在低空经济这一蓬勃发展的新赛道上，雷达技术如同"空中交警"，是保障低空飞行安全、推动产业有序 发展的核心要素。然而，部分关键雷达技术长期依赖进口，成为制约我国低空经济高质量发展的"卡脖子"难 题 。 八阵图自主研发的四面阵测雨雷达。 在西安，有一群怀揣科技报国理想的追光者勇挑重担，凭借对雷达技术的不懈钻研，自主研发出填补国 内多项技术空白的创新成果，为低空经济装上"中国造"雷达天眼。他们在低空经济这片新兴蓝海中破浪前 行，勾勒出属于中国科技企业的精彩版图。 破釜沉舟 两代人的技术接力 在西安龙首原地铁站旁一间老旧的民房里，电脑屏幕的蓝光映在朱鸿熙的脸上。手边的泡面早已凉透， 但他却浑然不觉，仍全神贯注盯着雷达波形图……这是2016年朱鸿熙团队创业初期的常态，4人团队挤在民房 里办公，资金链几近断裂。"失败意味着负债一生，必须奋力一搏。"面对困境，朱鸿熙咬牙抵押了自己唯一 的住房。 朱鸿熙的创业动力源于父亲。在朱鸿熙的记忆中，作为雷达领域的专家，父亲为了突破"卡脖子"技术， 常常废寝忘食地在实验室一泡就是数月。怀揣"科技报国"的梦想，2016年，朱鸿熙从美国俄勒冈州立大学电 子工程信息专业取得硕士学位，坚定地回 ...

Financial Data and Key Metrics Changes - Total revenues increased by 46% year over year, reaching RMB 525.3 million or USD 72.4 million [22] - Shipments more than tripled year over year to nearly 200,000 LiDAR units in Q1 [6][22] - Net loss narrowed by 84% year over year to RMB 70.5 million or USD 2.4 million, while remaining non-GAAP profitable for the quarter [7][24] - Gross margins stood at 42% in Q1, with operating expenses reduced by 9% year over year [23][24] Business Line Data and Key Metrics Changes - ADAS and robotics segments showed outstanding momentum, with ATX LiDAR shipments driving significant growth [6][23] - Robotics LiDAR shipments reached nearly 50,000 units in Q1, reflecting over 600% year over year growth [23] - ATX LiDAR entered mass production in Q1, with close to 40,000 units shipped in its first quarter [10] Market Data and Key Metrics Changes - The company ranked number one in global automotive LiDAR market share with a 33% share [7] - The global autonomous mobility market in China is projected to grow from USD 54 million in 2025 to USD 47 billion by 2035 [16] - The company is the largest LiDAR supplier for robotaxis, holding a 61% share of the global robotaxi market [7] Company Strategy and Development Direction - The company aims to democratize intelligent driving with affordable, ultra-compact LiDAR solutions [8] - Strategic relationships with leading OEMs are being expanded, with significant design wins secured [9][10] - The launch of the Infinity Eye LiDAR solution and next-generation sensors is expected to enhance product offerings [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining full-year revenue guidance of RMB 3 billion to RMB 3.5 billion despite tariff challenges [30][70] - The company anticipates reaching GAAP breakeven in Q2 and is on track for full-year profitability targets [25][33] - Management highlighted the importance of operational efficiency and cost control in navigating external challenges [69] Other Important Information - The US District Court dismissed a patent infringement case against the company, reaffirming the integrity of its technology [20] - The company signed a lease for a new factory in Southeast Asia to mitigate geopolitical risks [26][43] Q&A Session Summary Question: Full year guidance and LiDAR take rate - Management maintains 2025 revenue guidance at RMB 3 billion to RMB 3.5 billion, with total shipments expected to remain at 1.2 million to 1.5 million units [30][31] Question: ADAS LiDAR ASP trends - ASP for ATP LiDAR is expected to decline moderately, while ATX LiDAR is projected to achieve high shipment volumes, potentially reaching up to 1 million units in 2025 [38][39] Question: Capacity expansion and CapEx - The company is on track to expand production capacity to 2 million units by the end of the year, with CapEx expected to be around USD 30 million to USD 50 million [42][44] Question: Competition and market dynamics - Management emphasized the competitive nature of the LiDAR industry and the importance of maintaining quality partnerships with top-tier OEMs [52][53] Question: New product launches and Infinity Eye - The Infinity Eye solution has received positive feedback, with mass production expected to start soon, and the company aims to maintain stable gross margins despite new product introductions [60][63] Question: Impact of tariffs - The company has limited exposure to US tariffs, with only 10% of total revenue projected from the US market, and expects the impact on gross margins to be immaterial [68][70] Question: Dual listing rumors - Management did not comment on rumors regarding a dual listing in Hong Kong but stated that they evaluate all options to protect investor interests [92][93] Question: LiDAR industry development and AEB impact - Management noted that the adoption of AEB technology is accelerating the penetration of LiDAR in vehicles, making it a critical component for future automotive safety [101][102]

