Core Viewpoint - Xuteng Juchuang (02498) maintains a "Buy" rating with a target price of HKD 48.50 per share, with adjusted financial forecasts reflecting a decrease in estimated revenue for FY2025 but an increase for FY2026 and FY2027, driven by significant contributions from robotic applications of LiDAR technology [1] Group 1: Financial Performance - In the first half of FY2025, Xuteng Juchuang recorded revenue of RMB 780 million, representing a year-on-year growth of 7.7%, primarily driven by a 184.8% increase in revenue from robotic LiDAR sales [1] - The company's gross margin improved to 25.9%, indicating ongoing enhancements from economies of scale and advancements in proprietary technology [1] Group 2: Market Dynamics - Sales of ADAS LiDAR in the first half of FY2025 decreased by 18.8% year-on-year, with shipments dropping to 220,500 units, mainly due to reduced orders from two major clients [2] - The introduction of cost-effective EMX and digital LiDAR EM4, compliant with L3/L4 standards, is expected to strengthen the company's position in the digital LiDAR market [2] - Despite a decline in average selling price to RMB 2,192.5, the increase in EMX sales proportion is anticipated to enhance sales performance in Q4 [2] Group 3: Growth Potential in Robotics - In the first half of FY2025, Xuteng Juchuang delivered 46,300 units of robotic LiDAR, marking an approximate sixfold increase year-on-year, driven by strong demand in the lawnmower market [3] - The company has secured a significant order for approximately 1.2 million automotive-grade solid-state LiDAR units, laying a solid foundation for future revenue growth [3] - The upcoming release of the improved AC2, which integrates camera, LiDAR, and IMU data, aims to meet the increasingly complex demands of downstream industry applications [3]

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9月30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: 2025年10月8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： U ...

Core Viewpoint - The stocks of several companies, including Sanhua Intelligent Control, UBTECH, Jinli Permanent Magnet, and Sutech, have experienced notable increases in their share prices, indicating positive market sentiment towards these firms [1] Group 1 - Sanhua Intelligent Control (02050.HK) has seen a share price increase of 7.29% [1] - UBTECH (09880.HK) has experienced a rise of 4.49% in its stock price [1] - Jinli Permanent Magnet (06680.HK) has recorded a 2.67% increase in its share price [1] - Sutech (02498.HK) has risen by 2.35% in its stock price [1]

Core Insights - SUTENG JUCHUANG Technology Co., Ltd. reported significant business growth and technological innovation in its interim report for the six months ending June 30, 2025, showcasing strong competitiveness in the fields of intelligent driving and robotics [2] Financial Performance - Total revenue reached RMB 783 million, a 7.7% increase from RMB 727 million in the same period of 2024 [2] - Laser radar product sales were particularly strong, with total sales of approximately 266,800 units, representing a year-on-year growth of 24.3% [2] - Sales in the robotics and other sectors saw a remarkable increase, reaching approximately 46,300 units, up 184.8% year-on-year [2] - Gross margin improved to 25.9%, significantly up from 13.6% in the same period of 2024 [2] - Net loss narrowed to RMB 149 million in the first half of 2025, a 44.5% reduction from RMB 268 million in the same period of 2024 [2] Research and Development - R&D expenditure was RMB 309 million, slightly lower than in 2024, but the company maintained a strong focus on R&D [3] - The company developed a comprehensive digital product matrix based on its self-developed SPAD-SoC chip and VCSEL architecture, including the E platform and EM platform [3] - Next-generation digital chip development is progressing well, with plans for a launch next year [3] Product Development - New products launched include E1R and Airy in the robotics sector [3] - E1R, built on the automotive-grade E platform, features a wide field of view and high robustness for precise mapping and positioning in complex environments [3] - Airy is the world's first ultra-lightweight hemispherical laser radar, offering 360°×90° panoramic coverage and plug-and-play design, setting new standards for service robot perception [3] - The company secured exclusive partnerships with several leading global manufacturers, achieving seven-figure order sizes in the lawn mowing and unmanned delivery sectors [3] Market Expansion - As of June 30, 2025, the company secured mass production orders from 30 automotive manufacturers and 119 models as first-tier suppliers, with 44 models achieving SOP for 14 clients [4] - The company added 46 models from 8 new automotive manufacturers, including a leading global electric vehicle manufacturer [4] - Strategic partnerships were established with major autonomous driving companies such as Didi Autonomous Driving, Baidu, and Pony.ai to advance autonomous driving technology [4] - In the robotics sector, partnerships were formed with leading manufacturers, including a strategic collaboration with Kuka Technology for the procurement of 1.2 million solid-state or digital mechanical laser radars over three years for high-end intelligent lawn mowing robots [4] - Deep strategic partnerships were also established with domestic delivery companies like Meituan, New Stone Technology, and White Rhino to build a global delivery network [4]

