Group 1: Hong Kong Stocks Performance - Miniso (09896) surged over 20% after reporting a 10% year-on-year increase in adjusted net profit for Q2, with TOP TOY revenue skyrocketing by 87.0% [1] - Li Ning (02331) rose over 6% as it announced a 3.3% year-on-year increase in revenue and declared an interim dividend of HKD 0.3359 per share [1] - Innovent Biologics (02096) increased by over 6% following a 26% year-on-year growth in innovative drug revenue, expanding its commercialized innovative drug portfolio to ten products [1] - Tuhu-W (09690) gained over 10% after reporting a 14.6% year-on-year increase in adjusted net profit while continuing to optimize supply-side costs [1] - Kuaishou-W (01024) rose over 4% with impressive Q2 results and accelerated commercialization [1] - UBTECH (09880) increased over 3% as it led the establishment of two national technical standards for humanoid robots [1] - InnoCare Pharma (02577) saw a rise of over 5% after announcing a partnership with NVIDIA [1] Group 2: Other Notable Performances - China Communications Services (00552) fell over 2% despite a slight 0.18% year-on-year increase in net profit attributable to shareholders, with stable development among its three major clients [2] - Parkson Group (03368) surged nearly 25% after reporting a turnaround to profitability in the first half of the year and proposing an interim dividend of HKD 0.02 per share [2] - Esprit Holdings (00330) jumped over 37% after issuing a profit warning, expecting a net profit of approximately HKD 1 million for the six months ending June 30, 2025 [2] - XPeng Motors (09868) rose over 10% as CEO He Xiaopeng increased his stake by purchasing 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share [2] Group 3: US Market Highlights - Coty (COTY.US) plummeted 21.60% due to weak performance in the US market, retailer destocking, and consumers seeking value, impacting Q4 results [3] - NIO (NIO.US) increased by 9.27% ahead of the launch of its new ES8 product and the start of pre-sales [3] - Huazhu Group (HTHT.US) continued to rise by 2.19% with a 41.3% year-on-year increase in revenue and net profit, benefiting from management franchise and licensing business [3] - Boss Zhipin (BZ.US) rose 6.61% after reporting an over 85% year-on-year increase in net profit for the mid-year and extending its share buyback plan [3] - Youlan Group (YOUL.US) surged 17.13% after announcing plans to acquire four companies to expand its online recruitment and regional market share [3] - Hesai Technology (HSAI.US) increased by 11.00% amid market speculation about a potential IPO in Hong Kong to raise approximately USD 300 million [3] Group 4: Additional US Stock Movements - Miniso (MNSO.US) rose 6.38% after reporting a revenue of CNY 9.39 billion for the first half of the year, a year-on-year increase of 21.1%, with adjusted net profit of CNY 1.28 billion [4] - Walmart (WMT.US) fell 4.49% as Q2 adjusted earnings per share fell short of expectations due to increased insurance claims, legal fees, and restructuring costs [4] - Gilead Sciences (GILD.US) dropped 2.18% after CVS Health decided not to include Gilead's new HIV prevention drug Yeztugo in its business plans [4] - XPeng Motors (XPEV.US) rose 11.68% following the CEO's purchase of 3.1 million Class A ordinary shares [5] - Aegon (AEG.US) increased by 7.64% after reporting a turnaround to profitability in the first half of 2025, primarily driven by growth in its US business [5]

美股三大指数均小幅收跌，标普500指数跌0.4%，道指跌0.34%，纳指跌0.34%。 大型科技股多数下跌，特斯拉、Meta跌超1%，苹果、微软、英伟达、奈飞、亚马逊、AMD、英特尔小幅下跌；谷歌小幅上涨。 热门中概股多数上涨，纳斯达克中国金龙指数收涨1.35%。小鹏汽车涨近12%，蔚来涨超9%，向上融科、名创优品涨逾6%，爱奇艺、小牛电动涨逾2%； 阿特斯太阳能跌逾18%，禾赛跌11%，哔哩哔哩跌超6%，晶科能源跌逾4%，大全新能源、阿里巴巴跌超1%。 01 美股静待鲍威尔讲话 当前市场正高度关注美联储未来的货币政策走向。在一年一度的杰克逊霍尔全球央行年会召开前夕，华尔街交易员正大举押注美联储将在9月大幅降息50 个基点。 数据显示，押注9月降息50基点的期权合约高达32.5万份，权利金成本约1000万美元，若美联储如期降息50基点，这些头寸将获利高达1亿美元。 许多市场人士相信，疲软的美国就业市场已经为鲍威尔本周在杰克逊霍尔全球央行年会上发表更为"鸽派"的言论打开了大门，尽管上周出人意料强劲的 PPI通胀数据，仍让一些经济学家产生了犹豫。 根据日程安排，全球央行年会将于当地时间周四晚间在美国怀俄明州小镇杰 ...

