速腾聚创(02498) - 2024 - 中期财报

Company Information This section provides fundamental company details for RoboSense Technology Co., Ltd. (Stock Code: 2498), including governance, key contacts, and the CEO transition on March 27, 2024 - This report provides basic company information for RoboSense Technology Co., Ltd. (Stock Code: 2498), including board members, committee structures, registered office, principal place of business, auditor, and principal bankers, noting key personnel changes such as Dr. Qiu Chunxin's resignation as CEO and appointment as Chief Scientist, and Mr. Qiu Chunchao's appointment as CEO on March 27, 2024[8] CEO Statement CEO Statement Summary CEO Mr. Qiu Chunchao highlighted the company's rapid growth in H1 2024, with total revenue up 121.0% and LiDAR sales up 415.7%, alongside significant gross margin improvement to 13.6%, securing 80 vehicle model design wins and expanding globally, while viewing the robotics market as a key future growth engine Key Performance Indicators for H1 2024 | Metric | H1 2024 (RMB) | Year-over-Year Growth (%) | | :--- | :--- | :--- | | Total Revenue | 727 million | 121.0% | | Total LiDAR Sales Volume | Approx. 243,400 units | 415.7% | | ADAS LiDAR Sales Volume | Approx. 234,500 units | 487.7% | | Overall Gross Margin | 13.6% | Increased by 9.7 percentage points | - As of June 30, 2024, the company secured 80 mass production design wins from 22 global automakers and Tier 1 suppliers, assisting 12 clients with 29 models in achieving large-scale mass production[10] - The company launched two new products in H1: the cost-effective MX and high-performance M3, securing 5 OEM client design wins by end of July, with the first project slated for mass production in H1 2025[10] - Global business achieved new breakthroughs, adding another top-ten global overseas OEM design win in July, following a previous win with a global sales champion OEM[10] - The company views the robotics industry as its next significant growth engine, with its platform products cumulatively serving over 2,600 clients in robotics and other fields[11] Key Financial and Operational Highlights Financial and Operational Highlights Summary This section summarizes the company's core financial and operational achievements in H1 2024, highlighting a 121.0% revenue increase to RMB 727 million, significant gross profit growth, narrowed losses, improved balance sheet structure post-IPO, over 400% LiDAR sales growth driven by ADAS, expanded market share, new product launches, and ongoing capacity expansion Key Financial Data (Six Months Ended June 30) | Metric (RMB thousands) | 2024 (Unaudited) | 2023 (Audited) | | :--- | :--- | :--- | | Revenue | 727,094 | 329,048 | | Gross Profit | 98,553 | 12,752 | | Operating Loss | (322,070) | (461,492) | | Loss for the Period (Attributable to Owners of the Company) | (269,151) | (771,222) | Key Balance Sheet Data | Metric (RMB thousands) | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Total Assets | 3,862,223 | 3,271,453 | | Total Liabilities | 729,505 | 12,341,292 | | Total Equity / (Deficit) | 3,132,718 | (9,069,839) | - Total LiDAR product sales volume in H1 2024 was approximately 243,400 units, a 415.7% year-over-year increase, with ADAS application sales volume at approximately 234,500 units, up 487.7% year-over-year[13] - As of June 30, 2024, the company secured 80 mass production design wins from 22 automakers and Tier 1 suppliers, enabling SOP for 29 models from 12 of these clients[13] - To expand production capacity, the RoboSense Mars Manufacturing Headquarters Base in Shenshan Special Cooperation Zone is expected to commence operations in Q3 2024[14] Management Discussion and Analysis Business Review and Outlook The company, an AI-driven robotics technology firm, provides LiDAR sensing solutions for ADAS and robotics, experiencing explosive ADAS growth with 80 design wins, and anticipates continued market expansion driven by L2+ and L3+ demand, global adoption, and robotics as a key future growth engine, with ongoing investment in AI, chips, and hardware - The company's business primarily involves selling LiDAR hardware products, providing integrated hardware and AI perception software solutions, and offering technical development services[17] - As of June 30, 2024, the company secured 80 mass production design wins from 22 automakers and Tier 1 suppliers, enabling SOP for 29 models from 12 of these clients[17] - The company is optimistic about three key drivers for the automotive LiDAR market: increasing demand for L2+ autonomous driving, higher LiDAR unit configurations per vehicle for L3 and above, and the global scaling of intelligent driving applications[21] - The company believes the robotics industry will be its next significant growth engine, with its platform products serving over 2,600 clients in robotics and other fields[22] Financial Performance Analysis In H1 2024, the company's financial performance significantly improved, with total revenue increasing 121.0% to RMB 727 million driven by surging ADAS product sales, gross margin rising to 13.6% due to ADAS profitability, and despite increased R&D, operating and net losses narrowed substantially, with adjusted net loss decreasing 17.0% Consolidated Income Statement Summary for H1 2024 (RMB thousands) | Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 727,094 | 329,048 | | Gross Profit | 98,553 | 12,752 | | Operating Loss | (322,070) | (461,492) | | Loss for the Period | (267,521) | (768,288) | | Loss Attributable to Owners of the Company | (269,151) | (771,222) | Revenue Total revenue increased 121.0% year-over-year