[Company Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides fundamental information about RoboSense, including its board of directors, committees, registration details, principal place of business, share registrar, auditor, legal counsel, company website, and principal bankers [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) This section lists RoboSense's board members and established committees, including Audit, Remuneration, Nomination, and ESG, along with their members - Board members include **Dr. Qiu Chunxin** (Chairman and Chief Scientist), **Mr. Liu Letian** (CTO), and **Mr. Qiu Chunchao** (CEO) as executive directors[4](index=4&type=chunk) - The company has an Audit Committee, Remuneration Committee, Nomination Committee, and Environmental, Social and Governance Committee to ensure a sound corporate governance structure[4](index=4&type=chunk) [Company Basic Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section provides RoboSense's registration, principal business locations, share registrar, auditor, legal counsel, website, and main bankers - The company's registered office is in the Cayman Islands, with its China headquarters and principal place of business in Nanshan District, Shenzhen[4](index=4&type=chunk) - The principal place of business in Hong Kong changed effective **January 10, 2025**[6](index=6&type=chunk) - The auditor is **PricewaterhouseCoopers**, and the company website is **www.robosense.ai/en**[6](index=6&type=chunk) [CEO's Statement](index=5&type=section&id=%E9%A6%96%E5%B8%AD%E5%9F%B7%E8%A1%8C%E5%AE%98%E8%87%B4%E8%BE%AD) The CEO's statement highlights significant Q2 2025 revenue and LiDAR sales growth, especially in robotics, continuous gross margin improvement, and substantial net loss reduction [Q2 2025 Performance Overview](index=5&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%BD) The CEO's statement highlights significant Q2 2025 revenue and LiDAR sales growth, particularly explosive growth in robotics and other sectors, continuous gross margin improvement, and substantial net loss reduction Q2 2025 Key Financial and Operational Data | Metric | Amount/Quantity | YoY Growth | QoQ Growth | | :--- | :--- | :--- | :--- | | Revenue (RMB million) | 455 | 24.4% | 38.9% | | Total LiDAR Sales (units) | 158,200 | 28.6% | 45.7% | | Robotics & Other Sales (units) | 34,400 | 631.9% | 189.1% | | ADAS Sales (units) | 123,800 | 4.6% | 28.0% | | Gross Margin (%) | 27.7 | - | - | | ADAS Gross Margin (%) | 19.4 | - | - | | Robotics & Other Gross Margin (%) | 41.5 | - | - | | Net Loss Narrowed (%) | - | 63.6 | 49.6 | [Digital LiDAR Technology and Product Progress](index=5&type=section&id=%E6%95%B8%E5%AD%97%E5%8C%96%E6%BF%80%E5%85%89%E9%9B%B7%E9%81%94%E6%8A%80%E8%A1%93%E8%88%87%E7%94%A2%E5%93%81%E9%80%B2%E5%B1%95) LiDAR technology competition shifted to chips, with the company building a digital product matrix based on self-developed SPAD-SoC and VCSEL, expecting next-gen chips next year - LiDAR core technology competition has shifted from system opto-mechanical architecture innovation to deeper chip-level competition[10](index=10&type=chunk) - The company has built the industry's most comprehensive digital product matrix, primarily featuring E-platform and EM-platform, based on self-developed **SPAD-SoC chips** and **VCSEL architecture**[10](index=10&type=chunk) - Development of the next-generation digital chip is progressing smoothly, expected to launch next year, continuing to lead industry development[10](index=10&type=chunk) [Automotive and Robotaxi Market Expansion](index=5&type=section&id=%E8%BB%8A%E8%BC%89%E5%8F%8ARobotaxi%E5%B8%82%E5%A0%B4%E6%8B%93%E5%B1%95) E1 is the sole L3/L4 wide-angle LiDAR for mass production, EM platform secured 46 models from 8 OEMs, and E1/EM4 are preferred for next-gen Robotaxis with over 90% L4 partnerships - **E1** has become the sole choice for mass production of **L3 and L4 autonomous driving wide-angle LiDAR**[10](index=10&type=chunk) - The **EM platform** secured **46 models** from **8 OEMs** within six months, with rapid volume ramp-up expected in **2026**[10](index=10&type=chunk) - In the Robotaxi sector, the company has partnered with **over 90% of L4 leading enterprises**, with **E1 and EM4** officially designated by multiple global leading Robotaxi companies[11](index=11&type=chunk) [Breakthroughs in Robotics and Embodied AI](index=6&type=section&id=%E6%A9%9F%E5%99%A8%E4%BA%BA%E5%8F%8A%E5%85%B7%E8%BA%AB%E6%99%BA%E8%83%BD%E9%A0%98%E5%9F%9F%E7%AA%81%E7%A0%B4) Robotics saw breakthroughs with E1R, including seven-figure orders from TOP5 robotic lawnmower firms and deep partnerships in autonomous delivery; Active Camera launched as 'true eye of robots' for embodied AI - **E1R** and other robotic digital products performed outstandingly in the robotic lawnmower industry, achieving exclusive partnerships with several global **TOP5 manufacturers**, with order volumes reaching **seven figures**[11](index=11&type=chunk) - In the autonomous delivery sector, deep strategic partnerships were established with **Coco Robotics**, a leading North American delivery platform, and domestic leaders such as **Meituan, Neolix, and White Rhino**[11](index=11&type=chunk) - Launched the innovative **Active Camera**, positioned as "the true eye of robots," capable of outputting **RGBD information**, integrating camera, LiDAR, and IMU data, aiming to create an ecological closed-loop for dexterous robot operation[11](index=11&type=chunk)[12](index=12&type=chunk) [Future Outlook and Strategy](index=7&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B%E8%88%87%E6%88%B0%E7%95%A5) RoboSense aims to be a global robotics leader, increasing investment in chips, algorithms, and digital architecture to build stronger technological moats and create long-term value - The company is committed to becoming a global leading robotics company, with the mission of "making the world safer and life smarter"[14](index=14&type=chunk) - Future plans include continuous increased investment in **chips, algorithms, and digital architecture** to build stronger technological moats[14](index=14&type=chunk) [Key Financial and Operational Highlights](index=8&type=section&id=%E9%97%9C%E9%8D%B5%E8%B2%A1%E5%8B%99%E5%8F%8A%E9%81%8B%E7%87%9F%E4%BA%AE%E9%BB%9E) This section summarizes the company's key financial and operational performance, highlighting revenue growth, significant gross margin improvement, and narrowing losses, alongside increased LiDAR sales, market expansion, and technological innovations [Major Financial Highlights](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E4%BA%AE%E9%BB%9E) This section outlines key financial data for H1 2025, showing revenue growth, significant gross margin improvement, and narrowing losses Major Financial Data for the Six Months Ended June 30 | Metric | 2025 (Unaudited, RMB thousand) | 2024 (Unaudited, RMB thousand) | | :--- | :--- | :--- | | Revenue | 783,207 | 727,094 | | Gross Profit | 203,136 | 98,553 | | Gross Margin (%) | 25.9 | 13.6 | | Operating Loss | (197,149) | (322,070) | | Loss Attributable to Owners of the Company | (150,980) | (269,151) | | Total Assets (as of period end) | 4,936,017 | 4,139,138 | | Total Liabilities (as of period end) | 1,096,147 | 1,065,959 | | Total Equity

