On October 1, 2026, SmartSens (688213.SH) disclosed the report on the issuance of its private placement, issuing approximately 36.76 million shares at CNY 87.05 per share, raising a total of CNY 3.2 billion. Among the 11 allocated objects, Huaxin Dingxin subscribed for CNY 800 million, and four funds under Zhongyang subscribed for a total of CNY 1.52 billion; Shanghai Feilai Information Technology under the DJI system, Orbbec, and Shanghai International Group Investment Co., Ltd. also participated.
As smartphones, automotive electronics, and robots impose higher requirements on visual perception, the competition among CIS (CMOS Image Sensor) manufacturers is extending from chip performance to product definition, system adaptation, and industrial chain collaboration. Behind this investor list is the industrial cooperation foundation already established by SmartSens. Its CIS products have been applied in terminals such as DJI and Hikvision, and its automotive products have entered the mass production supply chains of automakers such as SAIC Motor; in August this year, the company further deepened its strategic cooperation with Orbbec to promote the synergy between global shutter CIS and 3D vision technology. For SmartSens, how will this CNY 3.2 billion private placement support its "3+AI" strategic layout? To what extent can the participation of industrial capital be transformed into technological advantages, customer cooperation, and long-term growth momentum? These questions are more worthy of attention than the financing scale itself.
Backed by Industrial Capital: What Strategic Signals Does the CNY 3.2 Billion Private Placement Release?
For SmartSens' CNY 3.2 billion private placement this time, what deserves attention is not only the financing scale but also the investor composition. According to the issuance report, the company issued approximately 36.76 million shares at a price of CNY 87.05 per share, finally determining 11 subscribers. The participants include not only national-level IC (Integrated Circuit) industry funds and local state-owned capital platforms, but also professional investment institutions and related enterprises in the industrial chain.
Among them, Huaxin Dingxin subscribed for CNY 800 million, making it the investor with the largest single subscription amount in this issuance. The fund was jointly established by the National Integrated Circuit Industry Investment Fund Phase III and Huaxin Investment. Guangdong Hengkuo subscribed for CNY 350 million, and Shanghai International Group Investment Co., Ltd. subscribed for CNY 100 million, representing the participation of local state-owned capital platforms in Guangdong and Shanghai, respectively. Four funds under Zhongyang subscribed for a total of CNY 1.52 billion, accounting for 47.5% of the total raised funds. Together with Huaxin Dingxin, the two contributed a total of 72.5% of the subscription funds.
The participation of some industrial chain-related enterprises is even more noteworthy.
Shanghai Feilai Information Technology subscribed for approximately CNY 100 million, and its parent company is DJI. SmartSens has previously disclosed that its CIS products are applied in terminal brands such as DJI. According to TSR data cited by the company, SmartSens' shipment share in the global drone CIS market reached 46.2% in 2024. The continuous demand for drones for low power consumption, high dynamic range, global shutter, and visual positioning capabilities provides an industrial foundation for the two parties to further deepen product cooperation.
Orbbec also subscribed for approximately CNY 100 million. In August 2026, the two parties signed a deepened strategic cooperation agreement to collaborate on high-performance CIS and 3D depth perception technology. Previously, the two parties had jointly developed multiple global shutter CIS products based on the SmartGS-2 Plus platform, targeting applications such as robots, industrial inspection, and spatial perception. This means that the cooperation between the two parties has entered the stage of specific product R&D and system adaptation.
In addition, some funds under Zhongyang also hold shares in Hikvision, and Shanghai International Group has historical capital ties with SAIC Motor. SmartSens and Hikvision already have a foundation for terminal product applications, and its automotive CIS has also entered the mass production supply chains of automakers such as SAIC Motor. However, Hikvision and SAIC Motor are not direct subscribers in this private placement, and the relevant capital ties and actual business cooperation still need to be viewed separately.
From the perspective of industrial development, the value of these cooperative relationships lies in providing SmartSens with continuous opportunities to access downstream application demands. As visual perception systems become increasingly complex, CIS manufacturers need to participate in terminal product definition earlier and collaborate with customers in terms of pixel performance, interfaces, power consumption, and algorithm adaptation.
