Investment Value Analysis of RoboSense (02498.HK): Evaluation of Converting Technological Leading Advantages into Commercial Value

Now, based on the collected data, I will provide you with a systematic and comprehensive analysis report:

---

---

RoboSense (stock code: 02498.HK) is an AI-driven robotics technology company. Its strategic positioning is to “become a world-leading robotics technology platform”, and its mission is “Safer world, Smarter life”[1]. Having deepened its presence in the lidar field for many years, the company has actively expanded into embodied intelligence and robotics in recent years, forming a three-in-one business layout of “lidar hardware + AI perception software + robotics solutions”[2].

From the perspective of business structure, the company mainly covers three segments: (1) Sales of lidar hardware products applied to ADAS, robotics, and other non-automotive industries (such as cleaning, logistics, industry, public services, and inspection, etc.); (2) Sales of lidar perception solutions integrating lidar hardware and AI perception software; (3) Provision of technology development and other services[3]. This diversified business layout provides the company with strong risk resistance and growth flexibility.

---

RoboSense’s technological moat is built on its full-stack self-developed chip capability. The company has achieved automotive-grade mass production of SPAD-SoC chips and 2D addressable VCSEL chips[4]. The independent control of these core components provides the company with three major competitive advantages:

: Through integrated chip design, the cost of lidar continues to decline. According to industry data, price deflation is coming to an end, but the first-mover advantage keeps the company competitive in cost control[5].

: Self-developed chips support the coordinated breakthroughs of high line count, small size, and low power consumption for products. Taking E1 Gen2 as an example, as the second-generation all-solid-state lidar, its size is 25% smaller than the previous generation, with comprehensive performance improvements[6].

: In the current complex international environment, independent control of chips reduces supply chain risks and enhances customer trust.

The company has built a “three-track parallel” product matrix that flexibly responds to diverse markets, covering full-scenario needs from consumer-grade robotics to intelligent driving[7]. At CES 2026, the core products exhibited by the company include:

Product Name	Positioning	Core Features
E1 Gen2	2nd-Generation All-Solid-State Lidar	25% smaller size, suitable for robotics perception and autonomous driving blind spot supplement
Safety Airy	World’s First 3D Safety Lidar	Targets safety-critical scenarios
Airy Lite	Ultra-Miniature Digital Lidar	Extreme miniaturization design
EM4/EMX	Automotive Digital Lidar	For high-level intelligent driving applications

The AI robot “Delivery Guy” exhibited at CES 2026 is a concentrated embodiment of the company’s technological strength[8]. Without manual intervention, this robot can independently complete nearly 20 complex operation steps such as gift packaging, shelving, transportation, unpacking, delivery, and box recycling, achieving a closed-loop long-range task. This achievement demonstrates the company’s technological accumulation in the following aspects:

• Multi-Modal Perception Fusion
  : Collaborative perception capability of lidar + vision + touch
• Autonomous Decision-Making and Planning
  : AI-driven task planning and execution capability
• Precision Motion Control
  : Deep integration with actuators such as dexterous hands

---

According to the 2025 Global Automotive Lidar Market Report released by Yole Group, RoboSense has won three “global firsts” in the global automotive lidar market[9]:

1. No. 1 in Passenger Vehicle Lidar Market Share in 2024
   : Holds a 26% share of the global passenger vehicle lidar market[10]
2. Annual “Sales Champion” of ADAS Lidar
   : Leading in ADAS lidar shipments in 2024
3. Champion of Cumulative ADAS Sales from 2018 to 2024
   : Cumulative shipments exceed competitors such as Hesai Technology

From the perspective of the global competitive landscape, Chinese manufacturers have occupied a dominant position in the global automotive lidar market, accounting for approximately 88% of the total share[11]. Among them, Hesai Technology and RoboSense each account for about 29% of the share, forming a duopoly pattern. It is worth noting that Hesai Technology’s market share has risen to 46% in 2024[12], indicating that industry competition is still intensifying.