to RMB 727 million, primarily driven by a 314.6% surge in ADAS application product sales to RMB 609 million, due to a significant increase in sales volume from approximately 39,900 to 234,500 units, partially offset by a decrease in average selling price from RMB 3,700 to RMB 2,600, while revenue from robotics and other products declined 11.9% and solutions revenue decreased 41.2% Revenue Composition (RMB thousands) | Revenue Source | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Products - For ADAS | 609,035 | 146,910 | | Products - For Robotics and Others | 77,482 | 87,962 | | Solutions | 35,663 | 60,654 | | Services and Others | 4,914 | 33,522 | | Total | 727,094 | 329,048 | - Sales volume of LiDAR products for ADAS applications significantly increased from approximately 39,900 units in H1 2023 to approximately 234,500 units in H1 2024[28] - The average selling price of products for ADAS applications decreased from approximately RMB 3,700 in H1 2023 to approximately RMB 2,600 in H1 2024, primarily due to lower raw material costs and changes in product mix[28] Gross Profit and Gross Margin Overall gross margin significantly improved from 3.9% in H1 2023 to 13.6%, with total gross profit increasing 670.3% to RMB 98.6 million, primarily driven by the ADAS application LiDAR products' gross margin turning positive at 11.2% from a -35.5% gross loss, benefiting from reduced raw material procurement costs and economies of scale Gross Profit and Gross Margin Segment Details | Segment | H1 2024 Gross Profit (RMB thousands) | H1 2024 Gross Margin (%) | H1 2023 Gross Profit (RMB thousands) | H1 2023 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | For ADAS | 68,188 | 11.2% | (52,189) | (35.5)% | | For Robotics and Others | 20,251 | 26.1% | 41,672 | 47.4% | | Solutions | 18,340 | 51.4% | 28,684 | 47.3% | | Total | 98,553 | 13.6% | 12,752 | 3.9% | - The significant improvement in ADAS product gross margin was the primary driver for overall gross margin growth, attributed to reduced raw material procurement costs and economies of scale[31] Operating Expenses In H1 2024, R&D expenses increased 27.2% year-over-year to RMB 313 million due to higher personnel costs, but their percentage of revenue (excluding share-based compensation) decreased from 53.4% to 36.3%, while sales and marketing expenses grew 41.8% to RMB 57.0 million, and general and administrative expenses significantly decreased 51.8% to RMB 82.2 million, mainly due to a RMB 83.7 million reduction in share-based compensation - R&D expenses (excluding share-based compensation) as a percentage of revenue decreased from 53.4% in H1 2023 to 36.3% in H1 2024[32] - General and administrative expenses decreased by 51.8% year-over-year, primarily due to a RMB 83.7 million reduction in share-based compensation[34] Net Loss and Adjusted Net Loss Driven by strong revenue growth and improved gross margin, the company's net loss significantly narrowed by 65.2% to RMB 268 million from RMB 768 million in the prior year, with adjusted net loss (a non-IFRS measure) decreasing 17.0% to RMB 202 million after excluding non-operating items like share-based compensation, fair value changes of financial instruments, and listing expenses - Net loss decreased by 65.2% from RMB 768.3 million in H1 2023 to RMB 267.5 million in H1 2024[39] Reconciliation of Net Loss to Adjusted Net Loss (RMB thousands) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Loss | (267,521) | (768,288) | | Add: Share-based compensation | 62,559 | 165,683 | | Add: Fair value changes of financial instruments issued to investors | 2,799 | 339,762 | | Add: Listing expenses | 26 | 19,195 | | Adjusted Net Loss (Non-IFRS) | (202,137) | (243,648) | Liquidity and Capital Resources As of June 30, 2024, the company maintained strong liquidity with RMB 2.57 billion in cash, restricted cash, and time deposits, significantly reducing net cash outflow from operating activities, while post-IPO, the conversion of preferred shares to equity dramatically improved financial ratios, with the current ratio increasing from 23.1% to 535.2% and the debt-to-asset ratio decreasing from 377.2% to 18.9%, with IPO proceeds of approximately HKD 953 million being utilized as planned for R&D, manufacturing, and sales - As of June 30, 2024, cash and cash equivalents, restricted cash, and time deposits totaled RMB 2.57 billion[43] - Net cash outflow from operating activities decreased from RMB 274 million in H1 2023 to RMB 116 million in H1 2024[43] - Due to the conversion of preferred shares to equity post-listing, the current ratio increased from 23.1% to 535.2%, and the debt-to-asset ratio decreased from 377.2% to 18.9%[45] Use of Proceeds from Global Offering (As of June 30, 2024) | Intended Use | Allocated Amount (HKD millions) | Amount Used (HKD millions) | Unused Amount (HKD millions) | | :--- | :--- | :--- | :--- | | For Research and Development | 428.8 | 130.1 | 298.7 | | For Enhancing Manufacturing, Testing, and Validation Capabilities | 190.6 | 148.1 | 42.5 | | For Strengthening Sales and Marketing Efforts | 190.6 | 15.3 | 175.3 | | For Exploring Potential Strategic Collaborations | 47.7 | — | 47.7 | | For Working Capital and Others | 95.3 | 33.4 | 61.9 | Principal Risks and Uncertainties The company faces multiple principal risks, including short operating history, continuous net losses, technological innovation pressures, customer pricing pressures, supply chain disruptions, and the nascent and competitive LiDAR market, with design wins not guaranteeing actual purchases, alongside financial risks such as market (foreign