“The semi-annual report of ZhiJia Company shows who can make a profit.”

The semi-annual report for 2026 shows that China’s intelligent driving industry is entering a new stage where the focus has shifted from “who can get on the vehicle” to “who can make money”. Several companies have seen rapid growth in revenue, but profit performance varies significantly, and the logic of industry profit distribution is undergoing fundamental changes. Momenta reported revenue of 1.602 billion yuan, with a gross margin of 73.2%, and an adjusted net loss of 14.097 million yuan; Horizon Robotics reported revenue of 2.055 billion yuan, with a gross margin of 90.4%, and an adjusted net loss of 1.671 billion yuan; BlackStone Intelligent reported revenue of 1.23 billion yuan, with a gross margin of 85.1%, and an adjusted net loss of 120 million yuan. Additionally, Horizon Robotics has achieved revenue exceeding 5 billion yuan, launched the HSD full-stack solution, and achieved large-scale replication through IP licensing. Momenta has produced 105 models, with over 1 million units installed. Overall, industry competition has shifted from mere technical leadership to a competition of profitability.