此次发行中，禾赛还成功引入泰康人寿、高瓴集团旗下HHLRA、宏达集团等多家知名机构作为基石投 资者，合计获配逾540万股。以212.8港元的发行价计算，基石投资总额达11.54亿港元。 文｜财华社 脚踏智驾和机器人两大风口的禾赛(02525.HK)(HSAI.US)，登陆港股市场走上了"绿色通道"。 在传出拟赴港上市消息后仅数日，禾赛于8月26日迅速通过中国证监会境外发行上市备案，并于8月31日 顺利通过港交所聆讯，最终于9月16日成功登陆港股。 禾赛在美股市场早已成为资本"宠儿"——自去年11月下旬以来，其股价累计飙升逾600%，是不折不扣 的大牛股。而在香港资本市场，作为新股的禾赛同样展现出强劲的吸金能力。 9月16日上市首日，禾赛H股股价迎来大涨，截至发稿涨幅达9.02%，总市值达355.4亿港元，远高于另 一大竞争对手速腾聚创(02498.HK)为206.3亿港元的市值。 在全球招股阶段，禾赛获得投资者踊跃认购。公司此次全球发售约1955万股股份，其中香港公开发售获 168.65倍认购，国际发售亦获14.09倍认购。公司最终发行价为每股212.8港元，净募集资金达40.05亿港 元。 根据美股公告，在 ...

Core Insights - Heisai Technology (HSAI.US) has successfully listed on the Hong Kong Stock Exchange under the stock code "02525," achieving a market capitalization exceeding HKD 36 billion shortly after its debut, reflecting strong market confidence in the lidar sector and the company's growth potential [1][7]. Company Overview - Heisai's co-founder and chief scientist, Dr. Sun Kai, highlighted the company's achievement in reducing the cost of lidar from USD 100,000 to USD 200, making advanced safety and intelligent technologies accessible to the masses [3]. - The company aims to contribute significantly to the upcoming AI-driven industrial revolution, aspiring to be remembered for its impact on society [5]. Market Position and Growth - Heisai has completed a dual listing strategy with its recent IPO in Hong Kong following its NASDAQ debut in February 2023, marking it as the largest IPO of Chinese companies returning to Hong Kong since the second half of 2022 [7]. - The lidar industry is experiencing a significant technological breakthrough, with a projected 287.3% year-on-year increase in lidar deliveries for passenger vehicles in China by mid-2025 [8]. - The global market for automotive lidar is expected to grow from USD 1.6 billion in 2024 to USD 17.1 billion by 2029, with a compound annual growth rate (CAGR) of 60.2% [8]. Technological Advancements - Heisai's self-developed fourth-generation ASIC chip platform has reduced lidar BOM costs by 40%, enabling high-performance lidar to enter the "thousand-yuan machine era" [8]. - The AT512 lidar's material cost has dropped to approximately USD 300, achieving a resolution of 800 lines and a detection range of 400 meters, setting a new industry benchmark for cost-performance [8]. Financial Performance - In Q2 2025, Heisai reported a revenue of CNY 706 million, a 54% increase year-on-year, with a gross margin of 35.2%, up 12.4 percentage points from the previous year [10]. - The company achieved a net profit of CNY 44.1 million in a single quarter, marking its second consecutive quarter of profitability since its IPO [10]. Client Base and Market Penetration - Heisai has secured production contracts with over 24 major automotive manufacturers for more than 120 vehicle models, including top brands like BYD, Toyota, and several leading domestic automakers [9]. - In the robotics sector, Heisai is the preferred lidar supplier for nine of the top ten Robotaxi companies globally [9]. Strategic Initiatives - The recent IPO raised approximately HKD 4.16 billion, with 50% allocated for R&D, 35% for production capacity expansion, and the remainder for business development and operational needs [16]. - The dual listing enhances Heisai's brand influence in Asia and strengthens its collaboration with regional automotive companies, providing a robust foundation for long-term capital attraction [16][17]. Future Outlook - With the approval of L3-level vehicle production by regulatory authorities, Heisai is positioned to benefit from the anticipated 48.1% CAGR in high-level autonomous vehicle sales by 2030 [17]. - The company aims to leverage its advantages in full-stack self-research, large-scale manufacturing, and dual capital platforms to become a core supplier in the intelligent perception field [18].

