Core Insights - The International Conference on Intelligent Robots and Systems (IROS2025) will take place from October 19 to 25, 2025, in Hangzhou, where the company SUTENG will launch its latest Active Camera product, AC2 [1] - The company is expected to benefit significantly from the growth in intelligent driving and the broader robotics sector, with projected revenues of 2.5 billion, 3.42 billion, and 4.58 billion yuan for 2025, 2026, and 2027 respectively [1] - The AC2 product integrates advanced technologies such as dToF laser radar, dual RGB cameras, and IMU for motion compensation, providing a comprehensive solution for various 3D applications [1][2] Group 1 - The AC2 series is designed to be compact, with dimensions similar to widely used dual-vision sensors, offering millimeter-level distance accuracy and robust RGBD data for diverse applications in robotics [1] - The company has developed its SPAD-SoC chip since 2018, with the product launched in 2022, enhancing detection performance and power efficiency [2] - The AC series products are applicable across multiple sectors including automotive, robotics, and consumer electronics, with a potential second growth curve in robotics components [2] Group 2 - The company's technology is aligned with Huawei's laser radar products, indicating a shared technological foundation that can be leveraged across various applications [2] - The company has integrated with NVIDIA's DRIVE, Jetson, and Omniverse ecosystems, enhancing its capabilities in visual technology [2] - The company is also expanding its offerings in dexterous robotic components, which are expected to see gradual market adoption [2]

Group 1: Global Smart Home Cleaning Robot Market - The global smart home cleaning robot market shipped 15.352 million units in the first half of 2025, representing a year-on-year growth of 33% [1] - The lawn mower robot segment experienced explosive growth, with shipments reaching 2.343 million units, a staggering increase of 327.2% year-on-year [1] - The pool cleaning robot segment also showed strong growth potential, with shipments of 933,000 units, up 18.7% year-on-year, indicating a promising market outlook [1] Group 2: Technological Advancements and Market Dynamics - The surge in lawn mower robots is attributed to the successful application and reuse of home cleaning robot technologies, such as smart navigation and obstacle recognition [2] - Major players like Roborock, Ecovacs, and Dreame have leveraged their expertise in vacuum robots to dominate the lawn mower market [2] - The demand for laser radar technology in lawn mower robots has surged, with companies like Hesai Technology and Robosense reporting year-on-year increases in delivery volumes of 743.6% and 631.9%, respectively [2] Group 3: Pool Cleaning Robot Technology Breakthroughs - Traditional laser radar technology has faced challenges in underwater applications, limiting the advancement of pool cleaning robots [3] - The breakthrough in underwater laser radar technology marks a significant innovation point for pool robots, potentially enhancing their market penetration [3] Group 4: Launch of Advanced Underwater Laser Radar - Guangfeng Technology launched the Yuanmou D10 and T1 underwater blue laser radar products, targeting both consumer and professional markets [4] - The Yuanmou D10 is the first consumer-grade underwater blue laser radar, achieving effective measurement capabilities up to 10 meters, marking a new era in underwater measurement [4] Group 5: Technical Specifications and Market Impact - The Yuanmou D10 utilizes high-power 450nm blue laser technology, significantly outperforming traditional infrared lasers in underwater environments [7] - The product is compact, measuring 74x74x49mm, and can achieve measurement accuracy of 0.04 meters in water with low turbidity [7] - The introduction of the Yuanmou D10 is expected to accelerate the intelligent adoption of pool cleaning products, establishing a new benchmark for Chinese manufacturing in the global market [8]

