速腾聚创今日开盘上涨8%：Q2机器人业务增超6倍，自研芯片驱动产品领先

Core Viewpoint - RoboSense (速腾聚创) is experiencing significant growth in both its ADAS and robotics businesses, driven by the successful implementation of digital lidar technology and advancements in chip development [3][13][15]. Financial Performance - In Q2 2025, RoboSense reported total revenue of approximately 460 million yuan, representing a year-on-year increase of 24.4% and a quarter-on-quarter increase of 38.9% [3]. - The overall gross margin improved from 12.3% in Q1 2024 to 27.7% in Q2 2025, marking six consecutive quarters of growth [3]. - The robotics segment achieved a gross margin of 41.5%, with product sales reaching 34,400 units, a year-on-year increase of 631.9% and a quarter-on-quarter increase of 189.1% [6]. Business Segments ADAS Business - RoboSense's EM platform has secured contracts with eight OEMs for 45 vehicle models, including 32 models for a leading global EV manufacturer [9]. - The company has achieved a total of 133 contracts for mass production vehicles, including projects with eight overseas and joint venture brands [9]. - RoboSense has reached a milestone of producing its one-millionth vehicle-mounted lidar, maintaining its leadership in the global market [11]. Robotics Business - The robotics business has expanded to over 3,200 global customers, with significant growth expected in the coming months [17][24]. - The E1 lidar has become the preferred solution for Robotaxi applications, with successful mass production validation with eight leading global clients [18]. - The company anticipates a surge in demand for its robotics products, particularly in the lawn mowing sector, with a production peak expected in Q4 2025 and Q1 2026 [24]. Technological Advancements - RoboSense has pioneered the digital lidar industry with its E platform, which includes the E1 lidar, the first mass-produced solid-state lidar [13]. - The EM platform, designed for long-range lidar, is set to begin mass production with the EM4 model in Q3 2025 [14]. - The company emphasizes that the future competition in lidar technology will focus on chip-level capabilities, with its self-developed SPAD-SoC chip expected to drive continuous product iterations and market leadership [15]. Market Position - RoboSense has established partnerships with over 90% of leading L4 companies globally, expanding its operational network in key markets [22]. - The company is also making strides in the consumer-grade robotics market, with significant orders in the lawn mowing and delivery sectors [22][23].