Core Viewpoint - Hesai Technology (禾赛科技) successfully listed on the Hong Kong Stock Exchange, becoming the first dual-listed lidar company in both the US and Hong Kong markets, with a strong market response on its debut [1][2][4]. Company Overview - Hesai primarily provides 3D lidar solutions, including design, development, manufacturing, and sales of advanced lidar products, applicable in commercial and passenger vehicles, robotics, and other non-automotive sectors [3]. Financial Performance - In Q2 2023, Hesai achieved revenue of 7.1 billion RMB, a year-on-year increase of over 50%, and net profit of 0.44 billion RMB, marking a return to profitability [4]. - The revenue structure shows that Advanced Driver Assistance Systems (ADAS) and robotics accounted for 62.7% and 34.1% of total revenue, respectively, both experiencing triple-digit growth due to industry demand [4]. Market Trends - The lidar market penetration in the ADAS sector is accelerating, with a projected installation of over 1.5 million units in China by 2024, a year-on-year increase of 179.7% [4]. - In the robotics sector, Hesai's lidar shipments reached 4.9 million units in Q2 2023, a staggering year-on-year growth of 743.6% [5]. Strategic Partnerships - Hesai signed a lidar order worth over $40 million with a leading US Robotaxi company, becoming its sole lidar supplier, with deliveries expected by the end of 2026 [2][4]. IPO Details - The IPO raised a total of 4.16 billion HKD, with significant oversubscription rates of 168.65 times for public offerings and 14.09 times for international placements [7]. - Approximately 50% of the funds will be allocated to R&D, 35% to production capacity, and the remainder for business development and operational costs [7]. Market Outlook - Domestic investment institutions are optimistic about Hesai's growth prospects, citing strong downstream demand and the company's leading market position [8]. - Analysts predict that the lidar market will continue to expand, driven by the increasing adoption of lidar in smart driving and robotics applications [8][9].

Core Viewpoint - Hesai Technology (禾赛科技) successfully listed on the Hong Kong Stock Exchange on September 16, 2023, becoming the first lidar company to achieve dual listing in both the US and Hong Kong markets [2][9] Company Overview - Hesai primarily provides 3D lidar solutions, including design, development, manufacturing, and sales of advanced lidar products, widely used in commercial and passenger vehicles, robotics, and other non-automotive sectors [3] Financial Performance - In Q2 2023, Hesai achieved revenue of 710 million RMB, a year-on-year increase of over 50%, and net profit of 44 million RMB, marking a return to profitability [4] Business Structure - The company's revenue is primarily derived from two core segments: Advanced Driver Assistance Systems (ADAS) accounting for 62.7% and robotics at 34.1%. Both segments experienced triple-digit growth due to the booming downstream industries [5] Market Trends - The lidar market penetration in the ADAS sector is accelerating, with a projected installation of over 1.5 million units in China by 2024, a year-on-year increase of 179.7% [5] - In Q2 2023, Hesai's ADAS lidar shipments reached 300,000 units, a year-on-year increase of 276%, with significant orders from nine major domestic automakers [5] Robotics Sector - In Q2 2023, Hesai's lidar shipments in the robotics sector reached 49,000 units, a staggering year-on-year increase of 743.6%, with total shipments for the first half of the year at 98,000 units, up 692.9% [6] - Hesai is expected to lead the Chinese robotics lidar market in the first half of 2025 [6] IPO Details - The IPO raised a total of 4.16 billion HKD (approximately 533 million USD), with 50% allocated for R&D, 35% for production capacity, and 10% for working capital [8] Market Sentiment - Following a short-sell report from Blue Orca Capital questioning Hesai's profitability, domestic institutions have expressed optimism about the company's growth potential, citing strong downstream demand and a solid market position [7][9] - Multiple domestic investment institutions have issued reports favoring Hesai's future growth, emphasizing the increasing demand for lidar in both ADAS and robotics applications [9][10]

