The Hong Kong stock market is experiencing a wave of robotics companies going public, with the entire industry chain from core components to complete solutions under the capital spotlight. Recently, another leading enterprise in the robotics industry chain has embarked on its journey to list in Hong Kong.

According to Zhitong Finance APP, Shenzhen Camsense Technologies Co., Ltd. (referred to as "Camsense Technologies"), a leading provider of robot LiDAR solutions, officially submitted its application to the Hong Kong Stock Exchange on September 29, with CICC and Guosen Securities (Hong Kong) serving as joint sponsors.

According to CIC data, based on 2024 revenue, Camsense Technologies is the global leader in spatial perception solutions for robotic vacuum cleaners, with its LiDAR products accounting for over 50% market share in terms of shipment volume, delivering approximately 8 million units.

However, the scale advantage has not yet translated into stable profitability. Financial data shows that from 2022 to 2024 and the first half of 2025, the company's revenue grew steadily from 146 million yuan to 433 million yuan, achieving 292 million yuan in H1 2025. Meanwhile, losses during the period were 28.695 million yuan, 883,000 yuan, 31.375 million yuan, and 4.157 million yuan respectively, showing expanding losses amid fluctuations.

When the halo of "number one in shipments" coexists with the reality of continued losses, how will Camsense Technologies tell its IPO story?

**Fluctuating Profitability**

The prospectus shows that Camsense Technologies is a high-precision spatial perception solutions company that leverages AI technology to build intelligent spatial perception systems, providing high-precision algorithms and related hardware for intelligent robots. Since its establishment, the company has achieved cumulative shipments of over 25 million units. In H1 2025, total shipments of LiDAR and line laser sensors exceeded 5 million and 2 million units respectively.

Zhitong Finance APP observes that the company has established a relatively complete spatial perception product line in the intelligent robotics field, covering multiple technical directions including traditional triangulation LiDAR, dTOF LiDAR, 3D ToF LiDAR, and line laser sensors, with applications spanning intelligent robots, XR, industrial inspection, and other diverse scenarios.

In terms of R&D, the company possesses capabilities in self-developed AI spatial algorithms and sub-millimeter AI spatial data processing chip design. Its adopted "consumer-grade CIS + self-developed ASIC chip" technology solution has formed certain characteristics in balancing cost control and performance.

The company's technology system is based on self-developed spatial perception AI algorithms, aimed at enhancing intelligent robots' environmental perception and understanding capabilities. In practical applications, its technology solutions need to address changes in environmental factors such as lighting, materials, and textures. Through automatic image signal processing and AI-enhanced ranging technology, the company maintains corresponding performance stability under different environmental conditions. Meanwhile, the company continues to optimize and iterate technology through simulation environment testing and wireless upgrade functions.

Based on its existing product portfolio and technical capabilities, the company has established long-term cooperative relationships with major customers in the intelligent robotics field. Data shows the company has become a supplier to multiple mainstream robotic vacuum cleaner companies and continues to receive relevant orders. While consolidating existing business, the company is expanding its technical capabilities to emerging application areas such as lawn mowing robots and pool cleaning robots.

From a revenue structure perspective, the company mainly generates revenue through sales of various LiDAR products and line laser sensor products. During the reporting period, over 90% of the company's revenue came from triangulation LiDAR. However, with the commercial launch of dTOF LiDAR products in H2 2024 and mass production of line laser sensor products in H1 2025, the revenue share from triangulation LiDAR has declined. In H1 2025, revenue shares from triangulation LiDAR, dTOF LiDAR, and line laser sensors were 72.7%, 8.7%, and 18.1% respectively.

Notably, the company's profitability has shown certain fluctuations in recent years. During the reporting period, gross margins were 17.8%, 21.5%, 16.3%, and 13.2% respectively, with interval fluctuation approaching 5 percentage points. The reasons for fluctuation include: firstly, new products such as dTOF LiDAR and line laser sensors launched to expand the product portfolio faced higher unit costs during initial production due to capacity ramp-up and insufficient scale effects, creating phased pressure on overall gross margins; secondly, to actively compete for market share, the company adopted more market-competitive pricing strategies in sales and marketing, such as price adjustments for triangulation LiDAR products, which also compressed profit margins for such products to some extent.

Business expansion is inseparable from the company's active investment in R&D innovation. During the reporting period, R&D costs were 36.5 million yuan, 54.6 million yuan, 76.7 million yuan, and 30.2 million yuan respectively. The company stated that to expand its product portfolio and ensure product innovation and market competitiveness, it needs to invest substantial resources in R&D to drive technological advancement.

Amid continuously increasing R&D costs, the company's loss situation also shows a trend of fluctuating expansion, recording 28.695 million yuan, 883,000 yuan, 31.375 million yuan, and 4.157 million yuan respectively during the reporting period, which may be one of the reasons for the company's active pursuit of listing.

**Accelerating Industry Expansion**

From an industry perspective, benefiting from rapid development and continuous maturation of spatial perception technology, the market is showing sustained growth momentum. This technology is extending beyond the robotics field, driving the emergence of new categories such as MR/AR/VR devices and intelligent pet robots, and promoting intelligent upgrades of existing devices, thereby driving overall robust demand in related industries.

According to CIC data, the global spatial perception solutions market for intelligent devices by sales revenue increased from 10.1 billion yuan in 2020 to 16.1 billion yuan in 2024, with a compound annual growth rate of 12.3%. From 2024 to 2030, the market is expected to grow rapidly at a CAGR of 17.7%, reaching 42.7 billion yuan in 2030.

China's intelligent robot spatial perception solutions market grew from 4.7 billion yuan in 2020 to 10.8 billion yuan in 2024, with a CAGR of 22.8%. From 2024 to 2030, the market size is expected to grow rapidly at a CAGR of 22.0%, reaching 35.7 billion yuan in 2030.

Notably, robotic vacuum cleaners are among the most widely applied intelligent robot categories, where LiDAR solutions have become the mainstream choice for spatial perception due to their excellent precision and adaptability. The global robotic vacuum cleaner LiDAR market grew from 800 million yuan in 2020 to 1.3 billion yuan in 2024, with a CAGR of 11.1%. From 2024 to 2030, the market size is expected to grow rapidly at a CAGR of 25.5%, reaching 5 billion yuan in 2030.

From a competitive landscape perspective, the global spatial perception solutions supplier market is highly competitive and fragmented. Based on intelligent robot spatial perception solutions revenue, although the company ranks first, its market share is only 1.7%. Additionally, it's worth noting that in 2024, the company ranked first by revenue in the robotic vacuum cleaner spatial perception solutions market. Currently, approximately 70% of robotic vacuum cleaners use LiDAR technology as their primary spatial perception solution.

**Conclusion**

Overall, Camsense Technologies demonstrates the growth path of a technology-driven enterprise to the capital market through its market position in robotic vacuum cleaner LiDAR, continuously expanding product portfolio, and rapidly growing market space. However, under the dual pressure of scale expansion and technology investment, the company still needs to prove to investors the sustainability of its profit model.

Looking ahead, how to achieve balance between scale and efficiency while maintaining technological leadership and market share will be a key question it needs to answer after listing. As the global spatial perception solutions market continues to expand, whether Camsense Technologies can leverage capital market power to break through profitability bottlenecks amid fierce industry competition deserves continued attention.