值得强调的是，我们提到的合资品牌超过35款车型定点中，大众集团以外的车型的占比已经超过了60%，体现出地平线深受众多合资品牌的信赖。

Secondly, regarding stay, how can joint venture brands develop better in the fiercely competitive domestic market? Currently, we have cumulatively obtained nominations from 9 joint venture brands for more than 35 nomination models in the domestic market.

As everyone knows, we have a deep cooperation with Volkswagen Group's software company CARIAD and have established a joint venture. It is not surprising that we have secured many Volkswagen models.

It is worth emphasizing that among the joint venture brand models we mentioned just now, above 35% nominations, the proportion of models outside of Volkswagen Group has already exceeded 60%, reflecting Horizon's strong trust among many joint venture brands.

最后是帮海外车型聪明起来。在25年上半年，我们向大家披露已经取得两家国际车企在中国以外市场的车型定点。而下半年我们再下一城，获得了第三家国际车企的海外市场定点。我们取得的这些海外车型，全生命周期出货量达到了1000万套。这不仅意味着我们技术实力得到了最严苛的客户的认可，也标志着我们在帮海外传统车企智能化转型的道路上迈出了极其关键的一步。

Finally, it is about making overseas models more intelligent. In the first half of 2025, we disclosed to everyone that we had obtained nominations from 2 international automakers in markets outside China.

In the second half, we achieved another success and obtained a nomination from a third international automaker. The overseas vehicle models we have obtained have reached a total life cycle shipment of 10 million units.

This not only means that our technological capabilities have been recognized by the most demanding customers, it also signifies that we have taken a very critical step in helping overseas traditional automakers with their intelligent transformation.

得益于前面提到的这些积极的商业进展，我们在报告期内实现了37.6亿元的营收，同比增长57.7%。综合毛利率64.5%，其中汽车业务收入占比接近95%，并延续了67.2%的高毛利水平。

Thanks to the positive business progress mentioned earlier, we achieved a revenue of 3.76 billion yuan during the reporting period, a year-on-year increase of 57.7%, with a comprehensive gross margin of 64.5%, of which automotive business revenue accounted for nearly 95%, continuing the high gross margin level at 67.2%.

在利润端，报告期我们的经调整经营亏损为23.7亿元，主要是因为我们在25年进一步加大了研发投入。

On the profit side, during the reporting period, our adjusted operating loss was 2.37 billion yuan, mainly because we further increased our R&D investment in 2025.

这里我想特别说明一下背后的战略考量。我坚信HSD不仅仅仅是地平线打赢城区智驾的核心战略级产品，也是未来通往L4、L5级别自动驾驶的技术底座。其底层的AI基座模型后续更会成为机器人等行业的赋能技术底座。为此，我们主动坚定的加大了相关研发投入，特别是针对云服务相关的训练费用。我们不惧怕高额的研发投入。相反，我们相信我们能通过持续的研发投入，不断地完善地平线的AI基座模型，构建深厚的护城河，并最终将L4、L5级别的无人驾驶带入千家万户。

Here, I'd like to specifically explain the strategic considerations behind this. We firmly believe that HSD is not only Horizon's core strategic product for winning urban NOA, but also the technological base for future L4 and L5 level autonomous driving.

Its underlying AI foundation model will further empower industries such as robots. For this reason, we proactively and firmly increase the related R&D investment, especially for cloud service-related training expenses.

We are not afraid of high R&D investment. On the contrary, we believe that through continuous R&D investment, we can keep improving Horizon's AI foundation models and build a deep moat, and ultimately bring L4, L5 level autonomous driving technology into thousands of households.

下面我想和大家具体介绍一下地平线在汽车解决方案、IP授权和服务两部分收入情况。

Next, I'd like to specifically introduce Horizon's revenue situation in automotive solutions and IP licensing and services.

正如刚才提到的，在量价齐升的强劲推动下，我们的汽车产品及解决方案收入达到了人民币16.2亿元，为24年同期的2.4倍。该业务板块收入占据公司总收入的比重已经攀升至43%，较2024年的28%有显著提升，显示出地平线中高阶智驾解决方案进入到大规模量产周期之后收入结构的优化。所有的出货量中，支持NOA功能芯片的方案出货已经占比45%，但贡献了超过80%的收入。向前看，我们未来订单pipeline也非常充沛。报告期内，我们新增定点车型超过110款，全面覆盖主流自主品牌及合资车企。其中代表我们最前沿技术的HSD解决方案已经定点超过20款车型。而且我想说，这还只是去年年底的截面数据，今年我们会迎来HSD解决方案定点数的大爆发。城区NOA正在成为下一代主力车型的核心竞争力，我们正处于这场技术变革的中心。

As mentioned earlier, driven strongly by increases in both volume and price, our automotive products and solutions revenue reached 1.62 billion RMB, which is 2.4 times that of the same period in 2024. The revenue of this business segment has risen to 43% of the company's total revenue, a significant increase compared to 28% in 2024, showing the optimization of revenue structure after Horizon's advanced intelligent assisted driving solutions entered the large-scale mass production cycle.

Among all shipments, the proportion of SoC solutions supporting NOA functions was 45%, but they contributed more than 80% of the revenue. Looking ahead, our future order pipeline is also very strong.

