Core Insights - TudaTong (Seyond) has passed the hearing of the Hong Kong Stock Exchange, joining Hesai and Suton in the laser radar market [1] Company Performance - In the first nine months of 2025, TudaTong delivered approximately 181,000 automotive-grade laser radars, marking a year-on-year growth of 7.7% [3] - The company achieved positive gross profit for four consecutive quarters from Q4 2024 to Q3 2025, indicating improved scale effects and refined management [3] Product and Market Strategy - TudaTong's main automotive-grade laser radar, "Falcon," has delivered over 600,000 units, showcasing its top-tier performance and stable mass delivery capabilities [4] - The company has diversified its customer base, securing contracts with three Chinese state-owned automotive manufacturers and a leading joint venture, expected to contribute to sales from the end of 2025 [4] - TudaTong's product applications have expanded beyond passenger vehicles to commercial vehicles and robotics, receiving mass production orders from industry players like DeepWay and Shaanxi Heavy Duty Truck [4] Industry Positioning - The competition among laser radar companies is evolving from a focus on performance parameters to a comprehensive assessment of product matrix integrity, stable mass delivery, and product maturity [5] - TudaTong is one of the few companies achieving large-scale production of both high-performance 1550nm and cost-effective 905nm laser radars, establishing a complete product matrix covering high-end to mainstream markets [5] - The company is at the forefront of developing pure solid-state laser radars, with its next-generation product, the Hummingbird D1, already receiving mass production orders from leading manufacturers [6] Market Outlook - As the global automotive industry shifts from electrification to intelligence, the demand for laser radars as core sensors is expected to experience explosive growth [6] - TudaTong's technological foresight, stable mass delivery capabilities, and mature market experience position it well to seize market opportunities [6]

Group 1 - The core point of the news is that TuDatong, a leading laser radar company in mainland China, has successfully passed the listing hearing and plans to merge with SPAC TechStar at a valuation of HKD 11.7 billion, marking the third De-SPAC case in the Hong Kong market [1] - TuDatong is expected to be listed on the main board of the Hong Kong Stock Exchange on December 10, joining other prominent laser radar companies like Hesai and Suton [1] - The company has secured approximately HKD 551.3 million from PIPE investors, including significant investments from Huangshan Construction Investment and Gong Hongjia's Fucai [1] Group 2 - Founded in 2016, TuDatong is a global leader in designing, developing, and producing automotive-grade laser radar solutions, with a product range that includes "Falcon," "Lynx," and "Jaguar" [2] - The company is projected to deliver over 230,000 automotive-grade laser radars in 2024, ranking fourth globally in sales revenue for ADAS laser radar solutions with a market share of 12.8% [2] - TuDatong has established stable partnerships in commercial vehicles and robotics, securing large orders from leading companies in logistics and sanitation applications [2] Group 3 - NIO is the largest customer for TuDatong during the reporting periods, with revenue from NIO accounting for 88.7%, 90.6%, 91.6%, and 86.2% of total revenue from 2022 to 2024 and the first five months of 2025, respectively [3] - TuDatong has been the exclusive supplier of laser radar solutions for NIO since 2022, having entered into two long-term framework procurement agreements with the company [3]

（原标题：图达通通过聆讯：毛利率连续转正引领盈利跨越，国产激光雷达三强竞逐千亿市场） 在全球智能驾驶浪潮奔涌、资本市场持续关注硬科技赛道的当下，激光雷达作为自动驾驶的"眼睛"，正迎来前所未有的发展机遇。 近日，激光雷达赛道迎来又一位重磅玩家。11月12日，图达通通过港交所聆讯，即将通过SPAC方式于香港联合交易所主板上市。 这标志着图达通成为继禾赛科技、速腾聚创之后，第三家冲击港股市场的中国激光雷达企业。自此，三家头部企业即将在港股市场集结，开启资 本市场的新征程。 图达通此次上市不仅是中国激光雷达产业成熟度的重要标志，更成为观察智能驾驶供应链领域投资价值的一扇窗口。 如果说行业景气度为图达通提供了广阔的舞台，那么其自身的技术实力和客户拓展能力，则决定了它能否在这个舞台上脱颖而出。 作为全球少数同时掌握1550nm和905nm两条技术路线并实现量产的企业，图达通展现出卓越的产品定义和产业化能力。 其招股书显示，公司2025年前五个月毛利率已达12.9%。同时，自2024年第四季度至2025年第三季度，图达通连续四个季度实现了毛利润为正， 展现出从技术突破到商业兑现的关键跨越。在全球激光雷达行业仍普遍处于投入期 ...

