Core Viewpoint - RoboSense has officially commenced mass delivery of its digital lidar benchmark product EMX, marking the full-scale production of its new generation vehicle-mounted digital lidar platform EM, which includes EMX, EM4, and customized versions, enhancing the safety and reliability of driving experiences for consumers [1][3]. Group 1: Product Launch and Market Position - The EMX is positioned for the L2 level assisted driving market, while the EM4 is the only mass-producible digital lidar with over 500 lines, supporting custom configurations from 520 to 2160 lines for higher-level autonomous driving scenarios [3][5]. - The EM platform has secured contracts with eight leading global automakers for 45 vehicle models, demonstrating significant market recognition within six months of its launch [4][8]. - EMX features a high-definition point cloud output capability of up to 2.88 million points per second, a global angular resolution of 0.08°×0.1°, a maximum detection range of 300 meters, and a frame rate of 20Hz, making it the smallest vehicle-mounted digital lidar currently available [4][5]. Group 2: Technological Advancements - RoboSense has established a technological barrier through self-developed chips and a fully digital architecture, enabling stable and reliable mass production capabilities that support the commercialization of autonomous driving [3][7]. - The company has achieved full-chain chip self-research capabilities, from laser emission to signal reception and processing, and has received AEC-Q100 automotive-grade reliability certification [7][8]. - The successful development and mass production of the large-area SPAD-SoC chip have significantly streamlined system architecture and reduced power consumption, enhancing information integrity [7][8]. Group 3: Future Prospects - The EM platform, along with RoboSense's only mass-producible all-solid-state digital lidar E1, covers the ADAS and Robotaxi markets, positioning it as the preferred choice for leading clients to create comprehensive perception solutions [5][8]. - The company aims to drive product iteration through chip-level innovation and accelerate the global rollout of intelligent assisted driving, thereby expanding the commercial prospects of autonomous driving [8].

该行指，内地的智能驾驶渗透率持续提升，激光雷达的需求增长，预计今年国内乘用车激光雷达出货量 可望达314万个，按年增长超过一倍，并料在2028年可达逾1,000万个，维持高速增长。另外，该行认为 速腾聚创完善的产品矩阵以及深厚的技术累积，有助其占据行业优势地位。而公司今年进军机器人市 场，推出灵巧手、传感器、网域制器等零件产品，有望进一步扩展业务能力。 中金发表研究报告指，首次覆盖速腾聚创并予以"跑赢行业"评级，目标价47港元，认为公司作为全球领 先激光雷达供应商，其全面高效技术布局及持续客户拓展可望带动业绩增长。 ...

Financial Performance - In Q2 2025, the company achieved revenue of 455 million yuan, representing a year-on-year increase of 24.1% and a quarter-on-quarter increase of 38.9% [1] - The net profit for Q2 2025 was -51 million yuan, an improvement from -100 million yuan in Q1 2025 and -137 million yuan in Q2 2024 [1] - The company's gross margin in Q2 2025 was 27.70%, up 13 percentage points year-on-year and 4 basis points quarter-on-quarter [1] Product Performance - Sales revenue from LiDAR products for ADAS applications in Q2 2025 was 271 million yuan, a year-on-year decrease of 10.5% but a quarter-on-quarter increase of 18.6% [1] - Revenue from LiDAR products for robotics and other applications reached 147 million yuan, showing a year-on-year increase of 285.2% and a quarter-on-quarter increase of 100.7% [1] - Total sales volume of LiDAR products in Q2 2025 was 158,200 units, reflecting a year-on-year increase of 28.6% and a quarter-on-quarter increase of 45.7% [1] Market Position and Orders - The company has a strong order backlog due to the rapid development of ADAS and high-level autonomous driving [2] - As of June 30, 2025, the company secured mass production orders for 119 models from 30 automotive manufacturers, including 8 orders from overseas manufacturers covering Japan, North America, and Europe [2] - The company has established partnerships with over 20 humanoid robot companies, including significant collaborations with leading manufacturers in the robotics sector [3] New Product Launches - The company launched its first product, the E1, on its all-solid-state digital E platform in the first half of 2025, along with the EM platform for long-range LiDAR [2] - The company introduced two new digital products for the robotics sector, E1R and Airy, achieving breakthroughs in various fields, particularly in lawn mowing robots [3]

