On July 27, HORIZONROBOT-W rose 3.17% in regular trading, trading at HK$4.56/share, with turnover of HK$278 million, rebounding from consecutive declines previously triggered by convertible bond dilution concerns.

On the news front, Citi recently initiated a 30-day positive catalyst watch on the stock with a Buy/High Risk rating and a target price of HK$12.30. The catalyst watch is driven by the company's deepened strategic cooperation with Volkswagen through CARIZON, under which Volkswagen will adopt Horizon's AI foundation model in a white-box licensing mode to develop unified autonomous driving technology targeting L3 and L4 capabilities, with L3 deliveries expected from the second half of next year.

Citi also cited the expected penetration of BYD's God's Eye solution as contributing to market share growth, with competitiveness set to strengthen in the second half. Fundamentally, the company's first-half revenue is expected to reach RMB 1.93–2.08 billion, representing 24.8%–34.5% year-over-year growth, as its HSD full-scenario intelligent driving solution continues to scale.

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