Investment Rating - The report maintains a "Buy" rating for RoboSense (02498.HK) with a target price of HKD 46.10, adjusted from a previous target of HKD 48.50 [2][4][7]. Core Insights - RoboSense achieved a revenue of RMB 7.57 billion in Q4 2025, representing a year-on-year growth of 46.1%. This quarter also marked the company's first-ever profit, indicating a significant operational turnaround driven by the benefits of its digital product platform, cost reductions from in-house chip development, and an optimized revenue mix [3][7]. - The company is expected to see substantial growth in the shipment of its ADAS (Advanced Driver Assistance Systems) LiDAR products, particularly with the introduction of new models EMX and EM4, which are anticipated to replace older models and drive demand in 2026 [6][7]. - The report highlights three key growth catalysts for 2026: continued growth in ADAS LiDAR, expansion in the robotics sector, and sustained profitability despite competitive pricing pressures [7]. Financial Summary - Revenue projections for RoboSense are as follows: RMB 1,941 million for 2025, RMB 3,472 million for 2026, RMB 4,498 million for 2027, and RMB 5,484 million for 2028, indicating a significant growth trajectory [10]. - Gross profit is expected to increase from RMB 514.2 million in 2025 to RMB 1,530.2 million by 2028, with gross margins projected to remain relatively stable between 20% and 25% for ADAS LiDAR products [10][11]. - The company reported a net profit of RMB 55.9 million for 2026, a significant turnaround from a loss of RMB 145.0 million in 2025, with further growth expected in subsequent years [10][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 51.89 [6][4] Core Insights - The company achieved a revenue of RMB 1.941 billion in 2025, representing a year-over-year increase of 17.7%, although it fell short of the previous forecast of RMB 2.4 billion due to lower-than-expected demand from downstream customers and price declines in ADAS products [2] - The net profit attributable to the parent company was a loss of RMB 146 million, but this was a significant improvement of 69.7% year-over-year, slightly better than the forecasted loss of RMB 147 million, aided by government subsidies and gains from financial assets [2] - The company is entering a phase of scaling up its digital lidar products and continues to see high growth in its robotic lidar segment, reinforcing a dual-driver growth logic [2] Summary by Sections 2025 Review - The company experienced steady growth and reached an operational turning point despite industry price competition and customer structure fluctuations, with total lidar shipments reaching 912,000 units, a year-over-year increase of 67.6% [2] - ADAS lidar shipments were 609,000 units, up 17.2% year-over-year, while robotic lidar shipments surged to 303,000 units, reflecting a remarkable growth of 1141.8% [2] - Revenue from the ADAS segment was RMB 1.11 billion, down 17.1% year-over-year, primarily due to a decline in average selling prices (ASP), while the robotic segment generated RMB 710 million, up 257.7% [2] - The overall gross margin improved to 26.5%, an increase of 9.3 percentage points, with ADAS and robotic business gross margins rising to 19.1% and 39.7%, respectively [2] 2026 Outlook - The company projects ADAS shipments to reach 1.3 to 1.5 million units and robotic shipments to hit 800,000 to 1 million units, both expected to more than double [3] - The revenue structure is anticipated to become more balanced between automotive and robotic segments, with over 100 models already designated for digital lidar production [3] - The company is expanding its partnerships with leading delivery clients and humanoid robot manufacturers, enhancing application scenarios [3] Profit Forecast and Valuation - Revenue estimates for 2026 and 2027 have been slightly adjusted to RMB 3.347 billion and RMB 4.791 billion, respectively, down from previous estimates of RMB 3.729 billion and RMB 5.136 billion [4] - The net profit estimates for 2026 and 2027 have also been revised to RMB 148 million and RMB 457 million, respectively [4] - The company is assigned a 25% valuation premium based on comparable company analysis, leading to a price-to-sales ratio of 6.6x for 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 51.89 [6][4] Core Insights - The company