Shenzhen Camsense Technologies Co., Ltd. ("Camsense" or the "Company") submitted its IPO application to the Hong Kong Stock Exchange on September 29, planning to list on the main board under Chapter 18C. CICC and Guosen Securities (Hong Kong) are acting as joint sponsors.

Despite rapid revenue growth, Camsense remains unprofitable, with its core business lacking self-sustaining capabilities. During the reporting periods, the Company recorded a total net loss of RMB 65.11 million and net operating cash outflows of RMB 121 million.

Camsense faces significant challenges, including extreme customer concentration (over 80% in each reporting period), weak pricing power, and gross margins far below industry peers. Additionally, its main product—triangulation LiDAR—is heavily reliant on the robotic vacuum cleaner market, where it holds over 50% market share by shipment volume, signaling limited growth potential.

Guosen Securities serves as both sponsor and shareholder, holding 1.81% of Camsense through its subsidiary. Notably, CTO and Deputy General Manager Chen Yue received total compensation of RMB 8.432 million in 2024, including RMB 6.437 million in share-based payments—far exceeding other executives' pay.

From 2022 to 2024, Camsense's revenue grew at a 72.5% CAGR to RMB 433 million, but net losses persisted (RMB -28.7 million, RMB -0.9 million, and RMB -31.4 million respectively). In H1 2025, revenue reached RMB 292 million (+63.08% YoY), with a narrowed net loss of RMB -4.2 million (-53.33% YoY). Operating cash flow remained negative across all periods, totaling RMB -121 million.

Triangulation LiDAR contributed 99%, 98.3%, 94.1%, and 72.7% of total revenue during reporting periods. New products—dTOF LiDAR and line laser sensors—launched in 2024 showed abnormally low gross margins (3.1% and 7.4% in H1 2025).

Camsense's gross margins lag significantly behind peers. Hesai Technology maintained 39.2%-42.6% margins, while RoboSense saw rapid improvement from -7.4% to 25.9%, with robotics LiDAR margins at 34.5%-45%—2-3x higher than Camsense's.

Customer concentration remains alarmingly high: top five clients accounted for 84.7%-93.6% of revenue, with only two consistently appearing across periods. Client B's purchases dropped 53.86% YoY in 2024 before exiting the top five in H1 2025.

The Company's heavy reliance on the robotic vacuum cleaner LiDAR market (projected to shrink from 11% of global LiDAR market in 2024 to 3% by 2029) contrasts with peers' diversified applications in ADAS, autonomous vehicles, and industrial robotics.

Camsense plans to use IPO proceeds for R&D enhancement, manufacturing capacity expansion, and working capital. Utilization rates at its Pingshan production base declined continuously (93.5% to 75%), while the new Huizhou facility operated at 77% capacity since 2024.

The founding team controls 31.2% voting rights through concerted arrangements. The board includes 28-year-old executive director Qiu Lin, promoted from business manager to director within four years despite holding only a college diploma.

Despite persistent losses, Camsense paid its directors and senior management total compensation of RMB 14.8 million in 2024, including RMB 3.96 million in share-based payments.