本文核心数据：激光雷达业务收入 1、激光雷达行业上市公司汇总 目前，我国以激光雷达相关行业为主营业务企业较少，但激光雷达产业链上下游较为庞大。其中中游激 光雷达制造主要有万集科技、中海达、永新光学、炬光科技等上市企业。 各公司公告 图表1:2025年中国激光雷达行业上市公司汇总(一) 转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院激光雷达研究小组发布的《中国激光雷达（LiDAR）行业市场前 瞻与投资战略规划分析报告》 行业主要上市公司：万集科技(300552)、中海达(300177)、永新光学(603297)、炬光科技(688167)、禾赛 (HSAI)等 | 产业链环节 | 公司简称 | 股票代码 | 要点 | 关联度 | | --- | --- | --- | --- | --- | | PCB 生产 | 鹏鼎控股 深南电路 | 002938.sz 002916.sz | 同时具备 PCB 产品设计、研发、制造与销售能 中国印制电路板行业的重点企业 | ★★☆ ★★☆ | | | | | 力的厂商 | | | | 生益科技 | 600183.sh | 全球第二大刚性覆铜板生产企业 | ★★★ | ...

Core Viewpoint - The company expects a net profit attributable to shareholders in 2025 to be between -185 million and -135 million yuan, with operating revenue projected to be between 1.075 billion and 1.115 billion yuan [1] Group 1: Financial Performance - The company anticipates a significant improvement in operating revenue, achieving over 15% growth in 2025, driven by the integration of vehicle-road-cloud systems and the digital transformation of highway infrastructure [1] - Revenue from smart connected vehicles, LiDAR, and dynamic weighing businesses is expected to grow by more than 20% year-on-year [1] - Despite improvements in net profit and operating cash flow, the company will still report a net loss in 2025 due to ongoing high investments in market and research and development [1] Group 2: Cost Management and Receivables - The company has implemented stronger cost control measures, resulting in a decrease in period expenses year-on-year [1] - Efforts to enhance the collection of accounts receivable have led to a reduction in credit impairment provisions compared to the previous year [1]

Core Viewpoint - The company expects a net profit attributable to shareholders in 2025 to be between -185 million and -135 million yuan, with operating revenue projected to be between 1.075 billion and 1.115 billion yuan [1] Group 1: Financial Performance - The company anticipates a significant improvement in operating revenue, achieving over 15% growth in 2025, driven by the integration of vehicle-road-cloud systems and the digital transformation of highway infrastructure [1] - Revenue from smart connected vehicles, LiDAR, and dynamic weighing businesses is expected to grow by more than 20% year-on-year [1] - Despite improvements in operating cash flow and net profit, the company will still report a loss in 2025 due to ongoing high investments in market and research and development [1] Group 2: Cost Management and Strategy - The company has implemented measures to strengthen cost control, reduce the rapid growth of expenses, and enhance the collection of accounts receivable, leading to a decrease in period expenses year-on-year [1] - Improved collection of accounts receivable has resulted in a reduction in credit impairment provisions compared to the previous year [1] - The company remains committed to its long-term development strategy, maintaining substantial investments in market expansion and R&D [1]

Core Viewpoint - The company anticipates a significant net loss for the year 2025, despite expecting over 15% revenue growth and improvements in operational cash flow due to strategic cost management and market expansion efforts [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is estimated to be between -135 million and -185 million yuan [1] - The net profit after excluding non-recurring gains and losses is expected to range from -215 million to -165 million yuan [1] - The overall revenue for 2025 is expected to grow by more than 15%, with specific segments such as intelligent networking, lidar, and dynamic weighing expected to see revenue growth exceeding 20% [1] Strategic Initiatives - The company is focusing on the integration of vehicle-road-cloud systems and the digital transformation of highway traffic infrastructure, driven by relevant national policies [1] - There is an emphasis on cost control, with efforts to suppress rapid expense growth and enhance accounts receivable collection, leading to a decrease in period expenses year-on-year [1] - The company maintains a commitment to long-term development strategies, resulting in sustained high levels of market and R&D investment [1] Cash Flow and Credit Management - Improvements in accounts receivable recovery have led to a reduction in credit impairment provisions year-on-year [1] - Both net profit and operating cash flow are expected to show significant year-on-year improvement, despite the company still being in a loss position for 2025 [1]

Group 1 - The company expects a net profit for the fiscal year 2025 to be negative, with an estimated range of -185 million to -135 million yuan [1] - The overall operating revenue for the fiscal year 2025 is projected to grow by more than 15%, with an estimated range of 1.075 billion to 1.115 billion yuan [1]

Core Viewpoint - The company expects a revenue of 1.075 to 1.115 billion yuan in 2025, representing a year-on-year growth of over 15%, compared to 930 million yuan in the previous year [1] Financial Performance - The company anticipates a net loss of 135 to 185 million yuan, an improvement from a loss of 386 million yuan in the same period last year [1] - The expected non-recurring net loss is projected to be between 165 to 215 million yuan, compared to a loss of 402 million yuan in the previous year [1] Market and Strategic Position - The company benefits from policy support, which aids in market expansion and share increase, contributing to overall revenue growth [1] - There is a decrease in expenses and impairment provisions, although the company maintains a high level of investment in line with its development strategy, resulting in continued net losses [1]

