Equity Snap: Horizon Robotics (9660 HK) Horizon’s major software upgrade HSD2.0 and test ride event takeaway

研报英文原文证据摘录

Equity Snap: Horizon Robotics (9660 HK) Horizon’s major software upgrade HSD2.0 and test ride event takeaway

3 July 2026

Equity Snap: Horizon Robotics Equities Auto Components

(9660 HK)

Horizon’s major software upgrade HSD2.0 and test

ride event takeaway China

◆ Horizon launched its HSD2.0 on 29 June, which delivers a Yuqian Ding*

solid performance; company plans to organize more test rides Head of China Technology & Autos Research The Hongkong and Shanghai Banking Corporation Limited

yuqian.ding@hsbc.com.hk

+852 2288 5108

Horizon Robotics (9660 HK, HKD4.29, Buy, TP HKD11.50)

(Priced as of 02 Jul 2026)

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

Market concerns centered on pricing and weak beta: We attended an investor

test ride event for Horizon Robotics’ HSD 2.0 on Thursday. The market’s key concern

largely centered on pricing deflation across the intelligent driving supply chain,

alongside broader pressure from a relatively weak domestic auto demand

environment in China.

Industry-leading HSD2.0 performance: HSD (Horizon SuperDrive) 2.0 is Horizon’s

latest major AD software upgrade that was launched on 29 June. The overall

performance looked solid, demonstrating lower system latency and more natural

driving behavior. New features such as K-turn have been added, while route planning

capability also improved, with more accurate navigation / lane selections and

stronger handling of complex scenarios such as waiting areas at intersections.

Horizon continues to rank among China’s leading first-tier autonomous driving

software players.

More test ride events to come: Horizon will organize broader investor test drive

events in the coming weeks: Shenzhen (July 13–14), Beijing (July 16–17), and