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。 ...

Group 1 - The core offering of the company is advanced LiDAR solutions, which are widely used in various applications including ADAS, autonomous vehicles, robotics, and industrial automation [1] - The company is recognized as a global leader in the LiDAR market, ranking first in revenue among LiDAR suppliers from 2022 to 2024, and achieving record shipment volumes [1] - The company plans to raise approximately HKD 3.7061 billion from its global offering, with 50% allocated to R&D, 35% to capacity investment, 5% for business development, and 10% for working capital and general corporate purposes [1] Group 2 - The company has secured cornerstone investors, including HHLR Advisors, Taikang Life Insurance, and WT Asset Management, with a total subscription amount of approximately USD 148 million [2]

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 ...

Core Points - Heisai Technology announced the global issuance of 17 million Class B shares, consisting of a Hong Kong public offering and an international offering [1][4] - The Hong Kong offering price is set at a maximum of HKD 228 (approximately USD 29.04) per share [4] - Heisai Technology is a leading supplier of 3D LiDAR solutions, serving major automotive manufacturers such as Ideal Automotive, Zeekr, and Leap Motor [4] Financial Performance - Heisai Technology's net revenues for 2022, 2023, 2024, and Q1 2025 were CNY 1.203 billion, CNY 1.877 billion, CNY 2.077 billion, and CNY 525 million respectively [5] - The company reported net losses of CNY 301 million, CNY 476 million, CNY 102 million, and CNY 17.549 million for the same periods [5] Use of Proceeds - The funds raised from the Hong Kong IPO will be used to optimize and upgrade ASIC pathways, product development and commercialization, and to expand production capacity to ensure the continuous delivery of high-performance and reliable products [5] Market Position - According to Zhaoshang Consulting, Heisai Technology is the largest LiDAR supplier globally by revenue for the years 2022, 2023, and 2024 [4] - The company is expected to become the first in the world to exceed a monthly shipment of 100,000 LiDAR units by December 2024 [4]

Core Insights - The laser radar industry is experiencing significant growth driven by advancements in autonomous driving, smart transportation, and robotics, marking a golden period of development [1] - Hesai Technology, a leader in 3D LiDAR solutions, is taking a significant step towards international capital markets by planning to list in Hong Kong [1] Company Overview - Hesai Technology specializes in the design, development, manufacturing, and sales of advanced LiDAR products, which are widely used in passenger and commercial vehicles equipped with advanced driver-assistance systems, as well as in robotics and other non-automotive sectors [2] - The company has established a strong product matrix and is recognized for its innovative capabilities and industry-leading technology, having formed a dedicated chip R&D team as early as 2017 [2][3] Technological Advancements - The fourth-generation self-developed chip by Hesai integrates all seven key components of LiDAR, marking the company as the only one in the industry to independently develop all these components [3] - Since the launch of its first self-developed chip in October 2020, Hesai has released four generations of chips, each enhancing performance, quality, and reducing production costs [3][4] Product Development - The flagship product AT128, launched in July 2021, is the first vehicle-grade long-range LiDAR product utilizing self-developed chip technology [4] - The company has successfully migrated its chip architecture to mechanical LiDAR products to support the commercialization of Robotaxi [4] Competitive Advantages - Hesai's innovative platform architecture has significantly reduced operational costs, leading to rapid growth in shipment volume and revenue [5] - The company has adopted a self-manufacturing model, enhancing cost efficiency, quality control, and supply chain resilience, solidifying its competitive edge in the industry [5] Financial Performance - The shipment volume and revenue of Hesai have shown rapid growth, with approximately 80,400 units shipped in 2022, 222,100 units in 2023, and projected 501,900 units in 2024 [6][7] - The net revenue for the company was RMB 1,202.7 million in 2022, RMB 1,877.0 million in 2023, and RMB 2,077.2 million in 2024, with a 46.3% year-on-year increase in Q1 2025 [7] Industry Outlook - The global LiDAR industry 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%, and is expected to reach USD 17.3 billion by 2029, with a CAGR of 61.7% [7] - The demand for LiDAR technology is driven by the increasing needs in autonomous driving and robotics, with China's market growth significantly outpacing other regions [7] Future Prospects - Hesai Technology is well-positioned to capitalize on the rapidly growing LiDAR market, aiming to strengthen its global leadership while expanding its footprint in the robotics sector [8]

Core Viewpoint - The LiDAR industry is experiencing significant growth driven by advancements in autonomous driving, smart transportation, and robotics, with Hesai Technology poised to capitalize on this opportunity through its upcoming IPO in Hong Kong [1]. Group 1: Company Overview - Hesai Technology is a leading global provider of 3D LiDAR solutions, focusing on the design, development, manufacturing, and sales of advanced LiDAR products [2]. - The company has established a strong product matrix that includes applications in passenger and commercial vehicles, robotics, smart agriculture, and port automation [2][4]. - Since its inception, the company has prioritized independent research and development of key LiDAR components, achieving the highest integration rate of self-developed chips in the industry starting from 2023 [2][3]. Group 2: Technological Advancements - Hesai's fourth-generation self-developed chip optimizes LiDAR functionality and performance by integrating all seven key components, making it the only company in the industry to independently develop all these components [3]. - The company has successfully launched four generations of self-developed chips since October 2020, each enhancing product performance and significantly reducing production costs [3][4]. Group 3: Market Performance - The company has experienced rapid growth in shipment volume and revenue, with approximately 80,400 units shipped in 2022, 222,100 units in 2023, and projected shipments of 501,900 units in 2024 [6]. - Hesai's net revenue reached RMB 1,202.7 million in 2022, RMB 1,877.0 million in 2023, and RMB 2,077.2 million in 2024, with a 46.3% year-on-year increase in Q1 2025 [7]. - The company is recognized as the largest global LiDAR supplier by revenue for 2022, 2023, and 2024, and became the first to exceed 100,000 units shipped in a single month by December 2024 [7]. Group 4: Industry Growth - 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%, and is expected to reach USD 17.3 billion by 2029, with a CAGR of 61.7% [7]. - The Chinese LiDAR market is significantly outpacing other regions in terms of market size and growth rate [7]. Group 5: Future Outlook - Hesai Technology aims to leverage its technological and manufacturing expertise to strengthen its leading position in the global LiDAR market and expand its footprint in the robotics sector [8].