During the reporting period, we added over 110 nominated models, fully covering mainstream Chinese domestic brands and joint venture automakers. Among them, our cutting-edge HSD solution has been nominated for more than 20 models.

Also, I want to say that this is only the data snapshot at the end of last year. This year, we will see an explosion in the number of nominations for HSD solutions.

Urban NOA is becoming the core competitiveness of the next-generation mainstream models, and we are at the center of this technological transformation.

关于IP授权和服务，我们凭借世界级的软件算法能力，在中国车规级芯片领域卓越的生态影响力，灵活的ARM+Android的商业模式，深受好评的HSD量产表现，地平线的软件算法工具已经成为智驾领域中倍受信赖的基座技术和模型，赋能众多车企和生态合作伙伴授权采用。报告期内，我们确认授权及服务业务收入19.4亿元，同比增长17.4%。除了大家熟悉的我们和大宗合资公司CARIAD以外，日本最大的汽车零部件集团也开启了算法和软件上的授权合作，并在2025年成为我们的前五大客户。

Regarding IP licensing and services, with world-class algorithm capabilities, outstanding ecosystem influence in China's automotive-grade SoC field, the flexible Arm plus Android business model, and highly praised HSD mass production performance, Horizon's algorithms and software have already become the trusted foundation models in the intelligent assisted driving field, empowering many automakers and ecosystem partners to license and adopt them. During the reporting period, we recognized a revenue of 1.94 billion yuan from licensing and service business, a year-on-year increase of 17.4%.

In addition to our well-known joint venture with Volkswagen, CARIAD, Japan's largest auto parts group has also started licensing cooperation on algorithms and software, and will become one of our top 5 customers in 2025.

展望2026年，我有很多想和大家分享的。

Looking ahead to 2026, I have many things to share with everyone.

先看汽车这部分的布局。在去年的时候，我还记得我们对未来数年的收入增速的展望都在50%左右。而站在今天这个时间点，因为看到了未来强劲的产品周期、充沛的定点pipeline和下一代软硬件技术的领先性，我们有信心在今年延续量价齐升的增长态势，并拉动未来数年收入平均增速达到60%，意味着比我们过去预期的增长曲线更加陡峭。

Looking first at the automotive layout, last year, I still remember our outlook for revenue growth over the next few years was around 50%. Standing at today's point, because we see a strong product cycle ahead, a full pipeline for nominations, and the leading next-generation hardware and software technologies, we are confident of continuing the growth momentum of volume and price increases this year and driving the average growth rate over the next few years to 60%, which is steeper than our previous expectation on growth curve.

在芯片方案出货量方面，目前行业首款基于单颗征程6M芯片的端到端城区NOA解决方案已经正式交付上车。该系统以极致的软硬件协同设计，使得系统复杂度和综合成本得到大幅降低。我们今年会与众多生态合作伙伴展开合作，共同推动城区NOA功能从15万主流车型市场，进一步向10万元级国民车市场落地，这会给征程6M芯片方案带来额外的增量。而对于征程6P加HSD的软硬件组合，今年我们会发布HSD 2.0，将会成为行业的技术标杆，做到体验的绝对领先，MPI接管里程数实现10倍数的增长。更重要的是，我们会把领先的技术转化成领跑的市场份额。

In terms of SoC solution shipments, the industry's first end-to-end urban NOA solution based on a single Journey 6M SoC has been officially delivered and installed in vehicles. This system, through extremely deep coordination between software and hardware, greatly reduces system complexity and overall cost.

This year, we will work with many ecosystem partners to jointly promote urban NOA functions from the 150,000 yuan mainstream market further down into the 100,000 yuan nationwide car market, bringing additional incremental volume to the Journey 6M SoC solutions. As for the hardware and software combinations of Journey 6P plus HSD, this year we will release HSD 2.0, which will become the industry's technical benchmark, achieve absolutely leading experience, and realize a 10 times growth in MPI takeover mileage.

More importantly, we will turn leading technical capabilities into leading market share.

今年，我们将会适时推出中国第一款舱驾融合全车智能体芯片，也叫Agentic Car SoC，和全车智能体OS，Agentic Car OS。这个Agentic SoC将提供充沛的ARM CPU算力、地平线BPU的AI算力和GPU的渲染算力，以及丰富、强大的多媒体功能，是业界唯一可以同时高效运行OpenClaw这样的Agent软件和HSD城区智驾NOA这样复杂的车规级智能驾驶软件的All-in-one的智能体芯片。这里面的Agentic OS将协助汽车成为超级智能和贴心的出行助理。我们看到ARM CPU算力加OpenClaw正在成为新的AIPC的标准，那么地平线推动Agentic Car SoC和Agentic Car OS正在成为新的智能汽车的标准。

This year, we will launch China's first full vehicle AI Agentic SoC for cockpit driving fusion, that is Agentic Car SoC, and a full vehicle AI Agentic OS, or namely Agentic Car OS, at the right time. Agentic SoC will provide abundant Arm CPU, Horizon BPU, and GPU computing power, as well as rich multimedia functions.

It is the industry's only in-vehicle Agentic SoC that can efficiently run OpenClaw and HSD urban intelligent assisted driving at the same time with all-in-all functions. Agentic OS will help cars become super intelligent and caring travel assistants.

