Investment Rating - The investment rating for the company is "Outperform the Market" [5][57][58] Core Viewpoints - The company has shown strong revenue growth, with a 24.1% year-on-year increase in Q2 2025, driven by robust order backlog and demand in both automotive and robotics sectors [1][2][57] - The company is positioned as a leader in the laser radar and perception solutions market, focusing on AI-driven robotics technology and aiming to become a global leader in this field [21][24][57] - The company has successfully secured numerous production orders from major automotive manufacturers, including 133 models for mass production, indicating strong market penetration [2][46][57] Financial Performance - In Q2 2025, the company achieved revenue of 4.55 billion yuan, with a net profit of -0.51 billion yuan, showing improvement from previous quarters [1][8] - The gross margin for Q2 2025 was 27.70%, an increase of 13 percentage points year-on-year, reflecting improved product mix and cost management [14][57] - The company forecasts revenues of 24.89 billion yuan, 36.17 billion yuan, and 52.75 billion yuan for 2025, 2026, and 2027 respectively, with expected net profits turning positive by 2026 [4][58] Product Development - The company launched its first product from the all-solid-state digital E platform, E1, in the first half of 2025, marking a significant milestone in digital laser radar technology [2][26][57] - The company has introduced new products in the robotics sector, including the AC1 and AC2, which enhance robotic vision capabilities [30][38][57] - The company has established partnerships with over 20 robotics companies, indicating strong collaboration and market presence in the robotics field [40][57] Market Position - The company has a strong order backlog, with 30 automotive manufacturers and 119 models secured for mass production, including significant international contracts [2][46][57] - The company is recognized for its innovative digital laser radar solutions, which are increasingly being adopted in advanced driver-assistance systems (ADAS) and robotics applications [24][57] - The company is actively expanding its presence in the global market, with orders from overseas manufacturers covering key regions such as Japan, North America, and Europe [2][46][57]

Summary of Robosense Investor Meeting Company Overview - **Company**: Robosense (2498.HK) - **Industry**: LiDAR and Advanced Driver Assistance Systems (ADAS) Key Points Industry Trends - **LiDAR Adoption**: Management anticipates an increase in China's LiDAR adoption rate to **20% in 2025** from **15% in 2024** [1][2] - **Regulatory Changes**: Enhanced ADAS safety standards are being implemented: - The Ministry of Industry and Information Technology (MIIT) has mandated Advanced Emergency Braking Systems (AEB) for passenger vehicles, effective **January 1, 2028** [2] - New safety requirements for Combined Driving Assistance Systems are expected to take effect on **January 1, 2026** [2] Financial Performance - **Gross Margin**: Robosense achieved a **28% total gross margin** and a **19% gross margin** for ADAS LiDAR in **2Q25**. Management believes a sustainable gross margin of **20%-25%** is achievable [2][5] - **Net Loss**: The company reported a net loss of **RMB 133 million** in **2Q25** and aims for quarterly/full-year break-even by **4Q25/2026** [5] Product Development - **New Product Launch**: Robosense launched the affordable ADAS product **EMX** in **April 2025**, securing design wins with **40+ vehicle models** [1][5] - **Future Products**: The **EM4** product targets Level 3 autonomous driving with a detection range of **600 meters** and is set to be equipped on the **Zeekr 9X**, which has received **42,000 pre-orders** within one hour of its pre-launch event [5] Strategic Partnerships - **Robotics Collaboration**: Robosense has partnered with **Mammotion** for lawnmower robotics, securing an order for **1.2 million units** of E1R LiDAR over the next three years [5] Cost Management - **Cost Reduction**: Management expects a **20% cost reduction** driven by higher sales volume and scale effects in the upcoming year [5] Research and Development - **R&D Team Composition**: The R&D team consists of **150** personnel focused on chips, **300** on hardware, and **200** on software [5] Additional Insights - Management's outlook on the ADAS market is optimistic, with a focus on regulatory compliance and product innovation to capture market share in the growing LiDAR segment [1][2][5]

Core Viewpoint - The stock of SUTENG JUCHUANG (02498) has seen a significant increase, driven by positive market sentiment following the announcement of Hesai Technology's global offering of 17 million Class B shares, which is expected to enhance the valuation framework within the lidar industry [1] Group 1: Company Performance - SUTENG JUCHUANG's stock rose over 5%, currently trading at 40.28 HKD with a trading volume of 414 million HKD [1] - UBS reported that SUTENG JUCHUANG's management is optimistic about the company's future, supported by recent significant orders from BYD (002594) and Geely, which are expected to bolster the growth of its ADAS lidar business [1] - The company is accelerating its penetration into the autonomous mobile equipment sector in its robotic lidar business, collaborating closely with MAMMOTION and Ninebot [1] Group 2: Financial Projections - UBS has raised its profit forecasts for SUTENG JUCHUANG for 2026 to 2027 by 4%, increasing the target price from 50 HKD to 52.8 HKD while maintaining a "Buy" rating [1] - The company aims to achieve a gross margin of 30% by 2026, with a long-term target of 35% [1]