RoboSense has reached cooperation with 30 global automakers in total, with over 100 designated models[13]. Recent important cooperations include:

• FAW Toyota
  : Secured a new pre-installed mass production designation for a well-known best-selling model of FAW Toyota in December 2025, with a cumulative order volume of nearly 1 million units over five years[14]
• Geely Auto
  : Jointly showcased the flagship SUV Lynk & Co 900, intuitively demonstrating the application potential of high-level intelligent driving[15]
• Segway Navimow
  : A leading lawn robotics manufacturer, integrated with the Navimow i2 LiDAR lawn mower equipped with digital all-solid-state lidar[16]
• Neolix
  : L4-level unmanned logistics vehicles have achieved large-scale mass production and delivery
• Coco Robotics
  : Unmanned delivery vehicles are widely deployed in North America

The company is the first enterprise in the world to achieve the roll-off of 1 million lidar units[17]. It has four manufacturing bases in Shenzhen, Dongguan, Shanwei and other places, with a total area of approximately 80,000 square meters and an automation rate of 95%[18]. The company also has a CNAS-certified laboratory, providing testing and failure analysis services in aspects such as product performance, environmental conditions, mechanics, EMC and electrical performance. These capabilities provide a solid guarantee for the company’s large-scale delivery.

---

According to public data, RoboSense achieved a revenue of approximately RMB 1.65 billion in 2024, a year-on-year increase of 47.2%[19]. This growth is mainly driven by the following factors:

• ADAS Products
  : Sales volume in the second quarter was 123,800 units, a year-on-year increase of 4.6%, which is the company’s basic business
• Robotics and Other Businesses
  : Sales volume in the second quarter was 34,400 units, a significant year-on-year increase of 631.9% and a quarter-on-quarter increase of 189.1%, becoming a new growth engine[20]

The company’s total lidar sales volume was approximately 544,000 units, a year-on-year increase of 109.6%[21], indicating strong sustained market demand.

In terms of gross profit margin, the company’s overall gross profit margin was approximately 17.2% in 2024, an increase of 8.8 percentage points year-on-year[22]. It is worth noting that:

• The gross profit margin of the robotics business is as high as 41%
  , which is significantly better than the 17.4% of the ADAS business[23]
• The revenue of the robotics business reached RMB 221 million, a year-on-year increase of 185%

This structural change indicates that the rapid expansion of the robotics business is improving the company’s overall profit quality. As the proportion of the robotics business increases, the company’s gross profit margin is expected to continue to improve.

The company’s R&D investment in 2024 was approximately RMB 620 million[24], mainly used for AI robotics and related innovative businesses. High R&D investment reflects the company’s emphasis on technological innovation, but it also means that profits will continue to be under pressure in the short term. In terms of R&D intensity, the R&D expense ratio is approximately 37.6%, which is at a relatively high level, consistent with the characteristics of technology-intensive enterprises.

From the perspective of profitability, the company is still in a loss-making state, but the loss margin is continuously narrowing. According to the company’s announcement, the full-year loss in 2025 is expected to be significantly reduced[25]. Combined with industry trends and the company’s business structure, the company is expected to achieve break-even relatively quickly, based on the following main reasons:

• Sustained improvement in gross profit margin (an increase of 8.8 percentage points year-on-year in 2024)
• Gradual emergence of scale effects (sales volume increased by 109.6%)
• Increasing proportion of high-gross-profit robotics business

---

According to Yole data, global automotive lidar shipments exceeded 850,000 units in 2024 and are expected to climb to 12 million units by 2030[26]. This growth is driven by three major factors:

1. Democratization of Intelligent Driving
   : Cost reduction has lowered the price range of models equipped with lidar, with models priced between RMB 200,000 and RMB 250,000 becoming the main sales force, and models priced between RMB 100,000 and RMB 150,000 starting to be “affordable and configurable”[27]

2. Penetration of High-Level Intelligent Driving
   : After the implementation of L3-level autonomous driving, the number of lidars equipped per vehicle has increased (4-5 units for L3, 7-10 units for L4)[28]

3. Commercialization of Robotaxi
   : Expansion of Robotaxi platforms such as Apollo Go drives the growth of lidar demand

