New Stock Preview | Han Chuang Technology submits its financial statement again: revenue doubles, net profit is 2.2 million. Line laser sensors become a new growth engine.

After just half a year, Huanchuang Technology once again knocked on the door of the Hong Kong Stock Exchange. On April 8th, this leading company in the global sweeping Siasun Robot & Automation laser radar market, with more than 50% market share, submitted its listing application to the main board of the Hong Kong Stock Exchange for the second time, with CICC and Guosen (Hong Kong) as joint sponsors. Just half a year ago, on September 29, 2025, their first submission had just expired. Behind the second submission are a set of contrasting data: On one hand, their market position is undisputed. Based on the shipment volume in 2024, Huanchuang Technology's laser radar products accounted for over 50% of the global sweeping Siasun Robot & Automation market, with accumulated shipments exceeding 33 million units; based on revenue in the same year, they ranked first in the global sweeping Siasun Robot & Automation spatial perception solution field, with a market share of 17%. On the other hand, their financial performance is intriguing. From 2023 to 2025, their revenue increased from 332 million yuan to 614 million yuan, almost doubling in three years; but their net profits during the same period were -883,000 yuan, -31.375 million yuan, and 2.201 million yuan respectively. In other words, a market-leading company that sweeps half the market saw their net profits balance out after breaking the 6 billion yuan revenue mark. The quality of profits still needs to be verified by cash flow. Operating cash flow has turned positive In terms of profit quality, Huanchuang Technology's gross margin was 21.5%, 16.3%, and 16.5% during this period, staying above 16% for the past two years. The proportion of sales costs to revenue was 78.5%, 83.7%, and 83.5% respectively, reflecting the continuous impact of raw material costs and industry pricing environment on profit margins. Looking at the cost structure, Huanchuang Technology's gross margin continued to be under pressure. From 2023 to 2025, the proportion of sales costs to revenue was 78.5%, 83.7%, and 83.5%, leading to a decrease in gross margin from 21.5% to 16.5%. This trend is driven by the intense price war in the laser radar industry - to compete for market share, companies have adopted a low-price strategy, combined with rising raw material costs, resulting in a continuous squeeze on profit margins. More importantly, the company's operating expense ratio remains high: in 2025, R&D expenses accounted for 9.7% of revenue, administrative expenses accounted for 6.5%, totaling over 16%, far higher than the net profit margin, highlighting the operational efficiency issue of "high input, low output". Beneath the appearance of marginal profits on the profit statement, Huanchuang Technology's operating cash flow gap has narrowed. From 2023 to 2025, the net cash flow generated from operating activities was -34.831 million yuan, -39.987 million yuan, and -9.038 million yuan respectively, negative for three consecutive years, but the net outflow in 2025 shrank by about 77.4% from the previous year. As of the end of 2025, the company had cash and cash equivalents of 12.123 million yuan. In terms of asset quality, Huanchuang Technology's accounts receivable scale has expanded in line with rapid revenue growth, which is a normal financial characteristic of the business expansion phase. From 2023 to 2025, the company's trade accounts receivable and bills receivable increased from about 61 million yuan to 185 million yuan, with the proportion to current operating income rising from about 18% to about 30%. This change mainly reflects the reasonable credit support provided by the company to support core customer business growth and consolidate their leading position in the market, demonstrating a deep cooperation relationship with downstream major customers. In terms of collection efficiency, the turnover days of trade accounts receivable increased from 75 days to 95 days, a 20-day increase over three years. This trend is related to factors such as the skewing of revenue structure towards large customers and the cycle of expanding new customers, indicating that the company is actively balancing the pace of expanding scale and recovering funds. It is worth noting that the turnover days in 2025 only increased by 7 days compared to the previous year, a significant narrowing from the 13 days increase in the previous year, indicating that the downward pressure on collection efficiency is easing, and the company's working capital management is showing marginal improvement. More importantly, the concentration of Huanchuang Technology's customers is showing a continuous optimization trend. From 2023 to 2025, the revenue from the top five customers decreased steadily from 93.6% to 80.4%, with the revenue share from the largest customer dropping from 37.1% to 29.0%, a continuous decline for three years. This trend indicates that the company's customer structure is gradually diversifying, significantly reducing the dependence on individual customers and continuously enhancing their risk resistance. In an industry with high concentration, the company can still expand its customer base, reflecting the improvement of its product competitiveness and market recognition. Structural transformation - rapid rise of new businesses, proactive pricing strategy to consolidate market share Huanchuang Technology is undergoing a strategic transformation from a reliance on a single product to the coordinated development of multiple product lines. Although the traditional main product, the triangulation ranging laser radar, has seen a decrease