On June 18, Horizon Robotics-W fell 3.2% in regular trading, trading at 4.27 HKD/share, with turnover of 173 million HKD. The stock has now declined over 60% from its historical high, continuing to set new lows.

On the news front, BYD previously announced the mass production of its self-developed 4nm automotive-grade autonomous driving chip Xuanji A3, delivering 700 TOPS per chip and over 2,100 TOPS with three chips in parallel. As Horizon Robotics' core major customer — with Journey 6 chips previously shipping 2.5 million units annually — the market is concerned that BYD's in-house chip will directly displace third-party supplier share. Additionally, XPeng and other automakers are accelerating self-developed autonomous driving chips with plans for external supply, further intensifying competition.

Meanwhile, the company's annual report revealed a net loss of approximately 10.47 billion yuan, swinging from profit to loss, while product business gross margin dropped nearly 12 percentage points from 46.4% to 34.5%. Research and development expenditure reached 5.15 billion yuan, exceeding total annual revenue of 3.76 billion yuan, raising questions about the path to profitability amid growing competitive headwinds.

(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.)