Core Viewpoint - The company, Sutech Juchuang (02498.HK), reported a revenue increase of 7.7% for the first half of 2025 compared to the same period in 2024, driven by higher product sales [1] Financial Performance - Total revenue for the six months ending June 30, 2025, was RMB 783.2 million, up from RMB 727.1 million in 2024, reflecting a growth of 7.7% [1] - Gross profit for the same period was RMB 203.1 million, significantly increasing from RMB 98.6 million in 2024, representing a growth of approximately 106.1% [1] - The gross margin improved from 13.6% in 2024 to 25.9% in 2025 [1] - Net loss for the first half of 2025 was RMB 148.6 million, a reduction of 44.5% compared to a net loss of RMB 267.5 million in 2024 [1] Market Position and Orders - As of June 30, 2025, the company secured production orders from 30 automotive manufacturers and increased the number of models to 119 [1] - The company achieved SOP (Start of Production) for 44 models from 14 clients [1] - The total number of production models has further increased to 133, with 8 orders coming from overseas manufacturers covering markets in Japan, North America, and Europe [1]

Core Insights - The company reported a revenue of approximately 783 million yuan for the first half of 2025, representing a year-on-year increase of 7.72% [1] - Gross profit reached about 203 million yuan, with a significant year-on-year growth of 106.12%, leading to an improved gross margin of 25.9% compared to 13.6% in the same period of 2024 [1] - The loss attributable to shareholders narrowed to approximately 151 million yuan, a reduction of 43.91% year-on-year [1] Revenue and Profitability - The increase in revenue was primarily driven by higher product sales in the first half of 2025 [1] - The overall growth in gross margin was mainly due to a substantial increase in the gross margins of lidar products used for ADAS applications and other robotic lidar products [1] Sales Performance - In the first half of 2025, the sales volumes of the company's lidar products were approximately 266,800 units for general lidar, 220,500 units for ADAS applications, and 46,300 units for robotic and other lidar products, reflecting a year-on-year increase of 9.6%, a decrease of 6.0%, and an increase of 420.2% respectively [1] - In the second quarter, the sales volumes for lidar products were approximately 158,200 units for general lidar, 123,800 units for ADAS applications, and 34,400 units for robotic and other lidar products, showing year-on-year increases of 28.6%, 4.6%, and 631.9% respectively [1] Market Position and Orders - As of June 30, 2025, the company successfully secured mass production orders from 30 automotive manufacturers for 119 models, with the number of mass production designated models increasing to 133 [2] - Among these, 8 orders came from overseas manufacturers covering markets in Japan, North America, and Europe [2] - Since the launch of the EM digital lidar platform in April 2025, the company has obtained mass production orders for EM lidar products from 8 automotive manufacturers for a total of 45 models, including a leading global electric vehicle manufacturer that awarded mass production orders for 32 models [2]

Core Insights - The company reported a revenue of approximately 460 million yuan for Q2 2025, representing a year-on-year growth of 24.4% and a quarter-on-quarter growth of 38.9% [1] - The robot business experienced explosive growth, with product sales reaching 34,400 units, a staggering year-on-year increase of 631.9%, becoming the main driver of the company's performance [1] - The gross margin improved from 12.3% in Q1 2024 to 27.7% in Q2 2025, reflecting the operational efficiency advantages brought by technological independence [1] Revenue Breakdown - Total sales of LiDAR reached 158,200 units in Q2, marking a year-on-year increase of 28.6% and a quarter-on-quarter increase of 45.7% [1] - In the ADAS sector, deliveries amounted to 123,800 units, showing a year-on-year growth of 4.6% and a quarter-on-quarter growth of 28% [1] - The EM series products secured 45 model designations from 8 OEMs within six months, establishing the company as the first to mass-produce the 520-line LiDAR [1] Robotics Sector Performance - Sales in the robotics and other sectors surged to 34,400 units, reflecting a year-on-year increase of 631.9% and a quarter-on-quarter increase of 189.1% [1] - The robotics segment generated approximately 150 million yuan in revenue, with a quarter-on-quarter growth of 100.7%, laying a foundation for future growth [1] Technological Advancements - The company leverages digital LiDAR technology, self-developed chips, and large-scale production delivery advantages in its vehicle-mounted, Robotaxi, and robotics businesses [2] - The Active Camera platform and AI-Ready ecosystem empower embodied robots, creating long-term value for the AI robotics industry [2]

Core Viewpoint - The company, SUTENG JUCHUANG, reported significant growth in its Q2 2025 financial results, driven primarily by its robot business and improved gross margins, indicating strong operational efficiency and market demand for its products [1][2]. Financial Performance - The company achieved revenue of approximately 460 million yuan in Q2 2025, representing a year-on-year increase of 24.4% and a quarter-on-quarter increase of 38.9% [1]. - The gross margin improved from 12.3% in Q1 2024 to 27.7% in Q2 2025, marking six consecutive quarters of growth [1]. Product Sales and Growth - Robot business sales surged to 34,400 units, a remarkable year-on-year increase of 631.9%, becoming the core driver of the company's performance [1]. - Total sales of LiDAR units reached 158,200 in Q2, with a year-on-year growth of 28.6% and a quarter-on-quarter growth of 45.7% [1]. - In the ADAS sector, 123,800 units were delivered, reflecting a year-on-year increase of 4.6% and a quarter-on-quarter increase of 28% [1]. - The EM series products secured 45 model designations from 8 OEMs within six months, marking a significant milestone as the first to mass-produce the 520-line LiDAR [1]. Future Growth Potential - The robot sector generated approximately 150 million yuan in revenue, with a quarter-on-quarter growth of 100.7%, indicating a strong market demand and potential for future expansion [1]. - The company is leveraging its "robotic eye" technology to empower industries, laying a solid foundation for future growth [1].

