CAMSENSE TECHNOLOGIES: Passes HKEX Listing Hearing, Primarily Supplying Spatial Perception Components for Robot Vacuum Cleaners

NewTimeSpace (newtimespace.com) News, On 13 September 2026, Shenzhen Camsense Technologies Co., Ltd. ("Camsense Technologies" or the "Company") published a post hearing information pack ("PHIP") on the website of the Stock Exchange seeking the listing of its H shares on the Main Board, with CICC Hong Kong Securities Limited and Guosen Securities (HK) Financing Limited as joint sponsors, with a nominal value of RMB 1.00 per H share. The PHIP is a draft, the offer price, the number of offer shares and the expected timetable are still marked as "[REDACTED]", and the listing application has not been approved by the Stock Exchange or the Securities and Futures Commission.

The Company develops spatial perception products with a focus on robot vacuum cleaners, and during the track record period derived its revenue mainly from supplying spatial perception components to robot vacuum cleaners for integration into their devices, providing algorithms and hardware to robot vacuum cleaners through a smart spatial perception system. Cumulative shipments since inception have exceeded 39 million units, and in 2025 total shipments of LiDAR and line laser sensors exceeded 10 million units and 5 million units respectively. The Company disclosed that in China, robot vacuum cleaner spatial perception accounts for a relatively small part of the smart robot spatial perception market, representing approximately 5.9% of that market by sales revenue in 2025. The Company offers a diversified product matrix spanning conventional triangulation LiDAR, direct time-of-flight LiDAR ("dTOF LiDAR"), 3D TOF LiDAR and line laser sensors, and possesses in-house sub-millimetre spatial data processing chip design and core spatial perception algorithm capabilities.

Revenue rose from RMB 332.1 million in 2023 to RMB 433.3 million in 2024 and further to RMB 613.5 million in 2025, and amounted to RMB 195.9 million for the three months ended 31 March 2026 against RMB 131.8 million a year earlier. Gross margin was 21.5%, 16.3%, 16.5% and 19.2% for the same periods. The Company recorded net losses of RMB 0.9 million in 2023 and RMB 31.4 million in 2024, turned around to a net profit of RMB 2.2 million in 2025, and recorded a net profit of RMB 7.8 million for the three months ended 31 March 2026. Research and development costs as a percentage of revenue fell from 16.4% in 2023 and 17.7% in 2024 to 9.7% in 2025 and 7.6% in the first three months of 2026. As at 31 March 2026, the Company's net assets were RMB 336.8 million.

On customers, revenue from the largest customer in each period of the track record period accounted for 37.1%, 36.1%, 29.0% and 37.3% of total revenue for the respective periods, while revenue from the five largest customers accounted for 93.6%, 89.2%, 80.4% and 85.6% respectively; at the brand-owner level, the five largest robot vacuum cleaner brands together accounted for approximately 70%, 80%, 86% and 88% of the Company's total revenue. In 2025, the Company became an important spatial perception product supplier to the top five global market participants in the robot vacuum cleaner industry, four of which were among the Company's five largest customers (Customers A, B, F and H) in one or more years or periods during the track record period, with whom the Company has maintained continuous cooperation for three to six years. On intellectual property, as at the latest practicable date the Company owned 172 granted patents, comprising 58 invention patents and 16 granted patents in major overseas markets including the United States, the European Union, Japan and South Korea, with a further 30 patent applications. As at the latest practicable date, the Company's single largest group of shareholders comprised Mr. Wang Jian, Mr. Zhou Kun and Mr. Liu Yi, Huancheng Investment, Xinle Management and Huancheng Times.

The Company disclosed that for the five months ended 31 May 2026 it recorded significant growth, delivering 12.9 million units of spatial perception products, up 114.4% from 6.0 million units a year earlier, mainly driven by the delivery of 4.0 million units of triangulation LiDAR products, 2.2 million units of dTOF LiDAR products and 3.7 million units of line laser products, representing year-on-year growth of 7.7%, 628.8% and 94.9% respectively; as at the latest practicable date, based on the backlog of design orders as at 31 July 2026, revenue of approximately RMB 172.4 million is expected to be recognised from August 2026 to December 2026, subject to product delivery and the relevant revenue recognition requirements. The Company is currently constructing a new manufacturing facility in Zhongshan, which had completed renovation and commenced trial production as at the latest practicable date. The document also disclosed that on 30 June 2026, Shenzhen LDROBOT Co., Ltd. filed a patent infringement action against the Company in the Shenzhen Intermediate People's Court in respect of certain of the Company's dTOF LiDAR products, seeking cessation of the alleged infringing acts and damages of RMB 5.0 million; following consultation, the plaintiff withdrew the action on 22 July 2026, no settlement or other arrangement was entered into between the Company and the plaintiff, and no damages were paid or payable. The Company's listing application is based on meeting the market capitalisation/revenue test under Rule 8.05(3) of the Listing Rules, by reference to (i) revenue of over HKD 500 million for the year ended 31 December 2025; and (ii) an expected market capitalisation at listing of over HKD 4 billion. 

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