On July 22, Horizon Robotics-W declined 4.04% in regular trading, trading at HKD 4.39 per share, with turnover of HKD 224 million.

On the news front, the company disclosed its H1 earnings preview on July 21, revealing that non-IFRS adjusted net loss widened to RMB 1.4-1.7 billion, compared with RMB 1.333 billion in the same period last year, representing an expansion of approximately 5% to 27%. While the company reported headline profit of RMB 3.5-4.0 billion versus a loss of RMB 5.233 billion a year earlier, this turnaround was primarily attributable to fair value changes on a convertible loan issued to CARIAD driven by share price fluctuations — a non-cash, non-operational item.

Revenue from continuing operations reached RMB 1.93-2.08 billion, up 24.8%-34.5% year-over-year, with gross margin maintained above 60%. The market reacted to the divergence between paper profits and widening core operating losses, with short-term selling pressure weighing on the stock.

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