消息面上，禾赛科技官网显示，禾赛集团启动1700万股B类股份的全球发售，以2525为代码在香港联合 交易所进行双重主要上市。分析人士指出，禾赛科技的加入，将与速腾聚创共同构建更加完善的行业估 值参照体系。港股激光雷达板块将迎来重大变革。 智通财经APP获悉，速腾聚创(02498)午后涨超5%，截至发稿，涨4.35%，报40.28港元，成交额4.14亿港 元。 值得注意的是，瑞银发布研报称，速腾聚创管理层对公司前景持乐观态度，其中公司近期获得比亚迪及 吉利的重要订单，有望为ADAS激光雷达业务增长提供稳固支持。在机器人激光雷达业务方面，公司正 加速渗透自动移动设备领域，并与MAMMOTION及九号公司紧密合作；集团目标于2026年毛利率达 30%，长期毛利率目标为35%。基于订单获取进展顺利，该行将2026至27年盈利预测上调4%，目标价由 50港元升至52.8港元，维持"买入"评级。 ...

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 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: 2025年8月31日 狀態: 新提交 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | 已發行股份總數 | | | 上月底結存 | | | 472,813,353 | | 11,655,200 | | 484,468,553 | | 增加 / 減少 (-) | | | | 0 | 0 | | | | 本月底結存 | | | 472,813,353 | | 11,655,200 | | 484,468,553 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | ...

Core Viewpoint - UBS report indicates that SUTENG JUCHUANG (02498) management is optimistic about the company's prospects, supported by recent significant orders from BYD (002594) and Geely Automobile (00175) for its ADAS lidar business [1] Group 1: Business Performance - The company has received important orders from major clients, which is expected to provide solid support for the growth of its ADAS lidar business [1] - In the robotic lidar sector, the company is accelerating penetration into the automated mobile equipment field and is closely collaborating with MAMMOTION and Ninebot [1] Group 2: Financial Projections - The group aims to achieve a gross margin of 30% by 2026, with a long-term gross margin target of 35% [1] - Based on the smooth progress in order acquisition, UBS has raised its profit forecasts for 2026 and 2027 by 4% and increased the target price from HKD 50 to HKD 52.8, maintaining a "Buy" rating [1]

Core Insights - The global lidar industry is experiencing rapid growth, with a Chinese company achieving three global firsts: leading market share in automotive ADAS lidar installations, leading market share in the Robotaxi sector, and the fastest growth in robotic lidar [1] - The company, SUTENG, went public on the Hong Kong Stock Exchange on January 5, 2024, becoming the first lidar stock in Hong Kong, holding a 33.5% market share as of December 31, 2024, and ranking first in cumulative installation volume for 12 consecutive months [1] Market Position - SUTENG is recognized as a global leader in the lidar and perception solutions market, having produced its one-millionth lidar unit by February 2025, making it the first company to achieve this milestone [4] - As of June 30, 2025, SUTENG secured production orders for 119 models from 30 automotive manufacturers and suppliers, increasing to 133 models by August 2025, surpassing its competitor Hesai Technology [4] - Following its IPO, SUTENG's market capitalization exceeded HKD 60 billion, currently around HKD 20 billion, reflecting strong market confidence in its technological capabilities and growth potential [4] ADAS Sector - In the ADAS sector, SUTENG reported sales revenue of approximately CNY 1.34 billion in 2024, a significant increase of 71.8% year-on-year [5] - The company has successfully integrated its lidar products into over 10 models priced between CNY 150,000 and CNY 200,000, contributing to the democratization of smart driving technology [5] - SUTENG has transitioned lidar technology from an analog to a digital architecture, launching a full series of digital lidar products in early 2025 [5][6] Robotaxi Market - SUTENG has partnered with over 90% of leading L4 autonomous driving companies, providing reliable and high-performance automotive-grade lidar products for the commercial application of Robotaxis [7] - The company has secured mass production cooperation agreements with six major L4 autonomous driving firms, including prominent players in North America and China [7] Robotics Business - In Q2 2025, SUTENG's robotics business saw explosive growth, with sales reaching 34,400 units, a year-on-year increase of 631.9% [8] - The robotics segment generated approximately CNY 150 million in revenue, with a gross margin of 41.5%, outperforming the industry average of 35%-40% [8] - SUTENG has secured exclusive supply orders from a top five global lawn mower manufacturer, with order sizes reaching seven figures [8] Technological Edge - SUTENG's technological advantage stems from its proprietary SPAD-SoC chip, which was developed starting in 2018 and has been integrated into multiple automotive and robotic products [9] - The company leads the industry in patent filings, with 641 published patents as of the end of 2024 [9] - SUTENG is set to launch its next-generation digital chip in 2026, enhancing the competitiveness of its EM series products [9] Future Outlook - SUTENG has established three growth curves: automotive ADAS, Robotaxi, and robotics, indicating significant future development potential [11] - The company anticipates a peak in deliveries for its robotics business between Q1 2025 and Q1 2026, with a surge in demand for lawn mowing robots expected from Q3 2025 [12] - SUTENG plans to invest CNY 620 million in R&D in 2024, with CNY 250 million allocated for innovative projects like AI robotics [12] - The company has achieved substantial success in overseas markets, securing eight partnerships with international brands across Europe, North America, and Asia-Pacific [12]

