{
  "schema_version": "seed.company-research-evidence-index.v1",
  "company": "Horizon Robotics",
  "security_id": "XHKG:09660",
  "as_of": "2026-07-29",
  "status": "needs_human_review",
  "combined_artifact": {
    "path": "combined-artifact.v2.json",
    "sha256": "85cbb415bab37840f9f3cda48cc2d580b805f5f9e9408ce9ab4e6c6a827f5033"
  },
  "anchors": [
    {
      "id": "HR-001",
      "claim_id": "fy2025.financials",
      "source_id": "H01",
      "document_sha256": "0667e8c87a9c468ee661ddf9c42df733f860ac27c598894a7e17076e54dbaba2",
      "page": 140,
      "source_text": "Revenue 3,758,268; gross profit 2,425,680; operating loss (3,338,791)",
      "period": "FY2025",
      "unit": "RMB thousand",
      "currency": "CNY",
      "scope": "consolidated_group",
      "audit_status": "audited",
      "formula": "directly reported",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-002",
      "claim_id": "fy2025.cash_flow",
      "source_id": "H01",
      "document_sha256": "0667e8c87a9c468ee661ddf9c42df733f860ac27c598894a7e17076e54dbaba2",
      "page": 146,
      "source_text": "OCF (2,106,052); PP&E payments (471,590); intangible payments (229,649)",
      "period": "FY2025",
      "unit": "RMB thousand",
      "currency": "CNY",
      "scope": "consolidated_group",
      "audit_status": "audited",
      "formula": "cash OE proxy = CFO - PP&E - intangible",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-003",
      "claim_id": "fy2025.revenue_mix",
      "source_id": "H01",
      "document_sha256": "0667e8c87a9c468ee661ddf9c42df733f860ac27c598894a7e17076e54dbaba2",
      "page": 164,
      "source_text": "Product 1,622,274; license/services 1,934,913; non-auto 201,081",
      "period": "FY2025",
      "unit": "RMB thousand",
      "currency": "CNY",
      "scope": "revenue_disaggregation",
      "audit_status": "audited",
      "formula": "sum = total revenue",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-004",
      "claim_id": "fy2025.product_margin",
      "source_id": "H01",
      "document_sha256": "0667e8c87a9c468ee661ddf9c42df733f860ac27c598894a7e17076e54dbaba2",
      "page": 12,
      "source_text": "Product gross margin 34.5%; adjusted 42.5% excluding low-markup integrated units",
      "period": "FY2025",
      "unit": "percent",
      "currency": "CNY",
      "scope": "automotive_product_solutions",
      "audit_status": "audited",
      "formula": "company adjustment",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-005",
      "claim_id": "fy2025.shipments",
      "source_id": "H01",
      "document_sha256": "0667e8c87a9c468ee661ddf9c42df733f860ac27c598894a7e17076e54dbaba2",
      "page": 6,
      "source_text": "Journey shipments 4.01m; +38.8%; NOA-capable 45%; dollar content +75%",
      "period": "FY2025",
      "unit": "units / percent",
      "currency": "CNY",
      "scope": "company_operating_kpi",
      "audit_status": "audited",
      "formula": "reported operating KPI",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-006",
      "claim_id": "fy2025.customers",
      "source_id": "H01",
      "document_sha256": "0667e8c87a9c468ee661ddf9c42df733f860ac27c598894a7e17076e54dbaba2",
      "page": 165,
      "source_text": "Customer A 18.11%; B 14.58%; C 12.45%; D 10.87%",
      "period": "FY2025",
      "unit": "percent of revenue",
      "currency": "CNY",
      "scope": "consolidated_group",
      "audit_status": "audited",
      "formula": "directly reported",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-007",
      "claim_id": "fy2025.performance_obligations",
      "source_id": "H01",
      "document_sha256": "0667e8c87a9c468ee661ddf9c42df733f860ac27c598894a7e17076e54dbaba2",
      "page": 166,
      "source_text": "Unsatisfied performance obligations 1,011,788; next 12 months 1,000,273",
      "period": "2025-12-31",
      "unit": "RMB thousand",
      "currency": "CNY",
      "scope": "contract_revenue",
      "audit_status": "audited",
      "formula": "directly reported; not total hardware backlog",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-008",
      "claim_id": "fy2025.balance_sheet",
      "source_id": "H01",
      "document_sha256": "0667e8c87a9c468ee661ddf9c42df733f860ac27c598894a7e17076e54dbaba2",
      "page": 142,
      "source_text": "Cash 20,188,070; term deposits 636,922; receivables 1,760,048; inventory 1,069,224",
      "period": "2025-12-31",
      "unit": "RMB thousand",
      "currency": "CNY",
      "scope": "consolidated_group",
      "audit_status": "audited",
      "formula": "directly reported",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-009",
      "claim_id": "h1_2026.preliminary",
      "source_id": "H03",
      "document_sha256": "90c28ab22371807a57f500b4e80f1f961a88f177f72e148cde903884ed49ede5",
      "page": 1,
      "source_text": "Continuing revenue 1.93–2.08bn; adjusted net loss 1.4–1.7bn",
      "period": "2026H1",
      "unit": "RMB million",
      "currency": "CNY",
      "scope": "continuing_operations_preliminary",