Core Viewpoint - Hesai Technology (HSAI.US; 02525.HK) has successfully completed its dual listing on the Hong Kong Stock Exchange, marking the largest IPO in the global lidar industry to date and the largest financing scale for a Chinese concept stock in Hong Kong in the past four years [2][4]. Company Overview - Founded in October 2014, Hesai Technology specializes in the research and manufacturing of lidar technology, with applications in advanced driver-assistance systems (ADAS), autonomous vehicles, and various intelligent robotic applications [4]. - The company has achieved a significant reduction in lidar costs, from $100,000 to $200, making advanced safety and intelligent technology accessible to a broader audience [4]. Financial Performance - In Q2 of this year, Hesai Technology reported revenue of 706 million yuan, a year-on-year increase of 54%, and a net profit of 44 million yuan, marking a return to profitability [5]. - The total lidar delivery volume for the first half of 2025 reached 547,900 units, a year-on-year increase of 276.2%, surpassing the total for the entire year of 2024 [5]. - In Q2, the total lidar delivery volume was 352,100 units, with ADAS product deliveries at 303,600 units (up 275.8%) and robotic lidar product deliveries at 48,500 units (up 743.6%) [5]. Market Position - According to a report from the Automotive Research Institute, Hesai Technology ranks among the top four lidar suppliers in terms of installation volume, with a market share of 33.0% [4]. Fundraising and Future Plans - The company raised approximately 4.16 billion HKD from its Hong Kong listing, with 50% of the funds allocated for R&D of the fourth-generation ASIC chips and next-generation lidar products, 35% for expanding an automated production line with an annual capacity of 2 million units, and the remainder for market expansion and operational needs [5].

每经记者｜刘曦 每经编辑｜余婷婷 9月16日，禾赛科技（HSAI.US；02525.HK）正式登陆香港交易所主板，实现港股美股双重上市。据《每日经济新闻》记者了解，这是迄今为止全球激光 雷达行业规模最大的IPO（首次公开募股），也是近四年来融资规模最大的中概股回港IPO。资本市场上，禾赛科技股价在开盘后一度涨超14%，收盘时 报收于234港元，总市值358.51亿港元。 图片来源：禾赛科技公众号 据官方消息，本次禾赛科技发行获得全球投资人认购，成功引入全球顶级主权及长线基金、多策略基金和知名产业投资者。此前，禾赛科技称已与高瓴资 本旗下的HHLR Advisors、泰康人寿、WT资产管理公司、Grab等签订基石投资协议，认购总金额约为11.537亿美元。 对于本次回港IPO，禾赛科技联合创始人及首席科学家孙恺表示："过去十年，凭借芯片化架构与自动化生产体系，禾赛将原本10万美元、仅限科研机构 使用的激光雷达降至200美元，实现百万辆汽车搭载，让先进的安全和智能技术惠及大众。" 公开资料显示，禾赛科技于2014年10月成立，作为一家激光雷达研发与制造企业，其产品广泛应用于支持高级辅助驾驶系统（ADAS）的乘用车 ...

Core Insights - Hesai Technology has expanded its production agreement with a US-based robotaxi firm, valued at over $40 million, ensuring product deliveries until the end of 2026 [1][3] - The robotaxi industry is experiencing significant growth, driven by advancements in Level 4 (L4) autonomous driving technology, with LiDAR systems being essential for safe navigation in urban environments [2][3] - Hesai holds a dominant position in the global market for L4 autonomous driving LiDARs, commanding a 61% market share [3] Company Developments - Hesai will supply both long-range and short-range LiDARs to the unnamed US robotaxi firm, highlighting the company's capability to support the deployment of robotaxi fleets [1][4] - Recently, Hesai secured an order from Motional, becoming the sole provider of short-range LiDARs for Motional's all-electric Ioniq 5 robotaxi [4] - In addition, Hesai announced a partnership with Toyota for a new energy vehicle model, featuring Hesai's long-range automotive LiDAR ATX, with mass production expected to start in 2026 [5] - Mercedes-Benz has also announced plans to integrate Hesai's LiDAR sensors into its smart driving vehicles for the global market [5]

