Horizon Robotics-W's stock plummeted 5.07% during intraday trading on Thursday, continuing a trend of selling pressure following the release of its latest financial results.

The decline is primarily attributed to the company's annual report, which revealed a swing to a net loss of RMB 10.469 billion despite revenue growth of 57.7% year-over-year. Operating losses widened significantly to RMB 3.339 billion, driven largely by fair value changes in preferred shares and financial liabilities. While the company reported strong growth in high-end autonomous driving shipments and product solution revenue, the persistent losses and a market capitalization exceeding RMB 100 billion have created a valuation concern for investors.

Market sentiment has been further dampened by the company's substantial annual R&D spending, which remained above RMB 5 billion, amplifying worries about its path to profitability. The fundamental tension between aggressive growth investments and near-term financial losses continues to be the dominant factor pressuring the stock, overshadowing positive strategic developments such as its cabin-driving integrated chip unveiled recently.