Core Insights - The penetration rate of passenger cars equipped with combined driving assistance systems in China reached 62.6% from January to July 2025, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021 [1] - The current market primarily features L2 level systems, which assist with basic driving tasks but do not provide full autonomous driving capabilities, leaving the driver responsible [1] - The development of intelligent driving in China is accelerating due to policy support, with significant regulations and standards being established to enhance safety and performance in the industry [1][2] Industry Developments - The introduction of national standards for L2 level driving assistance is expected to provide regulatory support and drive innovation within the intelligent driving industry, benefiting the entire supply chain [2] - Major automotive manufacturers are shifting from fully self-developed solutions to strategic collaborations with technology providers, enhancing the integration of AI capabilities and increasing the penetration of intelligent driving technologies [2] - Domestic suppliers of components such as lidar, cameras, and radar are strengthening their influence in the industry and moving towards integrated hardware and software solutions [2] Relevant Companies - Black Sesame Intelligence (02533) is positioned to benefit from the commercialization of L2+ technology and advancements in L3 and L4 scenarios, having launched high-performance intelligent driving chips [3] - Horizon Robotics (09660) has achieved significant production milestones with its HSD chip series and is establishing international partnerships, aiming to expand its intelligent driving solutions globally [3] - Suoteng Juchuang (02498) has successfully mass-produced high-line count lidar products, which are now featured in new intelligent SUV models [3] - Youjia Innovation (02431) has entered the unmanned logistics sector with its "Xiaozhu" brand, showcasing its commitment to advancing high-level autonomous driving commercialization [4]