△ SmartSens' CNY 3.2 Billion Private Placement: Investor Structure and Industrial Background. Source: SmartSens "Report on the Issuance of Shares to Specific Objects in 2026"
From Security to Automotive Electronics: Where Does SmartSens' Industrial Competitiveness Come From?
The attention from industrial capital is first built upon SmartSens' existing technological accumulation and commercialization capabilities.
According to the 2025 annual report, SmartSens achieved an operating revenue of CNY 9.031 billion for the whole year, a year-on-year increase of 51.32%; in the first half of 2026, it achieved a revenue of CNY 4.6 billion, a year-on-year increase of 21.48%. More importantly, the changes in its business structure are: in the first half of 2026, the revenue from smart security and AIoT business increased by 45.55% year-on-year, automotive electronics grew by 28.56%, and the smartphone business grew by 1.19%. The three major businesses have formed different growth rhythms.
Smart security is one of the markets where SmartSens has the deepest accumulation. According to TSR data cited by the company, from 2017 to 2025, SmartSens maintained the first place in global security CIS shipments for many consecutive years. In this market, image sensors need to cope with complex conditions such as low illumination, backlight, near-infrared fill light, and all-weather operation. Focusing on these demands, SmartSens has long invested in pixel technologies such as SFCPixel and Lightbox IR, and formed a product matrix covering different resolutions and application demands. These technological accumulations also provide a foundation for its expansion into fields such as drones and industrial vision.
Smartphones, on the other hand, drive SmartSens to upgrade to higher-performance CIS technologies. As the competition in mobile phone imaging extends from pixel count to dynamic range, low-light image quality, video performance, and power consumption control, image sensors need to achieve a more complex performance balance within a limited chip area. The SC5A6XS launched by SmartSens adopts Lofic HDR® 3.0 technology, supporting 50 megapixels and a maximum dynamic range of 115dB; the SCC85XS adopts a domestic Stacked BSI process platform, targeting 200-megapixel applications. These products indicate that the company is expanding into the higher-specification mobile phone imaging market.
Automotive electronics is another growth path worthy of attention. In 2025, SmartSens' automotive electronics business revenue reached CNY 1.122 billion, a year-on-year increase of 113.02%. Compared with consumer electronics, automotive CIS places more emphasis on high dynamic range, LED flicker mitigation, functional safety, and long-term reliability. SmartSens has formed a product layout covering surround view, side view, front view, and in-cabin vision, and products such as SC361AT and SC533AT have entered the mass production supply chains of multiple independent automotive brands. The longer verification cycle and lifecycle of automotive-grade products also make technological accumulation and customer cooperation of continuous value.
Supporting these business expansions is also SmartSens' R&D capabilities in pixel design, readout circuits, and manufacturing processes. The company has jointly developed the Stacked BSI process platform with domestic foundry enterprises and achieved stable mass production. As high-end CIS imposes higher requirements on manufacturing processes, yield, and cost, the synergy between design and manufacturing is becoming an important part of competitiveness.
△ Comparison of SmartSens' Major Business Revenue and Growth. Source: SmartSens "2025 Annual Report" and "2026 Semi-Annual Report"
From Customer Procurement to Joint R&D: Industrial Chain Synergy is Deepening into Product Definition
For CIS manufacturers, the importance of downstream customers is changing. In the past, cooperation between the two parties mainly revolved around product selection, performance testing, and batch procurement. Today, as the visual systems of drones, robots, and smart cars become increasingly complex, image sensors need to be optimized together with ISPs, AI processors, depth perception modules, and system algorithms. Some customers have begun to intervene in product definition during the chip R&D stage, putting forward more specific requirements for pixel structure, frame rate, data interfaces, and power consumption.
Drones are a typical scenario for this change.
According to TSR data cited by SmartSens, the company's shipment share in the global drone CIS market reached 46.2% in 2024. Its products have been applied in terminal brands such as DJI, and the participation of Shanghai Feilai Information Technology under DJI in this private placement further extends the existing industrial ties between the two parties to the capital level.
