Core Viewpoint - SUTENG JUCHUANG (02498.HK) announced that its robot lidar sales will exceed 303,000 units in 2025, representing a year-on-year increase of over 1,100% and ranking first globally [1] Group 1 - The company has established partnerships with leading industry clients such as Weilan Continent, Kuka Technology, New Stone Age, and Zhiyuan [1]

Core Insights - The company, SUTENG JUCHUANG (02498.HK), has achieved significant breakthroughs in the sales of laser radar products and new product launches for the fiscal year ending December 31, 2025 [1] - The sales volume of laser radar products for ADAS applications, robotics, and other uses are projected to be approximately 912,000 units, 609,000 units, and 303,000 units respectively [1] - The company has become the global leader in robotic laser radar shipments, surpassing 300,000 units annually, marking a pivotal shift from concept validation to large-scale commercialization [1] Group 1 - The company has established itself as a core supplier for leading companies in the rapidly growing home lawn mower market, including Weilan Dalu and Kuka Technology [1] - The collaboration showcased at CES further solidifies the partnership and demonstrates the company's ability to meet stringent industrialization requirements in terms of performance, reliability, and cost [1][2] - The unique technology path of the company, featuring self-developed chips and a fully digital architecture, allows for rapid adaptation across various applications, significantly lowering integration and development barriers for clients [2] Group 2 - The company's robotic business has seen an over 11-fold increase in shipment volume compared to 2024, establishing a significant first-mover advantage and customer barriers in a high-growth, high-margin market [2] - The overall revenue from the high-growth robotic business is expected to optimize the company's profitability model and create a strategic window for growth [3] - The long-term demand for laser radar in the robotics market is anticipated to exceed that of the automotive market by more than ten times, driven by diverse applications and the potential for multiple sensors on a single machine [3]

Core Insights - The company,速腾聚创, announced significant breakthroughs in new product launches and sales of LiDAR products for the fiscal year ending December 31, 2025 [1] Sales Performance - In Q4 2025, the sales volume of the company's LiDAR products reached approximately 459,600 units, with 238,400 units for ADAS applications and 221,200 units for robotics and other applications [1] - For the entire fiscal year ending December 31, 2025, the total sales volume of LiDAR products was approximately 912,000 units, including 609,000 units for ADAS applications and 303,000 units for robotics and other applications [1]

Core Insights - The company,速腾聚创, announced significant breakthroughs in new product launches and sales of lidar products for the fiscal year ending December 31, 2025 [1] Sales Performance - In Q4 2025, the sales volume of the company's lidar products reached approximately 459,600 units, with 238,400 units for ADAS applications and 221,200 units for robotics and other applications [1] - For the entire fiscal year ending December 31, 2025, the total sales volume of lidar products was approximately 912,000 units, with 609,000 units for ADAS applications and 303,000 units for robotics and other applications [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 ROBOSENSE TECHNOLOGY CO., LTD （於開曼群島註冊成立的有限公司） （股份代號：2498） 速騰聚創科技有限公司 董事會主席、執行董事兼首席科學家 邱純鑫博士 深圳，2026年1月13日 於本公告日期，執行董事為邱純鑫博士、劉樂天先生及邱純潮先生；非執行董事為朱曉蕊博士；及獨立非執行董 事為劉民先生、吳育強先生及楊日昕女士。 速騰聚創科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）欣然 宣佈本集團截至2025年12月31日止年度的若干業務更新及未經審核運營數據。本集團於截至 2025年12月31日止年度內在新產品推出及激光雷達產品銷售方面取得重大突破。 於2025年第四季度，本集團的激光雷達產品、用於ADAS應用的激光雷達產品及用於機器人及 其他的激光雷達產品的銷量分別約為459,600台、238,400台及221,200台。 截至2025年12月3 ...

