Core Insights - The article highlights the rapid development and commercialization of autonomous driving technology in Abu Dhabi, driven primarily by Chinese companies [5][24]. - The collaboration between Chinese enterprises and the Abu Dhabi government has created a conducive environment for the deployment of autonomous vehicles, including the world's first Robotaxi service integrated with Uber outside the US [3][7]. Group 1: Autonomous Driving Developments - In November 2025, Abu Dhabi will host the first global Robotaxi service connected to Uber, operated by the Chinese company WeRide [3]. - The autonomous driving trend in Abu Dhabi is a result of years of collaboration between Chinese firms and the local government, with WeRide obtaining the first autonomous driving road test license in the UAE in July 2023 [5]. - WeRide's Robotaxi service has achieved a daily order volume of 15 to 21 rides, which is over 60% of the average daily rides of conventional taxis in the area [5]. Group 2: Government Support and Ecosystem - The Abu Dhabi government has transitioned from a regulatory role to an ecosystem builder, integrating various stakeholders to support the growth of autonomous driving technology [13][14]. - During the Abu Dhabi Smart and Autonomous Technology Week, 29 commercialization agreements were signed, with over 70% involving Chinese companies [7]. - The local government's support has significantly reduced operational costs for autonomous vehicles, allowing for a lower threshold for profitability compared to other markets [14]. Group 3: Market Potential and Investment - The UAE's investment commitments in AI and autonomous driving exceeded $2 billion in the first half of 2025, with a projected market size of $2.73 billion for autonomous driving by 2030, growing at a CAGR of 19.2% [18]. - The unique social structure in Abu Dhabi, with a high percentage of expatriates, minimizes resistance to job displacement concerns associated with autonomous driving [15]. - The establishment of a comprehensive ecosystem in Abu Dhabi is aimed at reducing reliance on oil and fostering a "smart manufacturing" economy, with significant investments planned for AI technologies [18][20]. Group 4: Chinese Companies' Role - Over 6,000 Chinese companies are operating in the UAE, with 72% reporting profitability in 2023, indicating a strong presence and growth potential in the region [24]. - Chinese firms are not only bringing advanced technology but also replicable operational models, positioning Abu Dhabi as a hub for autonomous driving technology in the Middle East [24]. - The successful integration of autonomous driving technology in Abu Dhabi reflects the robust capabilities of China's autonomous driving industry and its potential for global expansion [24].

Investment Rating - The report assigns a "Buy" rating for the company, Hesai Technology (2525.HK), indicating a positive outlook for its stock performance [6]. Core Insights - The company is projected to achieve total revenues of 3.1 billion, 4.8 billion, and 6.1 billion yuan from 2025 to 2027, with net profits of 370 million, 690 million, and 1.09 billion yuan respectively. As a global leader in LiDAR technology, Hesai is expected to rapidly expand in high-level autonomous driving and robotics sectors [1][6]. - The market perception is that the LiDAR space is limited; however, the report argues that there is significant potential, particularly in the automotive sector, where over 100,000 models are expected to adopt LiDAR technology. The report anticipates an increase in the number of LiDAR units per vehicle and an enhancement in average selling price (ASP) as autonomous driving technology evolves [1][14]. Summary by Sections Company Overview - Hesai Technology is recognized as a global leader in LiDAR development and manufacturing, with products widely used in advanced driver-assistance systems (ADAS), autonomous vehicles, and various robotic applications [19][40]. - The company has established a comprehensive product matrix covering multiple scenarios, including ADAS, robotics, and high-precision modeling [19]. Strategic Advantages - The founders of Hesai have clearly defined roles that complement each other, contributing to the company's strategic foresight and technological leadership. The company was an early entrant into the L4 market and has maintained a focus on chip-based LiDAR and mirror technology [2]. - Hesai's research and development capabilities are industry-leading, having introduced the chip-based approach early on. The AT128 LiDAR, launched in 2022, was the first chip-based long-range LiDAR product to achieve automotive-grade mass production [2]. - The proprietary manufacturing processes of Hesai integrate R&D and design, ensuring high performance, reliability, and cost-effectiveness. The company plans to increase its production capacity to 4 million units by 2026 [2]. Financial Projections - Revenue projections for 2023 to 2027 indicate significant growth, with expected revenues of 1.88 billion, 2.08 billion, 3.07 billion, 4.77 billion, and 6.11 billion yuan respectively. The net profit is expected to turn positive by 2025, reaching 367 million yuan [4][13]. - The report highlights a projected compound annual growth rate (CAGR) of 48% from 2025 to 2027, with a focus on expanding customer bases in both domestic and international markets [16]. Market Position and Competitive Landscape - Hesai has secured partnerships with over 22 major OEMs, covering more than 120 vehicle models, including prominent Chinese brands. The company is also expanding its international presence, collaborating with leading Tier 1 suppliers in Japan and Europe [27][28]. - The report emphasizes that Hesai's technology, particularly in SPAD and IPE, positions it well against competitors, enabling it to maintain a competitive edge in the rapidly evolving LiDAR market [32]. Product Development and Innovation - The company has developed a diverse range of LiDAR products tailored for various applications, including the ET, AT, FT, JT, and XT series, each designed to meet specific market needs from L2 to L4 autonomous driving [21][24]. - The introduction of the "Thousand Eye" LiDAR solution, which combines multiple LiDAR units for comprehensive coverage, showcases Hesai's commitment to innovation and market leadership [26].