in revenue share, the new businesses of dTOF laser radar and linear laser sensors are growing rapidly, optimizing the company's revenue structure and significantly increasing its risk resistance. The triangulation ranging laser radar, as the company's mature business, still maintains a stable market base. From 2023 to 2025, the revenue of this product was 327 million yuan, 408 million yuan, and 403 million yuan respectively, achieving a year-on-year growth in 2024, and maintaining a high level in 2025. Its share of total revenue decreased from 98.3% to 65.7%, reflecting the company's active promotion of business diversification results, rather than passive decline. In terms of pricing, the average selling price of the triangulation ranging laser radar was adjusted from 68.6 yuan/piece to 43.3 yuan/piece, a decrease of about 36.7%. This strategic pricing adjustment helps the company further expand its shipment scale in an environment of intensified market competition - in 2025, the shipment volume of this category increased to 93.13 million pieces, an 18.1% year-on-year increase. Price-for-volume is a common strategy to consolidate market share in the mature stage of an industry, and the company has maintained its market share of over 50% through actively offering discounts, maintaining its leading position. More importantly, new businesses have become the core growth engine of the company. In 2025, the revenue of dTOF laser radar increased by 210.3%, and the revenue of linear laser sensors increased significantly by 601.4%, contributing the main part of the revenue increment for the year. The share of linear laser sensor revenue increased from 4.5% in 2024 to 21.8%, becoming the second largest source of revenue, demonstrating strong customer acceptance and market penetration capabilities. In terms of pricing, the average selling price of dTOF laser radar and linear laser sensors was adjusted to 56.2 yuan/piece and 23.6 yuan/piece respectively in 2025. As products in the early stages of mass production, moderate price reductions are advantageous for capturing market share quickly and establishing economies of scale. With the continuous increase in shipment volume, unit costs are expected to decrease, and gross profit margins have room for improvement. Especially for linear laser sensors, their price reduction (about 8.2%) is much smaller than that of triangulation ranging and dTOF, demonstrating relatively strong pricing resilience. Pricing resilience highlighted, linear laser sensors expected to become the company's largest source of revenue Among the three main product lines of Huanchuang Technology, linear laser sensors demonstrate the most robust pricing capability. In 2025, the average price of this product was 23.6 yuan, although the absolute value is not high, the decrease was only 8.2%, much lower than the triangulation ranging laser radar (17%) and dTOF laser radar (30%). At the same time, its share of revenue increased rapidly from 4.5% in 2024 to 21.8% in 2025, becoming the company's second largest source of revenue, second only to the triangulation ranging laser radar. In terms of application scenarios, linear laser sensors are widely used in edge-ranging and obstacle avoidance functions of sweeping Siasun Robot & Automation, and can be expanded to emerging fields such as intelligent door locks and service Siasun Robot & Automation. As the integration level of sweeping Siasun Robot & Automation functions continues to increase, the penetration rate of linear laser sensors is expected to further increase. The price stability shown by the company for this product may stem from first-mover advantage or differentiated technological solutions, and also reflects the strategic considerations of the company in adopting a moderate pricing strategy to maintain profit margins. If the price of linear laser sensors can be maintained at the current level, and continue the doubling growth in shipments in 2026, this product is expected to surpass the triangulation ranging laser radar next year and become the company's largest source of revenue. This will be an important milestone in the company's product structure transformation. From a strategic transformation perspective, Huanchuang Technology is building a more balanced revenue structure through a clear product matrix - consolidating the existing market with triangulation ranging, focusing on high-end applications with dTOF laser radar, and expanding boundaries with linear laser sensors. In 2025, the share of triangulation ranging revenue had already dropped to 66%, compared to nearly 100% two years ago. With the significant reduction in product concentration, the company's capacity to resist risks continues to increase, and the business resilience has been effectively enhanced. In terms of market competition, the company, with its scale shipments, cost control capabilities, and continuous technological iteration, has maintained over 50% of the shipment share in the global sweeping Siasun Robot & Automation laser radar market. Although all product lines face industry pricing pressure, the company is actively responding to market changes through proactive pricing strategies and product portfolio optimization. The pricing resilience of linear laser sensors indicates that the company has the ability to establish differentiated advantages in certain niche areas. With the gradual manifestation of new product shipments and economies of scale, the company's overall profit structure is expected to continue to improve. In conclusion, for investors, the focus of Huanchuang Technology may be on whether "new products can maintain profits in price wars". The pricing resilience shown by the linear laser sensors in 2025 is a positive signal worth paying attention to.