预计全年营收同比增长44%至69%。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 禾赛科技（ NASDAQ:HSAI） 于 5月27日 公布了 2025年第一季度未经审计的 财务数据。 财报显示， 禾赛 第一季度实现营收 5.3亿元人民币，同比增长46.3%，预计全年营收同比将增长 44%至69%。同时，禾赛实现GAAP净亏损同比大幅收窄84%至1750万元人民币（约合240万美 元），并实现Non-GAAP盈利，稳步迈向全年盈利目标 ； Robotaxi与ADAS业务的综合毛利率 则 为 41.7% 。 第一季度中， 禾赛激光雷达总交付量 195,818台，同比增长231.3%，是2024年第一季度的三倍以 上。其中，ADAS产品交付量为146,087台，同比增长178.5 %； 在机器人领域交付量为 49,731 台，同比增长649.1% 。 禾赛联合创始人及 CEO李一帆表示 ： "根据Yole Group最新数据，禾赛已经连续第四年蝉联全球车 载激光雷达营收市占率第一，这进一步巩固了禾赛在行业中的领导地位。2025年开局强劲，我们将 ...

Group 1 - The core index, the CSI High-end Equipment Sub-index 50, reflects the performance of 50 representative listed companies in the aerospace and high-end equipment sectors, with a base date of December 31, 2012, set at 1000.0 points [1] - The CSI High-end Equipment Sub-index 50 has seen a 2.48% increase over the past month, a 1.82% decrease over the past three months, and a 0.96% decline year-to-date [1] - The top ten weighted companies in the index include AVIC Shenyang Aircraft Corporation (7.3%), AVIC Optoelectronics (6.9%), Aero Engine Corporation of China (6.21%), and others, indicating a concentration in key players within the industry [1] Group 2 - The index's holdings are primarily in the industrial sector, accounting for 74.18%, followed by materials at 10.73%, information technology at 7.60%, and communication services at 7.49% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains reflective of the current market [2] - Public funds tracking the CSI High-end Equipment Sub-index 50 include the Harvest CSI High-end Equipment Sub-index 50 Link A, Harvest CSI High-end Equipment Sub-index 50 Link C, and Harvest CSI High-end Equipment Sub-index 50 ETF [2]

滴答一秒钟，能旋转360度！位于西安高新区的西安中科立德红外科技有限公司里，新投产的"玄武"系 列反无人机光学雷达正在快速旋转着进行模拟测试。 "这款设备采用了多波段光学复合探测、全方位搜索、智能识别跟踪等技术，能够对无人机、飞鸟、风 筝、气球等空飘物进行自动搜索跟踪，识别精度可达90%以上。"公司董事长刘伟说。 光学技术也能应用于日常生活。"看，我们这款红外夜视摄像头能够在全黑环境下清晰成像，与AI算法 结合应用于车载辅助驾驶系统后，在夜间、雾天以及强光眩目等复杂路况下，能为驾驶员呈现明亮清晰 的路面情况。"刘伟介绍。 作为中国科学院西安光机所孵化的民营企业，今年是中科立德成立的第十年。"从初创期走到成长期， 这几年明显感觉到对资金的需求更加快、频、急。"公司财务总监张秦猛说。 去年底，中科立德就遇到了资金的"坎儿"——3000万元贷款马上要到期，但由于客户回款周期延长，企 业面临资金链断裂的风险。 "浦发、兴业等多家银行了解到我们的困境后都提供了无还本续贷服务，帮助公司缓解了资金周转困 难，避免不良信用记录的产生。"张秦猛说。原来，去年金融监管总局优化小微企业无还本续贷政策， 将续贷对象由原来的部分小微企 ...

