高域科技是由广汽集团全力支持的低空出行科技生态企业，具有"关键核心技术自研 + 成熟运维平台 + 汽车产业链生态链"的核心优势，目前已研发出GOVY AirCab、GOVY AirCar和GOVY AirJet 多款构 型。其中GOVY AirCab精准适配城市接驳、文旅观光等应用场景。该产品搭载L4级自动驾驶系统，融 合EM4高稠密数字化激光雷达及双异构视觉相机，结合500 TOPS高算力芯片，可以精准识别200米外小 型无人机和飞鸟入侵，以及150米外的高压线，实时感知目标三维动向，预判轨迹并快速规划避障路 线。目前GOVY AirCab第3000架次试验试飞已完成，适航审定进入"深水区"，即将进入量产落地阶段。 智通财经APP获悉，2025年12月3日，RoboSense速腾聚创(02498)与广东高域科技有限公司(简称"高域") 宣布达成定点合作。RoboSense超500线数字化激光雷达EM4将作为核心感知部件，搭载于高域多旋翼产 品GOVY AirCab，以卓越感知性能与可靠性，为飞行汽车的智能化升级提供坚实支撑。 此次合作，不仅标志着RoboSense车规级数字化激光雷达技术应用成功拓展至低空飞 ...

此次合作，不仅标志着RoboSense车规级数字化激光雷达技术应用成功拓展至低空飞行领域，由此EM4 成为国内首款进入航空级应用的数字化激光雷达，同时也为低空飞行产品的示范运行与商业化落地创造 良好开端。 RoboSense CEO邱纯潮表示："当前，中国低空产业的技术创新与商业化应用迎来历史性机遇。高域在 低空飞行领域拥有领先技术实力，为行业的蓬勃发展注入强大成长动能。RoboSense将以领先一代的数 字化激光雷达技术，为高域飞行产品实现L4级自动驾驶提供强有力的感知支撑，共同推进低空出行技 术的成熟与生态繁荣。" 高域创始人、董事长苏庆鹏博士表示："'十五五'规划下，低空经济成为国家战略级新兴产业和新质生 产力的典型代表。高域依托深厚的整车研发、制造底蕴与供应链管理能力，肩负着构建一键式、放心的 智慧低空出行生态的使命。RoboSense车规级数字化激光雷达在性能与可靠性上的突出表现，将助力高 域率先实现示范运行与量产落地，合力构建陆空立体出行新生态。" 2025年12月3日，RoboSense速腾聚创(02498)与广东高域科技有限公司(简称"高域")宣布达成定点合作。 RoboSense超500线数 ...

Group 1 - Shanghai Buchou Quantum Technology Co., Ltd. completed angel round financing of several tens of millions of RMB, led by Zhongke Chuangxing, with funds aimed at building low-noise ultra-clean rooms and accelerating quantum computing core technology development and industrialization [1][1] - Wuhan Wanjie Technology Co., Ltd. plans to introduce strategic investors, raising 55 million RMB to enhance its laser radar business layout and market competitiveness [2][2] - Chip manufacturer Xinsaiwei joined the Shenzhen Camera Industry Association (SCIA), marking its commitment to building a domestic visual ecosystem and collaborating with industry partners [2][2] Group 2 - Anke Innovation Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with sponsorship from CICC, Goldman Sachs, and JPMorgan, indicating its expansion into the capital market [2][2] - AI startup Anthropic is preparing for a potential IPO as early as 2026, with a valuation possibly exceeding 300 billion USD, having engaged Wilson Sonsini law firm for the process [2][2]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The development of intelligent driving is an inevitable trend supported by national strategies and policies, leading to multi-dimensional improvements in society and industry [2] - Tesla and Huawei are leading the breakthrough in L4 autonomous driving with their end-to-end algorithms, significantly enhancing performance and capabilities [2] - The Robotaxi global market is projected to reach nearly 10 trillion, with ongoing commercialization efforts [2] Summary by Sections 01 Intelligent Driving Regulations: Gradual Policy Implementation - Domestic and international policies are progressively supporting the automation of driving applications, with various local governments exploring intelligent driving scenarios [6][7] 02 High-End Intelligent Driving: Tesla and Huawei's End-to-End Technology - Tesla's FSD V12 and Huawei's ADS 3.0 are leading advancements in L4 capabilities, with significant improvements in algorithm performance and urban coverage [2][20] 03 Intelligent Driving Equality: 2025 Penetration Rate Inflection Point - The penetration rates for highway NOA are expected to grow from 11.3% in 2024 to 39.0% in 2025, while urban NOA is projected to increase from 6.1% to 9.6% [41] - The high-end intelligent driving market is anticipated to reach 23,866 billion by 2025, doubling from 2024 due to increased penetration and market expansion [41] 04 Industry Chain and Component Manufacturer Analysis - BYD's "Tian Shen Zhi Yan" system is set to penetrate the mid-range market, with plans to offer intelligent driving features in vehicles priced below 100,000 [25][29] 05 Robotaxi: The Best Commercialization Scenario for Intelligent Driving - Companies like Waymo and Apollo are leading in the Robotaxi sector, with PONY AI achieving operational cost balance and WeRide aiming for a fleet of 100,000 by 2030 [2]

