On November 6, ROBOSENSE (02498) saw a rapid intraday surge in its stock price, closing up 2.79% at HK$33.84. Data revealed a net capital inflow of HK$11.22 million for the day. Notably, global asset management giants Vanguard and BlackRock have recently intensified their holdings in ROBOSENSE.

According to Futu data, in Q3 2025, Vanguard increased its stake in ROBOSENSE by 14.04 million shares, raising its ownership to 2.97% and making it the company’s fourth-largest shareholder. Meanwhile, BlackRock has been consistently adding to its position for four consecutive quarters, boosting its holdings to 4.27 million shares and securing the sixth-largest shareholder position.

The coordinated accumulation by these two institutions reflects confidence in China’s intelligent driving and robotics sectors, highlighting ROBOSENSE’s leadership in digital LiDAR technology, commercialization across multiple scenarios, and strategic positioning in robotics.

From an industry perspective, digital LiDAR has emerged as the future of intelligent sensing. Compared to traditional analog LiDAR, digital LiDAR achieves breakthroughs in performance, cost, and reliability through chip-based architecture, with ROBOSENSE at the forefront of this transformation.

As early as 2017, the company began exploring chip-based LiDAR core technologies. Today, it has achieved full-chain in-house R&D—from laser emission and scanning control to signal reception and processing—while securing AEC-Q100 automotive-grade certification. Its self-developed large-array SPAD-SoC chip integrates reception systems and echo recognition, significantly streamlining architecture and reducing power consumption, laying the foundation for mass production of digital LiDAR.

In core applications, ROBOSENSE’s digital LiDAR has achieved widespread commercialization. In automotive ADAS, leveraging its full-stack chip-based and fully digitalized technology, the company launched its long-range LiDAR EM platform in 2025, introducing the EM4 and EMX models within months. These products secured design wins for 45 vehicle models from eight global automakers within half a year.

Per Yole data, ROBOSENSE held a 26% share of the global automotive LiDAR market in 2024, ranking first worldwide. By June 2025, it had delivered 1 million automotive LiDAR units, becoming the first company to reach this milestone.

The Robotaxi market further validates ROBOSENSE’s technological edge. Its "golden combination" of the all-solid-state digital LiDAR E1 and EM4 has made it the preferred choice for leading Robotaxi firms. The company collaborates with over 90% of global L4 autonomous driving companies, with Pony.ai’s seventh-gen Robotaxi equipped with four E1 units already undergoing road tests in Shenzhen.

Didi Autonomous Driving and GAC Aion’s joint model features six E1 units as core sensors, targeting mass production by late 2025. Uber has also integrated partners like WeRide and Momenta—equipped with ROBOSENSE LiDAR—into its European and Middle Eastern commercial networks, accelerating Robotaxi’s shift from testing to large-scale operations.

While digital LiDAR forms ROBOSENSE’s foundation, its robotics segment represents a "second growth curve." As embodied intelligence advances, demand for high-precision, multimodal sensing in robotics has surged. Through its "Robot Eye" strategy, the company has evolved from a LiDAR supplier to a perception solutions provider.

Its Active Camera series, featuring an "All-in-One" fusion design, redefines robotic sensing standards. The latest AC2 model—the industry’s first dToF+RGB binocular+IMU integrated super sensor—delivers ±5mm precision within 8 meters, a 120°×90° FOV, 100klux anti-glare capability, and IP65 dust/water resistance, enabling precise perception in compact spaces like humanoid robot faces or robotic arms.

Beyond hardware, ROBOSENSE has built a "chip+algorithm+ecosystem" closed loop. Its AI-Ready ecosystem includes the AC Studio toolkit, multi-scenario open datasets, and algorithms for pose estimation and skeleton recognition, streamlining development for robotics applications.

The company’s robotics business spans industrial warehousing and unmanned delivery, partnering with over 3,200 clients globally. In lawn-mowing robots, it holds exclusive supply agreements with multiple top-five manufacturers, with orders reaching seven figures. In embodied intelligence, it collaborates with over 20 leading firms, including Unitree, Agibot, and Dobot.

In Q2 2025, ROBOSENSE sold 34,400 LiDAR units for robotics, up 631.9% YoY, with robotics and other products contributing a 41.5% gross margin, becoming a key growth driver.

From an investment standpoint, Vanguard and BlackRock’s sustained accumulation underscores confidence in ROBOSENSE’s long-term growth. BOCOM International optimistically projects global humanoid robot shipments could hit 4 million by 2035, potentially creating an annual market for tens of millions of high-performance sensors per robot.

Founders Securities notes ROBOSENSE’s automotive segment benefits from ADAS democratization, while robotics scales rapidly. Incremental contributions from Active Camera and dexterous hands products are expected to drive growth, with revenue forecasts of RMB2.5 billion, RMB3.42 billion, and RMB4.58 billion for 2025–2027, reflecting 51%, 37%, and 34% YoY growth.

As digital LiDAR penetration rises in smart vehicles and robotics commercializes, ROBOSENSE stands to gain from both markets’ expansion, with global long-term capital further accelerating its technological and geographic advancement.