Drone vision must not only meet the requirements of aerial photography for dynamic range, image quality, and power consumption, but also serve obstacle avoidance, visual positioning, and environmental perception. Especially during high-speed flight, traditional rolling shutters are prone to motion distortion, affecting the judgment of visual algorithms on object position and motion state. Therefore, global shutters, high frame rates, and multi-camera synchronization are of great value.
In contrast, the cooperation between Orbbec and SmartSens has already shown clearer characteristics of joint R&D.
In August 2026, the two parties signed a deepened strategic cooperation agreement to carry out further collaboration on high-performance CIS and 3D visual perception technology. According to public information, previously, the two parties had jointly developed multiple global shutter CIS products based on SmartSens' SmartGS-2 Plus technology platform, targeting applications such as robots, lawn mowers, 3D scanning, and industrial inspection.
The two parties also plan to apply the SmartGS series products to Orbbec's embodied intelligence data collection hardware platform, covering devices such as EGO first-person view, UMI handheld, and WristCam wrist near-field. Orbbec will participate in the evolution direction of CIS technology, platform interface definition, and performance optimization. This means that downstream visual system enterprises can feed back actual scenario demands to the sensor design stage earlier.
From the perspective of technical division of labor, SmartSens' CIS is responsible for acquiring high-quality image data, while Orbbec's 3D vision technology provides depth information and spatial perception capabilities. The combination of the two technologies can provide more complete perception input for robot positioning, obstacle avoidance, object recognition, and grasping.
The cooperation between SmartSens and D-Robotics further reflects this product definition approach. In July 2026, the two parties announced a robot vision solution based on the Sunrise S600 computing platform, adapting to three 1:1 square global shutter CIS models, covering specifications such as 1.2 million to 4 million pixels and 80 to 130fps, and carrying out collaboration around interface standardization and ISP adaptation.
The design choice of square sensors reflects the differences between robot vision and traditional video applications. Some robot near-field perception, spatial positioning, and visual interaction tasks require more balanced horizontal and vertical field of view coverage. Defining image size, frame rate, and interfaces around specific algorithms and optical systems can reduce the complexity of subsequent system adaptation.
Automotive electronics, on the other hand, provides another industrial synergy model. SmartSens' automotive CIS such as SC361AT and SC533AT have entered the mass production supply chains of multiple independent automotive brands. Automotive chips usually need to undergo strict reliability testing, customer certification, and vehicle model introduction. Once the cooperative relationship enters the mass production stage, there is an opportunity to continue with the vehicle model platform. At the same time, ADAS imposes higher requirements on high dynamic range, LED flicker mitigation, and functional safety, which also prompts CIS manufacturers to continuously carry out technical adaptation with OEMs and Tier 1 suppliers.
In the smart security market, SmartSens and terminal enterprises such as Hikvision already have a foundation for product applications. Demands such as low illumination at night, complex backlight, multi-camera, and intelligent recognition provide long-term application feedback for CIS technology upgrades.
It can be seen from these cases that SmartSens' industrial cooperation has covered multiple levels such as terminal product applications, joint R&D, system adaptation, and automotive mass production. Among them, the cooperation between Orbbec and D-Robotics is particularly worthy of attention: sensor manufacturers are participating in system development earlier, forming a closer connection between chip performance and terminal application demands.
△ SmartSens Industrial Chain Cooperation: Technological Synergy and Commercialization Progress. Source: SmartSens "2026 Private Placement Prospectus (Registered Draft)"
Investment of CNY 3.2 Billion Funds: How to Further Implement the "3+AI" Strategy?
Industrial chain cooperation provides SmartSens with opportunities to access new application demands, and to transform these demands into competitive chip products, it also requires continuous investment in R&D, manufacturing process development, and customer verification. The investment direction of the funds from this CNY 3.2 billion private placement also reflects the key technological layout of SmartSens in the next stage.
According to the prospectus, SmartSens plans to invest CNY 1.445 billion in the R&D and industrialization of high-performance imaging CIS, CNY 753 million in the R&D and industrialization of intelligent driving CIS, CNY 741 million in the R&D and industrialization of visual AI CIS and edge AI ASIC, and another CNY 261 million to supplement working capital. Among them, the first two items account for about 68.7% of the raised funds in total, indicating that high-end CIS technology upgrades remain the focus of the company's future R&D investment.