3Q25 收入环比下降10.6%，预计4Q25 实现扭亏为盈。 EM 系列产品获得多款车型定点，Robotaxi 对雷达需求的潜力巨大。 重申"买入"评级，最新目标价为41.40 港元。 机构：华兴证券 研究员：王一鸣 4Q25 有望实现盈利，预计明年销量放量增长 3Q25 收入环比下降，预计4Q25 实现扭亏：根据速腾聚创3Q25 季报，当期收入为4.07亿元（同比持平/ 环比 -10.6%），ADAS 和机器人分别贡献2.45 亿元（同比 -25.7%/ 环比-9.8%）和1.42 亿元（同比 +157.8%/环比 -3.3%）；激光雷达总销量为18.6 万颗（同比+34.0%/环比 +17.3%），用于ADAS 和机器 人的分别为15.0 万颗（同比 +14.3%/环比+21.2%）和3.6 万颗（同比 +393.1%/环比 +3.2%）。本季度收 入下滑的主要原因是ADAS雷达单价下降至~1,600 元（二季度为~2,200 元）。当期综合毛利率为23.9% （同比+6.4ppts/ 环比 -3.8ppts），三费总额为2.63 亿元（同比 +44.8%/ 环比 +14.0%）。综合而言，调整 后（N ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$41.40, representing a potential upside of 27% from the current price of HK$32.58 [1][7][10]. Core Insights - The company is expected to achieve profitability in Q4 2025, with significant sales growth anticipated in the following year. The revenue for Q3 2025 was reported at RMB 407 million, with a decline of 10.6% quarter-on-quarter [5][8]. - The EM platform has gained market recognition, and the potential for Robotaxi is substantial, with expectations of increased demand for lidar units [6][10]. - The report projects a significant increase in radar sales, with estimates of 2.3 million units in 2026 and 3.1 million units in 2027, driven by the growth in the robotics sector [7][9]. Financial Summary - Revenue projections for the company are as follows: RMB 2,204 million in 2025, RMB 3,126 million in 2026, and RMB 4,038 million in 2027, reflecting a year-on-year growth of 33.6% in 2025 and 41.8% in 2026 [8][9]. - The adjusted net profit is expected to improve significantly, with estimates of RMB -83 million in 2025, RMB 230 million in 2026, and RMB 533 million in 2027 [9][10]. - The company anticipates a gross margin of 27.3% in 2025, increasing to 30.2% in 2026 and 31.2% in 2027 [9][10].