机器人领域激光雷达的销量增速，超过ADAS（高级驾驶辅助系统）领域。激光雷达厂商预计来自机器 人领域的增长还会持续。禾赛科技预计今年激光雷达JT系列将为MOVA割草机器人交付六位数订单。近 日禾赛科技机器人感知业务副总裁刘兴伟透露，预计今年整个机器人激光雷达市场出货量将在30万台到 40万台之间，其中禾赛科技面向机器人市场出货量将超过20万台。 (一财) ...

Core Viewpoint - The laser radar business is increasingly shifting from Advanced Driver Assistance Systems (ADAS) to robotics, with significant growth in the latter segment as evidenced by recent financial reports from leading companies in the industry [1][2]. Group 1: Financial Performance - SUTENG's laser radar sales for ADAS reached 123,800 units in Q2 2025, but the year-on-year growth was only 4.6%. In contrast, sales for robotics and other applications surged to 34,400 units, reflecting a year-on-year growth of 631.9% [1]. - Revenue from robotics and other businesses amounted to 147 million yuan, accounting for 54% of SUTENG's ADAS revenue [1]. - Hesai Technology reported ADAS deliveries of 303,600 units in Q2 2025, a year-on-year increase of 275.8%, while robotics laser radar deliveries reached 48,500 units, with a year-on-year growth of 743.6% [1]. Group 2: Market Trends - The global market for robotic lawn mowers is substantial, with millions of units expected to be sold, primarily targeting overseas markets [2]. - SUTENG has secured a significant order of 1.2 million units over three years for robotic lawn mowers in collaboration with Kuka Technology [2]. - The company is also partnering with major delivery platforms in North America and China to expand its presence in the unmanned delivery sector [2]. Group 3: Future Projections - Both SUTENG and Hesai Technology anticipate continued growth in the robotics sector, with SUTENG projecting laser radar shipments for robotics to reach six figures this year [3]. - The expected surge in demand for robotic laser radars is anticipated to occur in the second half of the year, particularly in Q4, driven by the upcoming sales season for robotic lawn mowers [3]. - The gross margin for laser radars used in robotics is currently high, with SUTENG reporting a margin of 41.5% for robotics products compared to 19.4% for ADAS [3].

美股开盘，三大指数集体下跌，纳指跌0.28%，标普500指数跌0.3%，道指跌0.38%。 沃尔玛跌4.3%，Q2营收同比增长4.8%至1774亿美元，调整后每股收益0.68美元，低于预期。 名创优品涨超9%，Q2营收同比增长23.1%至49.66亿元，同店销售额增长转为正值。 蔚来涨超5.5%，今晚发布全新ES8，定位"全场景科技旗舰SUV"。 禾赛涨超3.5%，消息称其计划通过港股上市，募集约3亿美元资金。 (格隆汇) ...

8月21日，禾赛(HSAI)开盘上涨2.61%，截至21:30，报26.585美元/股，成交288.42万美元，总市值35.22 亿美元。 作者：行情君 资料显示，禾赛集团是一家在开曼群岛注册成立的境外控股母公司,主要通过其境内实体子公司上海禾 赛科技有限公司运营。其子公司禾赛科技于2014年创立于中国上海,致力于做"机器人的眼睛",是全球自 动驾驶及高级辅助驾驶(ADAS)激光雷达的领军企业。禾赛在光学、机械、电子等激光雷达核心领域有 着卓越的研发能力和深厚的技术积累,在全球范围内拥有数百项专利,其自研芯片、功能安全、主动抗干 扰等技术打破了行业多项记录。禾赛的客户包括全球主流自动驾驶公司和顶级汽车厂商、一级供应商、 机器人公司等。公司累计获得包括小米、美团、博世、百度、光速、高瓴、CPE、启明等机构融资。禾 赛的愿景是通过高性能、高可靠性、低成本的三维传感器赋能机器人,让人类生活更高效舒适。 本文源自：金融界 财务数据显示，截至2025年06月30日，禾赛收入总额12.32亿人民币，同比增长50.58%；归母净利润 2653.7万人民币，同比增长114.83%。 大事提醒： 8月18日，禾赛获浦银国际证券 ...

