Shenzhen Camsense Technologies Co., Ltd.

歡創科技

📊 Valuation Analysis

💰 Financial Summary (FY2025)

Financial figures are in RMB (some companies report in another currency per the prospectus; see the notes below).

📝 Key Notes

Hong Kong listing (H shares, not A+H). Shenzhen Camsense Technologies supplies spatial-perception components for robot vacuum makers, covering triangulation LiDAR, dTOF LiDAR, 3D TOF LiDAR and line laser sensors, together with in-house spatial data processing chips and algorithms. By 2025 revenue it ranks first among China's robot-vacuum spatial-perception suppliers with a 20.0% share (CIC), and is a core supplier to all five leading robot-vacuum brands. FY2025 revenue RMB613.5m (+41.6%, a 35.9% CAGR over 2023-2025), gross margin 16.5% and net profit RMB2.2m (2024: net loss RMB31.4m); Q1 2026 revenue RMB195.9m (+48.7%) and net profit RMB7.8m. About 99.5% of 2025 revenue came from robot-vacuum applications, and the top five customers accounted for 80.4% of revenue (85.6% in Q1 2026, largest customer 37.3%), indicating high customer concentration. Offer period 9/22-9/25, global offering of 11,588,800 H shares, board lot 100 shares, entry cost HK$5,944.35, gross proceeds about HK$682m and net proceeds about HK$615m; cornerstone investors totalled about HK$110m (BYD's Golden Link HK$100m, Taiwan Chungun Optical HK$10m), about 16.13% of the offer shares. Post-listing issued shares total 96,573,639 (all H shares), implying a market capitalisation of about HK$5.68bn at the offer price; unaudited pro forma adjusted net tangible assets per share HK$10.65.

🏢 Company Profile

Shenzhen Camsense Technologies Co., Ltd. is a spatial-perception product supplier that provides LiDAR and spatial-perception components integrated into robot vacuum cleaners. Its range covers triangulation LiDAR, direct time-of-flight (dTOF) LiDAR, 3D TOF LiDAR and line laser sensors, paired with in-house spatial data processing chips and algorithms; customers are robot-vacuum brands and their designated OEM manufacturers. By 2025 revenue it ranks first among China's robot-vacuum spatial-perception suppliers (about 20.0% share) and holds about 1.2% of the global spatial-perception market (RMB52.6bn in 2025). It is a core supplier to all five leading robot-vacuum brands, its products are used in more than 27 million robot vacuums, and cumulative R&D spending over the track record period reached RMB205.5m. The company is extending its products into lawn-mower robots, pool-cleaning robots, humanoid robots, XR, industrial inspection, medical devices and 3D printing; XR and industrial inspection already generate revenue, and it has received non-binding intent orders from two pool-cleaning robot brands and one lawn-mower robot customer, though no mass-production orders yet. About 99.5% of 2025 revenue came from robot-vacuum applications.