RoboSense · Robotics Bottleneck Research

What it doesAutomotive and robotics LiDAR, plus in-house chips and perception algorithms.

在干什么车载与机器人激光雷达，加自研芯片与感知算法。

Name sheetRoboSense

Why it mattersSensor, chip and algorithm in one stack; robotics gross margin may run above automotive, which makes this the window onto LiDAR spilling out of automotive-grade into robotics.

为何重要传感器、芯片与算法一体化；机器人业务的毛利率可能高于汽车，是观察激光雷达由车规外溢至机器人的窗口。

Caveat

FY2025 top-five customer concentration was 59.7%, down from 83.4% in FY2024; the largest customer fell to 26.7% from 34.7%. The audited note identifies two customers above 10% of revenue but does not name them, so customer identities remain unknown.

Concentration improved but remains material, and the filing warns that customers retain significant bargaining power. FY2025 revenue was RMB 1,941m (+17.7%) with the net loss narrowed to RMB 145.0m from RMB 481.8m, gross margin 26.5% against 17.2%, a first-ever quarterly net profit of RMB 103.7m in Q4 2025, and robotics and other non-ADAS revenue up 257.7% to RMB 709.8m.

H1 2026 lidar sales were 719,200 units (+169.6%), of which robotics 282,600 (+510.4%) and ADAS 436,600 (+98.0%); Q1 2026 was the first quarter in which robotics units exceeded ADAS units, and the company says it serves more than 3,400 robotics clients. No confidence-score change is implied by the concentration update.

Return +10.8%.

风险提示

FY2025 前五大客户收入占比为 59.7%，低于 FY2024 的 83.4%；最大客户占比由 34.7% 降至 26.7%。经审计附注列出两家收入占比超过 10% 的客户，但未披露名称，因此客户身份仍属未知。

集中度有所改善但仍然较高，且年报警示客户仍有较强议价能力。FY2025 收入 19.41 亿元（+17.7%），净亏损从 4.818 亿元收窄至 1.450 亿元，毛利率 26.5%（上年 17.2%），2025 年 Q4 首次单季净利 1.037 亿元，机器人及其他非 ADAS 收入增长 257.7% 至 7.098 亿元。

2026 上半年激光雷达销量 719,200 台（+169.6%），其中机器人 282,600 台（+510.4%）、ADAS 436,600 台（+98.0%）；2026 年 Q1 是机器人台数首次超过 ADAS 的季度，公司称已服务超过 3,400 家机器人客户。本次集中度更新不自动触发置信分调整。

回报 +10.8%。

ProductAutomotive and robotics LiDAR, chips, and perception algorithms

Value accrualSensor plus chip/algorithm integration; robotics may support higher margins than automotive

Key riskFY2025 revenue RMB1.94bn and gross margin 26.5%, but net loss RMB145m; Q4 first quarterly profit. FY2025 top five customers were 59.7%, including 26.7% from the largest customer; monitor concentration, bargaining power, and ASP.

Bottlenecks瓶颈 P01 Multimodal sensing & calibration多模态传感与标定 · P03 Fusion & state estimation融合与状态估计

Class: public
Country: CN
HQ: Shenzhen, China
Layer: Sense / LiDAR
Systems: senses
Caveat stance: watch
Ticker: 2498
Exchange: HKEX
Purity: High / LiDAR pure play
Valuation tier: 2
Last verified: 2026-09-24
Confidence note: High
Sleeve: A
Sources: S-PUB-013
Translated fields: what_it_does_en · why_it_matters_en · caveat_en
Chain position: upstream

COMPANY RESEARCH公司研究 Commercial evidence商业证据 Expand +展开 + Collapse −收起 −

Commercial evidence shows how far a company has moved from a product claim to repeatable customer value. We look for a defined customer task, paid deployment, operating results, the human help required, and economics that can support repeat use. Missing information stays unassessed; it does not count as evidence against the company.商业证据用于判断一家公司从产品宣称走到了可重复客户价值的哪一步。我们关注明确的客户任务、付费部署、运行结果、所需人工协助，以及能否支持重复采用的经济性。缺失信息保持未评估，不会被当作对公司的负面证据。 Each item below applies only to the cited document and period. It should be read with its evidence class, review date, and stated limits.以下每项内容仅适用于所引文件与期间，阅读时应同时考虑证据类别、核查日期与已说明的局限。

Customer and task
客户与任务: Not yet assessed in this structured record.本结构化记录尚未评估。
Deployment and payment
部署与付款: Not yet assessed in this structured record.本结构化记录尚未评估。
Task results and human assistance
任务结果与人工协助: Not yet assessed in this structured record.本结构化记录尚未评估。
Cost and repeat purchases
成本与复购: Not yet assessed in this structured record.本结构化记录尚未评估。
What the evidence cannot establish
证据的局限: Not yet assessed in this structured record.本结构化记录尚未评估。

How to evaluate commercial evidence如何评估商业证据