On September 2, HORIZONROBOT-W fell 3.16% in regular trading, trading at HK$4.445 per share, with turnover of approximately HK$37.39 million. The decline followed the release of the company's first-half results, which revealed a widening adjusted net loss despite solid top-line growth.

The company reported H1 revenue of RMB 2.055 billion, up 32.9% year-over-year, with gross profit of RMB 1.356 billion and a gross margin of 66%. Shipments of its Journey series chips reached 2.218 million units, up 12.1%. However, on a non-IFRS basis, the adjusted net loss expanded 25.4% to RMB 1.671 billion. While reported net profit reached RMB 3.784 billion, marking a turnaround from losses, this was primarily driven by fair value changes on CARIAD convertible loan obligations rather than core operational improvement.

Dilution concerns also weighed on sentiment. The company issued approximately 1.302 billion Class B shares to CARIAD at HK$3.99 per share on August 3, representing 8.93% of outstanding shares, and completed a US$450 million zero-coupon convertible bond offering with an initial conversion price of HK$5.55, potentially adding roughly 636 million new shares upon full conversion.

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