Industry Overview - The demand for LiDAR technology in the robotics sector has surged, leading to a significant increase in orders for LiDAR companies this year [1] - The domestic sales revenue for LiDAR in China has nearly doubled compared to last year [1] - By 2025, the Chinese LiDAR market is projected to reach a scale of 24.07 billion yuan, increasing to 43.18 billion yuan by 2026 [1] - The shift in automotive manufacturers' focus from "high-level autonomous driving" to "safety assurance" has positioned LiDAR as a key promotional product for car brands [1] - The robotics market is providing new growth opportunities for the LiDAR industry, leading to a "golden period" of simultaneous growth in volume and price [1] Company Highlights - Hesai Technology (禾赛-W, 02525) is the largest global supplier of LiDAR, recently signing a contract worth over 40 million USD with a leading US Robotaxi company, with delivery planned by the end of 2026 [2] - RoboSense (速腾聚创, 02498) announced that its LiDAR products will be integrated with the NVIDIA DRIVE AGX platform, indicating strong long-term market potential and competitive advantage in the automotive sector [2] - Analysts are optimistic about RoboSense's growth potential driven by its comprehensive technology layout and ongoing customer expansion [2]

Group 1 - The stock of Speedy Group (02498.HK) rose over 8% in early trading on September 18, 2023, and was up 6.47% at the time of reporting, priced at 45.42 HKD [1] - The trading volume reached 824 million HKD [1]

Group 1 - SUTENG JUCHUANG (02498) saw a significant stock price increase, rising over 8% in early trading and currently up 6.47% at HKD 45.42, with a trading volume of HKD 824 million [1] - The company officially commenced mass delivery of its digital laser radar benchmark product EMX to multiple automotive clients on September 9, marking the full-scale production phase of its new generation vehicle-mounted digital laser radar platform EM [1] - SUTENG JUCHUANG has secured contracts with 8 leading global automakers for 45 vehicle models, bringing the total number of contracted models to 133 [1] - The company is the only laser radar enterprise globally to integrate with NVIDIA's three major ecosystems: Jetson (robotics), Drive (autonomous driving), and Omniverse (simulation physics AI) [1] - The Ministry of Industry and Information Technology has solicited public opinions on mandatory national standards for "Safety Requirements for Intelligent Connected Vehicles' Combined Driving Assistance Systems," which officially includes laser radar in the standard system, providing clear guidance for automakers in selecting perception architectures [1]

Group 1 - The Hong Kong stock market saw a rise in autonomous driving concept stocks on September 18, with notable increases in share prices for several companies [1] - Black Sesame Technologies (02533.HK) experienced a significant increase of 9.04%, reaching HKD 20.86 [1] - Horizon Robotics-W (09660.HK) rose by 7.18%, trading at HKD 11.19 [1] - Suda Technology (02498.HK) saw a gain of 6.33%, with shares priced at HKD 45.26 [1] - Youjia Innovation (02431.HK) increased by 5.9%, with a share price of HKD 27.64 [1]