Core Insights - Hesai Technology's stock surged over 8% in Hong Kong, leading to a pre-market increase of 7.58% in its US shares following the announcement of its new products and index inclusion [1] Product Developments - Hesai launched the Fermi C500, a laser radar dedicated intelligent control chip based on the RISC-V architecture, which integrates MCU, FPGA, and ADC into a single chip [1] - The Fermi C500 is the world's first laser radar control chip with dual certification for functional safety and cybersecurity [1] - The company also introduced the updated 256-line safety laser radar ATX, featuring the unique "photon isolation" safety technology [1] Market Recognition - Hesai has been included in the Hang Seng Composite Index, effective December 8, reflecting strong market recognition of its business performance and value [1] - This inclusion is expected to broaden the investor base and attract additional capital from mainland investors through the Hong Kong Stock Connect [1]

（文章来源：第一财经） 11月24日，禾赛科技在上海禾赛麦克斯韦全球研发智造中心举办2025技术开放日活动。禾赛科技发布基 于RISC-V架构的激光雷达专用高性能智能主控芯片费米C500。 ...

11月24日上午，激光雷达板块表现活跃，最高涨幅一度达到2.0%。其中光库科技最高涨超17%，腾景科 技最高涨超15%，福晶科技、光迅科技、赛微电子等涨幅居前。截至午间收盘，板块整体涨幅震荡收窄 至0.61%。 ...

禾赛-W(02525)早盘涨超10%，截至发稿，涨10.33%，报131.4港元，成交额9801.32万港元。 值得注意的是，据智通财经近日报道，记者获悉，激光雷达企业禾赛科技已获前两大ADAS客户2026年 全系车型定点合作，并达成激光雷达100%标配。据知情人士向记者透露，这两大客户为小米和理想。 消息面上，11月21日，恒生指数公司发布季度检讨结果，相关变动将于2025年12月5日收市后实施，并 于2025年12月8日起生效。恒生综合指数成份股数目由503只增加至509只，其中，禾赛科技-W获纳入恒 生综合指数。 ...

Core Viewpoint - Hesai Technology (2525.HK) experienced a significant increase of over 11.5%, reaching a peak of 132.8 HKD, following its inclusion in the Hang Seng Composite Index effective December 8, 2023, reflecting strong market recognition of the company's business performance and value [1] Group 1: Index Inclusion - The inclusion in the Hang Seng Composite Index indicates high market recognition of Hesai's business performance and value [1] - This event is expected to enhance Hesai's investor base by potentially allowing inclusion in the Stock Connect program, attracting additional mainland capital [1] Group 2: Production Milestone - Hesai announced the production and delivery of its 2 millionth LiDAR unit in mid-November at its Maxwell manufacturing center, marking a significant industry milestone as the first company to achieve this production level [1] - The company has secured mass production contracts from over 24 OEMs for more than 120 vehicle models, with plans for deliveries scheduled between 2025 and 2027 [1]

Core Viewpoint - Hesai Technology (禾赛科技) has seen a significant stock price increase following its inclusion in the Hang Seng Composite Index, indicating positive market sentiment and potential growth opportunities for the company [1]. Group 1: Stock Performance - Hesai Technology's stock rose over 10%, specifically by 10.33%, reaching HKD 131.4, with a trading volume of HKD 98.01 million [1]. Group 2: Index Inclusion - The Hang Seng Index Company announced its quarterly review results on November 21, 2023, which will take effect after the market closes on December 5, 2025, and will be effective from December 8, 2025 [1]. - The number of constituent stocks in the Hang Seng Composite Index will increase from 503 to 509, with Hesai Technology being included [1]. Group 3: Business Developments - Hesai Technology has secured partnerships with its two largest ADAS (Advanced Driver Assistance Systems) clients for the full range of their 2026 models, achieving a 100% standardization of laser radar [1]. - The two major clients identified are Xiaomi and Li Auto (理想) [1].