achieved a revenue of RMB 1.941 billion in 2025, representing a year-over-year increase of 17.7%, although it fell short of the previous forecast of RMB 2.4 billion due to lower-than-expected demand from downstream customers and price declines in ADAS products [2] - The net profit attributable to the parent company was a loss of RMB 146 million, but this was a significant improvement compared to the previous year, narrowing the loss by 69.7% [2] - The company is entering a phase of scale production for digital lidar products and continues to see high growth in robotic lidar, reinforcing its dual growth driver strategy [2][3] Summary by Sections 2025 Review - The company experienced steady growth and reached an operational turning point, with total lidar shipments of 912,000 units, a year-over-year increase of 67.6% [2] - ADAS lidar shipments were 609,000 units, up 17.2%, while robotic lidar shipments surged to 303,000 units, reflecting a 1141.8% increase [2] - Revenue from ADAS was RMB 1.11 billion, down 17.1%, primarily due to a decline in average selling price (ASP), while robotic business revenue reached RMB 710 million, up 257.7% [2] - The gross margin improved to 26.5%, with ADAS and robotic business margins at 19.1% and 39.7%, respectively, benefiting from self-developed chips and economies of scale [2] 2026 Outlook - The company expects ADAS shipments to reach 1.3 to 1.5 million units and robotic shipments to reach 800,000 to 1 million units, indicating potential for over 100% growth [3] - The revenue structure is anticipated to become more balanced between automotive and robotic businesses [3] - The company has secured over 100 model designations for digital lidar and is expanding its customer base, including new energy vehicle manufacturers and international clients [3] Profit Forecast and Valuation - Revenue estimates for 2026 and 2027 have been slightly adjusted to RMB 3.347 billion and RMB 4.791 billion, respectively, due to a slower-than-expected recovery in the automotive market [4] - The net profit estimates for 2026 and 2027 are revised to RMB 148 million and RMB 457 million, respectively [4] - The company is assigned a 25% valuation premium, resulting in a price-to-sales ratio of 6.6x for 2026, reflecting its leading position in digital lidar and SPAD chip production [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][52]. Core Insights - The company achieved a revenue of 7.51 billion CNY in Q4 2025, representing a year-on-year growth of 58.7% and a quarter-on-quarter growth of 84.4%, with a net profit of 1.06 billion CNY [1][9]. - The company has a strong order backlog, benefiting from the rapid development of ADAS and high-level autonomous driving [2][4]. - The company is positioned as a leader in the digital laser radar market, having transitioned from analog to digital technology, which significantly enhances performance and cost-effectiveness [32][35]. Financial Performance - In Q4 2025, the company reported a gross margin of 28.5%, an increase of 6.3 percentage points year-on-year, and a net margin of 13.8%, up 41.5 percentage points year-on-year [1][16]. - The company expects revenues for 2026-2028 to be 34.05 billion CNY, 45.20 billion CNY, and 59.50 billion CNY respectively, with net profits projected at 1.00 billion CNY, 4.58 billion CNY, and 10.11 billion CNY [4][53]. Product and Market Development - The company has entered the mass production phase for its digital laser radar products, with significant sales growth in both the automotive and robotics sectors [2][35]. - The company has established partnerships with over 90% of key Robotaxi and Robotruck players globally, including major companies like Baidu and Didi [2][36]. - The company has also expanded its customer base in the domestic market, securing long-term partnerships with major automotive manufacturers and new clients in various segments [2][39]. Technology and Innovation - The company is focused on AI-driven robotics technology, aiming to become a leading robotics technology platform [27][50]. - The introduction of self-developed core components, such as the Active Camera series, enhances the company's capabilities in the robotics sector [47][48]. - The company is actively exploring the field of embodied intelligence, with plans to develop a general-purpose robot development platform [46][51].