Core Viewpoint - The report from CICC forecasts that SUTENG JUCHUANG (02498) will achieve revenues of 2.085 billion yuan in 2025 and 3.002 billion yuan in 2026, with current stock prices corresponding to 8.2x and 5.6x P/S for 2025 and 2026 respectively. The company is given an "outperform" rating based on a target market value of 22.8 billion HKD and a target price of 47.00 HKD, indicating a 22% upside potential [1]. Group 1 - The penetration rate of intelligent driving is continuously increasing, leading to a growth in demand for LiDAR. In 2024, the shipment of automotive LiDAR in China is expected to exceed 1.5 million units, more than 2.5 times that of 2023. The report anticipates an increase in the configuration rate of LiDAR as a core safety component due to the mandatory standard for passenger car AEB [2]. - The report predicts that the shipment of LiDAR for domestic passenger cars will reach 3.14 million units in 2025, representing a year-on-year growth of over 100%, and is expected to exceed 10 million units by 2028, maintaining rapid growth [2]. Group 2 - The company's LiDAR product matrix is continuously improving, with offerings for long-range detection (M, EM platforms), short-range blind spot detection (E platform), and mobile robots (R platform). The company plans to launch a cost-effective product, MX, priced at $200 in 2024, and EMX in 2025. The company is also advancing in full-stack chip integration and digitalization, launching SPAD-SoC to reduce costs and enhance performance [3]. - As of the second quarter of 2025, the company has secured pre-installation points for over 119 models from more than 30 global automotive manufacturers and Tier 1 clients [3]. Group 3 - The company is expanding its reach into robotic applications, covering scenarios such as Robotaxi, lawn mowing robots, and unmanned delivery. In 2025, the company will launch the all-solid-state digital LiDAR E1R and Airy, collaborating with leading clients to explore the potential of LiDAR in non-ADAS fields [4]. - Additionally, the company will officially enter the humanoid robot market in 2025, launching components such as dexterous hands, sensors, and domain controllers, further extending its business capabilities [4]. - Potential catalysts include demand for LiDAR exceeding expectations and the company's customer expansion surpassing forecasts [4].

Core Viewpoint - The report from CICC forecasts that SUTENG JUCHUANG (02498) will achieve revenues of 2.085 billion yuan in 2025 and 3.002 billion yuan in 2026, with current stock prices corresponding to 8.2x and 5.6x P/S for 2025 and 2026 respectively. The company is given an "outperform" rating based on a target market value of 22.8 billion HKD and a target price of 47.00 HKD, indicating a potential upside of 22% [1] Group 1 - The penetration rate of intelligent driving is continuously increasing, leading to a growth in demand for LiDAR. According to data from GaoGong Intelligent Automotive, the shipment of automotive LiDAR in China is expected to exceed 1.5 million units in 2024, more than 2.5 times that of 2023. The report anticipates an increase in the configuration rate of LiDAR as a core safety component due to the mandatory standard for passenger car AEB [2] - The report predicts that the shipment of LiDAR for domestic passenger cars will reach 3.14 million units in 2025, representing a year-on-year growth of over 100%, and is expected to exceed 10 million units by 2028, maintaining rapid growth [2] Group 2 - The company's LiDAR product matrix is continuously improving, with a comprehensive and efficient technology layout. The high-cost performance product MX will be launched in 2024 at a price of 200 USD, followed by the EMX in 2025. The company is also actively pursuing full-stack chip integration and digitalization, launching SPAD-SoC to reduce costs and enhance performance [3] - As of the end of Q2 2025, the company has secured front-loading design points for over 119 models from more than 30 global automotive manufacturers and Tier 1 clients [3] Group 3 - The company is expanding its reach into robotic scenarios, covering applications such as Robotaxi, lawn mowing robots, and unmanned delivery. In 2025, the company will launch the all-solid-state digital LiDAR E1R and Airy, collaborating with leading clients like Kuka and New Stone to explore the potential of LiDAR in non-ADAS fields [4] - In 2025, the company will officially enter the humanoid robot market, launching components such as dexterous hands, sensors, and domain controllers, further expanding its business capabilities [4] - Potential catalysts include exceeding expectations for LiDAR demand and customer expansion [4]

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 | ...