Core Viewpoint - Hesai Technology's stock price has dropped significantly, reaching a new low since its listing, indicating potential challenges in the market and investor sentiment [1]. Summary by Sections Stock Performance - Hesai Technology's shares closed at HKD 188.00, reflecting a decline of 10.73% and falling below the initial public offering price [1]. IPO Details - The company was listed on the Hong Kong Stock Exchange on September 16, 2025, with a total of 19,550,000 shares offered globally, including 1,955,000 shares for Hong Kong and 17,595,000 shares for international investors [1]. Use of Proceeds - The net proceeds from the IPO, amounting to HKD 4,005.25 million after deducting estimated listing expenses, are planned to be allocated as follows: - Approximately 50% for research and development investments - About 35% (or HKD 1,297.1 million) for production capacity investments - Approximately 5% for business development - About 10% for working capital and general corporate purposes [3]. Cornerstone Investors - Key cornerstone investors include HHLRA, Taikang Life, WT Asset Management, Grab Inc., Hongda Group, and Commando Global Fund, with HHLRA being the largest investor [3][4]. - HHLRA's investment was USD 50 million, while other investments included USD 28 million from Taikang Life and USD 30 million from WT Asset Management [4].

Core Viewpoint - Hesai Technology's stock price has reached a new low since its listing, indicating potential challenges in market performance and investor sentiment [1] Group 1: Stock Performance - Hesai Technology's stock closed at HKD 210.60, with a minimum intraday price of HKD 208.60, marking a new low since its listing [1] - The stock price has fallen below its initial public offering (IPO) price, which was HKD 212.80 [1][3] Group 2: IPO Details - The final IPO price for Hesai Technology was HKD 212.80, with a maximum public offering price of HKD 228.00, raising a total of HKD 4,160.24 million [3] - After deducting estimated listing expenses of HKD 154.99 million, the net proceeds from the IPO amounted to HKD 4,005.25 million [3] Group 3: Use of Proceeds - Approximately 50% of the net proceeds is planned for research and development investments [3] - About 35% (approximately HKD 1,297.1 million) is allocated for production capacity investments to ensure the delivery of high-performance products [3] - Around 5% is designated for business development to accelerate expansion, and 10% is for working capital and general corporate purposes [3] Group 4: Cornerstone Investors - Major cornerstone investors include HHLRA, Taikang Life, WT Asset Management, Grab Inc., Hongda Group, and Commando Global Fund [3] - HHLRA is the largest cornerstone investor, contributing USD 50.0 million based on the indicative offer price of HKD 228.00 [4]

| | 不同投票權架構公司普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | | | --- | --- | --- | --- | --- | --- | | | | | | | 否 | | 3. 股份分類 | | | | | | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02525 | 說明 | B類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 900,000,000 | USD | | 0.0001 | USD | | 90,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 900,000,000 | USD | | 0.0001 | USD | | 90,000 ...

Group 1 - The Hang Seng Index fell by 0.61%, down 164 points, closing at 26,976 points, while the Hang Seng Tech Index dropped by 1.2% [1] - International gold prices reached a new historical high, leading to significant gains in the precious metals sector, with China Silver Group rising over 20% and Zijin Mining International increasing by over 5% [1] - Xinjiang Xinxin Mining surged over 12%, with a year-to-date increase exceeding 300%, and plans to issue A-shares [1] - Bitcoin surpassed $125,000, setting a new historical high, which positively impacted cryptocurrency-related stocks, with OK Blockchain rising over 14% and Boya Interactive increasing by over 10% [1] - Hesai Technology (Hesai-W) rose over 4%, marking the production of its one-millionth LiDAR unit by the end of September [1] - Beijing Bluebird Universe soared over 58% as its subsidiary JBD partnered with AMAT and Thunderbird Innovation to enhance AR glasses display quality [1] - Yunfeng Financial increased by over 7%, collaborating with Anthea to explore blockchain-based insurance products [1] - Dingdang Health surged by 26%, continuing to expand its innovative drug portfolio with multiple new products recently launched [1] - Shuangdeng Co. rose over 9%, driven by increased energy demand for storage solutions, being a key supplier for Alibaba's data center storage [1] Group 2 - Hua Hong Semiconductor rose over 5%, reaching a new high with an eight-day consecutive increase, as institutions noted advanced manufacturing capacity as a scarce resource [2] - Gaming stocks experienced a significant decline, with Macau's September gambling revenue growing by only 6%, falling short of expectations, and further impacted by a typhoon during the Golden Week [2] - New World Development dropped by 5.4%, while MGM China fell by 4.45% [2]

