Core Viewpoint - After one year of listing, SUTENG JUCHUANG (2498.HK) has not yet turned profitable but has identified a second growth curve through its robotics business. Financial Performance - In Q1 2025, SUTENG JUCHUANG reported total revenue of 328 million yuan, a year-on-year decline of 9.2%, while net loss narrowed by 24.4% to 98.786 million yuan [2] - The ADAS (Advanced Driver Assistance Systems) product line, which previously accounted for over half of revenue, saw a revenue decline of 25.2% to 229 million yuan, with sales down 16.8% to 96,700 units [2] Business Segments - The robotics product line experienced a remarkable growth with a sales increase of 183.3%, selling 11,900 units and generating revenue of 73.4 million yuan, marking an 87% revenue growth [3] - A strategic partnership with KUMA Technology for lawn mowing robots is expected to yield 1.2 million units over three years, setting a new industry order record [3] - The transition of automotive-grade lidar technology to the robotics sector has resulted in a significant increase in the gross margin of the robotics product line, contributing to an overall gross profit growth of 73.1% and an increase in gross margin by 11.2 percentage points to 23.5% [4] Market Expansion - SUTENG JUCHUANG has established partnerships with over 2,800 robot clients across various applications, capturing over 90% of the leading clients in the unmanned delivery sector [5] - The company is also collaborating with major Robotaxi firms such as Xiaoma Zhixing and Didi Autonomous Driving, indicating potential growth in the Robotaxi commercialization [5] Innovation and Development - The company has launched the Active Camera product as part of its AI robot strategy, extending its digital lidar technology applications [5] - SUTENG JUCHUANG is developing additional components like dexterous hands and solutions for upper and lower body operations in robotics, aiming to create a developer community through an open hardware and model strategy [5] Future Outlook - Despite challenges in the ADAS sector, the company remains optimistic about sales growth in 2025, with expectations of significant revenue increases in Q2 and strong competitiveness from newly launched products [6] - The robotics business currently accounts for only 22% of total revenue, raising questions about its ability to offset the downturn in the ADAS segment and the timeline for recovery in ADAS growth [6]
120万台割草机订单开路，速腾聚创何时扭亏为盈？