Core Insights - RoboSense has launched the AC2, the industry's first integrated super sensor system that enables high-precision, wide-range perception for robots in all scenarios [1] - The company has evolved from a single hardware manufacturer to a comprehensive AI robotics ecosystem provider, showcasing the "Shenzhen speed" in its growth trajectory [1] Company Development - RoboSense was founded in 2014 by Qiu Chunxin, who identified limitations in traditional cameras for outdoor mobile robots and aimed to develop a higher-performance perception system [2] - The company adopted a dual development strategy of "AI software-perception algorithms" and "hardware-sensors," enabling it to provide system-level solutions from its early days [2] - In 2016, RoboSense launched its first 16-line mechanical LiDAR, achieving mass production in 2017, which supported advancements in both autonomous driving and robotics [2] Technological Advancements - RoboSense developed the world's first automotive-grade MEMS solid-state LiDAR, the M1, which achieved mass production in June 2021, filling a significant market gap [3] - The company has a high production capacity, delivering one LiDAR every 12 seconds, which has attracted major automotive clients [4] Market Position - As of January 2024, RoboSense became the first global LiDAR company to be listed on the Hong Kong Stock Exchange, with over 880,000 LiDAR units delivered and partnerships with 28 automotive companies [4] - RoboSense's vision extends beyond automotive applications, aiming to become a leading global robotics technology platform [4] Robotics Applications - Since 2017, RoboSense has provided LiDAR and algorithm support for various robotic applications, including unmanned delivery and inspection [5] - The company has collaborated with Alibaba's Cainiao to launch unmanned logistics vehicles and has served over 3,200 robotic clients across multiple sectors [5] Strategic Shift - On January 5, 2024, RoboSense announced its AI robotics strategy, introducing AI infrastructure and new products, marking a transition from a LiDAR supplier to an AI robotics technology platform [6][7] - The release of the Active Camera and the upgraded AC2 super sensor system signifies the company's commitment to reducing development barriers for robotics and enhancing intelligent capabilities [7]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [12] Core Insights - The report highlights significant growth in revenue and profitability for the company, with Q3 net income reaching $111.7 million, a year-on-year increase of 47.5% [5] - The company achieved a record net profit of $36 million in Q3, marking a substantial turnaround from previous losses, and has raised its full-year GAAP net profit forecast to between $49 million and $63 million [5] - The company has solidified its leading position in the long-range vehicle lidar market, maintaining a market share of 46% as of August, which is 1.5 times and 2.4 times that of its second and third competitors, respectively [6] Revenue and Profitability Performance - Q3 net revenue reached $111.7 million, up 47.5% year-on-year, with product revenue increasing by 57% due to a significant rise in ADAS shipments and sales of robotic lidar products [5] - The total lidar shipment for the quarter was 441,400 units, with ADAS lidar shipments reaching 380,800 units, a year-on-year increase of 193.1% [5] - The gross margin remained healthy at 42%, while operating expenses decreased by 23% year-on-year, showcasing effective cost management [5] Market Position and Customer Structure - The company has secured key orders in the global market, achieving 100% lidar design wins for two major ADAS customers' entire 2026 model lineup [6] - The company has established new supply agreements with leading autonomous taxi and truck companies, covering major markets in North America, Asia, and Europe [7] Product and Technology Layout - The company continues to drive product upgrades through technological leadership, with its high-end ETX lidar gaining recognition and securing design orders from top domestic new energy vehicle manufacturers [7] - The transition to L3 multi-lidar solutions is accelerating, with expectations that each L3 autonomous vehicle will require 3-6 lidar units, increasing the per-vehicle value to between $500 and $1,000 [7] Operational Efficiency and Capacity Building - The company has enhanced operational efficiency through AI-driven improvements in cost, cycle time, and quality, becoming the first lidar manufacturer to exceed an annual production of one million units [8] Investment Recommendations - The report suggests that the company is entering a positive cycle of scaling, profitability enhancement, and technological iteration, with a focus on high-end customer acquisition and global order fulfillment [9]

Core Insights - RoboSense has secured a three-year exclusive partnership with FAW Toyota for a new pure electric vehicle model, marking a significant milestone as the first Chinese tech company to enter Toyota's lidar supply chain [1] - This new collaboration highlights Toyota's recognition and trust in RoboSense's technological capabilities and product reliability [1] - RoboSense aims to leverage its advanced digital lidar technology to enhance cooperation with FAW Toyota and promote the global adoption of high-quality smart electric vehicles [1] Company Developments - RoboSense has previously supported the launch of FAW Toyota's bZ5 and bZ3 models, showcasing its established relationship with the automaker [1] - The company has also secured contracts with international automakers such as Audi, Volkswagen, and North American new energy companies, accumulating over 1 million orders [1] - RoboSense's leading digital technology is driving the intelligent upgrade of new energy vehicles globally [1]

Core Viewpoint - RoboSense has secured a three-year exclusive partnership with FAW Toyota for a new pure electric vehicle model, marking a significant recognition of its technology and product reliability by Toyota [1] Company Summary - RoboSense is the first Chinese technology company to enter the Toyota lidar supply chain, having previously supported the launch of FAW Toyota's bZ5 and bZ3 models [1] - The new exclusive partnership highlights Toyota's ongoing trust in RoboSense's technological capabilities [1] - RoboSense aims to deepen its collaboration with FAW Toyota to promote the global adoption of high-quality smart electric vehicles [1] Industry Summary - RoboSense has also secured contracts with international automakers such as Audi, Volkswagen, and North American new energy companies, accumulating over 1 million orders [1] - The company is leveraging its leading digital technology to empower the intelligent transformation and upgrade of global automakers' new energy vehicles [1]