Horizon Robotics Class B (9660) AI Stock Analysis

• Market Cap: HK$127.47B
• Dividend Yield: N/A
• Average Volume (3M): 238.60M
• Price to Earnings (P/E): 41.3
• Beta (1Y): 1.93
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: HK
• Employees: 2,078
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.19
• Shares Outstanding: 12,527,496,000
• 10 Day Avg. Volume: 157,820,181
• 30 Day Avg. Volume: 238,603,909
• PEG Ratio: -0.03
• Price to Book (P/B): 1.30
• Price to Sales (P/S): 6.49
• P/FCF Ratio: -17.30
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$12.48
• Price Target Upside: 46.14% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: HK$8.00 ▼(-6.32% Downside)

Horizon Robotics Class B's overall stock score is primarily influenced by its financial performance and technical analysis. While there are signs of financial improvement, the stock's technical indicators suggest bearish momentum. The high P/E ratio indicates potential overvaluation, further impacting the overall score.

Positive Factors

Revenue Growth

The substantial revenue growth indicates strong market demand and successful product adoption, enhancing the company's competitive position in the AI sector.

Profitability Turnaround

Achieving profitability marks a critical milestone, reflecting improved operational efficiencies and potential for sustainable financial health.

Improved Cash Flow

Positive operating cash flow indicates better cash management and operational performance, supporting long-term growth and investment capabilities.

Negative Factors

Balance Sheet Stability

A historically high debt-to-equity ratio suggests financial instability, which could limit the company's ability to invest in growth opportunities.

Negative Free Cash Flow

Negative free cash flow, despite improvements, indicates ongoing challenges in covering capital expenditures, which could affect future expansion plans.

High Net Income Loss

Persistent net income losses in past years highlight underlying profitability issues that may impact long-term financial resilience and investor confidence.

Horizon Robotics Class B Business Overview & Revenue Model

Company Description

Horizon Robotics Class B (9660) is a leading AI technology company specializing in the development of advanced robotic intelligence solutions. Operating primarily in the fields of robotics, artificial intelligence, and autonomous driving, the company focuses on creating innovative hardware and software systems that enable intelligent perception and decision-making in machines. Its core products include AI chips, software platforms for robotic applications, and integrated solutions for smart vehicles and industrial automation.

How the Company Makes Money

Horizon Robotics generates revenue through multiple key streams including the sale of AI chips and software licenses to manufacturers in the automotive and robotics sectors. The company partners with major automotive firms and tech companies to integrate its technology into their products, providing a continuous revenue flow through product sales and royalties. Additionally, Horizon Robotics offers consultancy and customization services for businesses looking to implement AI-driven solutions, further diversifying its income sources. The growing demand for automation and smart technology in various industries also contributes significantly to its earnings.

Horizon Robotics Class B Financial Statement Overview

Summary

Horizon Robotics Class B shows promising signs of financial improvement with revenue growth and a return to profitability in 2024. However, challenges remain with balance sheet stability and cash flow management, as the company transitions from negative to positive equity.

Income Statement

Horizon Robotics Class B has shown a significant improvement in total revenue, growing by 53.6% from 2023 to 2024. However, the company is still facing substantial challenges with a negative EBIT margin and a high net income loss in previous years, though it turned profitable in 2024. The EBITDA margin in 2024 is positive, indicating improvement in operational efficiencies.

Balance Sheet

The company's balance sheet reveals a challenging financial structure with a high debt-to-equity ratio in previous years due to negative equity, though it improved to a positive equity in 2024. The equity ratio stands at 58.5% in 2024, showing a better asset structure. However, the financial stability is still at risk due to previous high liabilities and the transition from negative to positive equity.

Cash Flow

Horizon Robotics Class B experienced a positive shift in operating cash flow in 2024. The free cash flow remains negative, but there is a significant reduction in negative free cash flow compared to previous years. The operating cash flow to net income ratio turned positive, reflecting improved cash generation from operations.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.38B	1.55B	905.68M	466.72M
Gross Profit	1.84B	1.09B	627.71M	330.99M
EBITDA	2.80B	-6.38B	-8.42B	-1.93B
Net Income	2.35B	-6.74B	-8.72B	-2.06B
Balance Sheet
Total Assets	20.38B	15.87B	9.90B	10.60B
Cash, Cash Equivalents and Short-Term Investments	15.40B	11.36B	7.81B	9.33B
Total Debt	6.94B	6.01B	217.31M	115.51M
Total Liabilities	8.46B	40.54B	27.33B	18.99B
Stockholders Equity	11.91B	-24.67B	-17.44B	-8.39B
Cash Flow
Free Cash Flow	-894.31M	-2.20B	-2.11B	-1.34B
Operating Cash Flow	17.60M	-1.74B	-1.56B	-1.11B
Investing Cash Flow	-1.93B	-667.29M	-214.51M	-1.38B
Financing Cash Flow	5.82B	7.22B	212.41M	6.30B

Horizon Robotics Class B Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.54
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9660, the sentiment is Positive. The current price of 8.54 is above the 20-day moving average (MA) of 8.16, above the 50-day MA of 8.40, and above the 200-day MA of 7.79, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 52.88 is Neutral, neither overbought nor oversold. The STOCH value of 56.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:9660.

Horizon Robotics Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
9698	53 Neutral	HK$56.13B	60.89	5.43%	―	1.73%	―
9660	46 Neutral	HK$127.47B	41.28	―	―	―	―
6682	43 Neutral	HK$21.63B	-101.09	-3.20%	―	―	―
0020	41 Neutral	HK$77.35B	-19.52	-14.61%	―	17.96%	46.64%
2121	40 Underperform	HK$3.11B	-6.13	-27.20%	―	-3.78%	20.83%

Horizon Robotics Class B Corporate Events

Horizon Robotics Announces Share Awards Under Incentive Plan

Horizon Robotics, a company incorporated in the Cayman Islands, has announced the grant of awards under its Post-IPO Share Incentive Plan. On October 15, 2025, the company granted awards representing 11,099,400 Class B Ordinary Shares to 133 grantees, including employees and service providers. The awards vest over a period of 45 to 48 months without performance targets, and include clawback mechanisms for misconduct. This move is part of Horizon Robotics’ strategy to incentivize and retain talent, potentially impacting its operational efficiency and stakeholder relations.

Horizon Robotics Completes Major Share Placement and Subscription

Horizon Robotics has successfully completed the placing of 639,028,800 existing shares and a top-up subscription of new shares under a general mandate. The shares were placed at a price of HK$9.99 each to at least six independent third-party placees, ensuring no single placee became a substantial shareholder. This strategic move is expected to impact the company’s shareholding structure, potentially enhancing its market positioning and providing additional capital for future growth initiatives.

Horizon Robotics Announces Share Placing and Subscription Agreement

Horizon Robotics announced a placing and top-up subscription agreement involving existing shares and new shares under a general mandate. The agreement, coordinated by Goldman Sachs, Morgan Stanley, and UBS, involves selling existing shares at HK$9.99 each, representing a discount to recent trading prices. This move is expected to impact the company’s share capital and voting rights, with the new shares being issued under the general mandate without requiring shareholder approval.