Core Viewpoint - Hesai Group's application for a secondary listing in Hong Kong has been approved, intensifying competition in the lidar market, particularly against Suton Technology, which previously enjoyed a monopoly in the Hong Kong market [1][8]. Group 1: Company Performance Comparison - In the first half of 2025, Hesai's lidar unit price was 2,248 RMB per unit, while Suton's was 2,936 RMB, indicating a 30% premium for Suton [2][4]. - Hesai's total lidar delivery volume reached 547,913 units, a year-on-year increase of 276.2%, while Suton's was only 266,800 units, with a growth rate of 9.6% [2][4]. - The disparity in delivery volumes is attributed to Hesai's partnerships with high-volume automakers like Li Auto and Xiaomi, while Suton collaborates with several brands that have limited sales [3]. Group 2: Financial Metrics - In the first half of 2025, Hesai achieved a gross margin of 42.2%, compared to Suton's 25.9%, reflecting significant differences in cost control and commercial efficiency [5][6]. - Hesai's revenue for the first half of 2025 was 1.23 billion RMB, while Suton's was only 780 million RMB, with projections for the full year indicating Hesai could reach 3.24 billion RMB compared to Suton's 2.38 billion RMB [7]. - Hesai is expected to turn a profit in 2025, with a projected net profit of 290 million RMB, while Suton is anticipated to incur a loss of 220 million RMB [7]. Group 3: Market Dynamics and Valuation - Suton's previous advantage as the only listed lidar company in Hong Kong is diminishing with Hesai's entry, which is expected to shift investor focus towards Hesai due to its profitability and growth potential [8][10]. - The anticipated fundraising of 300 million USD (approximately 2.34 billion HKD) by Hesai will further enhance its competitive position, allowing for capacity expansion and technological advancements [9][10]. - The shift from scarcity-driven valuation to fundamentals-based pricing will likely pressure Suton's stock, as its current valuation may not justify its financial performance [10].

Core Viewpoint - The report from DBS indicates that SOTON (02498) exceeded expectations in its second-quarter performance, achieving a gross margin of 28%, surpassing the target of 25% due to the mass production of the MX series and cost control measures [1] Financial Performance - SOTON's gross margin reached 28%, which is higher than the expected 25% [1] - The management has adopted a more optimistic outlook and reaffirmed the goal of achieving breakeven by the second half of 2025 [1] Growth Drivers - Anticipated growth drivers for 2026 include the mass production of the EM platform, expansion of BYD-related businesses, acquisition of new clients, and orders in the robotics business [1] Earnings Forecast - Based on the revised gross margin predictions, the earnings forecasts for 2025 and 2026 have been increased by 22% and 16% respectively [1] - The target price has been raised from HKD 45 to HKD 50 while maintaining a "Buy" rating [1]

Core Viewpoint - DBS released a report indicating that SOTON (02498) exceeded expectations in its second-quarter performance, achieving a gross margin of 28%, surpassing the target of 25% [1] Group 1: Financial Performance - The strong performance was primarily driven by the mass production of the MX series and effective cost control measures [1] - The management's outlook has become more optimistic, reaffirming the goal of achieving breakeven by the second half of 2025 [1] Group 2: Future Growth Drivers - Growth drivers for 2026 include mass production of the EM platform, expansion of BYD (002594) related businesses, acquisition of new clients, and orders in the robotics business [1] - Based on the revised gross margin forecasts, profit estimates for 2025 and 2026 have been increased by 22% and 16% respectively [1] Group 3: Investment Rating - The rating remains "Buy," with the target price raised from HKD 45 to HKD 50 [1]