Core Insights - The company,速腾聚创, announced significant breakthroughs in new product launches and sales of lidar products for the fiscal year ending December 31, 2025 [1] Sales Performance - In Q4 2025, the sales volume of the company's lidar products reached approximately 459,600 units, with 238,400 units for ADAS applications and 221,200 units for robotics and other applications [1] - For the entire fiscal year ending December 31, 2025, the total sales volume of lidar products was approximately 912,000 units, with 609,000 units for ADAS applications and 303,000 units for robotics and other applications [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 ROBOSENSE TECHNOLOGY CO., LTD （於開曼群島註冊成立的有限公司） （股份代號：2498） 速騰聚創科技有限公司 董事會主席、執行董事兼首席科學家 邱純鑫博士 深圳，2026年1月13日 於本公告日期，執行董事為邱純鑫博士、劉樂天先生及邱純潮先生；非執行董事為朱曉蕊博士；及獨立非執行董 事為劉民先生、吳育強先生及楊日昕女士。 速騰聚創科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）欣然 宣佈本集團截至2025年12月31日止年度的若干業務更新及未經審核運營數據。本集團於截至 2025年12月31日止年度內在新產品推出及激光雷達產品銷售方面取得重大突破。 於2025年第四季度，本集團的激光雷達產品、用於ADAS應用的激光雷達產品及用於機器人及 其他的激光雷達產品的銷量分別約為459,600台、238,400台及221,200台。 截至2025年12月3 ...

Core Insights - The 2026 International Consumer Electronics Show (CES) showcased groundbreaking technologies and products, highlighting the advancements in AI, robotics, and smart living, with a significant presence of Chinese manufacturing companies [1][2][10]. Group 1: Event Overview - CES 2026 featured over 4,500 companies from more than 150 countries, focusing on AI, chips, automotive, and robotics, with a notable emphasis on the integration of AI and hardware [2]. - Chinese exhibitors numbered 942, accounting for 22% of the total, reflecting a new landscape of "full industry chain coverage" and increased global influence of Chinese manufacturing [2]. Group 2: Key Exhibitors and Technologies - Cloudwalk Technology showcased its UP robot, marking the first large-scale service by a Chinese service robot at a global landmark [4]. - Yushun Technology presented a series of humanoid robots, including the G1 combat robot, which drew significant attention for its agility and performance [4]. - Hesai Technology displayed its upgraded ATX laser radar, featuring enhanced performance metrics, including a range of 230 meters and a point frequency of 3.84 million points per second [7][8]. Group 3: Market Position and Growth - Hesai Technology announced plans to double its laser radar production capacity from 2 million units in 2025 to 4 million units in 2026, with a new factory in Bangkok expected to start production in early 2027 [8]. - Black Sesame Intelligence demonstrated its A2000 driving assistance chip and showcased its multi-dimensional intelligent computing platform, emphasizing its role in the smart automotive sector [9]. Group 4: Industry Trends and Future Outlook - The collective presence of Chinese tech firms at CES 2026 signifies a shift from "individual efforts" to "ecosystem collaboration," showcasing a higher maturity and openness in global operations [10]. - The report indicates that by 2025, China's overseas sales of automobiles, particularly electric vehicles, are expected to reach 2.32 million units, marking a 52% year-on-year increase [11]. - The global market for humanoid robots is projected to see over 13,300 units shipped in 2025, with Chinese manufacturers contributing over 90% [11]. Group 5: Capital and Investment - The success of Chinese tech firms at CES 2026 is attributed to long-term capital support, with 90% of companies on the Sci-Tech Innovation Board receiving venture capital investments [13]. - The Chinese government is focusing on integrating technology innovation with industrial development, emphasizing early and sustained investment in hard tech [13][14]. - Kun Yuan Asset has supported 95 companies in entering capital markets, with a significant portion in the hard tech sector, demonstrating a strong ecosystem effect [14].

Group 1 - The core viewpoint of the report is that Suteng Juchuang (02498) is a high-quality domestic lidar manufacturer with a diverse range of radar products covering key scenarios in automotive and robotics, and the company's innovative business is expected to contribute to revenue growth, leading to high-speed performance in the future [1] - The company has established four major platforms for lidar products (R, M, E, EM) since its founding in 2014, and is accelerating the development of its innovative business, focusing on products related to embodied intelligence such as the AC1/2 robot eyes and dexterous hands [1] Group 2 - The smart driving industry is advancing, with the company's ADAS radar collaborating with multiple domestic and international automakers; the penetration rate of L2 and above is expected to increase by 12.3 percentage points year-on-year in the first half of 2025, driving an increase in lidar shipment volume [2] - The delivery volume of the company's ADAS radar is projected to grow from 0.4 thousand units in 2021 to 520 thousand units by 2024, with 371 thousand units delivered in the first three quarters of 2025 [2] - The company's robot and other lidar sales and revenue are expected to see significant year-on-year growth, with delivery volume increasing by 408.07% to 81.8 thousand units and related revenue rising by 173.58% to 363 million yuan in the first three quarters of 2025 [2] - The company is expected to achieve operating revenues of 3.57 billion yuan and 4.22 billion yuan in 2026 and 2027, respectively, with net profits of 91 million yuan and 420 million yuan [2]