We can see that Arm CPU plus OpenClaw is becoming the new AI PC standard, and Horizon's Agentic Car SoC and Agentic Car OS are becoming the new standard for intelligent assisted cars.

目前在中国市场，座舱域控芯片领域高通以超过70%的市场份额，牢牢占据垄断地位。我们无意在成熟的座舱芯片市场进行贴身肉搏。事实上过去中国有不少企业已经尝试过直接去撼动高通的市场地位，但从结果来看均未成功。相反，地平线一贯的战略从来都不是简单地去做同质化竞争，而是致力于通过底层技术创新和系统级别的优化来去升维的为客户解决问题。因此，我们全面押注舱驾融合智能芯片、舱驾融合智能体方案，通过打破智驾和座舱的底层芯片架构，连通上层软件生态，将创造出一个蓝海市场，为终端客户提供极致的智能体验。

At present, in the domain controller SoC field for the cockpit in the Chinese market, Qualcomm firmly holds a monopoly position with over 70% market share. We have no intention to engage in close fight with it in the mature cockpit market.

In fact, many Chinese companies in the past tried to directly shake Qualcomm's market position, but none succeeded based on the results. On the contrary, Horizon's consistent strategy has never been about simple homogeneous competition, but about elevating the dimension of problem solving for customers through underlying technological innovation and system-level optimization.

Therefore, we are fully betting on the cockpit driving fusion Agentic solutions. By breaking the underlying SoC architecture of intelligent assisted driving and the cockpit, and connecting the upper-level software ecosystem, we create a blue ocean market and provide end customers with an ultimate intelligent experience.

举一个生动的例子。今天周四，大家听完我们的业绩发布会，上车后对自己的车说：想去看个最近的新电影。那么整车智能体将依次推荐电影清单，锁定心仪的影片，并决定合适的情侣位置，自动完成车上的人要去演看电影的人数，并且选择座位，订票，规划驾驶的路径，主动规避拥堵路段，将驾驶模式调整至下班放松模式，安全及时的送至影院，完成自动泊车和缴费，可能还会点上爱吃的爆米花。这种革命性的舱驾体验，把一句简单的“下班想去看最近的新电影”，串联了高效通勤、延展的各种需求和放松娱乐这一整套连贯的场景化服务。 Here is a vivid example.

Today is Thursday. After everyone listens to our earning call, you get into the car and say to the car system: I want to go watch a new movie.

The automotive system will sequentially recommend a movie list, lock in your desired film, decide on the suitable cinema location, automatically conclude analysis of the number of the people, seat selection, ticket booking, and driving route planning, proactively avoid congested roads, adjust the driving mode to after-work relaxation mode, safely and calmly take you to the cinema, complete automatic parking and payment, and might even order your favorite popcorn. This revolutionary cockpit driving experience connects a simple "after work I want to watch a movie" with a complete and coherent set of scenario-based services, including efficient commuting, extended needs, and relaxing entertainment.

在升维提供客户价值之外，舱驾融合智能体方案还极具成本竞争力。从两个分离的域控制器向中央计算架构发展的过程中，我们将为车企客户显著降低系统级的软硬件成本，这其中包括线束、冷却、PCB板、域控壳体等周边硬件用量，尤其可以极大节省今年成本飞涨的内存芯片，同步提高车型的产品力和价格竞争力，更多的价值体现以及更多好玩儿的应用。请大家关注我们4月的年度产品发布会。

Beyond upgrading to provide customer value, the cockpit driving fusion Agentic solution is also highly cost-competitive. In the process of evolving from two separate domain controllers to one central computing architecture, we will significantly reduce system-level software and hardware costs for our automaker customers, including wiring harnesses, cooling, PCB boards, domain controller shells, and other peripheral hardware, especially greatly saving our memory chips whose costs have soared this year, while simultaneously improving the product strength and the price competitiveness of vehicle models.

For more value highlights and more fun applications, please follow our product launch events in April.

回顾过去几年，地平线每年都会推出重磅级的新产品，从征程5芯片到征程6家族芯片，到面对城区智驾的HSD解决方案，再到今年的舱驾融合智能体。不断提高我们的产品竞争力。在这个不断升维的过程中，我们践行了地平线在没有竞争的地方竞争的战略思考，使得我们始终在这个看似激烈竞争的智能电动车市场里，始终处于难以被替代的领先地位。

Looking back over the past few years, every year we have launched major new products, from Journey 5 to Journey 6 to the HSD solution for urban intelligent assisted driving, and now to this year's cockpit driving fusion Agentic solution, continuously enhancing our product competitiveness. This continuous upgrading process practices Horizon's strategic thinking of competing where there is no competition, enabling us to remain in a leading position that is difficult to replace in what seems to be an intensely competitive intelligent assisted EV market.

而面对2027年的产品计划，基于刚发布的新一代计算架构黎曼架构，我们正在持续推进征程7系列芯片的研发。各项性能指标将对齐特斯拉的新一代芯片，目前进展顺利，预计明年正式发布。

Looking ahead to 2027 product plans, based on the newly released next-generation computing architecture, Riemann architecture, we are continuously promoting the R&D of the Journey 7 series SoC, whose performance indicators will align with Tesla's next-generation SoC. The progress is good and we expect to officially release them next year.