Core Insights - The rapid growth of robotic products is significantly altering the revenue structure of lidar companies, with SUTENG JUCHUANG (02498.HK) reporting a net loss of 145 million yuan for the year but achieving its first quarterly profit in Q4 2025, driven by robotic business contributing over half of the quarterly revenue [2] - SUTENG JUCHUANG's Q4 net profit reached 104 million yuan, with robotic product sales soaring to 221,200 units, marking a year-on-year increase of 2565.1% [2] - For the entire year, the sales of lidar for robots and other products reached 303,000 units and 609,000 units respectively, with growth rates of 1141.8% and 17.2%, generating revenues of 710 million yuan and 1.106 billion yuan, with revenue growth rates of 257.7% and 17.2% [2] Group 1: Company Performance - SUTENG JUCHUANG's robotic business growth outpaced its automotive-related business, indicating a shift in focus within the company [2] - Hesai Technology (02525.HK) also reported similar trends, with lidar shipments for ADAS and robots reaching 1.381 million units and 239,000 units respectively, reflecting year-on-year increases of 202.6% and 425.8% [2] - The competition in the robotic sector is intensifying, with SUTENG JUCHUANG claiming the top position in total sales for the robotic field, while Hesai Technology ranks first in various sub-markets [4] Group 2: Market Trends - The industry is witnessing a shift towards robotics as a key business focus amidst the ongoing competition between pure vision solutions and lidar technology [3] - SUTENG JUCHUANG's CEO projected that robotic lidar sales would triple year-on-year, with expected sales of 800,000 to 1 million units this year [4] - The current orders for lidar are primarily driven by mass-produced robots, particularly in the lawn mower sector, rather than emerging categories like humanoid robots [4] Group 3: Future Outlook - The industry anticipates that embodied intelligence will become a significant market, with the potential for substantial growth in the next 3 to 5 years, surpassing lidar in scale [5] - SUTENG JUCHUANG's robotic business is currently in an investment phase, but components being deployed in the embodied intelligence sector may lead to a new industrial revolution [5]

Financial Performance - For the fourth quarter of 2025, the company achieved a revenue of RMB 750.7 million, representing a year-on-year increase of 46.1% and a quarter-on-quarter increase of 84.4%[11]. - The company recorded a net profit of RMB 103.7 million in the fourth quarter of 2025, compared to a net loss of RMB 131.1 million in the same quarter of 2024, marking the first profitable quarter since its establishment[5]. - The company’s annual net loss was significantly reduced from RMB 481.8 million in 2024 to RMB 145.0 million in 2025[5]. - Total revenue for 2025 reached RMB 1,941.0 million, representing a year-on-year growth of 17.7%; total sales of LiDAR units were approximately 912,000, an increase of 67.6% year-on-year[16]. - Net loss for 2025 narrowed to RMB 145.0 million, with adjusted net loss under non-IFRS further reduced to RMB 53.5 million[16]. - The company achieved an annual production capacity layout of 4 million units, ensuring scalability for ADAS and robotics business demands in 2026[25]. - Operating loss decreased significantly from RMB 584.2 million in 2024 to RMB 184.3 million in 2025, indicating improved operational efficiency[27]. - The company reported a net loss of RMB 144,966 thousand for 2025, a reduction from a net loss of RMB 481,805 thousand in 2024, showing improved financial performance[74]. - The basic loss per share for the year ended December 31, 2025, was RMB (0.32), an improvement from RMB (1.11) in 2024, reflecting a reduction in losses[108]. Revenue Breakdown - The total sales volume of LiDAR products reached approximately 459,600 units in the fourth quarter of 2025, a significant year-on-year increase of 183.2%[5]. - The sales revenue from robotics and other products surged to RMB 346.7 million in the fourth quarter of 2025, reflecting a year-on-year growth of 427.5%[10]. - Revenue from products used in ADAS applications decreased by approximately 17.2% to RMB 1,105.9 million in 2025, despite a sales volume increase of 17.2% to approximately 609,000 units[28]. - Revenue from robotics and other products surged by approximately 257.7% to RMB 709.8 million in 2025, with total sales volume increasing by 1,141.8% to approximately 