传禾赛科技秘密申请香港上市，此前多次被美列黑名单还遭做空

Core Viewpoint - Hesai Technology, the world's largest manufacturer of lidar for assisted driving, is reportedly applying for a confidential listing in Hong Kong following its NASDAQ listing in February 2023 [1][3]. Group 1: Company Overview - Founded in 2014, Hesai Technology is renowned for its lidar technology, primarily used in autonomous vehicles and advanced driver-assistance systems (ADAS) [4]. - The company supplies lidar to leading domestic automakers such as Li Auto, Xiaomi, Leap Motor, and Great Wall [4]. - Hesai has achieved the top global market share in three categories: overall vehicle lidar, ADAS lidar, and L4 autonomous driving lidar, marking it as the only company to receive multiple global firsts for four consecutive years [6]. Group 2: Financial Performance - In its 2024 financial report, Hesai reported a record revenue exceeding 2.08 billion yuan, with a year-on-year increase of 126% in lidar deliveries, totaling 501,889 units [7]. - The ADAS lidar delivery volume reached 456,386 units, reflecting a 134.2% year-on-year growth [7]. - The company transitioned from a Non-GAAP net loss of 241 million yuan in 2023 to a net profit of 14 million yuan in 2024, alongside a positive operating cash flow of 63 million yuan and a net cash flow of 1.3 billion yuan [7]. Group 3: Market Challenges - Hesai has faced scrutiny, being placed on the U.S. Department of Defense's blacklist due to alleged ties to the Chinese military, although it was removed and then reinstated on the list [7][8]. - Following the financial report, Blue Orca Capital released a short-selling report alleging discrepancies in Hesai's reported revenues and customer procurement volumes, as well as claims of losing its largest customer and laying off up to 30% of its workforce [8][9]. - Despite these challenges, Hesai remains optimistic about its future performance, projecting a Non-GAAP profit of 350 million to 500 million yuan for 2025 [9].