最后想和大家汇报下地平线在L4前沿，也就是大家关心的Robotaxi相关业务的拓展情况。我们计划于今年下半年联合生态合作伙伴，依托地平线HSD解决方案背后的基座模型，协助生态伙伴在国内特定城市开展Robotaxi的试点运营。我们希望通过这种协同合作模式，在真实的城市开放道路中积累L4级别的经验，尽管今年还只会是试点运营，但会为下一阶段基座模型的技术演进和商业化落地做好先行准备，最终使我们成为各L4级别乘用车和Robotaxi运营商背后的量产级技术提供商。

Finally, I would like to report to everyone on Horizon's progress in the L4 frontier, namely the robotaxi-related business that everyone cares about. We plan to cooperate with ecosystem partners in the second half of this year, leveraging the foundation model behind Horizon's HSD solution, to assist ecosystem partners in conducting pilot robotaxi operations in pilot cities in China.

We hope that through this collaboration, we can accumulate L4-level experience on real open city roads. Although this year will only be pilot operations, it will prepare ourselves for the next stage of technical evolution and commercialization of the foundation model, ultimately making us the mass production technology provider behind various L4 passenger cars and robotaxi operators.

谢谢大家。下面我们请CFO王雷给大家简述上半年的更细节的数字情况。

Thank you all. Now I would like to invite our CFO, Wang Lei, to briefly summarize the more detailed numbers for the first half of this year.

The floor is yours.

Thank you, Dr. Yu and Juan.

I will now present our key financial results for the year ended December 31st, 2025. To be mindful of the length of this call, I will focus on the main items in my discussion today.

Again, I encourage participants to refer to our earnings release, which was posted on our Investor Relations website for additional details. Our total revenue for 2025 amounted to RMB 3.8 billion, representing an increase of 57.7% compared to the same period last year.

This growth was primarily driven by our automotive solutions, which achieved a robust growth of 53.9%. Our revenue from automotive solutions is comprised of revenue from product solutions plus licensing and services.

Revenue generated from product solutions surged by 144% to RMB 1.6 billion. This exceptional growth stemmed from 38% higher delivery volumes and 35% higher dollar content per vehicle due to a higher mix of advanced SoCs that support NOA features.

Revenue generated from licensing and services increased by 17.4% year-on-year to RMB 1.9 billion. Beyond our partnership with CARIAD, we have successfully expanded our client base.

As Dr. Yu just introduced, a couple of major industry players, including Japan's largest OEM and auto parts group, have commenced licensing our algorithms and software in the reporting period.

Our overall gross margin was 64.5% in the full year, keeping a very strong position compared with the other automotive solution providers. Moving on to expenses, our R&D expenses reached RMB 5.2 billion, representing a 63.3% increase year-on-year.

We have strategically increased our R&D investment to support development of Horizon SuperDrive, primarily on cloud-related services. We have also funded the tape-out cost for mass production of Journey 6 series SoCs.

We firmly believe that Horizon has built a solid foundation for automotive intelligence through high-performance SoCs and end-to-end foundation models. Our strong commitment to R&D will continue to deepen our moat on technology, laying the groundwork empowering the industries beyond automotive in the future.

Administrative expenses increased by 13.9% year-on-year to RMB 726 million. Selling and marketing expenses increased by 54.2% to RMB 632 million.

Both SG&A expenses grew at slower rates than our revenue growth, reflecting the enhanced efficiency of our daily operations. This resulted in our operating loss of RMB 3.3 billion.

We define adjusted operating loss as operating loss for the period adjusted by adding back the share-based compensation, which are non-cash in nature, a small portion of capital-raising expenses, which mainly related to our top-up placement happened last year. Our adjusted operating loss was RMB 2.4 billion, as compared to RMB 1.5 billion in 2024.

Last but not least, move further to the bottom line. Accounting for equity method investment losses and losses for fair value changes of preferred shares, we recorded a net loss of RMB 10.5 billion, versus a net profit of RMB 2.3 billion for the same period last year.

Please be noted, this was primarily driven by an increase in fair value of CARIAD convertible bonds, reflecting our rising market value. Other calls is a good problem to have.

Now, this concludes management presentation. I will now turn the call over to the operator to facilitate the Q&A sessions.

啊，余博、雷总，管理层好。我是汇丰的余谦。恭喜强劲的业绩啊。我有两个问题。那第一个是想请教咱们60%的这个强劲收入增速背后的驱动力，以及这些驱动怎么持续释放支持今年和明年的增长趋势？可能可不可以帮我们具体到芯片和软件相关的收入拆分，以及价格和销量的趋势怎么看？那第二条问题想请教作为业务核心的HSD今年的出货量可能是多少？This is Yuqian here. Got two questions.

First is on strong revenue growth. Company books a 60% year-on-year revenue growth.

Could you help us to break down the driver behind it and how these momentum could sustain and refresh high to support 60% CAGR in coming years? Also, it would be great to breaking into chips and softwares, pricing and volume.

The second question is on our crown jewel, HSD. What's the shipment target for '26?

Thank you. 啊，谢谢丁老师。这是一个很大的问题啊，我想分几个层面来回答。首先——

Thank you, Mr. Ding.

