SIASUN(SZ:300024) 3 6 Ke·2025-09-16 09:04Core Points - Hesai Technology (stock code: "2525") has successfully listed on the Hong Kong Stock Exchange, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong [2] - The company issued shares at a price of HKD 212.8, selling 19.55 million shares and raising a total of HKD 4.16 billion (approximately USD 533 million) [2] - Key cornerstone investors include Hillhouse HHLRA, Taikang Life, WT Asset Management, Grab, and others, collectively subscribing to USD 148 million (approximately HKD 1.54 billion) [2][3] Company Overview - Hesai Technology is recognized as the first publicly listed lidar company to achieve profitability for the entire year [7] - The company was founded in 2014 in San Jose, California, and has since developed products for advanced driver-assistance systems (ADAS) and various robotic applications [9][11] - Core clients include major automotive manufacturers such as Li Auto, Xiaomi, BYD, and Toyota, among others [11] Financial Performance - For the fiscal years 2022, 2023, and 2024, Hesai's revenues are projected to be RMB 1.2 billion, RMB 1.877 billion, and RMB 2.077 billion, respectively, with gross margins of 39.2%, 35.2%, and 42.6% [17] - The company reported a net loss of RMB 300 million in 2022, RMB 476 million in 2023, and expects a reduced loss of RMB 100 million in 2024 [19] - In the first half of 2025, Hesai achieved revenue of RMB 1.23 billion (approximately USD 172 million) and a net profit of RMB 26.5 million [21] Product Development - Hesai has developed a range of lidar products, including the AT, ET, and JT series, which are designed for various applications in ADAS and robotics [13][30] - The company has successfully delivered over 100,000 units of its JT series lidar within five months of launch [26] - The fourth-generation self-developed chip architecture has been implemented in the ATX series, enhancing performance and functionality [30] Market Position - The lidar market is experiencing significant growth, particularly in the robotics sector, where Hesai aims to leverage its experience in automotive applications [26] - The company has established partnerships with various robotics firms to enhance the capabilities of their products through lidar technology [27][28] Shareholder Structure - As of March 31, 2025, key shareholders include Xiaomi with a 5.5% stake and Bosch with a 5.8% stake [31][37] - The company's founders maintain significant voting power, with CEO Yifan Li holding 6.7% of shares and 23.7% of voting rights [35][36]