Core Viewpoint - Hesai Technology, a leading player in the lidar industry, has successfully completed a dual listing on the Hong Kong Stock Exchange and NASDAQ, marking the largest IPO of a Chinese company returning to Hong Kong in four years, led by three founders born in the 1980s [1][3][6]. Company Overview - Hesai Technology is the first company in the lidar industry to achieve a dual primary listing on both the Hong Kong and US stock exchanges [3][12]. - The company issued 19.55 million shares at a final price of HKD 212.80 per share, raising approximately HKD 4.16 billion (around RMB 3.8 billion) [3][4]. Market Performance - On its first trading day, Hesai's stock price surged, reaching a high of HKD 244, which is over 14% above the issue price, and the market capitalization exceeded HKD 35 billion [4][6]. - The IPO was significantly oversubscribed, with a 168.65 times oversubscription rate for the public offering and a 14.09 times oversubscription rate for the international offering [6][8]. Financial Highlights - Hesai's revenue for 2022, 2023, and projected for 2024 are RMB 1.203 billion, RMB 1.877 billion, and RMB 2.077 billion respectively, with a strong growth trajectory [20][24]. - The company achieved a gross profit of RMB 520 million in the first half of this year, with a gross margin of 47.9% [25]. - Hesai has turned a profit in the first half of this year, reporting a net profit of RMB 26.54 million, compared to losses in previous years [27]. R&D and Innovation - The company invests heavily in R&D, with expenditures of RMB 5.55 billion, RMB 7.91 billion, and RMB 8.56 billion from 2022 to 2024, representing 46.2%, 42.1%, and 41.2% of revenue respectively [29]. - Approximately 50% of the funds raised from the IPO will be allocated to R&D to ensure continuous innovation in lidar technology [41][44]. Market Position and Growth Potential - Hesai holds the leading market share in the global lidar industry, particularly in the automotive sector, with significant contracts with major automotive manufacturers [20][24]. - The global lidar market is projected to grow from USD 300 million in 2020 to USD 1.6 billion in 2024, with a compound annual growth rate (CAGR) of 57.8% [44][46]. - The ADAS market is expected to see a revenue increase from USD 100 million in 2020 to USD 1 billion in 2024, with a CAGR of 104.1% [46][47].

Core Viewpoint - Hesai Technology has successfully completed a dual listing on both the Hong Kong and US stock markets, becoming the first major lidar company to achieve this milestone [1][9]. Group 1: IPO Details - On its first day of trading, Hesai-W's stock price peaked at 244 HKD, representing an increase of over 14% from the issue price of 212.80 HKD per share. The closing price was 234 HKD, with a total market capitalization exceeding 35 billion HKD [2]. - The IPO was highly sought after, with a public offering that was oversubscribed by 168 times, raising approximately 4.16 billion HKD from the issuance of 17 million shares [4][5]. - The public offering accounted for 10% of the total shares available, while the international offering made up 90%, which was also oversubscribed by 14.09 times [6][7]. Group 2: Market Position and Growth - Hesai Technology is projected to be the largest lidar supplier globally from 2022 to 2024, with expectations to ship over 100,000 units in a single month by December 2024 [9]. - The company has secured the most mass production designations in the ADAS market, covering 120 models from 22 major automakers, including partnerships with brands like Li Auto and Zeekr [9]. - The global lidar market is expected to grow from 300 million USD in 2020 to 1.6 billion USD by 2024, with a compound annual growth rate (CAGR) of 57.6%, and further increasing to 17.1 billion USD by 2029, with a CAGR of 61.2% [13]. Group 3: Investment and R&D Focus - Over 80% of the funds raised from the IPO will be allocated to research and development of lidar products, reinforcing the company's leading position in the lidar market [11]. - The lidar technology is being increasingly integrated into various applications, including ADAS, autonomous vehicles, and smart transportation systems, indicating a broadening scope of use beyond traditional sectors [13]. Group 4: Competitive Landscape - The lidar industry is facing competitive and cost pressures, with leading companies focusing on chip design to enhance integration and production efficiency [15]. - Solid-state lidar technology is emerging as a mainstream direction due to its stability, compact size, and lower costs, which are crucial for large-scale vehicle applications [16].

