Mei Ri Jing Ji Xin Wen·2025-09-16 10:03Core 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].