Financial Data and Key Metrics Changes - In Q3 2025, the company achieved a net revenue of RMB 795 million (approximately $112 million), representing a 47% year-over-year increase [15] - The total shipments reached 441,398 units, up 229% year-over-year [15] - The company reported a record quarterly GAAP net income of RMB 256 million (approximately $36 million), bringing the nine-month total to RMB 283 million (approximately $40 million) [17] - The gross margin remained healthy at 42%, driven by economies of scale and manufacturing productivity [16] Business Line Data and Key Metrics Changes - The ADAS market saw significant progress, with LiDAR becoming a standard feature in vehicles, achieving 100% adoption from top ADAS customers for their 2026 models [6] - The robotics business is also growing, with shipments of robotics LiDAR increasing 14-fold year-over-year [15] - The company expects to ship approximately 600,000 units in Q4 2025, with the ATX LiDAR accounting for roughly 80% of total deliveries [23] Market Data and Key Metrics Changes - The company captured a 46% market share in the long-range automotive LiDAR market as of August 2025, significantly outpacing competitors [4] - Regulatory developments in China, such as the introduction of conditional approval for L3 vehicle production, are expected to drive demand for higher-level autonomous driving systems [7] Company Strategy and Development Direction - The company aims to evolve into a full-spectrum technology infrastructure builder, focusing on redefining how vehicles and robots perceive and interact with the world [12] - The strategy includes leveraging AI across operations to enhance efficiency and reduce costs, with a target of RMB 100 million in operating expense savings by 2025 [17] - The company is exploring new growth engines beyond LiDAR, including advanced sensing technologies and AI capabilities [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the LiDAR market, anticipating strong demand for ADAS LiDAR in passenger vehicles, with shipments expected to reach 2-3 million units in 2026 [24] - The company raised its full-year GAAP net income guidance for 2025 to a range of RMB 350 million to RMB 450 million [17] - Management highlighted the importance of safety redundancy in higher-level autonomous driving systems, emphasizing the irreplaceable value of LiDAR technology [41] Other Important Information - The company successfully completed its dual primary listing on the Hong Kong Stock Exchange, raising $614 million, marking a significant milestone in its growth trajectory [12][14] - The company has signed new supply agreements with leading global autonomous driving companies, indicating strong international expansion [11][66] Q&A Session Summary Question: Pricing strategy and volume expectations for next year - Management indicated that Q4 revenues are expected to reach RMB 1.0-1.2 billion, driven by the rapid adoption of LiDAR in passenger vehicles [22] - The ATX LiDAR is expected to account for a significant portion of Q4 deliveries, with a market price around $200 [23] Question: Competition and technology advancements - Management acknowledged strong competition but emphasized the company's structured timeline for product releases and the superior performance of its products [31][32] - The company is exploring SPAD technology for LiDAR, focusing on addressing challenges related to noise and false triggering [35][36] Question: Level 3 legislation and product improvements - Management expressed optimism about the regulatory environment in China and Europe, noting strong customer demand for L3 applications [41][43] - The number of LiDAR units per vehicle is expected to increase significantly as L3 adoption accelerates [42] Question: Robotics business growth and shipment expectations - The robotics segment is expected to see significant growth, with shipments anticipated to double in 2026 compared to 2025 [58] - The company holds a dominant market share in the robotaxi segment, supplying major players in the industry [55] Question: Key customers and demand scale for ADAS products - Management identified key OEMs such as BYD, Li Auto, and Xiaomi as major customers for ADAS products, with strong momentum in LiDAR adoption [62]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a net revenue increase of nearly 50% year-over-year, reaching RMB 795 million (approximately $112 million) [4][15] - The company achieved a record quarterly GAAP net income of RMB 256 million (approximately $36 million), bringing the nine-month total to RMB 283 million (approximately $40 million) [5][17] - Total shipments reached 441,398 units, up 229% year-over-year, marking the sixth consecutive quarter of robust year-over-year growth [15] - The gross margin remained healthy at 42%, driven by economies of scale and manufacturing productivity [16] Business Line Data and Key Metrics Changes - The ADAS market is seeing rapid adoption of LiDAR as a standard feature, with 100% LiDAR adoption from top two ADAS customers for their 2026 models [6] - The robotics business is becoming a significant growth driver, with a 14-fold year-over-year rise in robotics LiDAR shipments [15] - The company expects to ship approximately 600,000 units in Q4 2025, with the ATX LiDAR accounting for roughly 80% of total deliveries [22] Market Data and Key Metrics Changes - The company captured a 46% share of the long-range automotive LiDAR market in August 2025, leading the market for seven consecutive months [4] - Regulatory developments in China, such as the introduction of conditional approval for L3 vehicle production, are paving the way for higher-level autonomous driving [6][7] Company Strategy and Development Direction - The company aims to evolve into a full-spectrum technology infrastructure builder, redefining how cars and robots perceive and interact with the world [11] - The successful dual primary listing on the Hong Kong Stock Exchange strengthens the company's financial foundation, enabling further investment in innovation and market opportunities [13][11] - The company is exploring new growth engines beyond LiDAR, including advanced sensing technologies and AI capabilities [70][74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for ADAS LiDAR in passenger vehicles, anticipating shipments to reach at least 2-3 million units in 2026 [24] - The company raised its full-year GAAP net income guidance for 2025 to a range of RMB 350 million to RMB 450 million [17][24] - Management highlighted the importance of safety redundancy in higher-level autonomous driving systems, emphasizing the irreplaceable value of LiDAR technology [40] Other Important Information - The company successfully completed its dual primary listing on the Hong Kong Stock Exchange, raising $614 million, marking the largest IPO in the global LiDAR sector [11][13] - The company is witnessing a significant shift in the automotive industry towards multi-LiDAR setups, with expectations of three to six LiDARs per L3 vehicle [8][41] Q&A Session Summary Question: Pricing strategy and volume expectations for next year - Management indicated that Q4 revenues are expected to reach RMB 1.0-1.2 billion, driven by rapid adoption of LiDAR in passenger vehicles [22] - The ATX LiDAR is expected to account for a significant portion of deliveries, with a market price around $200 [23] Question: Competition and technology updates - Management acknowledged strong competition but emphasized the company's structured timeline for product releases and the superior performance of its products [30][32] - The company is exploring SPAD technology for LiDAR, addressing challenges related to noise and false triggering [34][36] Question: L3 legislation and product improvements - Management noted that regulatory developments in China are accelerating the adoption of L3 vehicles, with significant demand for additional LiDAR units per vehicle [40][41] Question: Major customers and demand scale - Key OEMs expected to be top ADAS customers include Li Auto, Xiaomi, BYD, and others, with strong momentum in intelligent driving [61][62] Question: Overseas expansion and potential customers - The company is strengthening its international presence, securing deals with leading global autonomous driving companies and major JVs [64][66]