Group 1 - The core viewpoint of the report is that Suoteng Juchuang (02498) is a high-quality domestic lidar manufacturer with a diverse range of radar products covering key scenarios in automotive and robotics, and the company is expected to maintain rapid growth in performance as innovative businesses begin to contribute revenue [1][2] - The company has established four major platforms for lidar products: R, M, E, and EM, which are applied in various scenarios such as ADAS and robotics, and is accelerating the development of innovative businesses, including products like the embodied intelligence-related robot eyes AC1/2 and dexterous hands [2] - The ADAS radar has established partnerships with multiple domestic and international automotive companies, with a projected increase in L2 and above penetration rates by 12.3 percentage points year-on-year in the first half of 2025, driving an increase in lidar shipment volumes [3] Group 2 - The delivery volume of the company's ADAS radar is expected to grow from 4,000 units in 2021 to 520,000 units by 2024, with 371,000 units delivered in the first three quarters of 2025 [3] - The company's robotics and other lidar sales and revenue are projected to see significant year-on-year growth, with delivery volume increasing by 408.07% to 81,800 units and related revenue rising by 173.58% to 363 million yuan in the first three quarters of 2025 [3] - The investment suggestion includes projected revenues of 3.57 billion yuan and 4.22 billion yuan for 2026 and 2027, respectively, with net profits of 91 million yuan and 420 million yuan, corresponding to price-to-sales ratios of 4.73 and 4.01 times [3]

Group 1 - Two Hong Kong companies, Hidi Intelligent Driving (03881.HK) and Sutonju Chuang (02498.HK), announced a strategic partnership during the CES exhibition to promote safer, more efficient, and smarter autonomous driving solutions [1] - The collaboration aims to leverage Hidi's expertise in commercial vehicle intelligent driving and Sutonju's technological advantages in digital lidar to enhance the operational efficiency and stability of unmanned mining trucks and logistics vehicles [1][2] - Hidi's CEO, Dr. Hu Sibo, emphasized the importance of this partnership in accelerating the large-scale implementation of intelligent driving technology across various scenarios, including mining, closed parks, and smart cities [1] Group 2 - Hidi Intelligent Driving has extensive experience in the unmanned mining truck sector, focusing on both autonomous driving and vehicle-to-everything (V2X) technologies, contributing to operational safety and cost efficiency [2] - Sutonju Chuang has established partnerships with over 310 automotive manufacturers and suppliers globally, providing products and solutions to more than 3,400 clients across 40 countries [2] - The strategic collaboration is positioned as a starting point for deepening technological synergy and expanding cooperation boundaries to build a more competitive intelligent driving ecosystem [2]

Core Insights - The Zeekr 9X has officially obtained an L3 autonomous driving road testing license, covering over 9,200 square kilometers in Hangzhou, making it the largest L3 testing permit in China [1] - The key foundation for this breakthrough is the Qianli Haohan H9 system, which is equipped with the 520-line ultra-vision digital lidar from Suteng Juchuang (02498), the only mass-produced lidar in the industry with over 500 lines [1] - Higher line counts in lidar technology provide enhanced resolution and richer environmental detail perception, which is crucial for the transition of system responsibility in L3 autonomous driving [1] Industry Implications - The advancement of L3 testing and regulations highlights the increasing demand for high-performance perception hardware [1] - The mass production application of Suteng Juchuang's EM4 series ultra-high line count digital lidar in vehicles like the Zeekr 9X signifies that ultra-high line count digital lidar is becoming a foundational element for the safe implementation of L3 technology [1]

Core Viewpoint - The Zhike 9X has officially obtained an L3 autonomous driving road test license, covering over 9,200 square kilometers in Hangzhou, making it the largest L3 testing permit in China [1] Group 1: License and Coverage - The L3 autonomous driving road test license allows for testing across the entire Hangzhou area, which spans more than 9,200 square kilometers [1] - This license is significant as it represents the largest coverage area for L3 testing permits in the country [1] Group 2: Technology and Hardware - The key technology enabling this breakthrough is the Qianli Haohan H9 system, which is equipped with the 520-line ultra-vision digital lidar from Suoteng Juchuang (02498) [1] - The 520-line lidar is currently the only mass-produced lidar in the industry that exceeds 500 lines, providing higher resolution and richer environmental detail perception capabilities [1] - The increased line count of the lidar is crucial for the transition of system responsibility for L3 autonomous driving, offering essential hardware support [1] Group 3: Market Implications - As L3 testing and regulations progress, the demand for high-performance perception hardware is becoming increasingly clear [1] - The mass production application of Suoteng Juchuang's EM4 series ultra-high line count digital lidar in vehicles like the Zhike 9X signifies that ultra-high line count digital lidar is becoming a foundational element for the safe implementation of L3 technology [1]

Core Viewpoint - The collaboration between Jingtai Holdings and a subsidiary of JinkoSolar marks a significant step in the development of high-efficiency, high-stability solar cell products through the integration of AI and automation in manufacturing processes [1] Group 1: Partnership Details - Jingtai Holdings and JinkoSolar's subsidiary have signed a strategic cooperation agreement focused on AI and automation for high-throughput perovskite solar cell research and development [1] - The partnership will establish a joint venture aimed at creating the world's first "AI decision-making - robotic execution - data feedback" closed-loop manufacturing line for perovskite solar cells [1] Group 2: Technological Focus - The collaboration will leverage the strengths of both companies in different technological fields to enhance the development of next-generation photovoltaic technologies, particularly in perovskite solar cells [1] - The initiative aims to develop solar cell products tailored for various application scenarios, emphasizing efficiency and stability [1]

Core Insights - The company SUTENG JUCHUANG (02498.HK) is expected to deliver over 180,000 LiDAR units by December 2025, representing a 20% quarter-on-quarter increase [1] - Cumulative deliveries for the first three quarters of 2025 have exceeded 450,000 units, with profitability anticipated in the fourth quarter of 2025 [1] - At the 2026 International Consumer Electronics Show, the company will jointly launch a new consumer-grade smart lawn mower model, Navimow i2LiDAR, in collaboration with Segway Navimow [1]