The Zhitong Finance App learned that on August 26, Suteng Juchuang (02498) released its financial report for the first half of 2026, achieving revenue of 1.02 billion yuan, a year-on-year increase of 30.2%, gross profit of 222 million yuan, an increase of 9.4% over the previous year, and a gross profit margin of 21.8%.
Thanks to the “vehicle business+robot business” two-wheel drive, the total sales volume of lidar in the first half of the year was 719,200 units, up 170% year on year, and product revenue was 958 million yuan, up 32.9% year on year. Among them, robot lidar sales increased 5.1 times, business revenue accounted for nearly half of the company's product revenue, and became the main source of product gross profit. It is the company's main engine of growth for the physical AI era.
In fact, in 2024, Sagitengjuchuang further embraced the field of physical AI. Through self-developed SPAD-SOC lidar chips, it fully empowered physical AI scenarios such as smart cars and various robot platforms, and explored multiple growth curves.
The automotive ADAS business was the company's first growth curve. The ADAS field sold 436,600 lidar units in the first half of the year, up 98% year on year, with a year-on-year increase of 135.7%. The core products EM4 main radar and E1 blind-correction radar are suitable for complex road conditions in all scenarios and are favored by over 90% of the world's leading companies in the industry. As of June 2026, the company has successfully obtained targeted mass-production orders for 186 models from 36 automakers and tier-1 suppliers, and has reserves of more than 9 million ADAS units.
The robotics business is the company's second growth curve for non-vehicle businesses. In the first half of the year, lidar sales in the robotics sector reached 282,600 units, up 510% year on year, accounting for 39.3% of total sales. In terms of performance contributions, the ADAS business and robotics business accounted for close to 9:1, and in the first half of this year, it was close to 50%, and has grown into a core growth engine and revenue pillar.
The core product of the robotics business is the E-platform all-solid-state digital lidar. Up to now, the total delivery of this series has exceeded 300,000 units. Business customers mainly include the field of mowing robots, such as establishing exclusive cooperation with Kumoz Technology, Weilan Mainland, and Stone Technology; in the field of physical intelligence, such as cooperation with leading humanoid and four-legged robot companies such as Yushu and Galaxy GM. Up to now, it has served more than 3,400 robot companies around the world.
It is worth mentioning that the results announcement revealed for the first time the commercialization progress of the three core incremental categories of artificial robots: “eye,” “skin,” and “muscle.” The three categories have all entered various stages of commercial verification and delivery. Among them, space cameras have received large-scale orders, and delivery is scheduled to begin at the end of the third quarter; the first enterprise-level mass production project for visual tactile and MEMS tactile products is scheduled to begin commercial delivery at the end of September; the first joint module has also completed research and development, and batch delivery is scheduled to begin in the fourth quarter. The company's CEO Qiu Chunchao said during the earnings conference that the company's preliminary estimate is that the three new products are expected to contribute about 100 million yuan in total revenue in 2027.
In fact, Sagiteng Juchuang's two major growth curves are smart car and robot scenario requirements. They are all explorations in the field of physical AI. Currently, the business structure has changed significantly, and it no longer depends on a single category or single market. It should be noted that all major scenarios are based on the technology base, that is, the company's full-stack self-developed digital chip system.
In April 2026, the company released the self-developed SPAD-SoC digital architecture platform “Genesis” and “Phoenix” and “Peacock”, two self-developed chips. The world's smallest high-precision ultra-wide-angle all-solid-state digital lidar E2 based on “Peacock” has been officially released and mass production and delivery has begun. It is expected that by the second half of 2026, more than 200,000 related products equipped with “Peacock” chips will be delivered, and the “Phoenix” chip will also usher in the first automotive project SOP in the fourth quarter.
The company's self-developed SPAD-SoC chip forms a moat for core technology. There are two main aspects: first, leading the technology industry, and mass production capacity will support the leading position in the lidar industry for the next ten years; second, cross-platform reuse of technology will bring more possibilities for exploring multi-physical AI scenarios in addition to the two core scenario businesses. Furthermore, technology reuse effectively reduces R&D costs and enhances overall profitability.
In the second half of the year, Sagiteng Juchuang's performance is expected to maintain a high growth trend. On the one hand, automotive ADAS products will be mainly delivered in the second half of the year; on the other hand, self-developed SPAD-SoC chips will enter the large-scale delivery stage, while the three incremental robot categories of space cameras, tactile sensors, and joint motors will enter mass production and delivery at a rapid pace. In the long run, physical AI scenarios, including smart cars and robots, all have a trillion-dollar market size, and the company will fully benefit.
Based on strong performance, Sagiteng Juchuang was favored by many investment banks. According to the China Sheng Securities Research Report, it believes that Sagitar robots will advance in parallel with vehicles, benefiting from centralized delivery of new automotive products in the second half of the year, increased market demand in the robotics field, cost optimization of self-developed chips, and increased capacity utilization, giving a target price of 47 HK$47, which is as high as a premium of 149.6% compared to the current price. As scale grows and profits continue to improve, Sagiteng Juchuang may face a revaluation.