SIASUN(SZ:300024) Nan Fang Du Shi Bao·2025-05-31 11:28Core Viewpoint - The company reported a decline in total revenue for Q1 2025, attributed to a shift in technology by key clients, but expects significant revenue growth in Q2 due to increased demand from other customers and a booming robotics business [1][2][4]. Financial Performance - Total revenue for Q1 2025 was approximately 330 million RMB, down from 361 million RMB in the same period last year, representing a year-on-year decrease of 9.18% [2][3]. - Gross profit reached 77.01 million RMB, a substantial increase of 73.1% year-on-year, with an overall gross margin of 23.5%, up 11.2 percentage points from the previous year [1][3]. - The net loss narrowed significantly to 98.79 million RMB, improving by 24.4% year-on-year, indicating enhanced operational efficiency [1][3]. Client Impact - The revenue decline was primarily due to two major clients shifting their strategies, with one moving to a pure vision solution for L2+ autonomous driving and the other adopting self-developed LiDAR technology [2][4]. - These two clients accounted for nearly 60% of the revenue in Q1 of the previous year, but the company did not experience a drastic revenue drop due to its diversified client base [3][4]. Robotics Business Growth - The robotics segment saw explosive growth, with laser radar product sales reaching approximately 11,900 units, a year-on-year increase of 183.3%, and revenue from this segment at 73.4 million RMB, up 87.0% year-on-year [5][7]. - The company has established partnerships with over 2,800 robotics clients across various applications, including industrial warehousing and delivery robots [7]. Strategic Partnerships - The company announced a strategic collaboration with Mammotion, aiming to deliver 1.2 million units of lawn mowing robots over three years, highlighting its strong position in the robotics market [7].