303,000 units[28]. - Revenue from sales solutions decreased by approximately 20.8% from RMB 98.0 million in 2024 to RMB 77.6 million in 2025, despite an increase in average project price from approximately RMB 296,000 to RMB 792,200[32]. - Revenue from services and others increased by approximately 177.0% from RMB 17.2 million in 2024 to RMB 47.6 million in 2025, driven by an increase in completed technical service projects[32]. Gross Profit and Margins - The gross profit margin for the fourth quarter of 2025 improved to 28.5%, an increase of 6.4 percentage points year-on-year[11]. - Comprehensive gross margin for 2025 improved to 26.5%, up 9.3 percentage points from 2024, with gross profit increasing by 81.3% year-on-year[16]. - Overall gross margin increased due to improved margins for LiDAR products used in ADAS applications, rising from 13.4% in 2024 to 19.1% in 2025, an increase of approximately 5.7 percentage points[31]. - Gross profit for LiDAR products used in ADAS applications increased by approximately 17.7% from RMB 179.2 million in 2024 to RMB 210.9 million in 2025[31]. - Gross profit increased by approximately 87.7% from RMB 113.8 million in Q4 2024 to RMB 213.6 million in Q4 2025, with gross margin improving from 22.1% to 28.5%[49]. Research and Development - Research and development expenses rose to RMB 646.7 million in 2025, up from RMB 615.4 million in 2024, highlighting continued investment in innovation[27]. - R&D expenses increased by approximately 5.1% from RMB 615.4 million in 2024 to RMB 646.7 million in 2025, with R&D expenses as a percentage of revenue decreasing from 33.6% to 29.9%[34]. - R&D expenses rose by 5.2% from RMB 150.3 million in Q4 2024 to RMB 158.2 million in Q4 2025, while the percentage of R&D expenses to revenue decreased from 28.7% to 19.0%[53]. Partnerships and Market Position - The company established partnerships for mass production of LiDAR products with 163 vehicle models as of December 31, 2025, including 33 partnerships with overseas manufacturers[7]. - The company secured over 90% of core Robotaxi and Robotruck players as partners, significantly increasing market share from approximately 10% to over 90% in the digital era[19]. - In the ADAS sector, the company has secured 163 model designations from 34 automotive manufacturers and tier-one suppliers[23]. - The company achieved the title of top seller in the 3D LiDAR market for robots in China, with significant growth in various segments including lawnmowers and commercial cleaning robots[24]. Assets and Liabilities - Total assets increased to RMB 5,265.7 million in 2025 from RMB 4,139.1 million in 2024, reflecting strong growth in both current and non-current assets[27]. - Total liabilities increased to RMB 1,460,243 thousand from RMB 1,065,959 thousand, indicating a rise in financial obligations[77]. - Trade receivables increased to RMB 616,919,000 in 2025 from RMB 410,611,000 in 2024, with net trade receivables at RMB 597,299,000 after accounting for credit loss provisions[110]. - Cash and cash equivalents decreased to RMB 2,097,873,000 in 2025 from RMB 2,835,984,000 in 2024, with a notable decline in time deposits[111]. Corporate Governance and Compliance - The company was officially listed on the Hong Kong Stock Exchange on January 5, 2024[80]. - The company has adopted a post-IPO share incentive plan approved by shareholders, effective from June 29, 2023[129]. - The audit committee, consisting of non-executive directors, has reviewed the consolidated financial statements during the reporting period[125]. - The company emphasizes that the financial data presented is unaudited and may change, urging shareholders and potential investors to act cautiously[131]. Future Outlook - The company plans to maintain a balanced revenue contribution from both ADAS and robotics businesses moving forward[25]. - The company is transitioning products from development and testing to mass production, indicating readiness for commercialization[133].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 速騰聚創科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會（「董事會」） 謹此宣佈，董事會會議將於2026年3月25日（星期三）舉行，藉以（其中包括）省覽及批准本集團 截至2025年12月31日止年度的全年業績及其發佈，並考慮派付末期股息（如有）的建議。 本公司的管理層將於2026年3月25日（星期三）下午8:00時正（香港時間）（上午8:00時正（美國東 部時間）舉行業績電話會議。擬接入電話會議的與會者須通過以下鏈接進行註冊方能參與是次 會議： 註冊鏈接： https://s.comein.cn/2za9bzsw ROBOSENSE TECHNOLOGY CO., LTD （於開曼群島註冊成立的有限公司） 速騰聚創科技有限公司 （股份代號：2498） 董事會會議日期 邱純鑫博士 於登記後，與會者將就是次會議收到一封載有與會者撥入號碼及個人獨有編號的電郵。 深圳，2026年3月1 ...

