地平线机器人：发布座舱-驾驶一体化SoC及原生AI智能座舱操作系统

francis.ma@bernsteinsg.comZheng Cui zheng.cui@bernsteinsg.com 9660.HK Native Al Agentic Cockpit OS to650TOPS,5nm),andKaKaClaw,anativeAlagenticcockpitOSonApr22,2026Starry consolidatesAD,cockpit, and MCU ontoa single SoC.SOPistargeted for3Q26,initial design win with iCAR with BYD listed as one intended client.KaKaClaw connects physical AI(driving), digital Al (cockpit),and cloud LLMs to enable natural language understanding andautonomous workflowexecutionacross all vehicledomains.Horizonbenchmarks theHSD+KaKaClawagainst Tesla's FSD+Grok.Positiveforthestock,maintain Outperform. vehicleagenticAl.Byeliminatinga second domain controller,asecond setof memory modules,and simplifying the wiring harness and thermal systems, Starry delivers per-vehiclehardware savings of RMB 1.5-4K. Beyond hardware savings, by unifying cockpit and drivingdomainsona singlechip,StarryenablesKaKaClawtosimultaneously orchestratedigitalAl (understanding user intent,personalizing services,managing in-cabin interactions)andphysical Al (executing driving actions, navigating)as a single closed-loop system. This isfundamentallydifferentfromseparatecockpitandADchips,whichcannotdeliverthesamereal-time coherencebetween cognition and action.This tight coupling of cognition andaction transforms the carfrom apassivetool into anautonomous agentthat canboththinkand act.The agentaccumulates durablememoryof userpreferences andbehaviors overtime. The longer a user stays in the ecosystem,the more personalized and valuable theexperience becomes,directly enhancing lifetime value and raising switching costs. StarryandKaKaClawwillenhanceHorizon'scompetitivepositionandunlocknewbusinessmodels.ThenewsolutionwillallowHorizontopushUrbanNOAfeaturesmoreaggressively into the RMB 100K-200K mass-market vehicle segment, maintaining itsleadingmarket share within domestic 3rd-party suppliers.Starryand KaKaClawalso markHorizon's pivot to a whole-vehicle central Al compute platform,with integrated HW/SWfullsolution. Horizon expands its TAM and opens up recurring revenue opportunities suchastoken consumption-based pricingfor Al inference,subscription services,and advertising viain-cabin agent interactions. This can transform Horizon's revenue model from one-time chipsalestowarda more durable hardware-plus-software-plus-services structure,which cantrigger a valuation re-rating. EXHIBIT 2: Two variants of Starry driving-cockpit fusion chip TheStarry6Pdemonstratedleadingperformanceacrossthreedimensions:cockpit rendering (ManhattanOffscreen FPS at~1.4x ofcompetitorProduct 8000-class),transformerinference speed (~10-19x ofcompetitors'chips),andon-devicelargemodel preprocessing speed (Qwen 3.0 3B 4-bit at 1,365.3 tok/s, approximately~2.4x of Mac Mini M4Pro 20B). merges bothdomainsonto a singlepieceof siliconanda sharedDDRmemory system.CEOestimatesthe integration savesapproximately 50%ofchipfootprint and 50%of component cost.Thisis especially compelling in the current environmentwhereDDRmemory prices havesurged significantly,makingtraditional dual-memoryarchitectures increasinglyexpensive. in-cabinpreferencesovertime(Soul),cross-scenariotask execution suchasrestaurantbooking,parkingpayments,andmovieseat selection (Skill),and long-termbehavioralmemoryfor companion-likecontinuous service (Memory) Source:company newproductconference Source:companynewproductconference KaKaClaw connects three Al layers: on-device physical models (HSD for driving),on-device digital models (smart cockpitinteractions),and cloud-based digital models (mainstream LLMs).The agentenablespersonalized understandingofusers, deploymenton competitorchipplatforms-includingQualcomm Snapdragon,MediaTek,andNViDIADrive.EXHIBIT8:ThecompanylaunchesKaKaClaw,thevehicle-nativeagentic operating system References to"Bernstein" or the "Firm" in these disclosures relate to the following entities: Bernstein Institutional Services LLC (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordAfrica Technologies &Services to produce Bernstein research under a Global Services Agreement inplace between BernsteinandSocieteGenerale otherwise, for purposes of these disclosures, references to Bernstein's“affiliates"relate to both SG and AB and their respectiveaffiliates. RISKS Horizon Robotics Downsiderisks: .The smart driving penetration increase not as fast as expected;.OEM in-house developmenttakingmore share than expected;:Delays in shipments or deployments tomajor customers leadtodownside inrevenuegrowth. RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION EQUITYRATINGSDEFINITIONS Bernstein brand The Bernsteinbrandrates stocksbased on forecasts of relativeperformance for thenext 12months versus theS&P500forstocks listed on the U.S.and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME)for