Core Viewpoint - RoboSense (速腾聚创) has seen a significant stock price increase of 6.44%, currently trading at 37.38 HKD, with a trading volume of 354 million HKD, indicating positive market sentiment ahead of the upcoming CES event [6]. Group 1: Company Developments - RoboSense will participate in the International Consumer Electronics Show (CES) in Las Vegas from January 6 to 9, 2026, marking its tenth consecutive year at the event [6]. - The company plans to showcase its AI robotic hand-eye coordination technology, digital product innovations, and multi-scenario perception solutions, highlighting its leading capabilities in full-stack chip integration and digitalization [6]. - On December 8, RoboSense announced a new production order from FAW Toyota for a well-known best-selling model, with a cumulative order scale of nearly 1 million units over five years [6]. - The designated product for this order is RoboSense's automotive-grade LiDAR, with deliveries expected to commence in 2026 [6]. Group 2: Market Impact - The stock price increase and significant trading volume suggest a positive market reaction to RoboSense's recent announcements and upcoming participation in CES [6].

Core Viewpoint - RoboSense (速腾聚创) has seen a stock increase of over 5%, currently trading at 37.02 HKD, with a transaction volume of 243 million HKD, ahead of its participation in CES 2026 [1] Group 1: Company Developments - RoboSense will participate in the International Consumer Electronics Show (CES) in Las Vegas from January 6 to 9, 2026, marking its tenth consecutive year at the event [1] - The company plans to showcase its AI robotic hand-eye coordination technology, digital product innovations, and multi-scenario perception solutions, highlighting its leading capabilities in full-stack chip integration and digitalization [1] - On December 8, RoboSense announced a new production order from FAW Toyota for a well-known best-selling model, with a cumulative order scale of nearly 1 million units over five years [1] - The designated product is a vehicle-grade LiDAR, expected to begin deliveries in 2026 [1] Group 2: Industry Trends - RoboSense aims to explore unlimited possibilities in the intelligent revolution of the automotive and robotics industries in collaboration with global partners [1]

每经AI快讯，速腾聚创(02498.HK)涨超5%，截至发稿，涨5.41%，报37.02港元，成交额2.43亿港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - RoboSense has seen a stock increase of over 5%, currently trading at 37.02 HKD with a transaction volume of 243 million HKD, ahead of its participation in CES 2026 [1] Group 1: Company Developments - RoboSense will participate in CES 2026 from January 6 to 9 in Las Vegas, marking its tenth consecutive year at the event [1] - The company will showcase its AI robotic hand-eye coordination technology, digital product innovations, and multi-scenario perception solutions, highlighting its leadership in full-stack chip and digitalization [1] - On December 8, RoboSense announced a new production order from FAW Toyota for a well-known best-selling model, with a cumulative order scale of nearly 1 million units over five years [1] - The designated product is RoboSense's automotive-grade LiDAR, with deliveries expected to begin in 2026 [1] Group 2: Industry Context - The CES event serves as a platform for RoboSense to explore unlimited possibilities in the intelligent revolution of the automotive and robotics industries with global partners [1]

Core Viewpoint - The legal dispute between Suoteng Juchuang and Lingming Photon over alleged infringement of self-developed SPAD chip technology has garnered significant industry attention [1]. Group 1: Company Background - Suoteng Juchuang has been focusing on the independent research and development of laser radar chips since 2017, aiming to achieve mass production of self-developed SPAD chips for digital laser radar by 2024 [1]. - Lingming Photon claims that it does not infringe on Suoteng Juchuang's patent rights and asserts that Suoteng Juchuang may be the one infringing on its intellectual property [5]. Group 2: Technology Comparison - Suoteng Juchuang specializes in digital laser radar, utilizing single-photon avalanche diodes (SPAD) that allow each detection pixel to independently receive single photons and generate digital pulse signals [3]. - The industry also recognizes an alternative technology route, analog laser radar, which relies on silicon photomultiplier tubes (SiPM) or traditional photodiodes (APD) that require signal processing before digital conversion [3]. Group 3: Industry Opinions - There is ongoing debate within the industry regarding the advantages of digital versus analog laser radar technologies [4]. - Suoteng Juchuang's CEO emphasizes the superiority of digital laser radar using SPAD architecture, claiming it leads to higher line density, resolution, and point cloud quality [4]. Group 4: Legal Developments - Lingming Photon has publicly stated that it has not received any legal documents related to the lawsuit as of December 1 [5]. - Following the initial statement, Lingming Photon reiterated on December 10 that it has not received any litigation materials and is preparing to investigate potential patent infringement by Suoteng Juchuang [5].