Core Viewpoint - The technology sector, particularly in the context of the global capital markets, is experiencing significant interest, driven by the AI boom and expectations of interest rate cuts by the Federal Reserve. Hesai Technology, a leading global lidar company, has successfully listed on the Hong Kong Stock Exchange, attracting substantial investment interest and demonstrating strong financial performance [1][2][3]. Company Overview - Hesai Technology, established in 2014, is recognized as the first Chinese lidar company to go public in the US and has now returned to Hong Kong, showcasing its enhanced capabilities [3]. - The company achieved a revenue of 710 million yuan in Q2 2023, marking a year-on-year increase of 53.9%, and has reported five consecutive quarters of revenue growth [3][4]. - Hesai's net profit for Q2 2023 reached 44.1 million yuan, a significant improvement from a loss of 72.1 million yuan in the same period last year [3]. Market Position and Growth - Hesai's lidar delivery volume surged by 306.9% year-on-year to 352,100 units in Q2 2025, with a total of 547,900 units delivered in the first half of the year, surpassing the total for 2024 [4][7]. - The company holds a 33% market share in the global automotive lidar market for 2024, maintaining its position as the industry leader for four consecutive years [4]. - In the L4 autonomous driving lidar market, Hesai commands a 61% global market share, also leading this segment for four years [7]. Strategic Developments - Hesai has strategically invested in the robotics lidar sector, achieving significant milestones, including being the top seller of robotics lidar globally, with over 2,000 clients across various countries [7][11]. - The company has established partnerships with major automotive manufacturers and Robotaxi companies, further solidifying its market presence [9]. Financial Outlook - The recent IPO in Hong Kong has provided Hesai with new capital, enhancing its growth prospects as it leverages Hong Kong's position as a financial hub connecting mainland China and international markets [8]. - Analysts predict that the global automotive lidar market could reach 50 billion yuan by 2030, driven by increasing demand for intelligent driving solutions [9][10]. Future Growth Potential - Hesai is well-positioned to capitalize on the growing demand for lidar in both automotive and robotics sectors, with projections indicating a significant increase in market size for robotics lidar, potentially reaching a hundred billion yuan by 2030 [11][12]. - The company is actively expanding its product offerings and partnerships, aiming to maintain its leadership in the rapidly evolving lidar market [13].

Core Viewpoint - The company is navigating the challenges posed by tariffs and regulatory scrutiny while striving to maintain competitiveness and customer trust in the market. Group 1: Tariffs and Costs - The company continues to incur significant costs due to tariffs imposed by the US government, which is viewed as a cost of doing business rather than an option to avoid [1] - Despite the additional costs from tariffs, the company believes it offers the best performing, highest quality, and most price competitive products, which helps retain a majority of its customers [2] - The uncertainty surrounding tariffs is a major concern for customers, impacting their purchasing decisions [3] Group 2: Competitive Strategies - The company is focused on remaining competitive by ensuring unmatched performance and service, while also addressing customer concerns through solutions [4] - A new factory is being established in Southeast Asia to facilitate global shipping of sensors, reducing reliance on Chinese manufacturing [4][5] - Compliance with global regulations, particularly regarding data security and privacy, is a priority for the company to maintain customer trust [5] Group 3: Customer Relations and Negotiations - The company engages in ongoing negotiations with customers regarding cost absorption and pricing strategies in light of new tariffs [6][7] - It is emphasized that the financial burden of tariffs is not solely on the company or the customers, but rather a shared challenge in the current business environment [8] Group 4: Legal and Reputational Issues - The company is appealing allegations of links to the Chinese military, asserting that there is no direct evidence supporting these claims [10] - The ongoing legal situation has not resulted in direct business losses, but it has affected the company's reputation, which is a significant concern [10][11] - Customers are supportive of the company's appeal process, recognizing the need for a fair trial [11]

Core Insights - The company aims to expand its presence in the Hong Kong and China markets, recognizing the sophistication of local investors compared to typical NASDAQ shareholders [1] - Over $500 million has been raised, primarily for research and development (R&D), highlighting the company's commitment to innovation [2] - The company has historically invested a significant portion of its revenue into R&D, with a 54% increase in revenues reaching nearly $100 million [3] Market Focus - The company does not differentiate its R&D focus between markets, indicating a unified approach to innovation [4] - The company develops automotive sensors for a global market, adapting strategies based on regional developments, particularly noting differences between the U.S. and China in autonomous vehicle technology [5] - The product lines are designed to appeal to various market levels across different countries, indicating a broad market strategy [6] Growth Opportunities - The company sees significant growth potential in the China electric vehicle (EV) market, aiming for 100% penetration of safety sensors [7] - The robotics sector presents diverse opportunities, including applications in robo-taxis, food delivery, and automated lawn care, leveraging the same technology developed for automotive sensors [8] - The company reported an eightfold year-over-year increase in sensor shipments, indicating strong demand across multiple industries [9] Future Outlook - Robotics is viewed as a key future growth area, with automotive applications being just the beginning of a broader trend [10]