The robotics field is becoming a new incremental market for lidar. According to GGII data[29]:

• The global 3D lidar market size in the robotics field was RMB 389 million in 2024
• It is expected to double in growth in 2025, reaching RMB 1.091 billion
• The lidar market in the robotics field can eventually reach a scale of RMB 10 billion

More promising is the humanoid robot market. According to forecasts from multiple institutions[30]:

• The global humanoid robot market size is expected to grow from USD 600 million in 2025 to USD 6 billion in 2030, with a CAGR of 56%
• It will grow to USD 51 billion in 2035

RoboSense has formed a first-mover advantage in the robotics field:

• The digital lidars E1R and Airy have deeply empowered multiple products such as Agibot Lingxi X2 and PUDU Robotics PUDU D5
• Established cooperations with leading robotics manufacturers such as Unitree Robotics, Magic Atom, and Vitaworks

CES 2026, themed “Smarter AI for All”, marks the entry of global technology competition into the “era of embodied intelligence”[31]. Embodied intelligence is a new paradigm of human-computer interaction driven by the “perception-thinking-action” closed loop. As the “eyes” of robots, lidar is the foundation of environmental perception.

According to the embodied intelligence investment map released by TF Securities[32], sensors are one of the core components of embodied intelligence, including vision (cameras, lidars), touch (force/torque sensors), and posture (IMU), etc. RoboSense’s layout is highly aligned with this trend.

---

RoboSense has formed a clear path for converting technological advantages into commercial value:

Conversion Link	Current Status Assessment	Conversion Efficiency
Technology → Products	Full-stack self-developed chips support rapid product iteration	High (New products such as E1 Gen2 are continuously launched)
Products → Designations	30 automakers, over 100 designated models	High (Secured nearly 1 million units of designation from Toyota in 2024)
Designations → Revenue	Sales volume increased by 109.6% year-on-year	Medium-High (Sufficient production capacity, strong delivery capability)
Revenue → Profit	Sustained improvement in gross profit margin, narrowing losses	Medium (Expense ratio is still relatively high)

RoboSense’s moat includes the following levels:

: The first in the world to achieve 1 million units roll-off, large-scale production brings cost advantages and trust in delivery capability. However, as competitors such as Hesai Technology expand production, the scale advantage may be weakened.

: Full-stack self-developed chip capability constitutes a technological barrier, but lidar technology iterates rapidly, requiring continuous R&D investment.

: Established cooperations with 30 automakers, with high customer stickiness. However, the long designation cycle in the automotive industry also means that the customer structure changes slowly.

: Cooperates with leading manufacturers such as Unitree Robotics and Agibot in the robotics field, and is expected to form ecosystem advantages.

: Hesai Technology’s market share has risen to 46%[33], industry competition is still intensifying, which may lead to price wars and pressure on gross profit margin.

: The FSD pure vision solution may pose a substitution threat to lidar, but multi-sensor fusion is still the mainstream.

: The current stock price corresponds to high growth expectations, and the performance fulfillment needs to be continuously monitored.

---

The investment logic of RoboSense can be summarized as a positive cycle of “technological leadership → market share → scale effect → profit improvement”:

1. Technological Leadership
   : Full-stack self-developed chips and digital technology platform build a technological moat
2. Market Share
   : 26% global market share and 1 million units mass production capability form scale advantages
3. Business Expansion
   : The robotics business has a 41% gross profit margin and becomes a new growth engine
4. Profit Improvement
   : Gross profit margin continues to increase, and losses are significantly narrowed

According to public data[34], the company’s current price-to-book ratio is approximately 4.5 times, net asset per share is HK$8.66, and earnings per share is -HK$0.84. Considering that the company is still in a loss-making state but the loss is narrowing, PS valuation may be more applicable. Compared with competitors such as Hesai Technology, RoboSense’s valuation is in a reasonable range.

: Pay attention to the conversion of the company’s designated orders, the growth rate of the robotics business, and the cooperation progress with potential customers such as Tesla. The AI robot “Delivery Guy” exhibited at CES 2026 may become a valuation catalyst.