Core Points - Hesai Technology (stock code: "2525") has successfully listed on the Hong Kong Stock Exchange, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong [2] - The company issued shares at a price of HKD 212.8, selling 19.55 million shares and raising a total of HKD 4.16 billion (approximately USD 533 million) [2] - Key cornerstone investors include Hillhouse HHLRA, Taikang Life, WT Asset Management, Grab, and others, collectively subscribing to USD 148 million (approximately HKD 1.54 billion) [2][3] Company Overview - Hesai Technology is recognized as the first publicly listed lidar company to achieve profitability for the entire year [7] - The company was founded in 2014 in San Jose, California, and has since developed products for advanced driver-assistance systems (ADAS) and various robotic applications [9][11] - Core clients include major automotive manufacturers such as Li Auto, Xiaomi, BYD, and Toyota, among others [11] Financial Performance - For the fiscal years 2022, 2023, and 2024, Hesai's revenues are projected to be RMB 1.2 billion, RMB 1.877 billion, and RMB 2.077 billion, respectively, with gross margins of 39.2%, 35.2%, and 42.6% [17] - The company reported a net loss of RMB 300 million in 2022, RMB 476 million in 2023, and expects a reduced loss of RMB 100 million in 2024 [19] - In the first half of 2025, Hesai achieved revenue of RMB 1.23 billion (approximately USD 172 million) and a net profit of RMB 26.5 million [21] Product Development - Hesai has developed a range of lidar products, including the AT, ET, and JT series, which are designed for various applications in ADAS and robotics [13][30] - The company has successfully delivered over 100,000 units of its JT series lidar within five months of launch [26] - The fourth-generation self-developed chip architecture has been implemented in the ATX series, enhancing performance and functionality [30] Market Position - The lidar market is experiencing significant growth, particularly in the robotics sector, where Hesai aims to leverage its experience in automotive applications [26] - The company has established partnerships with various robotics firms to enhance the capabilities of their products through lidar technology [27][28] Shareholder Structure - As of March 31, 2025, key shareholders include Xiaomi with a 5.5% stake and Bosch with a 5.8% stake [31][37] - The company's founders maintain significant voting power, with CEO Yifan Li holding 6.7% of shares and 23.7% of voting rights [35][36]

Group 1 - Hesai Technology, a global leader in LiDAR, officially listed on the Hong Kong Stock Exchange on September 16, with a strong debut performance, reaching a peak increase of 15% to HKD 244 [2][3] - The IPO price was set at HKD 212.80, raising a total of HKD 41.60 billion (approximately USD 5.35 billion), with significant cornerstone investors like Hillhouse Capital and Grab Holdings participating [3] - This listing marks Hesai as the first LiDAR company to achieve a dual primary listing in both the US and Hong Kong, and it is the largest IPO of a Chinese concept stock returning to Hong Kong in the past four years [3] Group 2 - The strong performance of Hesai is aligned with the increasing adoption of LiDAR technology by automotive manufacturers to enhance Advanced Driver Assistance Systems (ADAS) [3] - The company plans to use the funds raised to reduce the manufacturing costs of its LiDAR systems, aiming to lower the price from USD 50,000 to USD 200, which could significantly boost the technology's adoption in mainstream passenger vehicles [5] - As of March 31, 2025, Hesai has secured the highest number of mass production designations in the ADAS market, covering 120 models from 22 global OEMs, including well-known brands like Li Auto, Zeekr, and Leap Motor [5] Group 3 - Founded in 2014, Hesai maintains a leading position in multiple niche markets, being the largest revenue-generating LiDAR supplier globally in 2022, 2023, and 2024 according to Frost & Sullivan [5] - The strong market demand is reflected in the company's performance, with its American Depositary Receipts (ADR) doubling in price this year and a 54% year-over-year revenue growth in the second quarter, surpassing the previous quarter's growth rate [5]

目前，禾赛科技在车载激光雷达市场摘得三项全球第一：全球车载激光雷达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激光雷达市占率第一，也成为了行业唯一一个连续四年获"多 项全球第一"殊荣的企业，持续领跑全球市场。 本次IPO绿鞋（超额配售选择权）前募资41.6亿港元（约5.33亿美元），创全球激光雷达行业规模最大 纪录，也是近四年融资额最高的中概股回港项目。 北京商报讯（记者 陶凤 实习记者 王天逸）2025年9月16日，全球激光雷达龙头禾赛科技正式在香港交 易所主板挂牌，成为业内首家"美股+港股"双重主要上市公司。 2024 年公司实现营收 20.8 亿元，年度交付量连续 4 年翻倍，成为全球首家且唯一实现全年盈利的上市 激光雷达企业，也是全球首家全年经营和净现金流为正的上市激光雷达企业。公司 2021 至 2024 年的营 收复合增长率达 42.3%，收入保持高速增长。 ...

