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Horizon Robotics Class B
(9660)
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Rating:44Neutral
Price Target:
HK$4.00
▼(-15.61% Downside)
Action:Reiterated
Date:07/29/26
The score is primarily held back by weak and volatile financial performance—especially the latest large loss and persistent cash burn—despite strong revenue growth and solid gross margins. Technicals add modest support from short-term improvement, but the longer-term trend remains negative. Valuation is difficult to anchor due to negative earnings and no dividend yield data.
Positive Factors
Rapid revenue scaling
The substantial increase in revenue demonstrates strong commercial scaling across the company’s edge-AI semiconductor activities. Continued expansion of customer programs and vehicle production volumes could provide a durable foundation for operating leverage and broader platform adoption over the next several quarters.
Negative Factors
Large and volatile losses
The sharp reversal from profit to a very large net loss shows that revenue growth has not yet translated into stable earnings. Persistent operating losses could limit internal funding, increase reliance on financing, and make long-term performance more sensitive to execution and production-ramp outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue scaling
The substantial increase in revenue demonstrates strong commercial scaling across the company’s edge-AI semiconductor activities. Continued expansion of customer programs and vehicle production volumes could provide a durable foundation for operating leverage and broader platform adoption over the next several quarters.
Read all positive factors
Horizon Robotics Class B (9660) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$69.37B
Dividend YieldN/A
Average Volume (3M)136.97M
Price to Earnings (P/E)―
Beta (1Y)1.99
Revenue Growth45.69%
EPS Growth-140.74%
CountryHK
Employees2,215
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.71
Shares Outstanding13,840,882,000
10 Day Avg. Volume125,355,579
30 Day Avg. Volume136,967,297
Financial Highlights & Ratios
PEG Ratio0.04
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$8.83Price Target Upside86.23% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)-0.12
Revenue Forecast (FY)HK$5.40B
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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.66B | 2.38B | 1.55B | 905.68M | 466.72M |
| Gross Profit | 2.36B | 1.84B | 1.09B | 627.71M | 330.99M |
| EBITDA | -9.74B | 2.80B | -6.38B | -8.42B | -1.93B |
| Net Income | -10.20B | 2.35B | -6.74B | -8.72B | -2.06B |
Balance Sheet | |||||
| Total Assets | 30.62B | 20.38B | 15.87B | 9.90B | 10.60B |
| Cash, Cash Equivalents and Short-Term Investments | 20.84B | 15.40B | 11.36B | 7.81B | 9.33B |
| Total Debt | 13.15B | 6.94B | 6.01B | 217.31M | 115.51M |
| Total Liabilities | 17.98B | 8.46B | 40.54B | 27.33B | 18.99B |
| Stockholders Equity | 12.64B | 11.91B | -24.67B | -17.44B | -8.39B |
Cash Flow | |||||
| Free Cash Flow | -2.81B | -894.31M | -2.20B | -2.11B | -1.34B |
| Operating Cash Flow | -2.11B | 17.60M | -1.74B | -1.56B | -1.11B |
| Investing Cash Flow | -4.93B | -1.93B | -667.29M | -214.51M | -1.38B |
| Financing Cash Flow | 12.11B | 5.82B | 7.22B | 212.41M | 6.30B |
Horizon Robotics Class B Technical Analysis
Negative
4.74
Price Trends
4.71
Negative
5.25
Negative
6.71
Negative
Market Momentum
-0.15
Positive
32.77
Neutral
15.25
Positive
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 4.64, above the 50-day MA of 4.71, and below the 200-day MA of 6.71, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 32.77 is Neutral, neither overbought nor oversold. The STOCH value of 15.25 is Positive, 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% | |
47 Neutral | HK$56.29B | 157.32 | 1.09% | ― | 31.42% | ― | |
44 Neutral | HK$69.37B | -45.47 | -9.76% | ― | 45.69% | -140.74% | |
44 Neutral | HK$23.91B | -18.69 | -10.49% | ― | ― | ― | |
40 Underperform | HK$15.89B | -16.93 | -11.23% | 0.96% | 109.13% | 41.08% |
* Technology Sector Average
HK:9660
Horizon Robotics Class B
4.25
-5.99
-58.50%
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Horizon Robotics Class B Corporate Events
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...
Horizon Robotics Raises US$450 Million via Zero Coupon Convertible Bonds
Jul 29, 2026
Horizon Robotics has completed the issuance of US$450 million zero coupon convertible bonds due 2027, following the fulfillment of all conditions under its subscription agreement. The bonds were priced with an initial conversion price of HK$5.55 p...
Horizon Robotics Grants Over 90 Million Class B Share Awards Under Post-IPO Incentive Plan
Jul 26, 2026
Horizon Robotics has granted 90,608,252 awards linked to new Class B ordinary shares to 1,202 employee and related-entity participants under its post-IPO share incentive plan, with each grantee paying a nominal HK$1.00 consideration and no purchas...
Horizon Robotics Prices US$450 Million Zero-Coupon Convertible Bond Issue
Jul 22, 2026
Horizon Robotics has priced a US$450 million zero-coupon convertible bond issue due 2027, with the bonds convertible into Class B shares at an initial conversion price of HK$5.55 per share. The conversion price represents a premium over recent mar...
Horizon Robotics Plans USD450 Million Zero-Coupon Convertible Bond for Loan Restructuring
Jul 22, 2026
Horizon Robotics announced plans to issue USD-denominated zero-coupon convertible bonds due around July 27, 2027, which will be convertible into its Class B ordinary shares. The proposed offering totals USD450 million and is structured under the c...
Horizon Robotics Moves to Curb Dilution With Early Redemption of CARIAD Convertible Loan
Jul 22, 2026
Horizon Robotics has amended its sizeable convertible loan agreement with CARIAD Estonia AS, originally issued in December 2023 and due in 2026, to prevent future equity dilution from share conversion at a discount to the current market price. The...
Horizon Robotics Flags Revenue Surge and Interim Profit on AI Auto Growth
Jul 21, 2026
Horizon Robotics reported a strong expected increase in revenue and gross profit from continuing operations for the first half of 2026, driven by growth in Product Solutions and Licenses and Services. The company attributes this momentum to streng...
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.