地平线和Momenta是中国智能驾驶解决方案商，虽然毛利率分别达到66.0%和73.2%1，但两家公司仍在持续亏损。其中，地平线经调整后亏损16.7亿元，研发投入27.6亿元远超营收20.6亿元1，已连续五年半无法用营收覆盖研发支出1。相比之下，Momenta的财务状况更为乐观，经调整后亏损仅为0.14亿元1。
尽管面临亏损压力，两家公司都在加大对物理AI领域的投入和拓展。地平线在芯片设计领域已有进展，2019年量产车规级芯片征程2成功流片1，并在2020年3月搭载于长安UNI-T，成为首款采用国产AI芯片的量产车1。截至目前，地平线稳居中国自主品牌汽车ADAS市占率第一1。Momenta则在高阶自动驾驶方案上取得领先地位，拿下全球独立第三方城市NOA市占率第一1，并在2019年发布了首个量产L2方案1。
两家公司正将汽车智能驾驶作为跳板，向更广阔的物理AI领域拓展，包括高阶自动驾驶和机器人等方向1。
Horizon and Momenta, two leading Chinese autonomous driving solution providers, are maintaining substantial profit margins while incurring significant losses as they pivot toward the broader physics AI sector.1 Both companies have achieved impressive gross margins—Horizon at 66.0% and Momenta at 73.2%—yet face mounting financial pressures from their research commitments.1
Horizon's financial strain is particularly acute, with adjusted losses reaching 1.67 billion yuan against revenue of only 2.06 billion yuan.1 The company's research and development expenditure of 2.76 billion yuan has far outpaced its revenue, marking five and a half consecutive years in which the company cannot cover its R&D spending through sales.1 In contrast, Momenta has narrowed its adjusted losses to 0.14 billion yuan, positioning itself near profitability.1
Despite their financial challenges, both firms have secured leading market positions in autonomous driving. Horizon holds the top market share for advanced driver-assistance systems among Chinese domestic automakers, while Momenta commands the global independent third-party market share for city-level autonomous navigation.1 These positions reflect years of technological development; Horizon successfully mass-produced its Zhuo Jing 2 automotive-grade AI chip in 2019, with the technology first appearing in production vehicles when the Changan UNI-T launched in March 2020 as China's first mass-market vehicle equipped with a domestically developed AI chip.1 Momenta released its first mass-produced Level 2 autonomous driving solution that same year.1
Both companies are now expanding beyond autonomous vehicles into high-level self-driving systems and robotics as part of their broader physics AI strategy.1
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