Summary of Key Points
In the second quarter of 2026, Tudou Technology shipped approximately 271,100 lidars, representing a year-on-year increase of 385% and a quarter-on-quarter increase of 49%. The growth rate of its previously high-end "Falcon Series" (accounting for 28.7%) slowed down, while the "Lingque Series," aimed at mid-to-low-end vehicles and a range of robotic applications (accounting for 70.7%), became the main driver of sales, with 191,600 units sold in that quarter, a year-on-year increase of 3,209%, exceeding the total Lingque shipments for the entire year of 2025. This marks Tudou Technology's transition from a "high-end automotive radar supplier" to a player in "multi-scenario 3D perception." The Falcon Series maintains its high-end technological image, while the Lingque Series drives growth through scalability and versatility. However, a surge in shipments does not necessarily equate to increased profits, so future attention will need to be paid to cost control and profitability.
Why Did the Lingque Series Suddenly See Such Strong Demand? —— It Caught the Wave of Industry "Downsizing"
Previously, lidars were exclusive to high-end vehicles, such as those produced by luxury brands like NIO, which were willing to pay a premium for high-performance products. But the situation has changed:
1. Mid-to-low-end vehicles also require assisted driving: Urban assisted driving systems are now being integrated into cars priced around 150,000 to 200,000 yuan. Automakers need radars that are functional, affordable, compact, and can be mass-produced—the Lingque Series meets these criteria (with mid-range and wide-angle versions), making it the preferred choice for mainstream models.
2. New markets in non-automotive applications: Lidars are also being used in unmanned delivery vehicles, industrial robots, and underground transportation equipment. For example, Geely's unmanned delivery trucks use Lingque W, as do underground transportation systems. These applications have diverse requirements for radars, and they are less price-sensitive than automakers, representing new growth areas.
Data speaks for itself: The Lingque Series had annual shipments of 138,000 units in 2025, but in the second quarter of 2026, it shipped 191,600 units—this is an incredible growth rate.
Is the Falcon Series Still Important? —— It's the Company's "Technical Pillar"
Despite the success of the Lingque Series (77,800 units sold in the second quarter, a year-on-year increase of 55%), the Falcon Series remains crucial:
1. Maintaining the high-end market: The Falcon Series offers long-range, high-performance radars essential for advanced driving functions (such as detecting objects at 200 meters away) and is used in complex scenarios like intelligent highways and vehicle-road coordination—these are areas where high-end products are indispensable, serving as Tudou Technology's technical showcase.
2. Stabilizing customer base: The Falcon Series' customers include leading luxury brands like NIO, which help maintain the company's position in the industry and provide stable orders.
In short, the Falcon Series is like the company's "face," proving its capability to develop high-end technology; without it, even if the Lingque Series is successful, others might doubt Tudou Technology's ability to produce high-quality products.
What Are the Benefits of Diversifying into Multiple Scenarios? —— Spreading Risks and Reducing Dependence on Automakers
Tudou Technology used to rely mainly on the automotive sector, but this approach had limitations: automakers have significant influence, can push down prices, and the certification process is lengthy (taking one to two years from development to mass production). Diversifying into robotic applications offers several advantages:
1. Healthier customer base: The customer base includes a variety of industries with diverse needs, reducing reliance on the performance of any single automaker's models.
2. More direct demand: These applications have a strong demand for 3D perception capabilities (e.g., robot navigation and mining site positioning), and they are less concerned about cost and brand image; as long as the products work well, they will be sold.
For instance, the Lingque Series is used in underground transportation, where radars need to be durable. Once certified, they can provide a steady source of revenue.
Surging Shipments Don't Equal Profitability: What Challenges Does Tudou Technology Face?
Although shipments have increased, profitability remains uncertain:
1. Pressure on prices: The Lingque Series is a low-cost, high-volume product, so its unit price may be much lower than that of the Falcon Series. If cost reductions (e.g., from bulk purchasing or improved production efficiency) do not keep up with price drops, gross margins could be squeezed.
2. Capacity and quality challenges: Shipments increased from 332,000 units in 2025 to 452,500 units in the first half of 2026—can Tudou Technology scale its production capacity quickly enough? Will product quality decline with mass production?
3. Repetition in non-automotive applications: Projects in robotics and mining sites are typically small-scale; can Tudou Technology maintain long-term orders? If these are one-time collaborations, growth will not be sustainable.
Tudou Technology's gross margin only turned positive at 7.9% in 2025, which is not high. The key will be to maintain or increase it in the upcoming half-year report.
The Industry Competition Enters a New Phase: It's About "Scale + Multiple Scenarios + Stable Delivery"
Previously, the lidar industry focused on who had the best technology. Now, the competition revolves around who can supply products at low prices, in large quantities, and reliably:
- Low prices: The ability to produce mid-to-low-end products to meet consumer demand.
- Scale: The capacity to produce at high volumes without shortages.
- Multiple scenarios: Coverage of automotive, robotics, intelligent transportation, and other fields.
- Stable delivery: Reliable product quality and on-time shipments.
Tudou Technology is pursuing a dual strategy: using the Falcon Series for high-end applications and the Lingque Series for scalability and diversification. If both areas are successful, it can break away from its label as a "NIO-exclusive supplier" and become a true "multi-scenario 3D perception giant." The 270,000 units shipped in the second quarter are just the beginning of this transformation.
In Summary: Tudou Technology is now moving forward with a balanced approach, using the Falcon Series to maintain its high-end presence and the Lingque Series to drive growth. However, whether it can transform from "selling a lot" to "making a lot of money" depends on future cost control and profitability. For the industry as a whole, lidars are becoming more like everyday necessities, and those who adapt to this change will be the winners.