Core Insights - The 2026 International Consumer Electronics Show (CES) showcased groundbreaking technologies and products, highlighting the advancements in AI, robotics, and smart living, with a significant presence of Chinese manufacturing companies [1][2][10]. Group 1: Event Overview - CES 2026 featured over 4,500 companies from more than 150 countries, focusing on AI, chips, automotive, and robotics, with a notable emphasis on the integration of AI and hardware [2]. - Chinese exhibitors numbered 942, accounting for 22% of the total, reflecting a new landscape of "full industry chain coverage" and increased global influence of Chinese manufacturing [2]. Group 2: Key Exhibitors and Technologies - Cloudwalk Technology showcased its UP robot, marking the first large-scale service by a Chinese service robot at a global landmark [4]. - Yushun Technology presented a series of humanoid robots, including the G1 combat robot, which drew significant attention for its agility and performance [4]. - Hesai Technology displayed its upgraded ATX laser radar, featuring enhanced performance metrics, including a range of 230 meters and a point frequency of 3.84 million points per second [7][8]. Group 3: Market Position and Growth - Hesai Technology announced plans to double its laser radar production capacity from 2 million units in 2025 to 4 million units in 2026, with a new factory in Bangkok expected to start production in early 2027 [8]. - Black Sesame Intelligence demonstrated its A2000 driving assistance chip and showcased its multi-dimensional intelligent computing platform, emphasizing its role in the smart automotive sector [9]. Group 4: Industry Trends and Future Outlook - The collective presence of Chinese tech firms at CES 2026 signifies a shift from "individual efforts" to "ecosystem collaboration," showcasing a higher maturity and openness in global operations [10]. - The report indicates that by 2025, China's overseas sales of automobiles, particularly electric vehicles, are expected to reach 2.32 million units, marking a 52% year-on-year increase [11]. - The global market for humanoid robots is projected to see over 13,300 units shipped in 2025, with Chinese manufacturers contributing over 90% [11]. Group 5: Capital and Investment - The success of Chinese tech firms at CES 2026 is attributed to long-term capital support, with 90% of companies on the Sci-Tech Innovation Board receiving venture capital investments [13]. - The Chinese government is focusing on integrating technology innovation with industrial development, emphasizing early and sustained investment in hard tech [13][14]. - Kun Yuan Asset has supported 95 companies in entering capital markets, with a significant portion in the hard tech sector, demonstrating a strong ecosystem effect [14].

Group 1: Wearable Devices and IoT - AI glasses and camera headphones remain the focus of wearable devices, with over 50 companies participating, primarily from mainland China, emphasizing aesthetics, lightweight design, all-day wear, multimodal interaction, and multi-chip solutions [1] - The innovation in headphones has shifted from single audio performance to a comprehensive evolution of sound quality, AI, and multimodal capabilities, with some products integrating cameras and environmental sensing [1] - New IoT categories such as smart imaging devices, 3D printers, and NAS are gaining attention, with many startups entering the market, alongside creative new products in AI home, AI recording cards, and AI displays [1] Group 2: Automotive Industry - AI is driving the intelligent upgrade of the entire automotive chain, with high-level autonomous driving expected to achieve large-scale implementation [2] - Chip manufacturers like NVIDIA are releasing open-source AI models to accelerate technology penetration and commercialization in the autonomous driving sector [2] - Domestic automakers such as Geely and Great Wall are showcasing their AI systems, while international companies like Mercedes and Jaguar Land Rover are partnering with AI giants to enhance their capabilities [2] Group 3: Robotics - Home and service robots are continuously upgrading, with traditional vacuum robots evolving to cover more cleaning scenarios and showcasing new intelligent models [3] - Humanoid robots remain a focal point, with companies demonstrating robots capable of complex movements and interactions [3] - The participation of domestic electronic industry companies in showcasing robotic components and manufacturing products has increased significantly [3] Group 4: PCs and Smartphones - Lenovo has introduced a cross-device super intelligent entity, Lenovo Qira, and partnered with NVIDIA for a new AI cloud super factory initiative, showcasing a range of AI-integrated devices [4] - Chip companies are upgrading edge chips to enhance the PC experience, with major players like Intel, Qualcomm, and AMD leading the advancements [4]

