Lei Di Network, Lei Jianping, April 1
SUTENG Juchuang (stock code: 2498.HK) released its financial report yesterday. CEO Qiu Chunchao stated during the conference call that as intelligent driving penetrates and becomes widespread, coupled with the explosive growth of the robotics industry, the demand for LiDAR sensors and integrated perception solutions is experiencing explosive growth.
“SUTENG Juchuang’s internal goal remains to achieve breakeven in a single quarter for the LiDAR segment in the second half of this year, with the expectation of achieving annual profitability by 2026.”
Qiu Chunchao pointed out that SUTENG Juchuang currently has nearly 3.4 billion RMB in cash reserves, which strongly supports the rapid iteration of LiDAR products as well as the exploration and development of embodied intelligence business.
Overall Losses Significantly Narrowed
SUTENG Juchuang released its financial report yesterday. The report shows that SUTENG Juchuang’s revenue for 2024 is 1.65 billion, an increase of 47.2% compared to 1.12 billion in the same period last year.
In 2024, SUTENG Juchuang’s revenue from ADAS was 1.335 billion, with 200 million from robotics and other sources; revenue from solutions was 97.97 million, and from services and others was 17.19 million.
In 2024, SUTENG Juchuang’s total sales of LiDAR reached approximately 544,000 units, a year-on-year increase of 109.6%; among them, the sales of automotive-grade LiDAR for ADAS intelligent driving reached approximately 519,800 units, a year-on-year increase of 113.9%. In February 2025, SUTENG Juchuang became the first company to achieve the offline production of one million high-line LiDAR units.
SUTENG Juchuang’s gross profit for 2024 was 283 million, a 200% increase from 93.64 million in the same period last year.
Qiu Chunchao stated during the conference call that as the business scale expands, SUTENG Juchuang has significantly improved operational efficiency through economies of scale and lean operations. The company’s annual gross profit margin reached 17.2%, steadily increasing from 12.3% in the first quarter of 2024 to 22.1% in the fourth quarter.
In terms of profit and loss, SUTENG Juchuang’s overall losses have significantly narrowed. The adjusted net loss for 2024 was approximately 390 million, a decrease of about 9 percentage points compared to the adjusted net loss of approximately 430 million in 2023.
Investment of 250 Million in Innovative Business Directions for 2024
To ensure future growth, SUTENG Juchuang has continuously increased its investment in innovative business areas.
In 2024, SUTENG Juchuang invested approximately 250 million in innovative business directions, accounting for 41% of the annual R&D expenses, an increase of approximately 130 million compared to 2023. This portion of the expenditure is mainly invested in the fields of robotics and emerging AI technologies, including the R&D of robotic platforms and key components. These strategic investments will provide a solid foundation for the company’s sustained growth in the medium to long term.
According to reports, SUTENG Juchuang relies on breakthroughs in underlying technologies to establish a multi-dimensional innovation moat. In 2024, the company completed the systematic integration of LiDAR technology architecture, achieving full-stack scanning technology mass production coverage through a three-track parallel R&D system of “one-dimensional mechanical scanning + two-dimensional MEMS scanning + all-solid-state planar array scanning.”
The core driving force behind this progress comes from:
1) Chip-level independent innovation—100% self-research capability from photon detectors to signal processing chips;
2) Architectural platform iteration—upgrading from discrete analog architecture to integrated digital architecture.
Based on the above technological advantages, the LiDAR products we have developed cover a range from 16 lines to 1080 lines, with different product forms from blind spot detection to ultra-long-range radar.
Qiu Chunchao pointed out that SUTENG Juchuang has sustainable competitiveness in the mature business of selling LiDAR for automotive and robotics markets, enabling timely launches of suitable products when industries such as unmanned forklifts, logistics robots, warehouse robots, courtyard robots, and autonomous mining trucks experience explosive growth.
On the basis of accumulated chips and hardware, SUTENG Juchuang explores incremental components and solutions for embodied intelligence through AI-defined products, launching upper and lower body solutions. The company’s innovative business has already begun to explore diverse cooperation methods with the upstream and downstream of the embodied intelligence industry and many potential customers to promote the commercialization of embodied intelligence.
Specifically, in the ADAS field, L2+ advanced driver assistance systems are rapidly becoming popular, and intelligent driving is increasingly common across all models. The experience of intelligent driving configurations equipped with LiDAR is better and safer, becoming a selling point for models and a consensus among consumers. This will drive more models to begin equipping LiDAR, even extending to models priced below 150,000 RMB—currently, over 10 models in the 150,000-200,000 RMB range are equipped with our LiDAR. This is expected to continue driving the growth of ADAS business revenue.
SUTENG Juchuang has released high-cost-performance products priced below 200 USD and has secured several designated cooperation agreements with vehicle manufacturers in 2024, including GAC Trumpchi’s Xiangwang S7, which began mass production and delivery this month.
At the same time, the demand for higher-performance LiDAR is also increasing. It is foreseeable that future shipments of high-priced flagship products will raise the average product price. To this end, SUTENG Juchuang will release the world’s first “thousand-line” ultra-long-range digital LiDAR EM4 in January 2025, which boasts the highest 1080 lines and a detection range of up to 600 meters, providing 1080P-level high-definition three-dimensional perception capabilities for intelligent driving. The EM4 has already been designated by several domestic and overseas leading vehicle manufacturers.