Core Viewpoint - Hesai Technology has become the first company globally to achieve an annual production of over one million LiDAR units, marking a significant milestone in the industry [1] Company Summary - On October 3, Hesai Technology announced that it officially produced its one-millionth LiDAR unit by the end of September 2023 [1] - The company has delivered over 1.37 million units in the ADAS and robotics sectors as of the second quarter of 2025 [1] - For the year 2025, Hesai plans to have an annual production capacity exceeding 2 million units, with expected annual deliveries between 1.2 million and 1.5 million units [1] Industry Summary - The achievement of producing over one million LiDAR units positions Hesai Technology as a leader in the LiDAR market, particularly in the context of advanced driver-assistance systems (ADAS) and robotics [1]

Core Insights - The article highlights the significant milestone achieved by Hesai Technology, marking the production of its one millionth LiDAR unit, establishing it as the first company globally to reach this annual production level [1][7]. Production Capacity - As of the end of Q2 this year, Hesai has delivered over 1.37 million units in the ADAS and robotics sectors, with a planned annual production capacity exceeding 2 million units by 2025, and expected annual deliveries between 1.2 million to 1.5 million units [3]. - The company aims to equip 1% of global vehicles with 3D perception capabilities by 2025, a vision set in 2019, which has driven its strategic focus on enhancing its smart manufacturing system [3]. - Hesai's automated production line boasts a 100% automation rate in core processes, allowing for the production of one LiDAR unit every 20 seconds [3]. Technological Leadership - Since 2017, Hesai has been proactively developing specialized chips for LiDAR, with the fourth generation of chips set to launch in 2024, incorporating SPAD technology to enhance its digital LiDAR capabilities [4]. - The fourth generation of chips integrates seven core components, significantly improving performance, and making Hesai the only company to achieve full self-research and mass production of both transmission and reception module chips [4]. Market Position - In the first seven months of this year, Hesai's LiDAR installation volume reached 416,600 units, capturing a market share of 32.2%, maintaining its position as the leading supplier among all listed LiDAR companies [5]. - Hesai has secured mass production contracts with over 24 OEMs for more than 120 vehicle models, including partnerships with top-tier manufacturers such as a leading European OEM and major players in the new energy vehicle sector [5][6]. Business Growth - The company has seen a continuous increase in orders, particularly in the Robotaxi sector, where nine out of the top ten global Robotaxi companies have chosen Hesai as their primary LiDAR supplier [6]. - Recently, Hesai signed a contract worth over $40 million (approximately 285 million RMB) with a leading US Robotaxi company, further solidifying its market presence [6]. Industry Impact - The achievement of producing one million LiDAR units not only reflects Hesai's operational success but also symbolizes a broader advancement in China's manufacturing capabilities, particularly in the fields of smart vehicles and robotics [7]. - The growth of companies like Hesai is expected to enhance the international competitiveness and influence of the entire industry chain in the smart automotive and robotics sectors [7].

Core Insights - Hesai Technology has become the first company globally to achieve an annual production of over 1 million LiDAR units, marking a significant milestone in the industry [1][2] - The company aims to leverage its advanced manufacturing capabilities and proprietary technology to maintain its leadership in the LiDAR market, particularly in the automotive and robotics sectors [1][2] Group 1: Production Milestones - As of the end of September 2023, Hesai has officially produced its 1 millionth LiDAR unit for the year 2025 [1] - The company plans to increase its annual production capacity to over 2 million units by 2025, with expected annual delivery volumes between 1.2 million and 1.5 million units [2] Group 2: Technological Advancements - Hesai is the only LiDAR company that has independently developed all seven key components of its LiDAR systems, and it is the first to achieve mass production of chip-based transmission and reception modules [2] - The company utilizes a highly automated production line with a 100% automation rate in core processes, producing one LiDAR unit every 20 seconds [1] Group 3: Market Position - Hesai holds the leading market share in several categories, including global vehicle-mounted LiDAR, ADAS LiDAR, and L4 autonomous driving LiDAR, being recognized for four consecutive years with multiple global firsts [2] - As of Q2 2025, the cumulative delivery volume in the ADAS and robotics sectors has exceeded 1.37 million units [2]

