Core Viewpoint - Recent significant shareholding increases by Vanguard and BlackRock in SUTENG demonstrate confidence in the potential of China's intelligent driving and robotics industry, highlighting SUTENG's core competitiveness in digital lidar technology and its commercial applications [2][8]. Shareholding Changes - Vanguard increased its stake in SUTENG by 14.0378 million shares, reaching a holding ratio of 2.97%, becoming the fourth-largest shareholder [3]. - BlackRock has continuously increased its holdings over four quarters, now owning 4.2657 million shares, making it the sixth-largest shareholder [3]. Industry Trends - Digital lidar is emerging as the future direction in intelligent perception, with SUTENG leading this technological transformation through chip-based architecture that enhances performance, cost, and reliability [4]. - SUTENG has achieved full-chain self-research in lidar technology, receiving AEC-Q100 automotive-grade certification, and has delivered 1 million vehicle-mounted lidar units, becoming the first company to reach this milestone globally [4]. Robotaxi Market - SUTENG's unique technological barriers are validated by its success in the Robotaxi market, where it has partnered with over 90% of L4 autonomous driving companies [5]. - The company’s solid-state digital lidar E1 and EM4 are preferred configurations for leading Robotaxi firms, with plans for mass production by the end of 2025 [5]. Robotics Sector - SUTENG is evolving from a lidar hardware supplier to a comprehensive robotics perception solution provider, launching the Active Camera series to meet the growing demand for high-precision, multi-modal perception in robotics [6]. - The company has established partnerships with over 3,200 clients in various verticals, achieving a significant increase in lidar sales for robotics, with a year-on-year growth of 631.9% [7]. Financial Outlook - Long-term investments from Vanguard and BlackRock reflect confidence in SUTENG's growth trajectory, with projections indicating substantial increases in revenue from both automotive and robotics sectors [7]. - Forecasts suggest SUTENG's revenue will reach 2.5 billion yuan, 3.42 billion yuan, and 4.58 billion yuan in 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 51%, 37%, and 34% [7]. Market Growth Potential - As digital lidar penetration in automotive intelligence increases and the robotics industry commercializes, SUTENG is positioned to benefit from rapid growth in both markets, supported by long-term capital investments [8].

Core Viewpoint - Recent significant shareholding increases by Vanguard and BlackRock in SUTENG demonstrate confidence in the potential of China's smart driving and robotics industry, highlighting SUTENG's core competitiveness in digital lidar technology and its commercial applications [2][8]. Shareholding Changes - Vanguard increased its stake in SUTENG by 14.0378 million shares, reaching a holding ratio of 2.97%, becoming the fourth largest shareholder [3]. - BlackRock has continuously increased its holdings over four quarters, now owning 4.2657 million shares, making it the sixth largest shareholder [3]. Industry Trends - Digital lidar is emerging as the future direction in intelligent perception, with SUTENG leading this technological transformation globally [4]. - SUTENG has achieved full-chain self-research in lidar technology, receiving AEC-Q100 automotive-grade certification, and has delivered 1 million vehicle lidar units, becoming the first company to reach this milestone [4]. Robotaxi Market - SUTENG's unique technological barriers are validated by breakthroughs in the Robotaxi market, with partnerships established with over 90% of L4 autonomous driving companies [5]. - The company’s E1 and EM4 lidar systems are preferred configurations for leading Robotaxi firms, with plans for mass production by the end of 2025 [5]. Robotics Sector - SUTENG is evolving from a lidar hardware supplier to a comprehensive robotics perception solution provider, launching the AC2 sensor system with advanced capabilities [6]. - The company has established partnerships with over 3,200 clients in various verticals, achieving significant sales growth in the robotics sector [7]. Financial Outlook - Vanguard and BlackRock's long-term investments reflect confidence in SUTENG's growth trajectory, with projections indicating substantial increases in revenue from both automotive and robotics sectors [7]. - Forecasts suggest SUTENG's revenues will reach 2.5 billion, 3.42 billion, and 4.58 billion yuan from 2025 to 2027, representing year-on-year growth rates of 51%, 37%, and 34% respectively [7]. Market Growth Potential - As digital lidar penetration in automotive intelligence increases and the robotics industry commercializes, SUTENG is positioned to benefit from rapid growth in both markets [8].