This is a big question. 对。

Thank you, Mr. Ding.

This is a big question. I'd like to answer it from the following aspects.

首先公司汽车收入啊将会更陡峭的增长。2025年汽车部分收入增速是54%，26年如同我们刚刚介绍的，有信心会进一步加速，做到60%左右的增速。那背后的原因，我觉得可以再次从出货量以及ASP的角度给大家做个分享。我先说销量。25年是智驾平权的第一年，但大家推进的节奏略有差异，绝大部分车企是从下半年甚至四季度才赶上了智能化升级的趋势，小部分车型开始搭载高速NOA以及以上的智驾功能。在这个环境中，我们去年出货了400万套智驾芯片方案，其中有接近一半都是中高阶的J6M、J6P。25年我们已拿下了上百款新车定点，其中绝大部分都是中高阶的车型，并会在26年开始量产落地，这构成了我们未来数年强劲的pipeline。今年我们会在去年实现400万套的基础之上，销量进一步高增长，增速达到35%左右。更重要的是结构，我们去年出货量里45%是AD芯片出货，还是有55%是ADAS芯片出货。今年的出货量中，AD芯片占比会进一步提高，达到55%以上。我们刚刚提到总芯片出货高增长，AD占比还在提高，这意味着如果只看AD相关产品出货的话，其增速会非常惊人。AD的产品单价远超——好，go ahead。

Thank you. Firstly, the company's auto-related revenue would grow more steeply, and with the revenue growth of the auto segment in 2025 being 54%, and in 2026, as we just introduced, we are confident it will further accelerate to around 60% growth.

The reason behind this, I think, can be shared again from the perspective of shipment volume and ASP. Let me start with the sales volume.

2025 is the first year of democratization of intelligent assisted driving, but the pace of advancements varied slightly. Most car companies only caught up with the trend of intelligent upgrades in the second half or even the fourth quarter, starting to equip a small number of models with highway NOA and above intelligent assisted driving functions.

In this environment last year, we shipped 4 million units of intelligent assisted driving SoCs, nearly half of which were advanced J6M and J6P models. In 2025, we also secured over 100 new car projects, most of which are middle to high-end models that will start mass production in 2026, forming a strong pipeline for the coming years.

This year, based on last year's 4 million units, our sales will further grow rapidly, with a growth rate of around 35%. More importantly is the structure.

Last year, 45% of our shipment volume was AD SoCs, and 55% was ADAS SoCs. For this year, the proportion of AD SoCs in shipments will further increase to over 55%.

We also mentioned that overall SoC shipments will grow strongly, with the proportion of AD increasing, which means that if we look only at AD-related product shipments, the growth rate will be remarkable. Okay.

AD的产品单价远超过ADAS产品，AD芯片的高增速同样也会给我们带来价格上面的积极影响。如果拿我们去年的芯片相关收入除以我们去年400万套的出货量，大家其实可以算出来，我们的ASP尽管在过去一年增长超过了75%，也才达到60美金不到的水平，属于一个还比较低的绝对金额。这一个ASP水平，哪怕是距离我们现在的高速NOA产品的平均售价还有50%的提升空间，距离我们现在城区NOA产品的平均售价还有10倍的提升空间。产品的单价提升在未来几年对我们的收入增长的贡献甚至还高于出货量的贡献。

The unit price of AD products is far higher than ADAS products, and the high growth rate of AD SoC will likewise bring us positive effects on pricing. If we take our SoC-related revenue from last year and divided by last year's 4 million units of shipments, everyone can actually calculate that although our ASP grew by more than 75% over the past year, it has only reached a level of less than $60, which is still at a relatively low absolute amount.

At this ASP level, there is still 50% room for improvement compared with the current average selling price of our highway NOA products, and 10 times room for improvement compared with the current ASP of our urban NOA products. The increase in product unit price will contribute more to our revenue growth in the next few years than the shipment volume.

所以我们预计销量在2026年有百分之几十的增长，ASP有百分之大几十的增长，我们今年芯片相关收入肯定还是超越翻倍增长。在汽车行业里面，核心业务收入每年都能超越翻倍，其实是非常罕见的。

Sales will witness dozens of percent growth in 2026, ASP will have several higher dozens percent growth, and our SoC-related revenue this year will definitely exceed double growth. In the automotive industry, it is actually very rare for core business revenues to exceed double growth every year.

至于IP授权相关业务，我们预计今年保持稳定。

Regarding IP licensing-related business, we expect to remain stable this year.

还有另外一个很重要的方面是HSD。我们截止去年年底12月31号，已经获得了20多款车型的HSD定点。大家可能也看到其中包含了中国最放量的车企。我们目前正在和这些中国最头部的车企进行HSD的积极的合作。目前能看到非常不错的进展。HSD解决方案定点数有望再创新高。今年我们预计HSD出货量将会达到40万套左右。

As for HSD's performance this year, as of December 31st last year, we had already secured 20 HSD production nominations, which include China's highest-volume automakers. We are currently actively negotiating HSD with the top-tier Chinese automakers, and we can see very good progress.

The number of HSD solution nominations is expected to reach a new high. This year, we estimate HSD shipments will reach about 400,000 units.

