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].

Core Viewpoint - The significant increase in institutional holdings of SUTENG JUCHUANG (02498.HK) by major investment firms reflects strong confidence in the company's long-term growth potential and its leading position in the robotics and smart automotive industry [1][2]. Institutional Holdings - Vanguard, one of the largest public funds globally, made a substantial entry into SUTENG JUCHUANG by acquiring 14.0378 million shares, amounting to approximately 500 million HKD, which represents 2.97% of the company's total share capital [1]. - BlackRock continued to increase its stake by purchasing 588,500 shares for 20.9506 million HKD, bringing its total holdings to 4.2657 million shares, indicating sustained optimism about the company's future growth [1][2]. - State Street also followed suit by increasing its holdings by 293,700 shares, investing around 10.4557 million HKD [2]. Technological Advancements - SUTENG JUCHUANG is recognized for its continuous breakthroughs in technology research and commercialization, particularly in digital laser radar technology, which has positioned the company favorably within the automotive industry's shift towards intelligent driving [2]. - The company's EM platform has secured contracts with eight major manufacturers for 45 vehicle models, including 32 models from a leading global new energy vehicle company, with total designated vehicle models exceeding 133, covering key markets such as Japan, North America, and Europe [2]. Market Position and Product Development - The company has delivered over 1 million units of laser radar, with its products being integrated into the globally unique mass-produced 520-line laser radar featured in models like the Zhiji LS9, Zhiji LS6, and Geely Zeekr 9X [2]. - As the global automotive industry accelerates towards intelligent driving, laser radar is becoming a core sensor for ensuring driving safety, indicating a broad market outlook for SUTENG JUCHUANG [2]. Expansion into Robotics - SUTENG JUCHUANG is actively expanding into the burgeoning field of embodied robotics, launching the "Robot Eye" Active Camera series based on its self-developed digital SPAD-SoC chip and AI technology [3]. - The company aims to upgrade itself into a core technology platform provider for the entire embodied intelligence era [3].