Horizon Robotics-W's stock plummeted 5.03% during intraday trading on Thursday, reflecting continued selling pressure.

The decline is attributed to the company's annual results, which revealed a full-year net loss of RMB 10.469 billion, swinging from profit to loss, with operating losses widening to RMB 3.339 billion. The product business gross margin declined sharply from 46.4% to 34.5%, a drop of nearly 12 percentage points, fueling persistent market concerns over the company's profitability outlook. Although the company previously open-sourced its HoloMotion-1 robot cerebellar foundation model and executed cumulative buybacks exceeding HK$270 million, the short-term sentiment boost has notably faded. Additionally, the medium-to-long-term risk of OEM customers developing proprietary chips continues to weigh on valuation, maintaining downward pressure on the stock.