格隆汇10月14日丨光莆股份(300632.SZ)在互动平台表示，目前，公司主要为激光雷达集成企业提供关 键核心光电子器件产品（光集成探测器件）。禾赛科技、速腾聚创属于公司客户。 ...

Core Insights - RoboSense has achieved AEC-Q102 automotive-grade reliability certification for its two core digital lidar chips, making it the only technology company globally to have self-developed chips for the entire lidar link that meet automotive standards [1] - The SPAD-SoC chip is the world's first integrated chip that combines SPAD receiving arrays with data processing SoC, meeting AEC-Q certification and ready for mass production [2] - RoboSense's E and EM platform digital lidar matrices have entered automotive-grade mass production, covering various applications such as Robotaxi, ADAS, and service robots [3] Group 1 - The AEC-Q certification involves rigorous testing under extreme conditions, ensuring long-term stability of the chips in harsh environments [1] - The digital architecture developed by RoboSense requires only two core chips to achieve the same functionality as traditional analog lidar, with performance capabilities exceeding those of analog systems by over ten times [1] - The SPAD-SoC chip features a high sampling rate of 44 billion samples per second, improving target recognition rates by 99% and enabling effective detection of low-reflectivity objects [2] Group 2 - The EM platform series has secured contracts with eight major manufacturers for 45 vehicle models, including a significant partnership with a leading global electric vehicle company for 32 models [3] - The integration of SPAD and SoC through 3D stacking technology allows for a 50% reduction in the size of the lidar system, enhancing its compactness and efficiency [2] - Current models equipped with RoboSense's EM platform include the Zeekr 9X and the IM LS6, which have been launched and delivered to the market [3]

Core Viewpoint - RoboSense has achieved a significant milestone by having its two core chips for digital lidar pass the AEC-Q102 automotive reliability certification, making it the only company globally to have self-developed chips for the entire digital lidar link that meet automotive standards [1][4] Group 1: Certification and Technology - RoboSense's self-developed SPAD-SoC and 2D VCSEL chips have successfully passed the AEC-Q certification, marking a breakthrough in the global certification of digital lidar core chips [1][4] - The AEC-Q certification involves rigorous testing under extreme conditions, ensuring the reliability of automotive electronic components [4] Group 2: Performance and Innovation - The digital architecture established by RoboSense requires only two core chips to achieve the same functionality as traditional analog lidar, which typically needs seven key components [6] - The SPAD-SoC chip integrates SPAD receiving arrays with data processing SoC, enhancing target recognition rates by 99% and achieving a high sampling rate of 440 billion samples per second [6] - The 2D VCSEL chip is the world's only mass-produced two-dimensional addressable VCSEL emitting chip, which significantly improves laser emission efficiency and energy utilization [8] Group 3: Proprietary Technologies - RoboSense's proprietary technologies include Crosstalk Immunity Encoding, PicoSecond Timing Technology, and Adaptive Fusion Algorithm, which enhance signal processing and measurement accuracy while reducing power consumption [10][11] Group 4: Market Applications and Partnerships - RoboSense's digital lidar platforms have entered mass production, covering applications in Robotaxi, ADAS, and service robots [11] - The EM platform has secured contracts with eight major manufacturers for 45 vehicle models, including a significant partnership with a leading new energy vehicle company [13][14] - The combination of EM4 and E1 products is becoming the preferred choice for L3 and L4 autonomous driving applications, with multiple contracts from top Robotaxi clients [14][16]