每经记者｜刘曦 每经实习编辑｜余婷婷 "本季度收入增长带来了毛利润绝对额的显著提升，而这部分增长绝大部分转化为了净利润的提高，使得公司净利润较一季度有了明显改善，并再度实现 GAAP（通用会计准则）下的季度盈利。"日前，禾赛科技CFO樊鹏在接受《每日经济新闻》记者独家采访时，对该公司二季度的财报表现如此评价。 8月15日，禾赛科技（纳斯达克：HSAI）公布了2025年第二季度未经审计的财务报告。财报显示，该公司本季度营收达7.1亿元人民币，同比增长超过50%， 并实现净利润4410万元人民币。这是继2024年首次实现四季度及全年盈利后，禾赛科技再度实现上市后的单季度盈利。 在谈及车市价格战及行业竞争时，樊鹏表示，虽然国家近期出台了一系列引导政策，但竞争压力仍会部分传导至供应链端。"我们首先要做的就是全力配合 车企客户，支持他们在竞争中健康发展。"他同时强调，激光雷达行业的竞争格局相对友好，"具备规模化量产能力的厂商并不多"，这与几十家车企激烈竞 逐的市场环境形成鲜明对比。对于当前热议的60天支付账期政策，樊鹏回应称："作为供应商，我们非常欢迎这项倡议，也期待客户能将其落到实处。" 盈利背后的增长逻辑：机器人比 ...

禾赛(HSAI.US)盘前涨2.78%，报26.63美元。有市场消息称，禾赛科技计划通过港股上市，募集约3亿美 元资金。(格隆汇) | HSAI 未赛 | | | | --- | --- | --- | | 25.910 + +0.520 +2.05% | | 收盘价 08/20 16:00 美东 | | 26.630 + 0.720 +2.78% | | 盘前价 08/21 04:34 美东 | | 一分 24 号 (8 日 0 節 | | ● 快捷交易 | | 最高价 25.970 | 开盘价 25.400 | 成交量 196.35万 | | 最低价 24.890 | 昨收价 25.390 | 成交额 5027.24万 | | 平均价 25.603 | | 市盈率TM 233.42 总市值 34.32亿 (m) | | 振 幅 4.25% | 市盈率(静) | 总股本 1.32亿 | | 换手率 2.06% | 市净率 5.654 | 流通值 24.74亿 | | 52周最高 27.940 | 委 比 -25.00% | 流通股 9549.97万 | | 52周最低 3.560 | 量 比 0.43 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by more than 20% [6][9]. Core Insights - The company has demonstrated strong profit growth driven by scale effects, with Q2 2025 revenue reaching 706 million yuan, a year-on-year increase of 54%, and net profit attributable to shareholders at 44 million yuan, up 161% [2][3]. - The company is solidifying its leading position in the ADAS lidar market, with significant growth in shipments and successful expansion into major clients [3][4]. - The report forecasts net profits for 2025-2027 to be 248 million, 582 million, and 988 million yuan respectively, with corresponding EPS of 1.9, 4.5, and 7.6 yuan, indicating a strong growth trajectory [2][4]. Financial Summary and Valuation Metrics - For 2025, the company is expected to achieve a revenue of 3.352 billion yuan, reflecting a year-on-year growth of 61.4% [5]. - The gross margin for Q2 2025 is reported at 42.5%, with a notable improvement in expense ratios across sales, management, and R&D [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 101.0, 42.8, and 25.3 times respectively, indicating a decreasing valuation multiple as earnings grow [5].

就在激光雷达还在汽车领域和"纯视觉路线"的对手Battle之际，一个领域却点爆了对它的需求。 8月15日，禾赛科技（HSAI）宣布了两个消息。一是公布了2025年第二季度未经审计的财务数据，其中最大的亮点是当季净利润突破4400万元，远超 GAAP层面盈利转正目标。而整个第二季度，禾赛实现营收7.1亿元，同比增长超50%。 值得"敲黑板"的是，这里面，第二季度禾赛机器人领域产品交付量为48,531台，同比增长743.6%。 7倍多的增长，态势凶猛。不仅是激光雷达，在沪深股市，最近涨得非常凶的，也是用于机器人的特种工程塑料PEEK的相关股票，像中研股份、金发科 技、沃特股份等等，可以说这个新的万亿赛道已经点燃全方面的热情。 01 主战场成为"标配" 先说一下激光雷达的主战场，从功能件转变为安全件，激光雷达找准了自己的定位，就像禾赛联合创始人及CEO李一帆所讲，"激光雷达正在成为智能汽 车的安全标配。" 应该说，激光雷达在汽车领域，终于打开了局面。根据盖世汽车研究院的数据，6月，激光雷达在新能源乘用车中的渗透率已达到17%，且已连续三个月 保持在16%以上。 从2022年的不足5%，到如今的近1/5的新车标配激光 ...