Core Viewpoint - Wanji Technology (300552.SZ) is accelerating its laser radar business development by introducing new investors through capital increase and share expansion in its wholly-owned subsidiary, Wuhan Wanji Optoelectronic Technology Co., Ltd [1] Group 1: Investment Details - Wuhan Wanji plans to raise capital by introducing three investment partners: Hainan Zhunkang Venture Capital Center (Limited Partnership), Hainan Zhaozhun Investment Partnership (Limited Partnership), and Hainan Zhunwei Investment Partnership (Limited Partnership) [1] - Hainan Zhunkang will invest RMB 20 million to subscribe for an additional registered capital of RMB 4 million [1] - Hainan Zhaozhun will also invest RMB 20 million for an additional registered capital of RMB 4 million, while Hainan Zhunwei will invest RMB 15 million for an additional registered capital of RMB 3 million [1] Group 2: Capital Structure Changes - The total capital increase will result in Wuhan Wanji's registered capital rising from RMB 60 million to RMB 71 million [1] - Following the capital increase, the company's ownership in Wuhan Wanji will decrease from 100% to 84.51%, making Wuhan Wanji a subsidiary of the company [1] - The excess amount from the capital increase will be allocated to the capital reserve [1]

格隆汇12月2日｜万集科技公告，为加快推进激光雷达业务板块产业布局，提升市场竞争力，公司全资 子公司武汉万集光电技术有限公司拟通过增资扩股方式引入海南准合创业投资中心、海南朝准投资合伙 企业、海南准维投资合伙企业。本次增资完成后，武汉万集注册资本将由6000万元增加至7100万元，公 司持有武汉万集的股份比例将由100%下降至84.51%，武汉万集成为公司控股子公司，公司合并报表范 围未发生变更。本次交易构成关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资产重 组情形。 ...

Core Viewpoint - The legal dispute between Suoteng Juchuang and Lingming Guangzi over alleged infringement of self-developed SPAD chip technology has garnered significant industry attention, with Suoteng seeking legal recourse to protect its technological achievements and market position [1]. Group 1: Company Overview - Suoteng Juchuang specializes in digital lidar technology, focusing on the development of digital lidar that utilizes single-photon avalanche diode (SPAD) technology, allowing each detection pixel to independently receive single photons and generate digital pulse signals [1]. - The company achieved a breakthrough in 2022 by integrating lidar reception and signal processing into a single chip, becoming the first in the industry to mass-produce self-developed SPAD-SoC technology [2]. - Lingming Guangzi, founded in May 2018 by several PhD graduates from Stanford and Delft University of Technology, has over 100 employees, with more than 80% in R&D, and is recognized as a national-level specialized and innovative "little giant" enterprise by the Ministry of Industry and Information Technology [2]. Group 2: Industry Context - The digital lidar produced by Suoteng Juchuang is characterized by its solid-state electronic scanning, which eliminates most macro-moving parts, making the system more compact and durable, thus meeting significant demand in scenarios such as blind spot detection [1].

Core Viewpoint - The legal dispute between Suoteng Juchuang and Lingming Guangzi over alleged infringement of proprietary SPAD chip technology has garnered significant industry attention, with Suoteng Juchuang seeking legal recourse to protect its technological advancements and market position [1]. Company Overview - Suoteng Juchuang specializes in digital lidar technology, particularly focusing on SPAD (Single-Photon Avalanche Diode) chips, which allow each detection pixel to independently receive single photons and generate digital pulse signals [1]. - The company achieved a breakthrough in 2022 by integrating lidar reception and signal processing into a single chip, becoming the first in the industry to mass-produce self-developed SPAD-SoC technology [2]. - Lingming Guangzi, founded in May 2018 by several PhD graduates from Stanford and Delft University of Technology, also offers SPAD-related products and has a strong focus on SPAD technology with over 80% of its workforce in R&D [2]. Industry Context - The digital lidar produced by Suoteng Juchuang is crucial in the current smart driving hardware landscape, as it eliminates most macro-moving parts through solid-state electronic scanning, making systems more compact and durable [1]. - The demand for such technology is significant in scenarios requiring blind spot detection and other advanced driving features [1].