The Huizama intelligence (02533) announced its performance for the six months ended June 30, 2024, and recorded a revenue of 0.18 billion yuan (RMB, the same below), a 68.2% year-on-year increase; the profit attributable to equity holders of the company was 1.105 billion yuan, while the same period last year reported a loss attributable to equity holders of 3.729 billion yuan; basic earnings per share were 15.1 yuan.

According to the announcement, in the first half of 2024, benefiting from the gradual increase in mass-produced models, the NoA (Navigate on Autopilot) has begun mass production in certain vehicle models and cities, with chips, algorithms, software, and toolchains becoming increasingly mature. The group has made significant progress in the field of autonomous driving and smart automobile solutions. In the first half of 2024, the overall revenue increased by 69.2% compared to the same period last year, and significant breakthroughs were made in the order backlog. The commercialization process continues to accelerate, and the core advantages in the field of autonomous driving chips are becoming increasingly prominent.

The group's Huashan series of high computing power chip A1000 has been mass-produced and installed in vehicles, capable of supporting L2 to L3 level autonomous driving functions, including memory parking, autonomous parking, and NoA functions on highways and fast urban roads. Currently, the NoA function has covered 13 provinces and cities in China, including Sichuan, Shanxi, and Shandong. The group has obtained mass production intention orders for 23 vehicle models from 16 automotive OEMs and Tier 1 suppliers for the SoC. As the solutions are implemented and the algorithms mature, the group's autonomous driving algorithms are also beginning to be commercialized, driving the growth in revenue and profit margins.

The group continues to increase its R&D investment, with R&D expenses accounting for 67% of total operating expenses in the first half of 2024, and the R&D team accounting for 85% of the total number of employees. The company is committed to developing more advanced SoC products, expanding its product line to meet the demand for L3 and above autonomous driving functions. For example, the company is developing the Huashan A2000 SoC, which, according to Frost & Sullivan data, will have a design computing power of over 250 TOPS, making it one of the highest performing automotive-grade SoCs globally.