谢谢余博。 好，谢谢。

Thank you.

哎，谢谢管理层给我的提问机会，我是花旗的Jeff啊。我有两个问题，就是第一是关于毛利率。是否在后续的几年，就是可以维持一个较好的表现，例如是60%以上？这里可能就是那个licensing这边的这个毛利率还是保持可能90个点以上？它是我的第一个问题。然后我第二个问题呢就是说，因为现在今年的话这个需求也是比较弱嘛，然后车企这边也是比较艰难，然后车企对价格的诉求现在是越来越强。然后同时呢这个这个内存，这个memory这边也涨价涨得很厉害，所以想知道这个地平线的毛利率是怎样去保持的在今年？Thank you to management for giving me the opportunity. I have two questions.

The number one question is could you share the outlook on the gross margin performance over the next several years? Do you expect it to remain at healthy levels, such as above 60% plus?

My second question is about the memory's price hike. We recognize that automakers are increasingly focused on cost and the price competitiveness.

We've seen a significant DRAM price inflation this year. Could you walk us through the key levers Horizon is using to maintain its gross profit margin profile amidst the headwinds?

Thank you.

好的，谢谢Jeff关于毛利率的这个问题。在未来几年收入平均增速达到60%的基础之上，我们有信心维持60%以上的高毛利率水平。大家看，在我们的视野里面，其实目前我们主要面对的同行其实主要是两家，一家是英伟达，另外一家是华为。大家看这两家实际上都是技术领域的可谓暗黑骑士，属于全球头部玩家。所以我们处的赛道天然不是低毛利竞争的领域。那么从地平线主流的商业模式来讲，是芯片加软件授权。其中芯片40%到50%的毛利，软件授权接近100%的毛利。整个商业模式它就是属于高毛利的业务模式。在HSD量产的第一年，为了实现最快速的量产上车，减少不必要的多方协作和沟通，我们头几款车型确实是带着地平线的域控去做交付。但这个时间不会很长，我们今年就会把域控硬件交给Tier 1合作伙伴去做。那么我们地平线还是聚焦芯片加软件算法。您提到今年的内存价格的影响，那么确实这个影响对车企是非常大的。那么地平线作为行业出货量最大的智驾方案公司之一，在2025年已经锁定了内存的供应价格，因此今年内存的价格波动不会影响我们的毛利率。另外再重复强调一下，地平线的基准商业模式是芯片加软件，那我们交付的产品里面其实并不包括其他的硬件，所以的话这些内存的价格的影响并不直接影响地平线的产品交付。另外，我这边停一下，看是不是翻译——

Thank you, Jeff, for your question regarding the gross margin. Based on the average revenue growth rate of 60% in the next few years, we are confident in maintaining a high gross margin level above 60%.

In our view, they are mainly two peers, NVIDIA and Huawei, both can be referred to as the Hermes of the technology field, belonging to the world's top-tier players. Therefore, the domain or the track we are in is naturally not a low-margin competitive field.

From Horizon's mainstream business model perspective, it is SoC plus software licensing, where SoC has a gross margin of 40% to 50% and the software licensing is close to 100%. The entire business model is high-margin model.

In the first year of HSD mass production, in order to achieve the fastest installation and implementation, and to reduce unnecessary multi-party collaboration and communication, our first few cars were indeed delivered with domain controllers. This period will not be long, and this year we will hand over domain controller hardware to Tier 1 partners, we will continue to focus on SoC plus software.

Regarding this year's memory and its impact, it is true that the impact is profound. As one of the largest intelligent assisted driving solution shipment companies in the industry, we have already locked in memory supply pricing by the end of 2025.

This year's memory price fluctuations will not further affect our gross margins. I also want to highlight our base business model, that is SoC plus software.

Actually we don't focus on other hardware, the fluctuations in the memory will not affect our business model.

另外我还想在强调一下，如同我们刚刚在前面介绍的，地平线一贯喜欢通过升维创新来应对行业竞争。在同行卷芯片的时候，我们提供更强大的高算力芯片，我们提供更强大的软件HSD。在行业整体利润承压的时候，我们推出舱驾融合智能体芯片。通过一颗芯片All-in-one去完成自动驾驶和智能座舱的计算。这种底层的技术创新实现了系统级别的成本、效率的优化。其中很重要的一点就是通过升维为客户解决成本问题。

Just as we introduced earlier, Horizon has always liked to respond to the industry competition by elevating the dimensions and innovation. When our peers are competing over SoC, we are providing software with very robust algorithm and computing power, for example our HSD.

When the overall industry profit is under pressure, we are doing cockpit driving fusion through All-in-One solution. Thanks to underlying technological innovation and system-level cost efficiency and optimization, and we are able to upgrade dimensions to solve problems for our customers.