Overseas Business is Becoming a New Growth Engine
The wave of intelligent driving for mass-produced passenger vehicles is moving from China to the global market, and it is expected that mainstream overseas automakers will also begin to equip advanced intelligent driving systems on a large scale in the next two years.
SUTENG Juchuang has also received numerous overseas orders. According to Qiu Chunchao, the company has cumulatively secured designated cooperation agreements with eight overseas and Sino-foreign joint venture brands, covering major automotive markets in Europe, North America, and Asia-Pacific. This includes two European and Chinese cooperative brands; in 2021, the company achieved its first vehicle-grade mass production delivery with a North American new energy vehicle client, and at the Q3 financial report meeting, SUTENG Juchuang mentioned a leading North American new force automaker, which added a designated cooperation agreement with a Sino-American joint venture leading automaker in Q4 of 2024.
“Following our acquisition of a global sales champion automaker client from Japan in the first half of 2024, we have now secured all three of Japan’s top automakers. The company is gradually positioning overseas business as a new growth engine, and the revenue share from international markets is expected to further increase in the future.”
Currently, SUTENG Juchuang has also secured mass production designated cooperation agreements with several leading global L4 autonomous driving companies. In the fields of Robotaxi and Robotruck, the group has established cooperation with several core leading companies globally, with six having signed formal mass production cooperation agreements, including Pony.ai, WeRide, and leading L4 autonomous driving companies in Silicon Valley, North America.
Building an AI-Ready Ecosystem for the Active Camera Platform
Since 2025, SUTENG Juchuang has accelerated collaboration with emerging robotics industry partners, successively establishing strategic cooperation with companies such as CocoRobotics, White Rhino, Coolwa Robotics, Yikong Intelligent Driving, New Stone Age Unmanned Vehicles, and LionsBot, empowering the large-scale commercial application of the robotics industry.
Qiu Chunchao stated that SUTENG Juchuang showcased its first-generation dexterous hand in 2024, and in January 2025, it launched the second-generation dexterous hand Papert2.0, which has 20 degrees of freedom and includes 14 force sensors on the fingertips and palm, capable of carrying out complex operations with a load of 5 kilograms. Currently, SUTENG Juchuang is continuing to invest in R&D for dexterous hands and hand-eye coordination solutions while also exploring scenarios with partners, aiming for mass production within this year.
“Currently, we have established cooperative relationships with over 10 humanoid robot companies globally, including Yushu, Shanghai Humanoid, and well-known embodied robot companies overseas.”
By the end of March 2025, the group released the first product in the new category of robotic vision, ActiveCamera AC1, achieving hardware-level fusion of depth information, image information, and motion posture information, combined with an AI-Ready ecosystem, providing a series of development tools and open-source algorithms to comprehensively and efficiently empower developers.
The management team of SUTENG Juchuang revealed during the conference call that ActiveCamera is not just hardware; the company has built an AI-Ready ecosystem for the Active Camera platform: helping users run SLAM in one minute. Through the AI-Ready ecosystem, AC1 can be widely applied in various scenarios requiring the fusion of depth, color, and motion posture information.
“In addition to humanoid robots, drones, and warehouse robots, we are also continuously imagining and exploring with developers from various fields. SUTENG Juchuang’s advantages lie not only in our automotive-grade hardware mass production capabilities but also in our emphasis on refining AI algorithms since our inception, completing large-scale data closed loops and rapid model iterations.”
The aforementioned management team stated that the company is starting to build a developer ecosystem from ActiveCamera, with SUTENG Juchuang’s strategy being “open hardware, open-source basic models.” Specifically, SUTENG Juchuang’s hardware, such as AC1 and dexterous hands, can be adapted to various mainstream AI computing platforms and can be used on different robotic platforms, making it completely open; SUTENG Juchuang’s basic models and algorithms are open-source, facilitating developers from various industries to accelerate the commercial landing of robotic products through the company’s ecosystem.
“As the entire ecosystem flourishes, the application of our incremental components and solutions will grow exponentially, establishing a positive technological barrier—using our solutions is the most cost-effective and convenient, eliminating the need to reinvent the wheel.”
SUTENG Juchuang also introduced the MARS Intelligent Manufacturing Headquarters: this base is located in the Deep-Shan Special Cooperation Zone, benefiting from the geographical advantages of land and sea connectivity and the supporting capabilities of automotive aggregation. The headquarters covers an area of approximately 146,000 square meters, all of which have been completed, and the first phase of the production site, covering approximately 27,000 square meters, has begun operations.
SUTENG Juchuang will further plan the landing of two industrial clusters in intelligent sensors and intelligent robots in Deep-Shan. The management team stated that SUTENG Juchuang’s production capacity achieves full-process production automation and no human intervention, adopting flexible and modular production line design concepts, with all machine equipment component compatibility reaching 85%, allowing for rapid product changeovers and flexible matching of current and future customer incremental goals. Currently, the factory’s annual production capacity for LiDAR is approximately 1.7 million units, and it is expected to exceed 2 million units by 2025.
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