Core Insights - RoboSense has secured a new mass production order from FAW Toyota for a well-known best-selling model, with a cumulative order scale approaching 1 million units over five years, and reported record lidar deliveries exceeding 150,000 units in November [1][15] Group 1: Localization Strategy - Japanese automakers are increasingly adopting a "localization" strategy in China, moving away from the traditional "global car" approach to introduce products tailored for the Chinese market with enhanced smart capabilities and localized configurations [3][4] - Companies like Nissan are launching models such as the N6, which emphasize local user needs and incorporate locally developed software and cloud services, reflecting a shift towards a more localized marketing and service strategy [6][8] Group 2: Collaboration with Local Suppliers - Japanese car manufacturers are forming deeper collaborations with local technology companies, including partnerships with domestic autonomous driving software and lidar manufacturers, indicating a shift in their operational strategy in China [6][8] - The collaboration with local suppliers is seen as essential for achieving cost efficiency and rapid iteration capabilities, which are critical for the mass production of smart vehicles [10][11] Group 3: Market Dynamics and Competitive Pressure - The decline in market share for Japanese brands in China has prompted a strategic shift towards more localized products and services to maintain competitiveness against German brands [9][10] - The rapid growth of smart connected vehicles in China, driven by policy support, has compressed market space for Japanese automakers, necessitating a reevaluation of their strategies [9][10] Group 4: Technological Integration - Japanese automakers are recognizing the importance of software-defined vehicles and are investing in both in-house development and external partnerships to enhance their technological capabilities [11][12] - The transition towards smart vehicle technology is seen as a critical step for Japanese brands to catch up in the competitive landscape of the Chinese automotive market [11][12] Group 5: Future Outlook - The recent moves by Japanese automakers towards deeper localization and collaboration with Chinese suppliers may mark a new milestone in their operations in China, potentially leading to improved competitiveness and market presence [15] - As more Chinese companies secure contracts in international automotive projects, the integration of local technology and cost solutions is expected to facilitate a more globalized industry landscape [15]

Core Insights - The official launch of the 5000th general-purpose humanoid robot, Lingxi X2, marks a new stage in the industrialization of domestic humanoid robots [1] - The cumulative production data for the product series was announced, with the Lingxi X1/X2 series delivering 1846 units, leading among the three major product lines of the company [1] - Lingxi X2 is equipped with RoboSense's E1R solid-state digital lidar and RGB-D cameras, excelling in tasks such as autonomous navigation and obstacle avoidance [1] Company Developments - RoboSense will collaborate with partners to enhance the production and delivery process of humanoid robots, aiming for applications in factories and shopping malls, with future plans to enter households [7]