      "audit_status": "unaudited",
      "formula": "company preliminary range",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-010",
      "claim_id": "cariad.amendment",
      "source_id": "H04",
      "document_sha256": "9299edf67c5c79cf2a84434ce2dd99fb19e7fb861b0d85b2d0b61e6f1490ecfe",
      "page": 2,
      "source_text": "1,301,763,486 new B shares plus US$398.9m cash payment",
      "period": "2026-07-22",
      "unit": "shares / USD",
      "currency": "HKD",
      "scope": "listed_security",
      "audit_status": "not_applicable",
      "formula": "transaction terms; completion pending at cut-off",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-011",
      "claim_id": "new_cb.terms",
      "source_id": "H05",
      "document_sha256": "0f535ba2e7cfd76a58f00c4879a63254b20ecab583a61f88c2125486dc9d16eb",
      "page": 1,
      "source_text": "US$450m zero-coupon CB; HK$5.55 initial conversion; 635,635,135 shares",
      "period": "2026-07-23",
      "unit": "USD / HKD / shares",
      "currency": "HKD",
      "scope": "listed_security",
      "audit_status": "not_applicable",
      "formula": "full-conversion scenario",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-012",
      "claim_id": "awards.july_2026",
      "source_id": "H06",
      "document_sha256": "b4474eb3648482f6d3e706b234dfdd03028bdfdae62f20952bbaaa468051438f",
      "page": 1,
      "source_text": "90,608,252 new B share awards to 1,202 grantees; no performance targets",
      "period": "2026-07-26",
      "unit": "shares",
      "currency": "HKD",
      "scope": "listed_security",
      "audit_status": "not_applicable",
      "formula": "directly reported",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-013",
      "claim_id": "shares.june_2026",
      "source_id": "H07",
      "document_sha256": "abf43ab7dce878f14dd39a36456f28f5a8a520da6ebc8b9246e6ea1bb330f1b6",
      "page": 2,
      "source_text": "Issued excluding treasury 14,571,723,185; treasury B shares 80,161,800",
      "period": "2026-06-30",
      "unit": "shares",
      "currency": "HKD",
      "scope": "listed_security",
      "audit_status": "not_applicable",
      "formula": "A+B excluding treasury",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-014",
      "claim_id": "design_win.conversion_cycle",
      "source_id": "H08",
      "document_sha256": "fb5db62c903ef286c5b2fbaa30d41d18cc06d96456b011ae06b45003b588c860",
      "page": 38,
      "source_text": "Design-win does not guarantee sales order; design-win to contract 2–4 months; contract to SOP 8–36 months",
      "period": "IPO",
      "unit": "months",
      "currency": "HKD",
      "scope": "issuer_business_process",
      "audit_status": "not_applicable",
      "formula": "directly disclosed process",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-015",
      "claim_id": "peer.black_sesame",
      "source_id": "P01",
      "document_sha256": "ea8319cbb3bacf837fe92595d48e27dfddcb7a6e56170073ff50e69765bc9be4",
      "page": 5,
      "source_text": "FY2025 revenue RMB822.328m, +73.4%",
      "period": "FY2025",
      "unit": "RMB million",
      "currency": "CNY",
      "scope": "peer_consolidated_group",
      "audit_status": "audited",
      "formula": "directly reported",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-016",
      "claim_id": "peer.mobileye",
      "source_id": "P02",
      "document_sha256": "fd30bf23b6d500166c51d2e465cc12fa3c00da2780d6a82290024d7d72405738",
      "page": 1,
      "source_text": "FY2025 revenue US$1.894bn; operating cash flow US$602m",
      "period": "FY2025",
      "unit": "USD million",
      "currency": "USD",
      "scope": "peer_consolidated_group",
      "audit_status": "audited",
      "formula": "directly reported",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-017",
      "claim_id": "peer.ambarella",
      "source_id": "P03",
      "document_sha256": "aaf36816a758ddf734ca21dfa7cb8a3e33ac8e7661124d0395701da05e9fb82d",
      "page": 50,
      "source_text": "FY2026 revenue US$390.702m; operating loss US$82.5m",
      "period": "FY2026",
      "unit": "USD million",
      "currency": "USD",
      "scope": "peer_consolidated_group",
      "audit_status": "audited",
      "formula": "directly reported",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    },
    {
      "id": "HR-018",
      "claim_id": "price.snapshot",
      "source_id": "M01",
      "document_sha256": "57e0ae1a74e9549c1baf9d568504a7bda92d2d0e195db6dbf006f98b371d7c26",
      "page": null,
      "source_text": "09660.HK HK$5.20 at 2026-07-29 11:59:59 HKT",
      "period": "2026-07-29 11:59:59 HKT",
      "unit": "HKD",
      "currency": "HKD",
      "scope": "listed_security",
      "audit_status": "not_applicable",
      "formula": "third-party intraday quote snapshot",
      "critical": true,
      "review": "machine_checked_needs_human_review",
      "limitations": "Verify the official source page and checksum; market and scenario anchors retain stated timing and scope."
    }
  ]
}