禾赛科技于2025年9月8日至9月11日招股，全球发售1700万股，另有15%的超额配股权，发售价不超过 每股228.00港元。 假设按指示性发售价每股228.00港元计算，全球发售所得款项净额约为37.061亿港元，其中约50%将用 于研发，35%用于产能投资，5%用于业务发展，10%用于营运资金及一般企业用途。 禾赛科技已与包括HHLR Advisors,Ltd.、泰康人寿保险有限责任公司、WT Asset Management Limited等 在内的基石投资者签订协议，总认购金额约为1.48亿美元。 该公司是全球领先的三维激光雷达(LiDAR)解决方案提供商，设计、开发、制造并销售先进的激光雷达 产品。 其激光雷达产品广泛应用于乘用车、商用车的高级驾驶辅助系统(ADAS)，以及自动驾驶车队、机器 人、无人配送、农业车辆、港口自动化等工业及静态应用。根据灼识咨询的数据，禾赛科技在商业化和 财务表现方面均处于全球领先地位，连续多年(2022—2024年)位居全球激光雷达供应商收入第一。该公 司在出货量方面也创下纪录，是全球首家实现单月出货量达到1万台(截至2022年9月)和10万台(截至2024 年12月 ...

假设按指示性发售价每股发售股份228.00港元计算及超额配股权未获行使，全球发售获得所得款项净额 约37.061亿港元。其中，所得款项净额约50%预计将分配用作研发投资。所得款项净额约35%预计将分 配用作投资公司的生产能力，以确保持续交付高性能、高可靠性的产品，满足客户不断变化的需求。所 得款项净额约5%预计将分配用作业务发展，以加速公司的业务扩张。所得款项净额约10%预计将分配 用作营运资金及一般企业用途，以支持公司的业务运营及增长。 另外，该公司已与基石投资者订立基石投资协议，据此，基石投资者已同意在符合若干条件的情况下， 按国际发售价认购或促使其指定实体认购一定数量的发售股份，可购买股份的总金额约为1.48亿美元。 基石投资者包括：HHLR Advisors, Ltd.、泰康人寿保险有限责任公司、WT Asset Management Limited、 Grab Inc.、宏达集团(香港)有限公司、Commando Global Fund。 根据灼识咨询的资料显示，就商业化及财务表现而言，该公司是全球领先的激光雷达公司。该公司为激 光雷达从技术创新到大规模生产及广泛应用铺平道路，推动智能汽车演进。 该 ...

禾賽科技＊ Hesai Group （於開曼群島註冊成立以不同投票權控制的有限責任公司） 股份代號 : 2525 全球發售 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 ＊ 僅供識別 重要提示 重要提示：倘 閣下對本文件的任何內容有疑問， 閣下應徵詢獨立專業意見。 Hesai Group 禾賽科技 * （於開曼群島註冊成立以不同投票權控制的有限責任公司） 全球發售 全球發售的發售股份數目 : 17,000,000股發售股份（視乎發售量調整權 及超額配股權行使與否而定） 香港發售股份數目 : 1,700,000股發售股份（可予以調整及視乎 發售量調整權行使與否而定） 國際發售股份數目 : 15,300,000股發售股份（可予以調整及視乎 發售量調整權及超額配股權行使與 否而定） 最高公開發售價 : 每股發售股份228.00港元，另加1.0%經紀佣 金、0.0027%證監會交易徵費、0.00015% 會財局交易徵費及0.00565%聯交所交易 費（須於申請時以港元繳足，多繳股款可 予退還） 面值 : 每股發售股份0.00 ...