Group 1 - The core viewpoint of the report is that Suteng Juchuang (02498) is a high-quality domestic lidar manufacturer with a diverse range of radar products covering key scenarios in automotive and robotics, and the company's innovative business is expected to contribute to revenue growth, leading to high-speed performance in the future [1] - The company has established four major platforms for lidar products (R, M, E, EM) since its founding in 2014, and is accelerating the development of its innovative business, focusing on products related to embodied intelligence such as the AC1/2 robot eyes and dexterous hands [1] Group 2 - The smart driving industry is advancing, with the company's ADAS radar collaborating with multiple domestic and international automakers; the penetration rate of L2 and above is expected to increase by 12.3 percentage points year-on-year in the first half of 2025, driving an increase in lidar shipment volume [2] - The delivery volume of the company's ADAS radar is projected to grow from 0.4 thousand units in 2021 to 520 thousand units by 2024, with 371 thousand units delivered in the first three quarters of 2025 [2] - The company's robot and other lidar sales and revenue are expected to see significant year-on-year growth, with delivery volume increasing by 408.07% to 81.8 thousand units and related revenue rising by 173.58% to 363 million yuan in the first three quarters of 2025 [2] - The company is expected to achieve operating revenues of 3.57 billion yuan and 4.22 billion yuan in 2026 and 2027, respectively, with net profits of 91 million yuan and 420 million yuan [2]

Core Viewpoint - CES 2026 showcased significant advancements in AI-driven consumer electronics, with a focus on wearable devices, automotive technology, robotics, and IoT innovations, highlighting the integration of AI across various sectors [2][5][6]. Group 1: Wearable/IOT - AI glasses and camera headphones remain focal points in wearable technology, with over 50 companies participating, primarily from mainland China, emphasizing design improvements and multi-modal interactions [2][10]. - Headphone innovations shifted from audio performance to a combination of sound quality, AI integration, and multi-modal capabilities, with products featuring cameras and environmental awareness [2][13]. - New IoT categories, including smart imaging devices and AI home products, are gaining traction, with many startups entering the market [2][16]. Group 2: Automotive - AI is driving a comprehensive upgrade in automotive technology, with high-level autonomous driving expected to scale commercially [3][19]. - NVIDIA introduced the Alpamayo series of open-source AI models, enhancing the development of autonomous driving capabilities [3][19]. - Major automotive companies like Geely and Great Wall showcased their AI systems, while international brands are partnering with AI giants to enhance their offerings [3][24][26]. Group 3: Robotics - The robotics sector is evolving from household and service robots to humanoid collaboration, with significant participation from electronic companies [4][34]. - Innovations in household robots include advanced cleaning capabilities and a broader range of applications, while humanoid robots are becoming more sophisticated in interaction and movement [4][34]. - Chinese electronic companies are increasingly showcasing key components and technologies in robotics at CES 2026 [4][34]. Group 4: PC/Smartphone - Lenovo launched its first personal super intelligent system, Lenovo Qira, and announced a partnership with NVIDIA for AI infrastructure [4][36]. - Chip manufacturers like Intel, Qualcomm, and AMD are upgrading their products to enhance AI performance and user experience in PCs [4][39]. - The focus on AI integration in smartphones and PCs is expected to drive innovation and market growth in the coming years [4][39].

Group 1 - The core viewpoint of the report is that Suoteng Juchuang (02498) is a high-quality domestic lidar manufacturer with a diverse range of radar products covering key scenarios in automotive and robotics, and the company is expected to maintain rapid growth in performance as innovative businesses begin to contribute revenue [1][2] - The company has established four major platforms for lidar products: R, M, E, and EM, which are applied in various scenarios such as ADAS and robotics, and is accelerating the development of innovative businesses, including products like the embodied intelligence-related robot eyes AC1/2 and dexterous hands [2] - The ADAS radar has established partnerships with multiple domestic and international automotive companies, with a projected increase in L2 and above penetration rates by 12.3 percentage points year-on-year in the first half of 2025, driving an increase in lidar shipment volumes [3] Group 2 - The delivery volume of the company's ADAS radar is expected to grow from 4,000 units in 2021 to 520,000 units by 2024, with 371,000 units delivered in the first three quarters of 2025 [3] - The company's robotics and other lidar sales and revenue are projected to see significant year-on-year growth, with delivery volume increasing by 408.07% to 81,800 units and related revenue rising by 173.58% to 363 million yuan in the first three quarters of 2025 [3] - The investment suggestion includes projected revenues of 3.57 billion yuan and 4.22 billion yuan for 2026 and 2027, respectively, with net profits of 91 million yuan and 420 million yuan, corresponding to price-to-sales ratios of 4.73 and 4.01 times [3]