ROBOSENSE TECHNOLOGY CO., LTD （於開曼群島註冊成立的有限公司） 速騰聚創科技有限公司 （股份代號：2498） 截至2025年6月30日止六個月的中期業績公告 董事會欣然公佈本集團截至2025年6月30日止六個月的未經審核合併中期業績，連同2024年相 應期間的比較數字。本集團截至2025年6月30日止六個月的中期簡明合併財務報表（「中期財務 資料」）已由本公司根據國際會計準則第34號「中期財務報告」編製。中期財務資料未經審核，惟 已由本公司獨立核數師羅兵咸永道會計師事務所根據國際審計與鑒證準則理事會頒佈的國際 審閱委聘準則第2410號「由實體的獨立核數師執行中期財務資料審閱」進行審閱。中期財務資 料亦已由本公司審核委員會審閱。該等中期業績乃摘錄自中期財務資料。 運營亮點及近期發展 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。 1 • 截至2025年6月30日止第二季度，本集團的激光雷達產品、用於ADAS應用的激光雷達產 ...

Core Viewpoint - UBS initiates coverage on SUTENG with a "Buy" rating and a target price of HKD 47.8, expressing optimism about the long-term prospects of the company's advanced driver assistance systems (ADAS) laser radar business due to increased adoption by OEM clients like BYD and Geely [1] Group 1 - The company is strengthening its position in the robotic laser radar sector, which is expected to become a new growth driver [1] - UBS forecasts that SUTENG will turn profitable next year and achieve a compound annual growth rate (CAGR) of 66% in net profit from 2026 to 2030, exceeding market expectations [1] - The market may be underestimating the growth potential driven by traditional domestic OEMs in the areas of intelligence and robotics [1]

Core Viewpoint - UBS initiates coverage on SUTENG JUCHUANG (02498) with a "Buy" rating and a target price of HKD 47.8, highlighting optimism about the long-term prospects of its advanced driver assistance systems (ADAS) laser radar business due to increased adoption by OEM clients like BYD (002594) and Geely Automobile (00175) [1] Group 1 - The company is strengthening its position in the robotic laser radar sector, which is expected to become a new growth driver [1] - UBS forecasts that SUTENG JUCHUANG will turn profitable next year and anticipates a compound annual growth rate (CAGR) of 66% in net profit from 2026 to 2030, exceeding market expectations [1] - The market may be underestimating the growth potential driven by traditional domestic OEMs in the areas of intelligence and robotics [1]

Group 1 - UBS initiates a "Buy" rating for SUTENG JUCHUANG (02498) with a target price of HKD 47.8 [1] - The firm expresses optimism about the long-term prospects of SUTENG JUCHUANG's advanced driver assistance systems (ADAS) laser radar business, driven by increased adoption from OEM clients like BYD (01211) and Geely Automobile (00175) [1] - The company is strengthening its position in the robotic laser radar sector, which is expected to become a new growth driver [1] Group 2 - UBS forecasts that SUTENG JUCHUANG will turn profitable next year and anticipates a compound annual growth rate (CAGR) of 66% in net profit from 2026 to 2030, exceeding market expectations [1] - The firm believes that the market may underestimate the growth potential driven by traditional domestic OEMs in the areas of intelligence and robotics [1]

Core Viewpoint - The continuous mass production of 520-line digital lidar by Suoteng Juchuang (02498) in high-end models such as the Zhiji LS6 and Geely 9X signifies the company's technological leadership in the high-line lidar sector, validated by market acceptance [1] Group 1 - The 520-line lidar's mass production indicates recognition from SAIC Group (600104) and Geely Group for high-end models, proving the maturity of Suoteng Juchuang's digital lidar in mass production [1] - Multiple models equipped with Suoteng Juchuang's high-line digital lidar are expected to be launched in the second half of this year, showcasing the company's ongoing innovation and industry leadership [1] - Suoteng Juchuang has achieved "first mass production" in its development history, reinforcing its technical strength by being the only company capable of mass-producing 520-line digital lidar [1] Group 2 - Analysts note that as autonomous driving accelerates towards L3 and above levels, the market demand for vehicle-mounted lidar performance will continue to rise, with high-end models generally pursuing 192 lines or higher [1] - Suoteng Juchuang's leading position in 520-line specifications is expected to leverage its technological advantages and mass production capabilities, providing greater development space amid the upcoming industry upgrade wave [1]

Core Insights - The company SUTENG JUCHUANG (02498) has achieved continuous mass production of its 520-line digital lidar in high-end models such as the Zhiji LS6 and Geely 9X, confirming its technological leadership in the high-line count lidar sector [1] - The successful integration of 520-line lidar into vehicles indicates recognition from major automotive groups like SAIC and Geely, showcasing the maturity of SUTENG JUCHUANG's digital lidar for mass production [1] - The company has consistently led the industry with technological innovations and is currently the only one capable of mass-producing 520-line digital lidar, reinforcing its role as an industry innovator [1] Industry Trends - As the automotive industry accelerates towards L3 and higher levels of autonomous driving, the demand for high-performance onboard lidar systems is expected to rise, with high-end models increasingly seeking 192 lines or higher [1] - SUTENG JUCHUANG's leading position in 520-line specifications is anticipated to provide significant growth opportunities due to its technological advantages and production capabilities amid an upcoming industry upgrade wave [1]