On the evening of October 24, Orbbec Inc. (688322.SH) released its third-quarter report, revealing that for the first three quarters of 2025, it achieved operating revenue of 714 million yuan, a year-on-year increase of 103.5%, with net profit attributable to shareholders reaching 108 million yuan and 68.57 million yuan after deductions, both turning profitable compared to the previous year.
In particular, the third-quarter revenue reached 279 million yuan, marking a 102.49% year-on-year increase, and a net profit attributable to shareholders of 47.83 million yuan, up 33.32% from the second quarter. This marks the third consecutive quarter of growth, setting a new historical high.
On October 27, Orbbec opened with a 1.5% increase at 87.12 yuan per share. So far this year, its stock price has risen by 87.08%.
Robotics Volume Growth Since turning profitable in its first-quarter report this year, Orbbec’s profit growth has entered an upward phase, with cumulative revenue for the first nine months exceeding the total for the entire year of 2024.
The announcement stated that benefiting from the persistent improvement of the upstream 3D visual perception supply chain and the accelerated expansion of downstream application scenarios, the company has achieved rapid growth in the fields of 3D scanning, payment verification, and various types of robotics. Coupled with strict cost control across the entire value chain that has enhanced technological research and operational efficiency, the company has significantly turned its operating profit positive.
For the first three quarters, Orbbec's revenues were 191 million yuan, 244 million yuan, and 279 million yuan respectively, while the net profits attributable to shareholders were 24.31 million yuan, 35.88 million yuan, and 47.83 million yuan respectively, demonstrating remarkable acceleration in business expansion. Additionally, the non-deductible net profit for the first three quarters reached 68.57 million yuan, an increase of 170 million yuan year-on-year, further confirming that the company has crossed an operational turning point.
In recent investor surveys, the company highlighted that its research and development efficiency has significantly improved while reducing inefficiencies in cost inputs. From 2022 to 2024, the average proportion of R&D investment relative to annual operating income is nearly 70%. The intensity of core technology research and development has stabilized, allowing for a significant reduction in duplicated development work across business lines and a focus on core technology development in robotics vision, AI vision, multimodal perception, high-precision 3D scanning, precision manufacturing, and assembly processes.
From a business segment perspective, the biometric identification and AIoT sectors have become the core driving forces for the company’s growth.
In the biometric identification field, Orbbec has closely collaborated with eco-partners to develop smart terminal devices adaptable to different payment and medical insurance verification scenarios, aiming to meet the personalized business needs of various scenarios. For instance, the terminal device exemplified by Alipay's "tap to pay" has expanded from payment scenarios to innovative interactive fields such as delivery, public transport, and elevators.
In the AIoT sector, Orbbec is actively exploring emerging downstream business scenarios, with robotics and 3D scanning business becoming significant support for revenue growth. Currently, the company holds advantages in first-mover entry, technological leadership, and large-scale product production across various tracks, including embodied intelligent robots and various AI-side hardware upgrades.
Notably, in the rapidly developing robotics sector, Orbbec has positioned itself as a “leading company in robotics vision” within the A-share market, with its domestic robotics business revenue growing nearly 100% year-on-year in the first half of this year.
Currently, Orbbec has established a comprehensive R&D capability and a full-range technology layout, making it one of the few companies globally with a comprehensive layout across six major 3D visual perception technology routes. In 2025, the company plans to introduce new products, including dToF 3D LiDAR and dual 3D cameras, to continuously enhance its robotics perception matrix.
Aiming for Downstream Growth Potential Recently, company executives mentioned in a media interview that as robotics technology matures and becomes more intelligent, an increasing number of robotic applications in various production and daily life fields are driving the growing demand for visual sensors.
With the acceleration of the “technology innovation input—commercial outcome transformation” strategy, Orbbec is further focusing on its strategy—to build and solidify its robotics and AI vision platform while continuously enhancing its strengths and leading the frontier.
In September, the company announced its latest private placement plan, intending to raise no more than 1.918 billion yuan for projects such as building a “robotics AI vision and spatial perception technology R&D platform” and “AI vision sensor and smart hardware manufacturing base,” further strengthening its full-stack technology closed-loop and large-scale delivery capabilities.
The private placement plan indicated that with the rapid development of the 3D visual perception industry, future manufacturing capabilities of enterprises within the industry will become an important component of comprehensive competitive strength, serving as foundational support for the long-term market presence of companies. Currently, Orbbec has achieved over a 70% market share in the 3D visual perception fields for service robots in China and commercial and industrial mobile robots in South Korea, forming capabilities for large-scale applications across regions and scenarios.
According to the company’s future business development plan, there is a target to increase the annual production capacity of 3D visual sensors and consumer application devices to 5 million units and 2 million units respectively within five years. The new production capacity involved in the private placement project is primarily aimed at robotics, 3D digitization, AI smart hardware, and other fields.
Dongwu Securities research report predicts that with the rapid development of automated mobile robots, 3D printing, humanoid robots, robotic arms, and smart lawn mowers, there is a rigid demand for real-time depth perception in these advanced automation scenarios, leading to a surge in demand for 3D vision. The projected market space for humanoid robots, smart lawn mowers, and 3D printing is estimated at $19 billion, $8.4 billion, and $4.2 billion, respectively, calculated at $400 per module. The industry is expected to ramp up in quantity starting from the end of 2024, revealing a broad market space.
With the impending implementation of the private placement project, Orbbec is expected to further enhance its full-chain advantages from technology development to large-scale manufacturing. In the expansive track of surging demand for 3D visual perception, its first-mover position as a leading company and its continuously evolving technology matrix are propelling the organization into a fast track toward high-quality development, making its future market performance worthy of ongoing attention.
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