On June 5, Horizon Robotics-W declined 3.09% in regular trading, trading at HK$5.01/share with turnover of HK$293 million, hitting a fresh recent low.

On the news front, BYD's recent launch of its self-developed 4nm autonomous driving chip Xuanji A3 has intensified competitive concerns for third-party chip suppliers. Since the unveiling, Horizon Robotics and peer Black Sesame Intelligence have seen combined market capitalization losses exceeding HK$8 billion in just five trading days. The OEM customer self-developed chip trend poses a material medium-to-long-term risk to Horizon's core product business.

Compounding the pressure, the company's annual report revealed a net loss of RMB 10.469 billion, swinging from profit to loss, with operating losses widening to RMB 3.339 billion. Product business gross margin contracted sharply from 46.4% to 34.5%, a decline of nearly 12 percentage points. Although the company has cumulatively repurchased over HK$270 million in shares and previously open-sourced its HoloMotion-1 model, the short-term boost has clearly dissipated under persistent fundamental headwinds.

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