Core Insights - Hesai Technology has completed a dual listing on the Hong Kong Stock Exchange, raising approximately HKD 41.60 billion (around USD 5.35 billion) with a market capitalization of HKD 35.8 billion, becoming the first company in the lidar industry to achieve this [1] - Despite the high market enthusiasm, profitability in the lidar sector remains elusive, with leading companies like Hesai and RoboSense still facing significant losses [1][7] - The Chinese lidar brands dominate the global market, holding a 95% share, with Hesai, RoboSense, Huawei, and TuSimple being the major players [2] Market Dynamics - The average price of lidar has significantly decreased from RMB 8,000-10,000 in 2022 to RMB 2,000-3,000 by 2025, indicating a shift from luxury to necessity [2][15] - The competition among the top four lidar companies is intense, with Hesai and RoboSense vying for market share, leading to fluctuating rankings in terms of revenue and shipment volumes [4][7] - The domestic lidar installation volume is projected to reach 2.5 million units by 2025, despite the declining average selling price [2][12] Financial Performance - Hesai is the only major lidar company to report profitability, achieving a net profit of RMB 4.41 million in Q2 2025 after a loss in Q1 [7][9] - RoboSense, while leading in shipment volume, reported a loss of RMB 150 million in the first half of 2025, although this represented a 44.5% reduction in losses year-over-year [9][10] - Huawei has emerged as a strong competitor in the lidar market, although it does not disclose separate financial data for its lidar business [10] Industry Challenges - The lidar industry faces challenges in profitability due to high competition and price wars, exacerbated by the need for cost reductions from automotive manufacturers [16][19] - The technology's value is recognized, but the transition from high-priced, low-volume sales to lower-priced, high-volume sales has created a difficult environment for profitability [14][19] - The industry is experiencing a trend towards standardization in technology, leading to reduced differentiation and increased price competition among major players [18][19] New Opportunities - Companies are exploring new markets, such as robotics, to diversify revenue streams and improve profitability, with applications in lawn mowing, industrial, and delivery robots [20][22] - The robot market is seen as a potential growth area, with higher profit margins compared to automotive lidar, despite a decrease in average prices [25][29] - The shift from hardware sales to providing comprehensive solutions in the robotics sector presents both opportunities and challenges for lidar companies [27][30]
激光雷达，为什么赚钱难？
3 6 Ke·2025-09-17 01:57