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Horizon Robotics Class B
(9660)
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Rating:43Neutral
Price Target:
HK$3.50
▼(-26.16% Downside)
Action:Reiterated
Date:10/23/26
The score is held down primarily by weak and volatile fundamentals (large recent loss and ongoing cash burn) and bearish technicals (below key moving averages with negative momentum). High revenue growth and solid gross margins provide support, but valuation is difficult to justify with losses and no dividend data.
Positive Factors
Rapid Revenue Growth
Revenue has scaled substantially across the reported period, indicating expanding adoption of Horizon Robotics’ edge AI computing products in intelligent vehicles and robotics. Continued top-line growth can support greater operating leverage and strengthen the company’s ability to fund product development and customer programs.
Negative Factors
Large and Volatile Losses
The sharp reversal from 2024 profit to a very large 2025 net loss shows that earnings are not yet stable despite rapid revenue expansion. Persistent operating losses could limit internal funding, delay the path to sustainable profitability, and increase reliance on external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue Growth
Revenue has scaled substantially across the reported period, indicating expanding adoption of Horizon Robotics’ edge AI computing products in intelligent vehicles and robotics. Continued top-line growth can support greater operating leverage and strengthen the company’s ability to fund product development and customer programs.
Read all positive factors
Horizon Robotics Class B (9660) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$53.93B
Dividend YieldN/A
Average Volume (3M)91.98M
Price to Earnings (P/E)―
Beta (1Y)1.91
Revenue Growth45.69%
EPS Growth-146.01%
CountryHK
Employees2,215
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.22
Shares Outstanding13,840,882,000
10 Day Avg. Volume133,708,180
30 Day Avg. Volume91,983,111
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)7.95
Price to Sales (P/S)27.46
P/FCF Ratio-35.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$7.26Price Target Upside53.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.01
Revenue Forecast (FY)HK$5.34B
Horizon Robotics Class B Business Overview & Revenue Model
Company Description
Horizon Robotics is an investment holding firm based in Beijing, China, that develops sophisticated technological solutions primarily for passenger vehicles within the Chinese market. The company is organized into two main divisions: Automotive So...
How the Company Makes Money
Horizon Robotics makes money primarily by selling its edge AI computing products and related software to customers building intelligent-vehicle systems. Revenue is generated through: (1) AI chip/SoC sales: supplying automotive-grade AI processors ...
Horizon Robotics Class B Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
56
Neutral
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.30B | 3.66B | 2.38B | 1.55B | 905.68M | 466.72M |
| Gross Profit | 4.09B | 2.36B | 1.84B | 1.09B | 627.71M | 330.99M |
| EBITDA | -8.72B | -9.74B | 2.80B | -6.38B | -8.42B | -1.93B |
| Net Income | -2.14B | -10.20B | 2.35B | -6.74B | -8.72B | -2.06B |
Balance Sheet | ||||||
| Total Assets | 27.21B | 30.62B | 20.38B | 15.87B | 9.90B | 10.60B |
| Cash, Cash Equivalents and Short-Term Investments | 15.05B | 20.84B | 15.40B | 11.36B | 7.81B | 9.33B |
| Total Debt | 8.48B | 13.15B | 6.94B | 6.01B | 26.67B | 18.46B |
| Total Liabilities | 10.83B | 17.98B | 8.46B | 40.54B | 27.33B | 18.99B |
| Stockholders Equity | 16.38B | 12.64B | 11.91B | -24.67B | -17.44B | -8.39B |
Cash Flow | ||||||
| Free Cash Flow | -3.43B | -2.81B | -894.31M | -2.20B | -2.11B | -1.34B |
| Operating Cash Flow | -2.76B | -2.11B | 17.60M | -1.74B | -1.56B | -1.11B |
| Investing Cash Flow | -7.59B | -4.93B | -1.93B | -667.29M | -214.51M | -1.38B |
| Financing Cash Flow | 11.84B | 12.11B | 5.82B | 7.22B | 212.41M | 6.30B |
Horizon Robotics Class B Technical Analysis
Negative
4.74
Price Trends
4.16
Negative
4.39
Negative
5.96
Negative
Market Momentum
-0.17
Positive
35.39
Neutral
29.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9660, the sentiment is Negative. The current price of 4.74 is above the 20-day moving average (MA) of 3.85, above the 50-day MA of 4.16, and below the 200-day MA of 5.96, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 35.39 is Neutral, neither overbought nor oversold. The STOCH value of 29.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9660.
Horizon Robotics Class B Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | HK$16.35B | -13.18 | -10.49% | ― | ― | ― | |
53 Neutral | HK$10.86B | -6.26 | -21.63% | 0.96% | 109.13% | 40.49% | |
47 Neutral | HK$46.69B | 132.06 | 1.09% | ― | 31.42% | ― | |
43 Neutral | HK$53.93B | -13.23 | -14.76% | ― | 45.69% | -146.01% |
* Technology Sector Average
HK:9660
Horizon Robotics Class B
3.42
-5.31
-60.84%
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2.98
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-83.98%
Horizon Robotics Class B Corporate Events
Horizon Robotics Grants 37.8 Million Class B Share Awards to 219 Employees
Oct 26, 2026
Horizon Robotics has granted 37,759,920 awards tied to new Class B ordinary shares to 219 employees under its post-IPO share incentive plan, with no purchase price for the underlying shares and a nominal HK$1.00 consideration per grantee on accept...
Horizon Robotics Revises 2026 Cap and Renews Sales Framework With Connected Partner
Aug 31, 2026
Horizon Robotics has entered into a second supplemental agreement with D-Robotics to further revise the annual cap for 2026 under its existing product solutions sales framework, reflecting an adjustment in the expected volume or value of transacti...
Horizon Robotics Lifts Revenue and ADAS Share Amid China’s Shift to Intelligent Vehicles
Aug 31, 2026
Horizon Robotics, a Cayman Islands-incorporated company listed in Hong Kong, develops intelligent vehicle solutions focused on advanced driver assistance and autonomous driving. The company provides high-computing-power platforms and all-scenario ...
Horizon Robotics Sets Board Meeting and Earnings Call for Interim 2026 Results
Aug 19, 2026
Horizon Robotics has scheduled a board meeting for August 31, 2026 to review and approve the group’s interim results for the six months ended June 30, 2026, and to consider the potential declaration of an interim dividend. The company will a...
Horizon Robotics Closes Loan Amendment and Reshapes Shareholding Structure
Aug 3, 2026
Horizon Robotics has closed its previously announced amendment to a convertible loan agreement, effective 3 August 2026, completing the issuance of conversion shares, payment for an excess portion and an additional cash payment. As a result, all r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.