SIASUN(SZ:300024) Ge Long Hui·2025-09-18 08:54Core Viewpoint - Hesai Technology (2525.HK) has officially listed on the Hong Kong Stock Exchange with a dual listing status, achieving the highest fundraising record for Chinese concept stocks returning to Hong Kong since 2025 [1] Group 1: Company Overview - As of the report date, Hesai's total market capitalization reached HKD 36.412 billion, making it the highest-valued lidar company globally [3] - The market's focus on this return is not only on the size but also on the rarity of the company, which is the only one in the global lidar sector demonstrating scalable revenue, sustained profitability, and technological leadership [4] Group 2: Financial Performance - In 2024, Hesai achieved a revenue of RMB 2.08 billion, breaking multiple industry records and becoming the first and only publicly listed lidar company to achieve annual profitability [6] - The company generated a positive operating cash flow of RMB 63 million and a net cash flow of RMB 1.3 billion, marking a significant milestone for the lidar industry [6] - In Q2 2025, Hesai's revenue reached RMB 710 million, a year-on-year increase of 53.9%, and achieved a net profit of RMB 44.1 million, showing substantial improvement [6] Group 3: Market Position and Technology - Hesai holds a 33% market share, maintaining its position as the global leader in the lidar industry for four consecutive years [5] - The company is the champion in both the ADAS passenger vehicle market and the L4 autonomous driving market, with a 61% market share in L4 autonomous driving [5] - Hesai has over 1,900 patents, with a significant number of overseas patents, and has built a million-unit production capacity with a 100% automation rate in core production processes [7][9] Group 4: Growth Drivers - In the first half of 2025, Hesai delivered 449,600 ADAS lidar units, a year-on-year increase of 237.5%, securing partnerships with major automakers [10] - The company is also expanding into the robotics market, with a 692.9% year-on-year increase in lidar shipments for robots, totaling over 98,000 units in the first half of 2025 [11] - Hesai's strategic partnerships in the robotics sector include collaborations with leading companies in various applications, enhancing its position in the market [11] Group 5: Future Outlook - The dual listing allows the market to reassess Hesai's value, transitioning from being viewed as an "automotive supply chain" company in the U.S. to a "robotics + automotive" technology platform in Hong Kong [13] - The funds raised from the IPO will support Hesai's growth, enabling it to scale from a million-unit production capacity to potentially ten million units while maintaining a positive cash flow [13][14]