: The company is expected to achieve break-even, and the market will refocus on its growth logic. Pay attention to industry opportunities brought by the implementation of L3-level autonomous driving policies.

: The explosive growth of the robotics business and the arrival of the era of embodied intelligence will provide broad growth space for the company. However, it is necessary to continuously track changes in the competitive landscape and the evolution of technical routes.

---

RoboSense’s technological leading advantages in the fields of embodied intelligence and lidar

, based on the following main reasons:

1. Clear Technology Conversion Path
   : A complete commercial closed loop has been formed from underlying chips to product matrix, then to designated cooperations and revenue growth.

2. Leading Market Share
   : The 26% global market share and the scale advantage of being the first to achieve 1 million units roll-off lay a foundation for sustained growth.

3. Optimized Business Structure
   : The robotics business has a 41% gross profit margin, and the rapidly growing business segment is improving the overall profit quality.

4. Broad Industry Space
   : The automotive lidar market is expected to grow from 850,000 units to 12 million units by 2030, the lidar market in the robotics field can reach RMB 10 billion, and the humanoid robot market is even more promising.

However, it is also necessary to pay attention to the following challenges: intensified industry competition, uncertainty in technical routes, and risks of valuation fluctuations. It is recommended that investors keep track of the company’s designated order conversion and profitability improvement progress.

---

[1] RoboSense Official Website - Company Overview (https://www.robosense.cn/)

[2] 36Kr - RoboSense Unveils the World’s First AI Robot “Delivery Guy” (https://www.36kr.com/p/3628814394819848)

[3] Sina Hong Kong Stocks - Business Structure Analysis of RoboSense (https://xueqiu.com/S/02498/news)

[4] 36Kr - Analysis of RoboSense’s Technology System (https://m.36kr.com/p/3628814394819848)

[5] Zhitong Finance - 2025 In-Depth Report on Intelligent Driving Industry (https://www.eet-china.com/mp/a458339.html)

[6] Investing.com - RoboSense’s New Product Launch at CES 2026 (https://cn.investing.com/news/stock-market-news/article-3149060)

[7] 36Kr - Three-Track Parallel Product Matrix (https://www.36kr.com/p/3628814394819848)

[8] Investing.com - RoboSense Unveils the World’s First Robot “Delivery Guy” at CES 2026 (https://hk.investing.com/news/stock-market-news/article-1258379)

[9] Investing.com - Yole’s Global Automotive Lidar Market Report (https://hk.investing.com/news/stock-market-news/article-1234715)

[10] 36Kr - 26% Market Share (https://www.36kr.com/p/3628814394819848)

[11] Sina Finance - In-Depth Report on Lidar Industry (https://finance.sina.com.cn/stock/stockzmt/2025-12-10/doc-inhahnvh1937395.shtml)

[12] Sina Finance - Market Share Analysis of Hesai Technology (https://finance.sina.com.cn/stock/stockzmt/2025-12-10/doc-inhahnvh1937395.shtml)

[13] 36Kr - Cooperation with 30 Automakers (https://www.36kr.com/p/3628814394819848)

[14] Sina Hong Kong Stocks - Nearly 1 Million Units Designation from FAW Toyota (https://xueqiu.com/S/02498/news)

[15] 36Kr - Cooperation with Geely’s Lynk & Co 900 (https://www.36kr.com/p/3628814394819848)

[16] 36Kr - Cooperation with Segway Navimow (https://www.36kr.com/p/3628814394819848)

[17] 36Kr - The First in the World to Achieve 1 Million Units Roll-off (https://www.36kr.com/p/3628814394819848)

[18] RoboSense Official Website - Manufacturing Capability (https://www.robosense.cn/)

[19] Securities Times - 2024 Revenue of RMB 1.65 Billion (https://static-web.stcn.com/upload/2025/0331/23/1743435056908394.jpg)

[20] Sina Finance - Growth Analysis of Robotics Business (https://finance.sina.com.cn/stock/stockzmt/2025-12-10/doc-inhahnvh1937395.shtml)

[21] Securities Times - Lidar Sales Volume of 544,000 Units (https://static-web.stcn)