业绩高度依赖单一客户 图达通港股IPO前夕遭禾赛狙击
Zhong Guo Jing Ying Bao·2025-10-31 03:10

Core Viewpoint - The company TuDatong (Seyond) is pursuing a listing in Hong Kong through a merger with the SPAC TechStar, while facing significant challenges such as high dependency on a single major client, increasing competition, and legal issues related to patent infringement claims from competitors [1][3][4]. Company Overview - TuDatong has received a listing notification for Hong Kong and plans to issue up to 190,240,000 ordinary shares [1]. - The company specializes in automotive-grade LiDAR technology and has been co-founded by individuals with backgrounds in Baidu [2]. - TuDatong's revenue from NIO accounts for over 85%, peaking at 91.6% in 2024 [1][8]. Financial Performance - Revenue figures for TuDatong from 2022 to 2024 are reported as $66.3 million, $121 million, and $160 million, respectively, with a decline in Q1 2025 revenue to $25 million [6]. - The company has been operating at a loss, with losses increasing from $188 million in 2022 to $398 million in 2024, although Q1 2025 losses narrowed to $14.81 million [6][7]. - Gross margin has been negative for the past years, with figures of -62.3%, -35%, and -8.7% from 2022 to 2024, but a positive gross profit of $3.197 million was achieved in Q1 2025 [7]. Market Position and Competition - TuDatong's market share has declined from 40% in 2022 to 27% in 2023 and further to 13.4% in 2024, dropping to fourth place in the industry [3]. - The company faces intense competition, with major players like Hesai Technology and Suton leading the market [3][4]. - The overall demand for LiDAR technology is expected to grow, but the competitive landscape is becoming increasingly challenging for smaller firms [3]. Legal Challenges - TuDatong is currently facing a patent infringement lawsuit from Hesai Technology, which has been officially filed in a court in Ningbo, Zhejiang [1]. Strategic Initiatives - The company is expanding its non-automotive business segments, including smart transportation, industrial safety, and robotics [9][10]. - Recent collaborations include partnerships with MaiRun Intelligent Technology for maritime solutions and with China Coal Technology for mining applications [10].