Group 1: Tuda Technology's IPO Progress - Tuda Technology has passed the Hong Kong Stock Exchange hearing, indicating readiness for public listing [1] - The company delivered approximately 181,000 automotive-grade LiDAR units in the first nine months of 2025, representing a year-on-year growth of 7.7% [1] - Tuda Technology achieved positive gross profit for four consecutive quarters from Q4 2024 to Q3 2025, with cumulative deliveries of its main LiDAR product "Falcon" exceeding 600,000 units [1] Group 2: Anker Innovations' IPO Announcement - Anker Innovations announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [2] - The company aims to consider the interests of existing shareholders and market conditions to choose an appropriate timing for the issuance [2] - This move is part of Anker's strategy to establish an "A+H" platform, enhancing international financing channels and global brand recognition [2] Group 3: Axbio International's Listing Application - Axbio International has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being CICC and PSBC International [3] - The company specializes in molecular diagnostic instruments and biochips, holding a leading position in this field since its establishment in 2016 [3] - Axbio's product portfolio includes a microarray chip analyzer, two EL-NGS gene sequencers, and various testing kits, all developed in-house [3] Group 4: Copper Master’s Listing Application - Copper Master has submitted a listing application to the Hong Kong Stock Exchange, with CMB International as the exclusive sponsor [4] - The company focuses on integrating traditional craftsmanship with modern design, developing copper cultural products [4] - As of the end of 2024, Copper Master is projected to hold a 35.0% market share in China's copper cultural craft product market, ranking first by total revenue [4]

本报记者 袁传玺 11月12日，中国汽车激光雷达公司图达通控股有限公司（以下简称"图达通"）拟与特殊目的收购公司（SPAC） TechStarAcq进行并购交易上市，并已通过港交所聆讯，议定估值为117亿港元。 值得注意的是，若图达通上市进程顺利，则意味着"激光雷达三强"将齐聚港股。其中，禾赛科技刚刚完成在港交所主板上 市，而速腾聚创则在2024年初就已登陆港股。行业资本化进程进入关键时刻。 一位不愿具名的业内人士对《证券日报》记者表示，资本加持、产业需求与政策牵引形成共振，激光雷达行业已切入高速 扩张轨道。图达通凭借其领先的1550nm高性能方案与车规级量产能力，率先卡位高阶智驾核心传感器，资本化落地将放大其 供应链议价与研发迭代优势，兑现窗口期正式开启。 "若'激光雷达三强'齐聚港股，板块流动性与估值锚有望重塑，标志技术路线之争阶段性收敛，行业从验证期迈入规模放量 期，将加速成本下探与标准统一，为整车智能化升级及二级市场打开持续配置空间。"上述人士进一步表示。 随着全球汽车产业竞争从"电动化"深入至"智能化"，L2级智能驾驶强制性标准实施，以及L3级准入政策的逐步落地，激光 雷达作为核心传感器，其市场需求 ...

Core Viewpoint - Hesai Technology (02525) announced the grant of a total of 305,800 restricted stock units to two directors and 109 employees, which will represent the same number of Class B ordinary shares, pending acceptance by the grantees [1] Group 1 - The grant is part of the company's 2021 plan [1] - The awards will only become effective after acceptance by the respective grantees [1]