Core Insights - RoboSense has achieved AEC-Q102 automotive-grade reliability certification for its two core digital lidar chips, making it the only company globally to have self-developed chips for the entire lidar link that meet automotive standards [1][4] - The SPAD-SoC chip and 2D VCSEL chip represent a significant technological advancement in lidar, with the SPAD-SoC integrating reception and processing capabilities, and the 2D VCSEL chip utilizing a unique 2D addressable scanning technology [6][9] Group 1: Certification and Technology - The AEC-Q certification is a global standard for automotive electronics, established by the Automotive Electronics Council (AEC) to ensure product reliability through rigorous testing under extreme conditions [4] - The SPAD-SoC chip features a high sampling rate of 440 billion samples per second and a 99% effective target recognition rate, significantly enhancing signal collection and processing capabilities [6] - The 2D VCSEL chip achieves an energy utilization rate of up to 70%, reducing power consumption and improving heat dissipation [9] Group 2: Competitive Advantages - RoboSense's digital lidar technology offers advantages over traditional analog systems, including higher resolution, stronger anti-interference capabilities, and a reduction in system size by over 50% [6][13] - The company has developed three proprietary technologies that enhance the performance of its chips, including Crosstalk Immunity Encoding, PicoSecond Timing Technology, and Adaptive Fusion Algorithm, which collectively improve measurement accuracy and reduce blind spots [11][13] Group 3: Market Position and Applications - RoboSense's EM4 and E1 lidar products have been selected by multiple leading Robotaxi clients in North America and China, establishing a strong market presence [15] - The EM platform has secured 45 model designations from eight major automotive manufacturers, indicating robust demand for its lidar solutions across various driving assistance and autonomous driving applications [17]

此外，摩根士丹利将2025年内地汽车销售上调6%至2990万辆，意味按年升9%，因预期刺激政策到期前 将出现提前购车潮，以及近期多款新车型上市有望推动第四季批发销售。大摩将禾赛目标价上调至35美 元，予"增持"评级。(格隆汇) 禾赛(HSAI.US)盘前涨超7%，报23.62美元。消息面上，禾赛宣布，2025年度第100万台激光雷达已于9 月底正式生产下线。禾赛成为全球首个年产量突破百万台的激光雷达企业，将以"年百万级"超大规模量 产交付能力继续引领激光雷达行业标准。这一里程碑也标志着禾赛科技阶段性实现了其创业以来的首个 企业愿景，即"2025年让全球1%的车辆具备三维感知能力。" ...

Group 1 - Debon Logistics has launched a logistics line connecting China to six Middle Eastern countries, including the UAE and Saudi Arabia, with tailored customs and delivery solutions for various product categories [5][6] - Temu has partnered with e-commerce platform Base.com to enhance operational efficiency for cross-border sellers in markets like the UK and the US, offering streamlined order fulfillment and inventory management [5][6] - SHEIN plans to open its first physical stores in France in November, marking its first foray into brick-and-mortar retail after focusing primarily on online sales [6] Group 2 - TikTok is testing a self-operated e-commerce feature called "Trendy Beat" in the UK, aiming to sell products directly sourced by TikTok, enhancing its e-commerce strategy [6] - Xiaomi is accelerating its European expansion by opening flagship stores in Germany and Spain, with plans to sell electric vehicles by 2027 [7] - BYD has officially rolled out its 14 millionth new energy vehicle in Brazil, with the Brazilian president becoming a car owner, highlighting BYD's dominance in the Brazilian market [8] Group 3 - Hesai Technology has become the first company globally to produce over one million lidar units annually, maintaining a leading market share in the ADAS sector [8] - Natural堂 has completed a new financing round, raising 300 million RMB, with a valuation exceeding 7 billion RMB, and plans for an IPO in Hong Kong [9] - Anlan Power has secured angel funding to develop electric smart jet skis, targeting markets in North America, Europe, and emerging regions [9] Group 4 - Dap Bio has completed a Series B financing round to accelerate the global commercialization of its high-end life science instruments, focusing on drug discovery and synthetic biology [9] - Saudi Arabia will implement new freight regulations requiring advance declaration of cargo through the FASAH platform, effective October 29, 2025, to enhance logistics efficiency [11] - The trend of Chinese innovative drugs going global continues, with notable partnerships and licensing agreements, reflecting the global recognition of China's R&D capabilities [12]

