On June 26, Horizon Robotics-W fell 3.11% in regular trading, trading at HK$3.75/share with turnover of approximately HK$85 million. The stock has now declined over 60% from its historical high, hitting a fresh record low.

The decline is driven by sustained market concerns over BYD's mass production of its self-developed Xuanji A3 chip — China's first 4nm automotive-grade autonomous driving chip with 700 TOPS per unit and over 2,100 TOPS in tri-chip configuration. BYD, as Horizon's core client with annual shipments of 2.5 million Journey 6 chips, poses a direct substitution risk. Additionally, broader automaker self-research trends from Xpeng, NIO, and Li Auto further compress the addressable market for third-party chip suppliers.

Compounding the pressure, Horizon's annual report revealed a net loss of RMB 10.47 billion, a sharp reversal from the prior year's RMB 2.35 billion profit, driven by fair value changes in preferred shares and rising operating costs despite 57.7% revenue growth to RMB 3.76 billion.

(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.)