Core Insights - The company reported a revenue of 407 million yuan in Q3 2025, a year-on-year decrease of 0.2% and a quarter-on-quarter decrease of 10.6% [1] - The net profit for Q3 2025 was -101 million yuan, compared to -51 million yuan in Q2 2025 and -82 million yuan in Q3 2024 [1] - The sales revenue from ADAS-related LiDAR products was 245 million yuan, a year-on-year decrease of 25.7% and a quarter-on-quarter decrease of 9.8% [1] - The revenue from robotics and other products was 142 million yuan, showing a year-on-year increase of 157.8% but a quarter-on-quarter decrease of 3.3% [1] - Total sales volume of LiDAR products reached 185,600 units, a year-on-year increase of 34.0% and a quarter-on-quarter increase of 17.3% [1] - The gross margin improved by 6.5 percentage points year-on-year to 23.9%, while the net margin was -24.6%, a year-on-year decrease of 4.5 percentage points [1] Product Development and Market Position - The company has a strong order backlog benefiting from the rapid development of ADAS and high-level autonomous driving [2] - In 2025, the company’s self-developed SPAD-SoC and 2D VCSEL chips received AEC-Q series automotive certification, establishing a unique mass-producible digital LiDAR matrix [2] - The company has secured contracts with 13 automotive manufacturers for 56 vehicle models, and over 90% of global Robotaxi and Robotruck companies have partnered with the company [2] - The company has achieved contracts with 12 overseas and joint venture brands for 23 vehicle models, covering key markets in Asia-Pacific, Europe, and North America [2] - The company has a total of 32 automotive manufacturers and Tier 1 suppliers with contracts for 144 vehicle models [2] Technological Advancements - The company introduced the "Active Camera2" at the IROS conference in October 2025, which is the first industry product to integrate dTOF, RGB stereo, and IMU for enhanced robotic perception [3] - The AC2 system provides 3D spatial awareness and six degrees of freedom motion information for robotic operations [3] Financial Forecast Adjustments - The revenue forecast for 2025-2027 has been adjusted to 2.069 billion, 3.109 billion, and 4.313 billion yuan, down from previous estimates of 2.489 billion, 3.617 billion, and 5.275 billion yuan [3] - The net profit forecast for 2025-2027 has been revised to -250 million, 60 million, and 460 million yuan, up from previous estimates of -280 million, 60 million, and 460 million yuan [3] - The company maintains an outperform rating despite the adjustments due to anticipated fluctuations in downstream demand [3]

Investment Rating - The report maintains an "Outperform" rating for the company [4][6][72] Core Insights - The company aims to become a global leader in robotic technology platforms, leveraging its advancements in AI and laser radar technology [25][72] - The company has seen a significant increase in laser radar sales, with a 34% year-on-year growth in total sales volume for Q3 2025 [1][9] - The company has a robust order book, benefiting from the rapid development of Advanced Driver Assistance Systems (ADAS) and high-level autonomous driving [2][72] Financial Performance - In Q3 2025, the company reported revenue of 407 million yuan, a slight decrease of 0.2% year-on-year and a 10.6% decrease quarter-on-quarter [1][8] - The net profit for Q3 2025 was -101 million yuan, compared to -51 million yuan in Q2 2025 and -82 million yuan in Q3 2024 [1][8] - The gross margin for Q3 2025 improved by 6.5 percentage points year-on-year, reaching 23.9% [1][16] Product Development - The company has developed a unique digital laser radar matrix, including products like EM4, EMX, and E1, which have passed automotive standards certification [2][35] - The company launched the "Active Camera 2," a pioneering sensor system that integrates multiple technologies for enhanced robotic perception [3][54] - The company is actively expanding its product offerings in the robotics sector, focusing on components that enhance robotic capabilities [39][43] Market Position - The company has secured partnerships with over 90% of key players in the Robotaxi and Robotruck sectors, indicating strong market penetration [2][65] - The company has received orders from 32 automotive manufacturers for a total of 144 vehicle models, showcasing its competitive position in the market [58][60] - The company is positioned to benefit from the growing demand for digital laser radar in various applications, including autonomous vehicles and robotics [72][65]

智通财经APP获悉，12月9日，香港交易所宣布推出香港交易所科技100指数(港交所科技100)。指数涵盖 100只符合港股通交易资格的大型及中型科技公司证券，包括具显着增长潜力的企业，满足投资者多样 化配置需求。港交所科技100设有快速纳入机制，符合特定条件的新上市公司在获纳入港股通交易后， 可于常规审核周期外快速加入指数。其中，腾讯控股(00700)、宁德时代(03750)、速腾聚创(02498)等极 具增长潜力的科技公司获纳入，体现出资本市场对其创新实力与商业价值的高度肯定。 香港交易所12月9日还同时宣布，已与中国内地资产管理公司易方达基金管理有限公司(易方达基金)签 订协议，授权其在中国内地推出追踪港交所科技100的交易所买卖基金(ETF)。纳入港交所科技100的上 市公司将获得直接的增量资金买入，获得官方的"科技属性"认证，凸显行业地位，吸引更多主动管理型 机构投资者，尤其是国际资本的关注和研究。 在此之前，速腾聚创已获纳入恒生综合指数。此次获纳入港交所科技100，不仅是对速腾聚创过往强劲 业务表现的积极肯定，更代表公司的高成长性与投资价值得到了港股市场的权威认可。 在具体选股上，也有三方面的要求， ...