Safety Airy是速腾聚创推出的全球首款3D安全激光雷达，实现了从传统2D平面预警到近半球形立体防 护的升级。该产品基于PL d、SIL2、Type3工业安全等级设计，可检测悬空货架、细杆、人手等入侵物 体，在提供预警防护的同时输出高线数高清3D点云，全面保障作业安全。当前全球工业安全领域仍以 2D产品为主，其探测范围窄的缺陷限制了应用效果。速腾聚创的3D安全激光雷达有望解决这一痛点， 成为未来主流选择。据QYResearch研究数据，2023年全球工业安全激光雷达销售额已达1.8亿美元， 2030年预计增长至2.3亿美元，年复合增长率4.2%。 据RoboSense速腾聚创(02498)官方信息，公司将在2026年CES展会上，面向车载、机器人及工业应用场 景，集中展示其第二代全固态激光雷达E1Gen2、全球首款3D安全激光雷达Safety Airy及超迷你激光雷 达Airy Lite等数字化激光雷达新品。这些产品基于速腾聚创的数字化技术平台开发，旨在进一步推动感 知技术在多元场景中的规模化落地。 E1Gen2作为第二代全固态激光雷达，尺寸较上一代产品缩小25%，性能全面提升，可广泛用于各类机 器人感 ...

Airy Lite是一款专为机器人设计的超迷你数字化激光雷达，拥有360°×45°全向FOV、60m超远测距及 ±1cm高感知精度。其紧凑的矮视窗设计便于嵌入各类设备，能满足消费级机器人对小尺寸、高精度感 知的需求，为速腾聚创进一步巩固市场领先地位提供支撑。截至2025年第三季度，速腾聚创已为全球超 3200家机器人客户提供服务，覆盖工业、商业及消费级等多类场景。 在全栈自研芯片能力的支撑下，速腾聚创的数字化激光雷达产品矩阵正持续完善，为更多细分领域提供 高度匹配的感知方案。公司此前推出的SPAD-SoC芯片、二维可寻址VCSEL芯片等核心元器件已实现车 规级量产，为激光雷达的大规模普及奠定了坚实基础。从核心芯片到多元产品，速腾聚创正通过系统性 的技术进化，为下游产业的智能化升级提供坚实且高效的感知基石，持续推动感知技术在千行百业中创 造更大价值。 智通财经APP获悉，据RoboSense速腾聚创(02498)官方信息，公司将在2026年CES展会上，面向车载、 机器人及工业应用场景，集中展示其第二代全固态激光雷达E1 Gen2、全球首款3D安全激光雷达Safety Airy及超迷你激光雷达Airy Lite ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][6][72] Core Insights - The company aims to become a global leader in robotic technology platforms, leveraging its advancements in AI and laser radar technology [25][72] - The company has seen a significant increase in laser radar sales, with a 34% year-on-year growth in total sales volume for Q3 2025 [1][9] - The company has a robust order book, benefiting from the rapid development of Advanced Driver Assistance Systems (ADAS) and high-level autonomous driving [2][72] Financial Performance - In Q3 2025, the company reported revenue of 407 million yuan, a slight decrease of 0.2% year-on-year and a 10.6% decrease quarter-on-quarter [1][8] - The net profit for Q3 2025 was -101 million yuan, compared to -51 million yuan in Q2 2025 and -82 million yuan in Q3 2024 [1][8] - The gross margin for Q3 2025 improved by 6.5 percentage points year-on-year, reaching 23.9% [1][16] Product Development - The company has developed a unique digital laser radar matrix, including products like EM4, EMX, and E1, which have passed automotive standards certification [2][35] - The company launched the "Active Camera 2," a pioneering sensor system that integrates multiple technologies for enhanced robotic perception [3][54] - The company is actively expanding its product offerings in the robotics sector, focusing on components that enhance robotic capabilities [39][43] Market Position - The company has secured partnerships with over 90% of key players in the Robotaxi and Robotruck sectors, indicating strong market penetration [2][65] - The company has received orders from 32 automotive manufacturers for a total of 144 vehicle models, showcasing its competitive position in the market [58][60] - The company is positioned to benefit from the growing demand for digital laser radar in various applications, including autonomous vehicles and robotics [72][65]

