中国经济网北京9月16日讯 禾赛科技（02525.HK）今日在港交所上市。截至今日收盘，禾赛科技报 234.00港元，涨幅9.96%。 最终发售价及配发结果公告显示，禾赛科技全球发售项下的发售股份数目为19,550,000股发售股份 （经计及发售量调整权获悉数行使及视乎超额配股权行使与否而定），香港发售股份数目为1,955,000股 发售股份（经计及发售量调整权获悉数行使），国际发售股份数目为17,595,000股发售股份（经计及发 售量调整权获悉数行使及视乎超额配股权行使与否而定）。 | 發售股份及股本 | | | --- | --- | | 發售股份數目(發售量調整權獲悉數行使後) | 19,550,000 | | 公開發售的發售股份最終數目(發售量調整權獲悉數行使 1,955,000 | | | 後) | | | 國際發售的發售股份最終數目(發售量調整權獲悉數行使 17,595,000 | | | 後) | | | 於上市時已發售的股份數目(超額配股權獲行使前) | 153,209,711 | 禾赛科技的联席保荐人、保荐人兼整体协调人、整体协调人、联席全球协调人、联席账簿管理人及 联席牵头经办人为中国国 ...

来源：环球网 【环球网科技综合报道】9月16日消息，激光雷达企业禾赛科技今日正式在香港交易所主板挂牌上市， 实现"美股+港股"双重主要上市。 值得注意的是，此次IPO以绿鞋前41.6亿港元（约5.33亿美元）的募资规模，刷新全球激光雷达行业融 资纪录，同时成为近四年来中概股回港上市的最大规模融资项目。 禾赛科技上市首日，早盘股价一度飙升至244.0港元/股，较发行价上涨超14%，总市值突破360亿港元。 截至午间收盘，股价稳定在237.2港元/股，总市值达363.41亿港元。 据公开的财务信息显示，2024年，禾赛科技实现营收20.8亿元，年度交付量连续四年翻倍。此外，其 2021至2024年营收复合增长率达42.3%。 值得注意的是，上市前，禾赛科技宣布与一家美国头部Robotaxi公司签署超4000万美元订单，计划于 2026年底前交付远距和近距激光雷达产品。（青山） ...

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]

Core Insights - Zhongyou Securities initiates coverage on SUTENG JUCHUANG (02498) with a "Buy" rating, projecting revenues of 2.433 billion, 3.739 billion, and 5.221 billion yuan for 2025, 2026, and 2027 respectively [1] - The company reported a 7.7% year-on-year increase in revenue for H1 2025, reaching 783 million yuan, with gross margin improving from 13.6% to 25.9% compared to the same period last year [1] Group 1: Revenue and Growth - The robotics and other sectors are highlighted as the main growth drivers for the company in the first half of the year, with LiDAR product revenue reaching 221 million yuan and sales skyrocketing from 8,900 units in 2024 to 46,300 units, marking a staggering year-on-year increase of 420.2% [1] - In Q2 2025, sales reached 34,400 units, reflecting a year-on-year growth of 631.9% [1] Group 2: Profitability and Partnerships - The gross margin for robotic LiDAR in H1 2025 improved significantly from 26.1% to 45.0%, showcasing the benefits of scale [1] - The company has achieved substantial results in customer expansion, forming partnerships with several leading global robotic lawn mower manufacturers, with order sizes exceeding seven figures, including a three-year strategic cooperation agreement with Kuka Technology for 1.2 million solid-state LiDAR units [1] Group 3: Market Position and Product Development - The company leverages its self-developed SPAD-SOC chip to launch the E platform solid-state LiDAR, gaining a competitive edge in the Robotaxi sector [2] - The first mass-produced solid-state LiDAR, E1, has become the industry's first large-scale commercial solid-state LiDAR, with the EM4+E1 product combination validated by eight leading Robotaxi clients, covering over 90% of the global L4 sector [2] - Anticipated mass production of the "EM4+E1" by top Robotaxi clients by the end of the year is expected to drive further revenue growth, with projected shipments reaching the tens of thousands [2]

