Core Insights - RoboSense has achieved AEC-Q102 automotive-grade reliability certification for its two core digital lidar chips, making it the only company globally to have self-developed chips for the entire lidar link that meet automotive standards [1][4] - The SPAD-SoC chip and 2D VCSEL chip represent a significant technological advancement in lidar, with the SPAD-SoC integrating reception and processing capabilities, and the 2D VCSEL chip utilizing a unique 2D addressable scanning technology [6][9] Group 1: Certification and Technology - The AEC-Q certification is a global standard for automotive electronics, established by the Automotive Electronics Council (AEC) to ensure product reliability through rigorous testing under extreme conditions [4] - The SPAD-SoC chip features a high sampling rate of 440 billion samples per second and a 99% effective target recognition rate, significantly enhancing signal collection and processing capabilities [6] - The 2D VCSEL chip achieves an energy utilization rate of up to 70%, reducing power consumption and improving heat dissipation [9] Group 2: Competitive Advantages - RoboSense's digital lidar technology offers advantages over traditional analog systems, including higher resolution, stronger anti-interference capabilities, and a reduction in system size by over 50% [6][13] - The company has developed three proprietary technologies that enhance the performance of its chips, including Crosstalk Immunity Encoding, PicoSecond Timing Technology, and Adaptive Fusion Algorithm, which collectively improve measurement accuracy and reduce blind spots [11][13] Group 3: Market Position and Applications - RoboSense's EM4 and E1 lidar products have been selected by multiple leading Robotaxi clients in North America and China, establishing a strong market presence [15] - The EM platform has secured 45 model designations from eight major automotive manufacturers, indicating robust demand for its lidar solutions across various driving assistance and autonomous driving applications [17]

Core Viewpoint - Xinteng Juchuang (02498) maintains a "Buy" rating with a target price of HKD 48.50 per share, adjusting financial forecasts for FY2025 downwards while increasing expectations for FY2026 and FY2027, driven by significant contributions from robotic application lidar [1] Group 1: Financial Performance - In the first half of FY2025, Xinteng Juchuang recorded revenue of RMB 780 million, a year-on-year increase of 7.7%, primarily from robotic application lidar sales, which surged by 184.8% [1] - The group's gross margin improved to 25.9%, reflecting economies of scale and continuous improvements from 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 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 group's position in the digital lidar market [2] Group 3: Growth Drivers - In the first half of FY2025, Xinteng Juchuang delivered 46,300 units of robotic application lidar, a nearly sixfold increase year-on-year, driven by strong demand in the lawnmower robot market [3] - The group 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]

智通财经APP获悉，西牛证券发布研报称，重申速腾聚创(02498)"买入"评级，目标价为每股48.50港 元。调整财务预测，将2025财年的估算下调，但对2026财年和2027财年的预期则进行了上调，预计机器 人应用激光雷达的贡献将更为显著，为集团在2026财年带来盈利。公司应用于ADAS激光雷达的销售预 计在今年可能持续疲弱，因此该行将销售预测下调至约60万台。然而，随着EM系列产品的推出，明年 有望出现强劲反弹。此外，受益于大规模订单的推动，预计第四季度应用于机器人激光雷达的销售将显 著增长。 西牛证券主要观点如下： 速腾聚创于2025年上半年录得收入7.8亿元人民币，同比增长7.7% 增长主要来自于应用于机器人激光雷达的销售，该业务收入同比激增184.8%。集团毛利率进一步提升 至25.9%，反映规模经济效益及自主技术推进带来的持续改善。 第四季度具有更大的市场潜力 2025年上半年应用于ADAS激光雷达的销售同比减少18.8%，出货量降至220,500台。主要由于两名主要 客户的订单减少，其中一家采用战略一级供应商开发的激光雷达产品，另一家则退出激光雷达应用。随 着高性价比的EMX及符合L3/L4标准 ...

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 ...

截至发稿，三花智控(02050.HK)涨7.29%、优必选(09880.HK)涨4.49%、金力永磁(06680.HK)涨2.67%、 速腾聚创(02498.HK)涨2.35%。 ...

9月26日，速腾聚创科技有限公司（以下简称"速腾聚创"）发布了截至2025年6月30日止六个月的中期报告。报告显示，速腾聚创在报告期内实现了显 著的业务增长与技术创新，展现了公司在智能驾驶和机器人领域的强大竞争力。 报告期内，速腾聚创的总收入达到人民币7.83亿元，较2024年同期的人民币7.27亿元增长了7.7%。其中，激光雷达产品销售表现尤为突出，总销量达 到约26.68万台，同比增长24.3%。特别是机器人及其他领域的激光雷达销量增长迅猛，达到约4.63万台，同比增长184.8%。此外，公司毛利率也持续 提升，达到25.9%，较2024年同期的13.6%有显著提高。净利润方面，公司亏损有所收窄，2025年上半年净亏损为人民币1.49亿元，较2024年同期的人 民币2.68亿元减少了44.5%。 速腾聚创在技术创新方面持续投入，报告期内研发开支为人民币3.09亿元，虽较2024年同期略有减少，但公司依然保持了在研发方面的高度专注。公 司基于自研SPAD-SoC芯片和VCSEL架构，构建了行业最全的数字化产品矩阵，包括E平台和EM平台。这些平台不仅在性能上具有显著优势，还能够 满足不同应用场景的需求。公司预 ...

[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]

每经AI快讯，9月18日，港股速腾聚创(02498.HK)早盘涨超8%，截至发稿，涨6.47%，报45.42港元，成 交额8.24亿港元。 ...