Core Insights - SUTENG JUCHUANG Technology Co., Ltd. reported significant growth in laser radar sales and improved financial performance for the nine months ending September 30, 2025, highlighting a strong business momentum across multiple sectors [2][3] Sales Performance - In Q3 2025, total laser radar sales reached 185,600 units, a year-on-year increase of 34% and a quarter-on-quarter increase of 17.3%, marking two consecutive quarters of growth [2] - For the nine months ending September 30, 2025, total laser radar sales amounted to 452,400 units, up 18.5% year-on-year, with ADAS application sales at 370,600 units and robot-related sales at 81,800 units, reflecting growth rates of 1.3% and 408.1% respectively [2] Financial Performance - Total revenue for the first three quarters of 2025 was CNY 1.19 billion, a year-on-year increase of 4.8%, with gross profit reaching CNY 301 million, up 77% year-on-year [3] - Gross margin improved to 25.2%, an increase of 10.2 percentage points compared to the same period in 2024 [3] - Net loss for the first three quarters narrowed to CNY 249 million, a reduction of 29.1% from the previous year [3] Market Position in ADAS - The company has secured 144 mass production orders from 32 automotive manufacturers and suppliers, with 47 models already achieving SOP [4] - The EM digital laser radar platform launched in April 2025 has gained recognition, securing orders for 56 models from 13 automakers, including 36 models from a leading global EV manufacturer [4] Growth in Robotaxi and Robotics - The transition from mechanical to digital laser radar is becoming a trend, with the "EM4+E1" combination being adopted as the industry standard [4] - The company has established mass production partnerships with over 90% of leading L4 autonomous driving companies, including Didi and Baidu [4] Robotics Business Expansion - The robotics segment has seen explosive growth, serving over 3,400 global clients, with significant partnerships in the lawn mowing and urban delivery sectors [5] - The company achieved a milestone of producing its one-millionth automotive-grade solid-state laser radar, showcasing its scalable production capabilities [5] Strategic Focus for 2025 - 2025 is a pivotal year for the company as it transitions from laser radar to a robotics technology platform, with digital products entering large-scale delivery [6] - The company aims to achieve profitability in Q4 2025 and is focused on core areas such as chips, algorithms, and digital architecture to support its growth trajectory [6]

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].

Summary of the Conference Call for SUTENG JUCHUANG Company Overview - **Company**: SUTENG JUCHUANG - **Industry**: LiDAR technology and robotics Key Financial Performance - **Q2 2025 Revenue**: RMB 455 million, up 24.4% YoY and 38.9% QoQ [3] - **Total LiDAR Sales**: 158,200 units in Q2, up 28.6% YoY and 45.7% QoQ [3] - **Gross Margin**: Increased to 27.7%, marking the sixth consecutive quarter of growth [4] - **Net Loss**: Reduced by 63.6% YoY and 49.6% QoQ [4] Product Developments - **Launch of e Platform**: The first all-solid-state digital LiDAR platform, with the first product "Ivan" in mass production [2][5] - **EM Platform**: Long-range LiDAR platform expected to enter mass production in Q3 2025, with significant model adoption [2][5] - **Active Camera (AC)**: New product line aimed at enhancing robotic perception capabilities, with the second model "AC Two" set to launch in H2 2025 [3][12] Market Trends and Predictions - **LiDAR Technology Competition**: The core technology competition is shifting towards chip technology, indicating a future focus on chip development [2][6] - **Digital LiDAR Features**: Integration of chip transceiver systems and echo feature recognition into SPAD SoC chips to improve performance in adverse weather conditions [7] - **Growth in Non-Automotive Business**: Significant growth in non-automotive sectors, with partnerships established in industrial warehousing and autonomous delivery [10][11] Sales and Market Penetration - **Automotive Sector**: Achieved 1 million units of vehicle-mounted LiDAR delivered, with 133 models adopted globally [9] - **Robotaxi Market**: Strong demand for high-performance LiDAR in the robotaxi sector, with significant partnerships established [25][26] - **Sales in Robotics**: Revenue from robotics and other applications surged by 180.8% YoY, reaching RMB 220.7 million [15] Cost and Profitability - **Sales Cost**: Decreased by 7.7% YoY due to lower raw material costs [18] - **Gross Profit**: Increased by 106% YoY, with a gross margin of 25.9% [18] - **R&D and Marketing Expenses**: Slight decrease in R&D expenses by 1.5%, while marketing expenses remained stable [19][20] Strategic Insights - **Competitive Landscape**: EMX product is positioned as a leading solution in the L2 market, with significant performance and cost advantages over competitors [22][23] - **Future Outlook**: Anticipation of increased market share in the robotaxi segment and continued innovation in chip technology to maintain competitive edge [26][27] Conclusion SUTENG JUCHUANG is experiencing robust growth in both automotive and non-automotive sectors, driven by innovative product launches and strategic partnerships. The company is well-positioned to capitalize on the evolving LiDAR technology landscape and the increasing demand for advanced robotics solutions.