特别针对您提到的内存涨价的问题，我们实际上今年推出的舱驾融合全车智能体芯片，它把两套内存简化成一套内存。那么仅仅是在内存这件事情上面，就有望为我们的车企客户节省上千块的成本。如果进一步考虑线束、冷却、PCB面积、硬件的盒子等等等等，那么会进一步的帮助我们的客户们降成本。所以实际上会进一步的凸显地平线的整体的市场的竞争力。但是我们这种竞争力的凸显并不是通过去打价格战，相反是通过技术创新。那么地平线无论说是毛利水平还是我们的营收，其实会反而因此进一步成长。所以的话呢，整体展望我们面对的这个环境，整体来讲综合前面的各项考量因素，我们是非常有信心未来能够维持继续是60%以上的高毛利水平。

It is true that there is pressure in terms of memory and price. This year, we will launch a full-vehicle AI intelligent solution with the cockpit and driving fusion, we have reduced the two sets of memory systems into one single memory, and which is expected to save for our car manufacturers about thousands of the costs for the memory cost.

If we also include the wiring harness, cooling, and PCB, it will help our customers to further reduce their cost. Actually we can see that our fusion system can continue to improve our market competitiveness.

Our competitiveness is not because of a price war, it is because of our innovation. We believe that the gross margin and also profit can continue to rise.

Therefore, regarding the outlook for the overall gross margins, and taking into account various factors mentioned earlier, we are very confident that we can maintain high gross margins over 60% in the future. 好，谢谢管理层的回答。

谢谢。 Thank you.

管理层你好，感谢接受我的提问。我是摩根士丹利的Tim。我有两个两个问题啊。那第一个问题主要还是想再跟进一下这个舱驾一体吧。因为过去几个月我们也看到为了集中这个AI的资源降本，以及单点的这个功能的升级，看到越来越多这个车企，就像管理层刚才所提到的，就是整合这个智驾和智舱的一个这个部门团队。那稍早余恺总也提到了我们这个新的产品嘛，Agentic Car SoC的这个产品。是不是还是可以请管理层再多分享一下这款产品后续的一些策略布局？那相比于这个海外芯片厂，比如高通、英伟达的产品横向对标，核心的差异是什么？那地平线怎么达到这个后发先至？好，这是第一个问题。那第二个问题是想了解一下这个HSD，因为我们也看到不论是从这个数据迭代，到这个MPI指数的一个提升，余恺总刚才也提到了就是一个十倍的一个量化的升级。那以及后续从这个商业化的这个进展的一个角度，我们预计在多快地平线的HSD能够从这个L2加、L2+的一个技术栈能够赋能车企继续平滑升级到L4，类似于像Robotaxi这样的一个技术？那后续的这个核心关键指标是什么？So I have two questions. The first question is about the integrated solution, because over the past few months, we do notice that the automaker have accelerate integrating their smart driving and smart cockpit function to further achieve AI Agentic functionality.

Horizon Robotics had apparently had a head start in launching the Agentic Car SoC product. Just want to know that if management can share a bit more about the company's strategy regarding this product, how to truly differentiate Horizon from global peers like Qualcomm or NVIDIA to further gain market share?

My second question is about Horizon SuperDrive, because this is one of the key driver into 2026 from the perspective of commercialization and tech progress. How fast could HSD empower automakers in China to smoothly upgrade their AD capability from current Level 2+ to Level 4 for robotaxi-like function?

What are the key milestones or indicators investors should focus on? That's my second question.

Thank you.

好的，谢谢Tim。从趋势上来看，舱驾融合我们觉得是技术跟产品演进的必然结果。它可以提供更无缝衔接的用户体验，并且在AI智能体高速发展的浪潮下，就像现在大家都在这个这个养小龙虾，我们也希望依托更大的算力、更丰富的硬件类型，把汽车发展成一个超越手机的这个AI Agent。在这个过程中，我们确实通过这种更高维度的融合，切入到了座舱领域。地平线会享受更高的ASP、更高的毛利，车企也会得到更高性价比的系统成本和全新的智能化卖点。消费者会获得一个车内具有大几百T算力、丰富的车内外摄像头和音响设备、高素质的显示和互动的AI助手。具体更丰富的玩法和客户情况，请大家期待我们4月份的产品发布会。此外，刚刚我们也提到了行业的成本压力，因此我判断今年舱驾一体会成为一个新兴的趋势。

Thank you, Tim, for your questions. Judging from the future trend, we believe that cockpit driving fusion or integration is an inevitable and the natural result of technological evolution, capable of providing a more seamless experience.

Under the wave of rapid development of AI Agent, as you know that a lot of people are playing with the OpenClaw right now, and we also hope to rely on greater computing power and the richer hardware types to turn cars into AI Agent that's apart mobile phones. In this process, we can indeed enter the cockpit field through the higher-dimensional integration.

Horizon will enjoy higher gross margin and ASP, and car manufacturers will get more cost-effective products and brand new selling points. Consumers will gain an in-vehicle AI assistant with hundreds of teraflops of computing power, rich in-vehicle and external cameras and ambient devices and high-quality display and interaction, as well as AI assistant.

For more diverse approaches and also the fun applications and the customer situations, please take a look at our April press conference. In addition, I just mentioned the industry's cost pressures, we believe that cockpit driving fusion will become an emerging trend this year.