公司动态 德邦快递开通中东6国物流专线 10月9日消息，德邦快递打造中国至阿联酋、沙特、科威特、卡塔尔、巴林、阿曼等6国的空海运物流专线，以迪拜为货运中枢，通过21条运输线路实现货物 直达中东各地。德邦针对不同品类的产品定制通关与派送方案，从太阳镜、美妆品，到机械设备、新能源电池寄递，都有成熟的操作流程。对于跨境电商客 户，还有专门的"VIP通道"，支持亚马逊、Noon 等平台，免费预约送舱、换标签、打包，就像把中国仓库直接"搬"到中东。（中国邮政快递报） Temu 与电商服务平台 Base 达成合作 10月10日消息，TEMU 与电商服务平台 Base.com 达成全新合作，旨在帮助跨境卖家提升运营效率，覆盖英国、美国等多个市场，以简化欧洲和美洲卖家的 订单履行。此次合作提供三大核心支持：加速产品上架与订单处理、简化库存与定价管理流程、实现多渠道无缝整合，使卖家能够将 TEMU 纳入现有销售 矩阵。集成后，卖家可以直接在 Base.com 面板内管理 TEMU 的商品信息、库存和配送。通过集中化工作流程，卖家将能实现流程自动化，减少手动任务， 并加快订单周转速度。（亿恩网） TikTok 英国测试"Tren ...

近期，禾赛科技宣布，2025 年度第100万台激光雷达已于9月底正式生产下线，成为全球首个年产量突 破百万台的激光雷达企业。此外，截至2025年Q2，禾赛科技在 ADAS 和机器人领域的累计交付量已超 过137万台；2025年全年规划年产能超200万台，预计年交付量120万至150万台。 ...

Core Viewpoint - Xinteng Juchuang (02498) maintains a "Buy" rating with a target price of HKD 48.50 per share, adjusting financial forecasts for FY2025 downwards while increasing expectations for FY2026 and FY2027, driven by significant contributions from robotic application lidar [1] Group 1: Financial Performance - In the first half of FY2025, Xinteng Juchuang recorded revenue of RMB 780 million, a year-on-year increase of 7.7%, primarily from robotic application lidar sales, which surged by 184.8% [1] - The group's gross margin improved to 25.9%, reflecting economies of scale and continuous improvements from proprietary technology [1] Group 2: Market Dynamics - Sales of ADAS lidar in the first half of FY2025 decreased by 18.8% year-on-year, with shipments dropping to 220,500 units due to reduced orders from two major clients [2] - The introduction of cost-effective EMX and digital lidar EM4, compliant with L3/L4 standards, is expected to strengthen the group's position in the digital lidar market [2] Group 3: Growth Drivers - In the first half of FY2025, Xinteng Juchuang delivered 46,300 units of robotic application lidar, a nearly sixfold increase year-on-year, driven by strong demand in the lawnmower robot market [3] - The group has secured a significant order for approximately 1.2 million automotive-grade solid-state lidar units, laying a solid foundation for future revenue growth [3]

智通财经APP获悉，西牛证券发布研报称，重申速腾聚创(02498)"买入"评级，目标价为每股48.50港 元。调整财务预测，将2025财年的估算下调，但对2026财年和2027财年的预期则进行了上调，预计机器 人应用激光雷达的贡献将更为显著，为集团在2026财年带来盈利。公司应用于ADAS激光雷达的销售预 计在今年可能持续疲弱，因此该行将销售预测下调至约60万台。然而，随着EM系列产品的推出，明年 有望出现强劲反弹。此外，受益于大规模订单的推动，预计第四季度应用于机器人激光雷达的销售将显 著增长。 西牛证券主要观点如下： 速腾聚创于2025年上半年录得收入7.8亿元人民币，同比增长7.7% 增长主要来自于应用于机器人激光雷达的销售，该业务收入同比激增184.8%。集团毛利率进一步提升 至25.9%，反映规模经济效益及自主技术推进带来的持续改善。 第四季度具有更大的市场潜力 2025年上半年应用于ADAS激光雷达的销售同比减少18.8%，出货量降至220,500台。主要由于两名主要 客户的订单减少，其中一家采用战略一级供应商开发的激光雷达产品，另一家则退出激光雷达应用。随 着高性价比的EMX及符合L3/L4标准 ...