exchange, interest rate, price), credit, and liquidity risks, all regularly monitored by senior management - Key business risks include: short operating history, continuous losses, technological innovation pressure, supply chain risks, intense market competition, and uncertainty of design win orders[52][53] - The company faces financial risks including market risk (foreign exchange, interest rate, price), credit risk, and liquidity risk, which are managed by senior management[54] Other Information Corporate Governance and Shareholder Information This section covers dividend policy, post-reporting period events, securities transactions, corporate governance, and shareholder equity, noting no interim dividend, share repurchases post-period, compliance with governance codes including the separation of Chairman and CEO roles since March 27, 2024, and details on shareholdings and the post-IPO share incentive scheme, under which restricted share units were granted on July 5, 2024 - The Board of Directors does not recommend paying any interim dividend for the reporting period[60] - Subsequent to the reporting period and up to the latest practicable date, the company repurchased a total of 8,437,500 shares on the Stock Exchange for an aggregate consideration of approximately HKD 126 million[62] - Effective March 27, 2024, Dr. Qiu Chunxin assumed the role of Chairman of the Board, and Mr. Qiu Chunchao was appointed Chief Executive Officer, ensuring the company's compliance with corporate governance code provisions on the separation of Chairman and CEO roles[63] - Subsequent to the reporting period, on July 5, 2024, the company granted a total of 216,607 restricted share units to eligible participants under the post-IPO share incentive scheme[89] Interim Financial Information Review Report PricewaterhouseCoopers, the independent auditor, reviewed the interim financial information for the six months ended June 30, 2024, in accordance with International Standard on Review Engagements, finding no matters that would lead them to believe the information was not prepared in all material respects according to International Accounting Standard 34 'Interim Financial Reporting' - Independent auditor PricewaterhouseCoopers issued a standard review conclusion, finding no material issues with the interim financial information[92] Consolidated Financial Statements This section presents the unaudited interim condensed consolidated financial statements, including the statement of comprehensive income, balance sheet, statement of changes in equity, and cash flow statement, showing significant revenue growth, positive gross profit, narrowed net loss, fundamental balance sheet improvement post-IPO due to preferred share conversion, reduced operating cash outflow, and substantial cash inflow from financing activities - The statement of comprehensive income shows revenue of RMB 727 million for the six months ended June 30, 2024, with a loss for the period of RMB 268 million, significantly narrowed from RMB 768 million in the prior year[93] - The balance sheet as of June 30, 2024, shows total assets of RMB 3.86 billion, total liabilities of RMB 0.73 billion, and total equity shifting from a RMB 9.07 billion deficit at year-end 2023 to a RMB 3.13 billion positive balance, primarily due to the conversion of preferred shares to ordinary shares[95][96] - The cash flow statement indicates net cash used in operating activities of RMB 116 million, net cash used in investing activities of RMB 75 million, and net cash generated from financing activities of RMB 912 million (primarily from the IPO)[99][100] Notes to the Financial Information The notes to the financial information detail the basis of preparation, accounting policies, and specific components of the interim financial statements, highlighting the reclassification of preferred shares as current liabilities due to new accounting standards (Note 3), detailed revenue breakdown by region and business type (Note 6), analysis of expenses (Note 9), significant changes in share capital due to IPO and preferred share conversion (Note 20), share-based compensation details (Note 22), and related party transactions (Note 26) - Note 3 discloses that preferred shares as of December 31, 2023, were retrospectively reclassified as current liabilities due to the adoption of amendments to International Accounting Standard 1[106][107] - Note 6 indicates that the vast majority of the company's revenue originates from Mainland China (approximately 96%) and is primarily operated under a single business segment[118] - Note 20 details the issuance of 24,637,500 ordinary shares in the IPO and the conversion of 293,709,341 preferred shares into ordinary shares, resulting in significant changes to share capital and reserves[149][150] - Note 26 discloses transactions with related parties, such as associate company Liteng and fellow subsidiaries of shareholder Cainiao, including purchases from Liteng amounting to RMB 220 million[187] Definitions and Glossary Definitions and Glossary Summary This section provides detailed definitions for specific terms and abbreviations used throughout the report, including technical terms like ADAS, AI, and LiDAR, company-specific terms such as various share incentive schemes, financial and regulatory terms like IFRS and Listing Rules, and key entity names, to ensure accurate understanding of the report's content - This section provides clear definitions for professional terms used in the report, such as “ADAS” (Advanced Driver-Assistance Systems), “SOP” (Start of Production), and “Tier 1 supplier”[192][194]