On September 25, HORIZONROBOT-W fell 3.02% in regular trading, trading at 4.025 HKD/share, with turnover of 16.2028 million HKD. The decline comes amid persistent pressure from widening losses and a broker downgrade on price targets.

The company reported an H1 adjusted net loss of approximately 1.671 billion RMB, expanding 25.4% year-over-year, despite revenue rising 32.9% to 2.055 billion RMB. CLSA cut its target price from 9 HKD to 7 HKD, citing automotive industry headwinds that have delayed high-end autonomous driving chip and HSD shipments, projecting a full-year adjusted net loss of 5.455 billion RMB. While multiple brokerages maintain overweight ratings — with Goldman Sachs holding a buy rating at 13.12 HKD and JPMorgan maintaining an overweight call — the lack of a clear path to profitability in the near term continues to dampen sentiment. The stock has retreated significantly from its highs as investors weigh strong revenue growth and a 66% gross margin against persistent and deepening losses tied to heavy R&D spending and a transitioning business model.

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