Summary of the Conference Call on SUTENG Technology Company Overview - **Company Name**: SUTENG Technology - **Industry**: LiDAR technology for automotive and robotics applications - **Founded**: 2014 - **Key Founders**: Qiu Chunxin, Zhu Xiaorui, Liu Letian Key Points and Arguments Industry Insights - The LiDAR sector is experiencing rapid growth, with expectations for significant advancements in autonomous driving technologies (L2, L3, L4) [4][5] - The market for automotive LiDAR is projected to reach approximately 400 billion RMB, with SUTENG aiming for a 30% market share [6][7][21] Company Performance - SUTENG achieved its first quarterly profit in Q4 2025, exceeding market expectations with a net profit of at least 60 million RMB [12] - The company’s net loss for the full year 2025 was significantly reduced to under 180 million RMB, compared to nearly 500 million RMB in 2024 [12] Financial Projections - Revenue forecasts for 2026 and 2027 are approximately 3.6 billion RMB and 4.5 billion RMB, respectively, with net profits expected to be around 220 million RMB and 420 million RMB [6][20] - The projected P/E ratio for 2027 is around 34 times [6][20] Product Development and Innovation - SUTENG has introduced several innovative products, including the first mass-produced solid-state digital LiDAR, which has a range of up to 600 meters [10][11] - The company is focusing on enhancing its product offerings in the robotics sector, with significant advancements in sensor technology and the introduction of new robotic arms [11][18] Market Opportunities - The demand for blind-spot LiDAR is expected to rise, with high-end vehicles increasingly adopting this technology, potentially increasing the average value per vehicle [13][15] - SUTENG has secured numerous orders for its EM4 and 1万 LiDAR products, particularly in the Robot Taxi and Robot Van segments, which are anticipated to drive substantial revenue growth [16][17] Competitive Positioning - SUTENG is positioned as a leader in the LiDAR market, having achieved the highest market share in passenger vehicle LiDAR globally by 2024 [9] - The company has a strong order pipeline, with major automotive clients like BYD and Geely contributing significantly to its sales [19][20] Management and Ownership Structure - The company is controlled by its founders, who collectively hold about 21% of the shares, with significant external investment from Alibaba's Cainiao Network [11][12] Future Outlook - The overall market for robotics and automotive LiDAR is expected to grow, with SUTENG poised to benefit from this expansion due to its innovative products and strategic partnerships [21] - The company is anticipated to continue reducing its reliance on major clients, diversifying its customer base for more stable revenue streams [20] Additional Important Information - SUTENG's historical milestones include the launch of its first mechanical LiDAR in 2016 and the introduction of its first solid-state LiDAR in 2021 [8][9] - The company has been recognized for its technological advancements and has received multiple orders from leading companies in the robotics and automotive sectors [10][17] This summary encapsulates the key insights and projections discussed during the conference call regarding SUTENG Technology and its position within the LiDAR industry.

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 速騰聚創科技有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02498 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000 | USD | | 0.0001 | USD | | 80,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 800,000,000 | USD | | 0.0001 | USD | | 80,000 | 本月底法定/註冊股本總額： US ...

Core Viewpoint - The report from China Merchants Securities highlights the significant presence of robotics companies at the recent Spring Festival Gala, showcasing advancements in motion control and autonomy, indicating a strong governmental support phase for the robotics industry this year [1][2] Group 1: Industry Trends - The Spring Festival Gala featured a notable increase in the number of humanoid robots, reflecting the government's commitment to strengthening the humanoid robotics sector, similar to the initial phase of the new energy vehicle industry [1] - The technology demonstrated this year at the gala was more complex than in previous years, with improved group performance and coordination among robots, showcasing advancements in collective control capabilities [2] Group 2: Investment Opportunities - China Merchants Securities recommends focusing on several companies in the robotics sector, including UBTECH (09880), Yujin (02432), Geek+ (02590), and Minth Group (00425), as well as companies in the broader robotics field such as Hesai Technology (02525), SUTENG (02498), and Horizon Robotics (09660) [1] - The report anticipates a policy environment characterized by national strategic guidance and local support, which is expected to foster growth in the robotics industry [1]