好，谢谢。至于舱驾融合之后行业里面的竞争对手，其实我倒认为变得更少了。地平线和英伟达的目前的核心优势领域是智能驾驶，那么地平线从智能驾驶切入到座舱领域，英伟达我们并没有看到有清晰的战略切入到座舱领域。那么在座舱领域的这个占统治地位的高通，他现在也从座舱领域向智驾领域进军。那么和高通的竞争差异在于软件生态。大家能看到高通在国内的AD自动驾驶市场的市占率非常低，大部分搭载了高通智驾芯片的车实际上并没有推出什么有影响力的智驾系统。这个不光是硬件的问题，也是软件生态的问题。那么和英伟达相比的话呢，那么更有意思。其实英伟达已经尝试了一段时间，海外有一家豪华车企的舱驾一体项目，但一直都没有量产。很大一定程度我们认为英伟达目前它还没有比较好的舱驾一体的这种解决方案，或者是说第三方解决方案的合作��伴。那么纯靠英伟达自己去做全套方案，这并不是它的主战场。而地平线能够基于自己软硬一体的解决方案，打通从芯片到智驾软件到智能体OS，这个是高通能力拿不到的领域。从智驾作为核心根据地过度到座舱，我们总体感觉比从座舱作为核心根据地向智驾过度其实要更加的降维打击。毕竟现在有竞争力的智驾软件生态是稀缺的，而座舱的安卓生态其实是广泛的触手可及。

As for the competitors in the industry for the cockpit driving fusion, actually there are very few of them. Horizon and NVIDIA are shifting into the cockpit domain from driving domain, and Qualcomm has been trying to move from the cockpit into intelligent driving.

For example, the competitors' difference with Qualcomm lies in software. We can see that Qualcomm, the market share in AD in China is very low.

Some cars equipped with Qualcomm intelligent driving SoC actually have not launched any influential intelligent driving system. This is not just about the hardware issues, it is also about the entire software ecosystem issues.

For the competition with NVIDIA is more interesting. In fact, NVIDIA has been trying this for quite a while, and a cockpit driving fusion project for an overseas luxury car brand has never reached mass production.

To a large extent, we believe that this is because NVIDIA does not have a very good solution, or at least currently they don't have a good third-party solution provider for cockpit driving fusion. Relying solely on NVIDIA to create a complete set of solutions is not really their business model.

On the other hand, Horizon can use its own integrated hardware and software solutions to connect everything from SoC to intelligent driving software to the Agentic OS. This is the area where Qualcomm and NVIDIA so fall short.

From intelligent driving transitioning to the cockpit, we generally feel it is a greater dimensional competitive for us compared to the transitioning from the cockpit to intelligent driving. In terms of the intelligent assisted driving systems, we don't see much competition compared with the Android, because for the Android, it is too accessible.

However, for the intelligent assisted driving systems, it is still very rarely seen. 好的。关于第二个问题，之前我们在一个场合披露过，今年我们的MPI，就是每接管每一次接管的这个智驾里程，目标要提升10倍，大概从去年的几十公里到今年的几百公里，到27年的几千公里水平。如果在局部地区，MPI能达到上万公里接管一次的水平，配合远端的人工脱困干预，那么意味着已经具备局部地区L4级别Robotaxi的运营能力。据我所知，特斯拉目前FSD在美国已经实现了上千公里的综合MPI，并且已经在部分地区开始测试Robotaxi。意味着FSD在局部地区的MPI可能已经达到了上万公里，并且接近零接管。地平线HSD会遵循类似的路劲，在2到3年内以技术提供商的身份支持生态伙伴在中国的局部地区实现Robotaxi的商业运营。从L2++推进到Robotaxi，除了要观测MPI，我们也关心智驾里程占比。春节期间41%的智驾里程占比，让我们感觉到消费者是真心喜欢使用HSD的智驾方案的。智驾里程占比如果能突破50%，意味着机器驾驶里程数超过人类驾驶，我们判断用户将会意愿按照订阅的方式来使用HSD。地平线将会迎来商业模式的重构。

Regarding the second question, previously we disclosed on one occasion that this year's MPI target is to increase 10-fold, roughly from tens of kilometers last year to hundreds of kilometers this year, and to thousands of kilometers in 2027. In certain regions, MPI can reach the level of over 10,000 km per takeover.

Combined with remote human intervention for getting out of difficulties, it will mean the capability to operate L4 robotaxis in those regions has been achieved. As far as I know, Tesla's current FSD in the United States has already achieved a comprehensive MPI of over 1,000 km, and has begun testing robotaxis in some areas, which means FSD's MPI in certain regions may have reached over 10,000 km, with almost zero-safety takeover.

Horizon's HSD will follow a similar path within 2 to 3 years as a technology provider supporting ecosystem partners to achieve commercial operations of robotaxis in certain regions in China. To advance from L2++ to robotaxi, besides observing MPI, we also care about the proportion of intelligent driving mileage.

During the Chinese New Year, 41% proportion of intelligent driving mileage made us feel that consumers truly like using HSD intelligent assisted driving solutions. If this proportion of intelligent driving mileage can surpass 50%, it would mean that machine driving mileage can exceed human driving.

We judge that users will be willing to use HSD via subscription, and then Horizon will usher in a restructuring of its business model.

好的，谢谢。谢谢Tim。

Thank you. Thank you, Tim, for your questions.

谢谢余总，也谢谢各位。

Thank you. Due to the time constraints, we will now conclude today's call.

Thank you again for joining us today. If you have other further questions, please feel free to contact our IR team.

Thank you, and bye.

Thank you. Bye-bye.