机构：中邮证券 公司通过自研芯片化等大幅降本，为高毛利带来保障。硬件的降本来自设计，公司2017 年开始专注自 研芯片，2025 年宣布禾赛的高性能智能主控芯片费米C500，补齐了禾赛全栈自研的最后一块拼图。 公司成为目前行业唯一7大关键部件全栈自研的激光雷达公司。 核心看点：1）ADAS：L3有望成为最大变量。行业层面2025年政策、成本、技术齐发力，为高阶智驾 迎来拐点。L3牌照发放成为行业硬件需求结构性升级的核心变量。凭借ETX 主雷达+多颗FTX 补盲雷 达的产品组合，成功斩获首个乘用车量产定点项目，预计将于2026年底或2027 年初启动量产。2）机器 人：从25 年爆发的割草机器人开始，激光雷达不止于汽车，同时应用于泛机器人领域。我们认为，激 光雷达作为感知传感器，下游应用可以是任何需要"眼睛"去看的场景，激光雷达扮演的则是【卖铲子】 的角色、泛化能力强，长期市场空间巨大。 盈利预测 预计公司2025-2027年营业收入分别为30.9、41.0、54.1亿元，同比增加48.7%/32.8%/31.8%。GAAP 净利 润分别为4.2/6.8/9.2 亿元，25-27年同比增加508.5%、61.6 ...

Hesai Group 禾賽科技* （ A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability ） （於開曼群島註冊成立以不同投票權控制的有限責任公司） （Stock Code 股份代號：2525） 26 January 2026 Dear Non-Registered Shareholder, Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), Hesai Group (the "Company") has adopted the arrangement to disseminate ...

登記股東之名稱及地址 Hesai Group 禾賽科技* 安排 1. 可供採取行動的公司通訊 4 （ A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability ） （於開曼群島註冊成立以不同投票權控制的有限責任公司） （Stock Code 股份代號：2525） 尊敬的股東 2026 年 1 月 26 日 以電子方式發佈公司通訊之安排 簡介 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 2.07A 條 1以及禾賽科技*（「本 公司」）的公司章程細則，本公司將以電子方式向其股東 3 發佈本公司日後的公司通訊（「公司通訊」2），並僅 應股東要求向其寄發印刷本形式的公司通訊。 本公司將以電子方式（通過電郵）向股東個別地發送可供採取行動的公司通訊。如果本公司沒有獲取股東的 電郵地址或其提供的電郵地址無效 5，本公司將以印刷本形式向其發送可供採取行動的公司通訊，連同一份 索取股東有效電郵地址的表格，以便將來以電子方式發送可供採 ...

证券研究报告：汽车 | 公司深度报告 发布时间：2026-01-27 股票投资评级 买入 |首次覆盖 个股表现 资料来源：Wind，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 224.80 | | --- | --- | | 总股本/流通股本（亿 | 1.57/ 1.30 | | 股） | | | 总市值/流通市值（亿港 | 353 / 293 | | 元） | | | 52 周内最高/最低价 | 244.0/ 116.3 | | 资产负债率(%) | 18.99% | | 市盈率 | 75.1 | | 第一大股东 | Fermat Star Limited | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 禾赛-W(2525.HK) 以"智驾之眼"筑基，迈向"物理 AI"通用感官新纪元 l 投资要点 禾赛科技为全球领先的激光雷达研发与制造企业，产品广泛布局 自动驾驶、具身智能等多领域。截止 2025 年，公司全球车载激光雷 达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激 光雷达市占率第 ...