Group 1 - The A-share IPO market is active, with 72 companies listed by September 22, raising a total of 69.644 billion yuan, surpassing the total fundraising amount for the entire year of 2024 [2][3] - The Hong Kong market has seen 64 companies listed, raising a total of 146.887 billion HKD (approximately 134.325 billion yuan), exceeding the total for both 2023 and 2024 [2][3] - Deloitte's report indicates that the Hong Kong Stock Exchange will continue to lead global IPO financing rankings, driven by six large IPOs during the period [3][10] Group 2 - In the first three quarters, A-shares are expected to have 78 new IPOs raising 77.1 billion yuan, a 13% increase in the number of IPOs and a 61% increase in total fundraising compared to the same period last year [3][9] - The Hong Kong market is projected to have 66 new IPOs raising 1.823 billion HKD (approximately 1.668 billion yuan), representing a 228% year-on-year increase in fundraising [3][9] Group 3 - Major IPOs in 2023 include CATL, Zijin Mining International, Huadian New Energy, and others, with Huadian New Energy's IPO being the largest in A-shares this year at 18.1 billion yuan [5][11] - The A-share market is seeing a shift in industry focus, with traditional and high-end manufacturing sectors leading in both the number of IPOs and fundraising amounts [7][9] Group 4 - The number of IPO withdrawals has significantly decreased, with 83 companies withdrawing their IPOs this year, a 77.13% decline year-on-year [9] - As of September 19, there are 279 companies waiting for IPO approval in the A-share market, with 50 companies having been reviewed and 49 approved [9] Group 5 - The Hong Kong market is benefiting from policies encouraging mainland companies to list there and the optimization of the IPO application process, leading to a strong market momentum [10][13] - Deloitte forecasts that over 80 new IPOs will be listed in Hong Kong in 2025, raising between 250 billion to 280 billion HKD [13][14]

该行预测，至2030年海外ADAS客户将为禾赛贡献10%的出货量、20%的收入及23%的毛利，且毛利率 较国内产品高10个百分点。该行目前预测禾赛2030年收入及净利润将分别达140亿及30亿元人民币，净 利润率料达21%，并将2026至2027年净利润预测上调11%至17%。 高盛发布研报称，随着激光雷达今年在中国市场加速普及，并于2026至2027年开始在全球车企实现大规 模量产，预测至2030年海外ADAS激光雷达出货量将达300万台，相当于中国市场2025年的规模。高盛 首次给予禾赛(02525,HSAI.US)H股"买入"评级，目标价281港元，美股目标价由26.3美元由上调至36美 元，评级亦为"买入"。 ...

Group 1 - Goldman Sachs reports that the adoption of LiDAR technology in the Chinese market is accelerating this year, with large-scale production expected globally by 2026-2027, predicting that overseas ADAS LiDAR shipments will reach 3 million units by 2030, equivalent to the scale of the Chinese market in 2025 [1] - Goldman Sachs initiates a "Buy" rating for Hesai (02525, HSAI.US) with a target price of HKD 281, and raises the US stock target price from USD 26.3 to USD 36, maintaining a "Buy" rating [1] - The firm forecasts that by 2030, overseas ADAS customers will contribute 10% of Hesai's shipment volume, 20% of revenue, and 23% of gross profit, with a gross margin 10 percentage points higher than domestic products [1] Group 2 - The projected revenue and net profit for Hesai by 2030 are expected to reach RMB 14 billion and RMB 3 billion, respectively, with a net profit margin estimated at 21% [1] - The net profit forecast for 2026-2027 has been raised by 11% to 17% [1]