想关注一下地平线机器人：25H1业绩超预期

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想关注一下地平线机器人：25H1业绩超预期

2025-8-0

地平线机器人：25H1业绩超预期◼ 25Q2收入超预期，中高阶产品出货超预期，充分受益智驾平权： 25H1收入15.7亿元（同比+68%），产品解决方案（芯片业务）收入同比+250%，授权及服务（软件业务）收入同比+7%； 25H1芯片出货量198w（同比翻倍），中高阶芯片（J5J6系列）出货量98w（同比增长六倍）；25H1研发费用23亿，同比+62%；25H1经调整净利润-13亿（24H1为-8亿）表：地平线机器人25Q2核心财务指标拆分（未特殊标注单位为亿元，毛利率/销售净利率和费用率同环比单位为pct）◆ 风险提示：国内外需求不及预期，消费者对智能化的需求不及预期数据来源：Wind，东吴证券研究所479660.hk营业收入产品解决方案芯片出货/万片芯片单价/元高速NOA收入高速NOA出货/万片高速NOA芯片单价/元授权及服务非车解决方案毛利率产品解决方案授权及服务优先股交易负债公允价值变动期间费用销售费用管理费用研发费用财务费用期间费用率销售费用率管理费用率研发费用率财务费用率归母净利润(不含少数股东权益)归母净利润率经调整净利润20214.672.0820229.063.19202315.525.06202423.846.642.020.5770.90%68.50%92.00%-7.6416.622.113.1911.44-0.12355.89%45.18%68.31%549.78%-5.94%-20.61-441.33%-11.034.821.0569.30%62.1087.80-66.5524.552.983.7418.80-0.97270.97%32.89%41.28%588.77%-20.13%-87.19-962.36%-18.909.640.8170.50%44.70%89.00%-47.6029.773.274.4323.66-1.59191.82%21.07%28.54%467.23%-16.49%-67.39-434.21%-16.3516.470.7277.22%46.40%92.00%46.7738.284.106.3831.56-3.76160.57%17.20%26.76%132.38%-15.77%23.4798.45%-16.8124H19.352.2296232166.910.2278.77%41.70%93.00%-40.1316.501.982.4314.20-2.11176.52%21.22%26.00%151.83%-22.54%-50.98-545.25%-8.0425H115.677.781983936.22986357.390.5065.36%45.60%89.70%-34.0727.422.723.0723.00-1.37175.02%17.36%19.59%146.80%-8.73%-52.33-334.00%-13.3325H1同比67.57%249.89%6.91%130.14%-13.41%3.90%-3.30%/66.15%37.08%26.26%62.01%-35.09%-1.50%-3.86%-6.41%-5.03%13.81%///

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