Core Viewpoint - The article discusses the upcoming listing of the lidar solution provider, TuDatong, on the Hong Kong Stock Exchange through a De-SPAC process, highlighting its market position and financial performance. Company Overview - TuDatong is a leading company in designing, developing, and producing automotive-grade lidar solutions, ranking fourth globally with a market share of 12.8% in ADAS lidar solution sales, delivering approximately 230,000 units in 2024 [6][8]. - The company was founded in 2016 by Dr. Bao and Dr. Li, initially operating in the United States before entering the Chinese market in 2018 to leverage emerging market opportunities [6][7]. Technology and Product Development - TuDatong utilizes a 1,550 nm short-wave infrared laser for long-distance detection and has developed a dual-axis mirror scanning technology, which it considers the best architecture for forward-looking lidar [6]. - The company has launched several lidar product series, including the Cheetah series in 2018 and the Falcon series in 2020, and has strategically chosen a 905 nm system for urban low-speed applications [6][9]. Market Position and Client Base - The company has delivered over 533,000 automotive-grade lidar solutions and has secured design approvals from 14 Chinese OEMs focused on commercial vehicles, passenger electric vehicles, and ride-hailing services [8][9]. - NIO is the largest customer, accounting for 88.7% to 91.6% of TuDatong's revenue from 2022 to 2024, with agreements in place for lidar solutions across nine vehicle models [13][14]. Financial Performance - TuDatong's revenues were $66.3 million, $121 million, and $160 million for 2022, 2023, and 2024, respectively, with losses of $188 million, $219 million, and $398 million during the same periods [16]. - The company has shown a trend of narrowing gross losses, achieving a gross profit of $670,000 in 2024, and has delivered approximately 181,131 units in the first nine months of 2025, a 7.7% increase year-over-year [16]. Fundraising and Future Plans - The net proceeds from the SPAC transaction are estimated to be approximately HKD 474 million, with plans to allocate 60% for R&D, 20% for upgrading production lines, and 10% each for global expansion and general corporate purposes [17][18].

Core Viewpoint - Hesai Technology (HSAI.US) reported a strong Q3 performance with a 47% year-over-year increase in net revenue to 795 million yuan, achieving a record net profit of 256 million yuan, and exceeding its annual profit target one quarter early [1][2] Financial Performance - Q3 net revenue increased by 47% to 795 million yuan [1] - Gross margin remained stable at 42% [1] - Record net profit reached 256 million yuan in Q3, with total net profit for the first three quarters at 283 million yuan [1] Analyst Ratings and Price Targets - Goldman Sachs raised its 12-month price target for Hesai to $36, maintaining a "Buy" rating, citing Q3 operating profit and net profit exceeding forecasts by 125% and 200% respectively [1] - CMB International adjusted its GAAP net profit guidance for 2025 from 200-350 million yuan to 350-450 million yuan, raising its price target from $16.3 to $26.7, while maintaining a "Buy" rating [1] - Morgan Stanley reiterated an "Overweight" rating with a price target of $35, highlighting strong Q3 performance and positive guidance for Q4 [2]

Core Viewpoint - The report from CMB International indicates that Hesai's total revenue for Q3 reached 795.4 million, representing a year-on-year growth of 47%, exceeding market expectations by 1.4% [1] Financial Performance - Non-GAAP net profit for Q3 was 288 million [1] - The management has raised the 2025 GAAP net profit guidance from 200 million to 350 million, now expecting it to be between 350 million and 450 million [1] Market Outlook - The company maintains an optimistic outlook for its business development, projecting that total lidar shipments will reach at least 2 to 3 million units by 2026 [1] - If L3-level autonomous driving becomes an industry trend, shipments could be even higher, with expectations for robotic lidar shipments to double year-on-year by 2026 [1] Investment Rating - CMB International expresses optimism regarding Hesai's growth in line with increasing demand for lidar products, anticipating further market expansion due to more application scenarios in the robotics and industrial sectors [1] - The target price for Hesai has been raised from $16.3 to $26.7, maintaining a "Buy" rating [1]

Core Viewpoint - Hesai Technology reported a revenue of 800 million RMB for Q3 2025, marking a year-on-year growth of 47.5%, maintaining positive growth for six consecutive quarters [1] Financial Performance - The company achieved a total delivery of 441,398 units of laser radar in Q3, with ADAS product deliveries reaching 380,759 units, reflecting a year-on-year increase of 193.1% [1] - However, the quarter-on-quarter growth rate for ADAS laser radar deliveries showed a significant slowdown, with a quarter-on-quarter increase of 25.43%, which is a notable decline compared to previous periods [1]