证券研究报告：汽车 | 公司深度报告 发布时间：2026-01-27 股票投资评级 买入 |首次覆盖 个股表现 资料来源：Wind，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 224.80 | | --- | --- | | 总股本/流通股本（亿 | 1.57/ 1.30 | | 股） | | | 总市值/流通市值（亿港 | 353 / 293 | | 元） | | | 52 周内最高/最低价 | 244.0/ 116.3 | | 资产负债率(%) | 18.99% | | 市盈率 | 75.1 | | 第一大股东 | Fermat Star Limited | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 禾赛-W(2525.HK) 以"智驾之眼"筑基，迈向"物理 AI"通用感官新纪元 l 投资要点 禾赛科技为全球领先的激光雷达研发与制造企业，产品广泛布局 自动驾驶、具身智能等多领域。截止 2025 年，公司全球车载激光雷 达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激 光雷达市占率第 ...

Hesai Group 禾賽科技 * （於開曼群島註冊成立以不同投票權控制的有限責任公司） （港交所股份代號：2525） （納斯達克股票代碼：HSAI） 將於2026年3月3日（星期二）舉行的 B類股東大會（或其任何續會或延會）的代表委任表格 與本代表委任表格有關 的股份數目 （附註1） B類普通股 本人╱吾等 （附註2） | 1. | 考慮及批准按類別表決之決議案，以修訂及重述大綱及細 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 普通決議案 則。 | （附註5） 贊成 | 反對 | （附註5） | 棄權 | （附註5） | 附註： 收集個人資料聲明 * 僅供識別 1. 請填寫本代表委任表格所涉及的股份數目。如未填寫數目，本代表委任表格將被視為與所有以 閣下名義登記之本公司股份有關。如委任多於一名代 表，必須註明每名獲委任代表所代表的股份數目。 2. 請以正楷填寫股東名冊所載之全名及登記地址。 3. 請填寫以 閣下名義登記之本公司B類普通股數目，並刪除不適用之選項。 4. 如擬委派大會主席以外人士為受委代表，請將「B類股東大會主席或」 ...

本人╱吾等 （附註2） 地址為 Hesai Group 禾賽科技 * （於開曼群島註冊成立以不同投票權控制的有限責任公司） （港交所股份代號：2525） （納斯達克股票代碼：HSAI） 將於2026年3月3日（星期二）舉行的 A類股東大會（或其任何續會或延會）的代表委任表格 與本代表委任表格有關 的股份數目 （附註1） A類普通股 附註： 收集個人資料聲明 * 僅供識別 乃禾賽科技（「本公司」） 股A類普通股 （附註3） 登記持有人，茲委任A類股東大會主席或 （附註4） 地址為 為本人╱吾等的受委代表，代表本人╱吾等出席將於2026年3月3日（星期二）下午一時三十分（北京時間）假座中華人民共 和國江蘇省蘇州工業園區唯亭鎮陽澄湖半島慈雲路28號舉行的A類股東大會（或其任何續會），並依照下列指示代表本人╱ 吾等行事及投票。 | | 普通決議案 | （附註5） 贊成 | 反對 | （附註5） | 棄權 | （附註5） | | --- | --- | --- | --- | --- | --- | --- | | 1. | 考慮及批准按類別表決之決議案，以修訂及重述大綱及 | | | | | | | | 細則。 | ...

（港交所股份代號：2525） （納斯達克股票代碼：HSAI） 禾賽科技 * （於開曼群島註冊成立以不同投票權控制的有限責任公司） 將於2026年3月3日（星期二）舉行的 股東特別大會（或其任何續會或延會）的代表委任表格 與本代表委任表格有關的 股份數目 （附註1） A類普通股 B類普通股 本人╱吾等 （附註2） Hesai Group 為本人╱吾等的受委代表，代表本人╱吾等出席將於2026年3月3日（星期二）下午三時正（北京時間）（或緊隨A類股東大會及B類股東大會結束或續會後）假座中 華人民共和國江蘇省蘇州工業園區唯亭鎮陽澄湖半島慈雲路28號舉行的股東特別大會（「股東特別大會」）（或其任何續會），並依照下列指示代表本人╱吾等行事 及投票。 | | 特別決議案 | （附註5） 贊成 | （附註5） 反對 | （附註5） 棄權 | | --- | --- | --- | --- | --- | | 1. | 批准建議修訂及重述組織章程大綱及細則，以按通函附錄一A部所載形式作 | | | | | | 出的經修訂細則取代，惟須待A類股東大會及B類股東大會通過按類別表決 | | | | | | 之決議案後，方為有效，並 ...