激光雷达，为什么赚钱难？

Core Viewpoint - Hesai Technology's IPO marks a significant milestone as it becomes the first company in the lidar industry to achieve a dual listing in the US and Hong Kong, raising approximately 5.35 billion USD, despite the overall profitability challenges in the lidar sector [6][7]. Market Overview - The lidar industry is dominated by Chinese companies, which hold 95% of the global market share, with Hesai Technology, RoboSense, Huawei, and TuSimple being the leading players [7]. - The average price of lidar systems is expected to drop significantly from 8000-10000 RMB in 2022 to 2000-3000 RMB by 2025, despite an anticipated increase in installation volume to 2.5 million units [7][20]. Financial Performance - Among the four major lidar companies, Hesai Technology is the only one to achieve profitability, reporting a net profit of 44.1 million RMB in Q2 2025 after a loss in Q1 [13][15]. - RoboSense, while leading in shipment volume, reported a loss of 150 million RMB in the first half of 2025, although this represented a 44.5% reduction in losses compared to the previous year [15]. Competitive Landscape - The competition between Hesai Technology and RoboSense is intense, with both companies having overlapping technology and market strategies [11]. - The market share dynamics are shifting, with RoboSense leading in shipment volume while Hesai maintains a higher revenue share [11][13]. Challenges in Profitability - Despite the high technical value of lidar, the industry struggles with profitability due to a combination of price wars and cost pressures from automotive manufacturers [18][20]. - The shift from high-end to mass-market vehicles has led to increased demand but also significant price reductions, complicating the profitability landscape for lidar companies [20]. New Market Opportunities - As lidar companies face challenges in the automotive sector, they are increasingly looking towards the robotics market, which has shown promising growth and profitability potential [23][28]. - The robotics market is characterized by a diverse range of applications, from lawn mowing to delivery robots, providing a broader scope for lidar technology [25][28]. Future Outlook - The transition to the robotics market presents both opportunities and challenges, as lidar companies must adapt to a more fragmented and complex market environment [28]. - Companies that can successfully pivot from hardware suppliers to solution providers in the robotics space may find new avenues for growth and profitability [28].