Group 1 - The core viewpoint of the report is that SUTENG JUCHUANG (02498) is expected to achieve significant revenue growth in the coming years, with projected revenues of 2.433 billion, 3.739 billion, and 5.221 billion yuan for 2025, 2026, and 2027 respectively [1] - In the first half of 2025, the company reported a revenue of 783 million yuan, representing a year-on-year growth of 7.7%, with gross margin increasing from 13.6% in the same period last year to 25.9% [1] - The robotics and other sectors have been the main growth drivers, with laser radar product revenue reaching 221 million yuan, and sales skyrocketing from 8,900 units in 2024 to 46,300 units, a year-on-year increase of 420.2% [1] - The gross margin for robotic laser radar in the first half of 2025 improved from 26.1% in the same period last year to 45.0%, highlighting the scale effect [1] - The company has successfully expanded its customer base, forming partnerships with several leading global lawnmower manufacturers, with order sizes exceeding seven figures [1] - In the field of unmanned delivery, the company has established deep collaborations with major players in North America and domestic companies like Meituan and Baixin [1] Group 2 - The report highlights the competitive advantage of the company in the Robotaxi sector, attributed to its self-developed SPAD-SOC chip and the launch of the E platform full solid-state laser radar [2] - The first full solid-state laser radar, E1, has achieved mass production, becoming the industry's first large-scale commercialized full solid-state laser radar [2] - The EM4+E1 product combination has completed mass production verification with eight leading Robotaxi clients, covering over 90% of the leading companies in the global L4 field [2] - It is anticipated that by the end of this year, major Robotaxi clients will initiate mass production of the "EM4+E1," with annual shipment volumes expected to reach the tens of thousands, further driving revenue growth [2] - The company has also made breakthroughs in the overseas Robotaxi market, with plans from leading companies in North America to expand their fleets equipped with E1 and EM4 laser radars by the end of the year [2]

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【9月16日，激光雷达头部企业禾赛科技登陆港交所，开盘一度大涨14.66%】9月16日，激光雷达头部 企业禾赛科技登陆港交所。港股开盘后，禾赛科技一度大涨14.66%。截至当日12：00，涨幅达 11.47%，报价237.2港元/股，总市值363.4亿港元。此次禾赛科技在港股发行价定为每股212.80港元，共 发行1955万股，每手20股。截至9月15日，其在美股报收29.8美元每股，折合231.8港元每股，总市值 309.9亿港元。禾赛科技是全球领先的激光雷达研发与制造企业，专注于设计、开发、制造及销售先进 激光雷达产品。产品广泛应用于配备高级驾驶辅助系统的乘用车和商用车，还在机器人技术及其他非汽 车行业探索。财务数据显示，2022 - 2024年，禾赛科技净收入分别为12.03亿元、18.77亿元、20.77亿元 人民币。2022 - 2025年一季度，分别确认约80400台、222100台、501900台及195800台已出货激光雷达 收入。截至2025年3月31日，服务覆盖约50个国家及地区的ADAS及机器人市场客户。2025年第二季度 未经 ...

Core Insights - Heisai Technology has officially completed its dual listing on the Hong Kong Stock Exchange, becoming the first company in the global LiDAR industry to achieve a "dual primary listing" on both US and Hong Kong markets [1] - The company plans to issue 17 million Class B ordinary shares globally, with an expected fundraising of HKD 4.16 billion [1] - Heisai's stock price opened at HKD 229.2, reflecting a 7.7% increase [1] ADAS Business: Growth Engine - Heisai's ADAS LiDAR business is experiencing significant growth, with total deliveries reaching 547,913 units in the first half of 2025, a year-on-year increase of 276.2% [2] - Deliveries in the ADAS sector alone reached 449,651 units, up 237.5% year-on-year, surpassing the total deliveries for 2024 [2] - Heisai holds a 33.0% market share in the domestic passenger car LiDAR installation, leading competitors Huawei and Suteng [2] Technological Advancements - The strong growth is attributed to Heisai's breakthroughs in chip technology, having developed its fourth-generation digital single-photon platform [6] - The fourth-generation chip has reduced the price of ATX LiDAR by 50%, bringing it down to around USD 200, a 95% decrease compared to initial industry prices [6] - Heisai has secured over 120 mass production contracts from 24 OEMs in the ADAS sector, becoming the preferred LiDAR supplier for nine of the top ten Robotaxi companies globally [6][7] Robot Business: Rapid Growth - Heisai's robot LiDAR business is emerging as a second growth driver, with shipments reaching 98,262 units in the first half of 2025, a staggering 692% increase [8] - The JT series product achieved 100,000 units delivered within five months, setting an industry record [8] - The cost of robot LiDAR has decreased from tens of thousands to thousands of yuan, facilitating large-scale applications [8][10] Capital Utilization and Future Strategy - The funds raised from the Hong Kong listing will be allocated as follows: approximately 50% for R&D, 35% for production capacity, 5% for business development, and 10% for working capital [11] - Heisai aims to enhance its manufacturing capacity to meet the growing demand in both the ADAS and robot sectors, with a planned annual production capacity exceeding 2 million units [11] - The dual listing is expected to accelerate the company's growth cycle, leveraging the recognition of hard technology in Hong Kong and the global valuation logic of the US market [12]

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。 ...