Core Viewpoint - The introduction of the new generation of high-line digital lidar technology, particularly the 520-line digital lidar from Suoteng Juchuang, is expected to enhance safety and performance in advanced driving assistance systems [2][4][6]. Group 1: Product Launch and Features - The new SUV "Zhi Ji LS6" from Zhi Ji is equipped with the Nvidia Thor chip for advanced driving assistance and features the 520-line "super laser radar" from Suoteng Juchuang, promising a smoother and safer driving experience [2]. - Suoteng Juchuang's 520-line digital lidar is currently in mass production and is recognized as the highest performance lidar product for production vehicles [4]. Group 2: Industry Recognition and Trends - The continuous adoption of the 520-line lidar by high-end models from SAIC Group and Geely Group indicates industry recognition and maturity of Suoteng Juchuang's digital lidar technology, setting a benchmark for the industry [6]. - The vertical resolution of the 520-line lidar has improved nearly threefold compared to previous generations, allowing for precise detection of small obstacles even in adverse weather conditions [6]. Group 3: Technological Advancements - Digital lidar technology processes photon information digitally, enhancing resolution, precision, and integration capabilities, which marks a significant advancement over traditional lidar systems [7]. - Suoteng Juchuang has developed the world's first SPAD-SOC chip, which is crucial for digital lidar technology, enabling the company to lead in the mass production of digital lidar products [7][8]. Group 4: Future Outlook - As automotive intelligence continues to evolve, the safety of advanced driving systems will become a primary focus for manufacturers, with lidar technology playing a critical role [8]. - The emergence of high-line digital lidar, represented by Suoteng Juchuang's 520-line lidar, is expected to usher in a new phase in the lidar industry, benefiting companies with chip development capabilities and early digitalization strategies [8].

Core Viewpoint - RoboSense (速腾聚创) is experiencing explosive growth in its robotics business, driven by high-margin products and strategic advancements in digital lidar technology, positioning itself as a leader in the global lidar market [2][5][9]. Financial Performance - In Q1 2025, RoboSense reported revenue of 328 million RMB, with ADAS lidar revenue at 229 million RMB and robotics lidar revenue at 73 million RMB, marking an 87% year-on-year increase [2]. - The company's gross margin improved by 11.2 percentage points to 23.5%, while net loss narrowed by 24.4% to 98.79 million RMB [5]. Market Position and Orders - As of March 2025, RoboSense secured over 100 mass production orders from 30 automotive manufacturers and suppliers, with 38 models achieving SOP for 12 clients [7]. - The company holds a leading position in the global automotive lidar market, with a 50% share of lidar-equipped models showcased at the Shanghai Auto Show [9]. Product Development and Innovation - RoboSense launched two new solid-state digital lidar products, E1R and Airy, designed specifically for robotics applications, enhancing reliability and coverage [13]. - The company has established partnerships with over 90% of core Robotaxi and Robotruck enterprises globally, with projected sales growth of 41% in the Robotaxi sector by 2026 [11]. Industry Trends and Future Outlook - The global market for robotic lawnmowers is expected to exceed $1.5 billion in 2024, with a compound annual growth rate of 21% projected through 2029 [17]. - RoboSense's self-developed SPAD-SoC chip technology significantly reduces costs by over 70%, solidifying its competitive edge in the lidar market [21][22].