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 （002594）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。 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。 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。 ...

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]

Core Viewpoint - RoboSense has demonstrated strong revenue growth in its Robotics segment and moderate growth in the ADAS segment, leading to an adjustment in revenue forecasts for 2025-2027 [1] Group 1: Robotics Segment Performance - The revenue from the robotics segment tripled year-over-year, driven by advancements in the E1R and Airy products across various markets, including robot lawn mowers, food delivery, and humanoid robotics [2] - The company has established partnerships with several top global lawn mower manufacturers, achieving order volumes in the seven-digit unit range [2] - Collaborations in unmanned delivery include partnerships with Meituan, Neolix, White Rhino, COCO Robotics, and two leading delivery platforms in North America [2] - In humanoid robotics, the company has partnered with 20 leading firms, including Unitree and Dobot, indicating strong market potential and purchasing power [2] Group 2: ADAS Segment Performance - The ADAS segment revenue showed significant recovery, although it fell short of expectations due to delays in mass production of the EMX LiDAR, which is now expected in 2025Q3 [3] - Total revenue for 2025Q2 was RMB271 million, reflecting a 10.5% year-over-year decline but an 18.6% sequential increase [3] - LiDAR product sales volume reached 123.8k units, up 4.6% year-over-year, while the average selling price (ASP) for ADAS LiDAR decreased to RMB2,193, down 14.4% year-over-year and 7.3% sequentially [3] - The gross margin for the ADAS segment increased by 4.4 percentage points sequentially to 19.4%, attributed to a favorable product mix and cost reductions from integrating core technologies into a single chip [3] Group 3: Future Outlook - The company anticipates a significant revenue increase in the second half of 2025 due to the mass production and delivery of EMX LiDAR [3] - The earnings reports are expected to validate the delivery volumes of the company's robotics LiDAR products, serving as a potential catalyst for growth [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HK$46.40, revised from the previous target price of HK$42.17 [3][8]. Core Insights - The company's revenue from robotics and other LiDAR products has shown strong growth, while revenue from ADAS applications has seen moderate growth. The revenue forecasts for 2025-2027 have been adjusted to RMB 24.46 billion (-6.8%), RMB 37.56 billion (+2.4%), and RMB 52.27 billion (+5.2%) respectively [8][10]. - The company expects adjusted net profit to turn positive in Q4 2025, with the valuation method now based on 2026 multiples to better capture growth in the rapidly developing robotics sector [8][10]. - The robotics and other business revenue has tripled year-on-year, driven by breakthroughs in various markets including lawn mowing robots, unmanned delivery, and humanoid robots [8][10]. Financial Performance Summary - For the year ending December 31, 2023, the company reported total revenue of RMB 1,120 million, with a net loss of RMB 4,337 million. The EPS was reported at RMB -44.670 [7][13]. - The revenue for 2024 is projected to be RMB 1,649 million, with a reduced net loss of RMB 482 million and an EPS of RMB -1.109 [7][10]. - By 2025, revenue is expected to increase to RMB 2,446 million, with a further reduced net loss of RMB 160 million and an EPS of RMB -0.394 [7][10]. - The gross margin is projected to improve from 8.4% in 2023 to 26.7% in 2025, indicating a positive trend in profitability [14][15]. Market Position and Competitiveness - The company has established partnerships with leading manufacturers in the lawn mower market, achieving order volumes in the seven figures. Collaborations in the unmanned delivery sector include major platforms such as Meituan and COCO Robotics [8][10]. - The average selling price for ADAS LiDAR products has decreased by 14.4% year-on-year, while the gross margin for this segment has increased by 4.4 percentage points to 19.4% [8][10]. - The company is positioned to benefit from the growing demand in the robotics sector, supported by its strong partnerships and innovative product offerings [8][10].