接下来结合盘面来跟大家说说我对今天的理解。首先一点指数最近调整完确实继续向上，但是要记得最 近的成交量一直维持万亿出头，那其实从变盘的角度上来说，要向下变盘的概率更大，情绪上昨天也有 冰点，今天也是冰点，那明天如果在冰点偏薄一点了，这两天应该是多防守，容错率太低，炸板率今天 高达40%以上，要思考，如果指数继续向下到20日均线附近，个股也不会太好过的。前期的抱团票上目 前还没有出现跌幅达到30%以上的，中意达目前整体调整20%左右。从高位股下杀的幅度上来说，高位 票从高位下杀30%左右，可以适当去博弈核心票的反抽预期。 因为调整也不会是直接一路向下，过程也会有反复，而永安乐山王子还有丽君今天扛住了退潮，现在是 抱团活口，想博弈的也是走穿越，但是博弈穿越的性价比，我之前也跟大家说过纯赌，要不平铺要不放 弃。昨天北郊的锦波在短线这里热度太高了，今天直接被吹死了，所以北郊也直接开崩。当下节点不 明，有天地也有地，天退潮期中很正常，有些看似的机会也很容易误导，就比如正中的走势就坑过不少 人，仍然操作上试错，小心出手，控制回撤，该空仓时空仓才能磨练自己的性格。 （原标题：和讯投顾李嘉乐：情绪退潮指数调整下周还有端午节， ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600990 证券简称：四创电子 公告编号：临 2025-013 四创电子股份有限公司 关于 2024 年度业绩说明会召开情况的公告 答：您好，公司主要成熟产品产线的产能利用率基本能够满足当前订单需求， 扩展计划将根据公司整体业务发展考虑。感谢您的关注。 问题 2：公司本期盈利水平如何？ 答：您好，公司已于 2025 年 4 月 30 日披露了公司 2025 年第一季度报告， 公司实现营业收入 2.93 亿元，实现归母净利润-2,113 万元，公司将通过强化市 场开拓、降本增效、提升创新能力等措施，稳步提升公司盈利能力。感谢您的关 注。 一、本次说明会召开情况 四创电子股份有限公司（以下简称"公司"）2024 年度业绩说明会于 2025 年 5 月 21 日 15:00—16:00 通过上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/）以图文展示及网络文字互动的方式召开。公司 董事长张成伟先生，董事、总经理任小伟先生，独立董事 ...

证券代码：300397 证券简称：天和防务 西安天和防务技术股份有限公司 投资者关系活动记录表 编号：2025003 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 √业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时 间 | 2025 年 5 月 20 日（15：00-17：00） | | 地 点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | | 公司董事长、总经理：贺增林 | | 上市公司接待 | 公司董事会秘书、副总经理：陈桦 | | 人员姓名 | 公司财务总监：李秀英 | | | 独立董事：张若南 | | | 公司于 年 月 日（星期二）15:00-17:00 在全景网 2025 5 20 | | | 参加了 2025 年陕西辖区上市公司投资者集体接待日暨 2024 年度 | | | 业绩说明会，本次年度业绩说明会面向全体投资者，并采用网络 | ...

证券研究报告 | 2025 年 05 月 20 日 晨会集萃 制作：产品中心 重点推荐 《策略|中观景气度高频跟踪及运用——中观景气度数据库和定量模型应 用》 1、截至 2025 年 05 月 18 日，重视行业值得关注的景气度数据有：机械 设备：氩气(液体)出厂价为 700.0 元/吨，周环比下降 2.78%。电子： DDR3DRAM(4Gb)现货平均价为 1.02 美元，周环比上升 7.28%。医药生物： 维生素 A(50 万 IU/g)市场报价为 70.0 元/千克，周环比下降 4.11%。建筑 材料：二苯基甲烷二异氰酸酯价格为 17900.0 元/吨，周环比上升 3.47%； 玻璃期货结算价为 1016.0 元/吨，周环比下降 3.05%。2、从整体的行业景 气度方面来看，本周石油石化、建筑材料、电子、纺织服饰、汽车、非银 金融、环保等行业整体呈上行趋势；电力设备、机械设备、食品饮料、医 药生物、家用电器、银行、房地产、公用事业、商贸零售等行业整体呈下 行趋势。3、行业配置建议：赛点 2.0 第三阶段攻坚不易，波折难免，重 视恒生互联网。5 月，应对"特朗普"不确定，关注"逆特朗普交易"缓 和迹象。根 ...

Core Viewpoint - Hesai Technology, a leading Chinese LiDAR manufacturer, has secretly submitted an application for a Hong Kong IPO, aiming to capitalize on its recent success and growing market demand for LiDAR technology [1][6][13] Company Overview - Founded by Li Yifan and his team, Hesai Technology specializes in LiDAR for autonomous driving, robotics, and industrial automation [2][4] - The company initially focused on laser gas measurement systems before pivoting to the LiDAR market in 2016, competing against established players like Velodyne [4][6] Recent Developments - Hesai Technology went public on NASDAQ in February 2023, raising $190 million and achieving a market valuation of approximately $2.4 billion (around 16 billion RMB) [6][10] - The company has secured significant contracts with major automotive manufacturers, including Baidu and BYD, and has established partnerships with 22 domestic and international automakers for 120 vehicle models [7][10] Financial Performance - For 2024, Hesai Technology projects revenue of 2.08 billion RMB, a year-on-year increase of 10.7%, and has achieved its first annual profit with a net profit of approximately 137 million RMB [10][11] - The company anticipates revenue growth to reach between 3 billion to 3.5 billion RMB by 2025, with a gross margin of around 40% [11] Market Outlook - The global automotive LiDAR market is expected to grow significantly, with a projected market size of $6.92 billion in 2024, driven by increasing demand for autonomous driving technologies [11][13] - Chinese brands are expected to capture 92% of the market share, with Hesai aiming for a long-term market share of over 40% domestically and nearly 50% internationally [13]