In the field of high-performance imaging, SmartSens will continue to carry out R&D around high pixels, high dynamic range, low power consumption, and advanced stacking processes. Automotive electronics is another key investment direction. SmartSens plans to further cover intelligent driving and intelligent cockpit applications through the R&D of a new generation of automotive CIS, and rely on the existing mass production foundation of customers to promote the verification and introduction of higher-specification products.
In contrast, the visual AI CIS and edge AI ASIC projects represent the technological direction of SmartSens' expansion into emerging intelligent perception fields.
This layout echoes the "3+AI" strategy proposed by the company. On the basis of the three major businesses of smart security and AIoT, smartphones, and automotive electronics, SmartSens is exploring a more complete visual technology system around "high-precision perception - high-speed interconnection - intelligent computing".
Among them, high-precision perception takes CIS as the core, providing high-quality image data for robots, drones, and industrial equipment through technologies such as global shutters, high dynamic range, and low noise. With the increase of machine vision applications, the role of image sensors is extending from recording pictures to providing data input for visual positioning, object recognition, and environmental understanding.
High-speed interconnection focuses on visual data transmission and system integration. The company has deployed forward-looking technologies such as MicroLED optical interconnection to explore new paths for high-speed data transmission.
Intelligent computing is a further extension of this technological system. In July 2026, Feilingwei, a subsidiary of SmartSens, released the M2 automotive visual processing SoC (System on Chip) and the A2 product for robots and industrial vision, beginning to integrate multi-channel image processing, ISP, and AI inference capabilities into visual processing chips.
In the long run, this private placement will provide financial support for SmartSens' high-end CIS R&D and emerging visual technology layout.
Intensified Global CIS Competition: How Can Industrial Synergy Open Up Long-Term Growth Space?
The global CIS industry is entering a new round of technological upgrades and competitive landscape adjustments. According to research released by Yole Group in 2026, the global CIS market size was approximately USD 25.3 billion in 2025, a year-on-year increase of 9%. Sony occupies nearly 50% of the market revenue share, and the overall share of Chinese manufacturers has increased to about 21%. This means that Chinese CIS enterprises are gaining more market opportunities, but the technological and scale barriers in the high-end market remain obvious.
In the smartphone market, Sony, Samsung, and OmniVision continue to compete around advanced stacking processes, high dynamic range, and high-pixel technologies. SmartSens is advancing its high-end product layout through technologies such as Lofic HDR® 3.0 and domestic Stacked BSI, expanding its technological competition space.
Automotive electronics, on the other hand, provides more long-term growth opportunities. As ADAS evolves towards advanced visual perception, the requirements for automotive CIS in terms of dynamic range, LED flicker mitigation, functional safety, and reliability continue to increase. SmartSens has entered the mass production supply chains of multiple automakers. In the next stage, it needs to further consolidate its competitive position through the R&D of higher-specification products, vehicle model platform expansion, and long-term quality verification.
At the same time, emerging applications such as drones, robots, industrial vision, and embodied intelligence are promoting a closer combination of CIS with computing platforms, depth perception, and algorithm systems. The cooperation between SmartSens and enterprises such as Orbbec and D-Robotics shows that industrial chain synergy has begun to deepen into product definition and joint R&D. As application demands become increasingly diversified, enterprises that can optimize sensor performance around specific scenarios and form reusable technology platforms are expected to gain more market opportunities.
Against this background, the CNY 3.2 billion private placement provides important financial support for SmartSens' development in the next stage. The participation of national-level industrial funds, local state-owned capital, professional investment institutions, and industrial chain-related enterprises also creates conditions for the company to deepen R&D and industrial cooperation.
Looking at the next three to five years, SmartSens' most realistic growth foundation still comes from the technological upgrades and market expansion of its main CIS business, while AI vision, edge computing, and high-speed interconnection will further broaden its long-term business boundaries. The industrial value of this financing will ultimately need to be verified through the mass production of high-end products, continuous introduction of automotive customers, commercialization of emerging visual businesses, and improvement of profitability. This is also an important standard to measure whether SmartSens' "3+AI" strategy can form long-term competitive advantages.
Editor: Xinzhi Xun - Langkejian