Core Viewpoint - Hesai Technology, a leading global lidar company, officially listed on the Hong Kong stock market on September 16, achieving a market capitalization exceeding HKD 36 billion with an opening share price of HKD 244.0 [1][3] Group 1: Market Position and Achievements - Hesai Technology is the first lidar company to achieve a dual primary listing in both the US and Hong Kong, marking a significant milestone in the global lidar industry [3] - The company holds the leading position in the global lidar market, with a 33% market share in the automotive lidar sector, ranking first in revenue [4] - In the ADAS lidar market, Hesai has maintained the top market share, and in the L4 autonomous driving lidar sector, it leads with a 61% market share, partnering with eight of the top ten L4 autonomous driving companies [4] Group 2: Financial Performance - For the full year of 2024, Hesai achieved a revenue of RMB 2.08 billion, becoming the only publicly listed lidar company to report a profit, with a positive operating cash flow of RMB 63 million and a net cash flow of RMB 1.3 billion [4] - In Q2 2025, the company reported a revenue of RMB 710 million, a year-on-year increase of 53.9%, and a net profit of RMB 44.1 million, marking a significant turnaround from a net loss of RMB 72.1 million in the same period last year [5] - The total lidar delivery volume in Q2 2025 reached 352,095 units, a year-on-year increase of 306.9%, with a total of 547,913 units delivered in the first half of 2025, up 276.2% year-on-year [5] Group 3: Technological and Production Capabilities - Hesai has a strong focus on R&D, with over 70% of its employees dedicated to this area, holding 1,928 patents in core lidar technology, and being a leader in overseas patent layout [8][12] - The company operates the Maxwell Manufacturing Center, the first integrated R&D and manufacturing center for lidar, with an annual production capacity exceeding 2 million units and a 100% automation rate in core production processes [8][12] - Hesai has established partnerships with seven of the top ten global automotive manufacturers and nine of the top ten automotive companies in China, ensuring a stable order flow [8] Group 4: Growth in Robotics Sector - The robotics sector has emerged as a second growth engine for Hesai, with the company leading in the 3D lidar delivery volume in the Chinese robotics market [9] - As of May 30, 2025, the cumulative delivery of Hesai's JT series robotic lidar surpassed 100,000 units, achieved in less than five months since its launch [9] - Hesai is actively collaborating with leading companies in the robotics field to build a comprehensive lidar ecosystem, covering various applications such as unmanned delivery and logistics automation [10] Group 5: Standardization and Industry Influence - Hesai is the first lidar company to achieve full-stack self-research in digital single-photon platform technology, breaking the reliance on imported chips [11] - The company has played a significant role in establishing international standards for lidar, enhancing China's influence in this field [13] - On April 2025, Hesai led the formulation of the national standard for automotive lidar, filling a gap in domestic technical standards [13]

Core Viewpoint - Hesai Technology has successfully completed its IPO on the Hong Kong Stock Exchange, marking the largest IPO in the global LiDAR industry to date and the largest financing scale for a Chinese concept stock returning to Hong Kong in nearly four years, raising over HKD 41.6 billion (USD 5.33 billion) [1][2] Group 1: IPO and Market Performance - The IPO was driven by the company's strategy to enhance stock trading stability and security, aiming to maximize shareholder value [1] - On its first trading day, Hesai's stock price surged over 14%, closing at HKD 237.2 per share, with a total market capitalization of HKD 363.41 billion [1][2] Group 2: Investor Interest and Funding Utilization - The IPO attracted significant interest from global investors, including top sovereign and long-term funds, with total subscription amounts reaching approximately USD 1.1537 billion, accounting for 29.8% of the global offering [2] - The raised funds will be allocated for R&D investment, production capacity expansion, business development, and general corporate purposes [2] Group 3: Business Growth and Partnerships - Hesai's co-founder highlighted the company's achievement in reducing the cost of LiDAR from USD 100,000 to USD 200, making advanced safety and intelligent technology accessible to the masses [3] - The company recently signed a laser radar order worth over USD 40 million with a leading U.S. Robotaxi company, planning to deliver products by the end of 2026 [4] Group 4: Market Trends and Performance Metrics - The LiDAR market is experiencing rapid growth, with domestic installation expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7% [5] - In the first half of the year, Hesai delivered 547,913 units of LiDAR, a year-on-year increase of 276.2%, surpassing the total expected for 2024 [5] Group 5: Strategic Adjustments - In response to the competitive landscape between China and the U.S., Hesai is adjusting its business structure, with a growing focus on domestic sales, which are expected to outpace U.S. sales [6]