Financial Performance - The company expects a net profit in the range of -¥18,500,000 to -¥13,500,000 for the fiscal year 2025, compared to -¥38,610,810.81 in the previous year[5] - The projected operating revenue for 2025 is between ¥107,500,000 and ¥111,500,000, representing an increase from ¥93,019,960 in the previous year, indicating a growth of over 15%[5] - The company has improved cash flow and reduced credit impairment provisions due to better accounts receivable recovery, despite still reporting a net loss for 2025[8] Business Growth - Revenue from intelligent connected vehicles and laser radar businesses is expected to grow by more than 20% year-on-year[8] - The company is focusing on long-term development strategies, maintaining high levels of market and R&D investment[8] Audit and Reporting - The company has communicated with its auditing firm regarding the preliminary financial data, and there are no discrepancies reported[6] - The company emphasizes the importance of cautious decision-making for investors, as the financial data will be detailed in the 2025 annual report after audit[9]

Core Viewpoint - The A-share market is experiencing a surge in autonomous driving concept stocks, driven by positive developments in regulatory approvals for Tesla's Full Self-Driving (FSD) technology [1][2]. Group 1: Stock Performance - Ruichuang Micro-Nano (688002) reached a 20% limit up, with a total market capitalization of 56.8 billion and a year-to-date increase of 22.33% [2]. - Jingwei Hengrun (688326) rose by 16.7%, with a market cap of 17.3 billion and a year-to-date increase of 22.61% [2]. - Hanxin Technology (920092) increased by 10.72%, with a market cap of 2.854 billion and a year-to-date increase of 22.81% [2]. - Siwei Tuxin (002405) saw a rise of 9.98%, with a market cap of 26.6 billion and a year-to-date increase of 24.75% [2]. - Other notable performers include Huayi Technology (688071) up by 9.75%, Jiu Zhi Yang (300516) up by 9.32%, and Jingjin Electric (688280) up by 8.61% [2]. Group 2: Market Trends - The overall trend in the A-share market indicates a strong interest in autonomous driving technologies, as evidenced by the significant price increases in related stocks [1]. - Tesla CEO Elon Musk's announcement at the Davos World Economic Forum regarding the potential approval of FSD in Europe and China has likely contributed to the bullish sentiment in the market [1].

Investment Rating - The report rates the robot lidar industry with a strong growth outlook, projecting a compound annual growth rate (CAGR) of 29.19% from 2020 to 2024 and 15.87% from 2025 to 2030, indicating robust market potential [4][57]. Core Insights - The robot lidar industry is characterized by technological intensity, cost reduction, and a shift from automotive dominance to a balanced market between automotive and robotics applications. The market size is expected to grow from 62.23 billion RMB in 2020 to 173.31 billion RMB in 2024, driven by the explosion of the robotics industry and domestic substitution [4][57]. - The industry is undergoing a cost revolution, with high-end product prices dropping from $5,000 in 2021 to 2,000-3,000 RMB by 2025, influenced by chip design, scale effects, and accelerated localization of the supply chain [20][61]. - The application scenarios for lidar are diversifying, with significant growth in both automotive and robotics sectors, particularly in service robots and autonomous vehicles [21][59]. Summary by Sections Industry Definition - Robot lidar serves as the core sensor for providing three-dimensional vision to robots, essential for high-precision, all-weather perception. The technology has evolved through mechanical rotation, semi-solid, and solid-state designs to enhance reliability and reduce costs [5]. Industry Characteristics - The robot lidar industry is a high-tech, research-driven sector with significant cost reductions reshaping market dynamics. The application scenarios are becoming increasingly diverse, with rapid growth in the robotics market [18]. Development History - The industry has evolved through three phases: initial experimentation (1960s-2000), industrialization and rapid growth (2001-2015), and large-scale application and maturity (2016-present) [23]. Industry Chain Analysis - The industry chain consists of upstream core components, midstream manufacturing and integration, and downstream application scenarios. The domestic substitution is progressing rapidly, with significant improvements in localization across all segments of the supply chain [28][29]. Market Size - The market size for robot lidar is projected to grow from 193.68 billion RMB in 2025 to 404.52 billion RMB by 2030, with a CAGR of 15.87%. The growth is attributed to the rapid expansion of the robotics industry and increasing penetration rates of lidar in various applications [57][61]. Competitive Landscape - The competitive landscape is characterized by a tiered structure, with leading companies like Hesai Technology and RoboSense dominating the market. The market concentration is expected to increase, with top firms capturing a significant share of the emerging robotics lidar market [75][80].

北京市天元律师事务所 关于北京万集科技股份有限公司 2026 年第一次临时股东会的 法律意见 京天股字（2026）第 016 号 一、本次股东会的召集、召开程序 公司于 2025 年 12 月 29 日召开第五届董事会第二十二次会议，做出决议召 集本次股东会，并于 2025 年 12 月 30 日通过指定媒体发出了《召开股东会通知》。 《召开股东会通知》中载明了召开本次股东会的时间、地点、审议事项、投票方 式和出席会议对象等内容。 本次股东会采用现场投票和网络投票相结合的方式召开。本次股东会现场会 议于 2026 年 1 月 19 日 15:00 在北京市海淀区中关村软件园 12 号楼 3 层会议室 召开，公司董事长翟军主持本次会议，完成了全部会议议程。本次股东会网络投 票通过深交所股东会网络投票系统进行，其中通过深圳证券交易所交易系统进行 网络投票的时间为 2026 年 1 月 19 日上午 9:15-9:25、9:30-11:30、下午 13:00-15:00， 通过深圳证券交易所互联网系统投票的具体时间为 2026 年 1 月 19 日 9:15 至 15:00。 致：北京万集科技股份有限公司 北京万集 ...