Core Viewpoint - Hesai Technology has successfully listed on the Hong Kong Stock Exchange, becoming the first laser radar company to achieve dual listing in both the US and Hong Kong markets, with significant initial trading activity and a strong market response [1][5]. Company Overview - Hesai Technology primarily provides 3D LiDAR solutions, including design, development, manufacturing, and sales of advanced LiDAR products, which are widely used in commercial and passenger vehicles, robotics, and other non-automotive sectors [7]. - The company reported a revenue of 710 million RMB in Q2 2023, representing a year-on-year increase of over 50%, and achieved a net profit of 44 million RMB, marking a turnaround from previous losses [7]. Business Structure - The revenue breakdown shows that Advanced Driver Assistance Systems (ADAS) account for 62.7% and robotics for 34.1% of total revenue, both experiencing triple-digit growth due to industry demand [9]. - In the ADAS sector, the market penetration of LiDAR is rapidly increasing, with a projected installation of over 1.5 million units in China by 2024, a year-on-year increase of 179.7% [10]. Market Performance - Hesai's ADAS LiDAR shipments reached 300,000 units in Q2 2023, a year-on-year increase of 276%, with significant orders from nine major domestic automakers [10]. - The robotics segment saw an even more substantial growth, with LiDAR shipments increasing by 743.6% year-on-year, totaling 49,000 units in Q2 2023 [10]. Recent Developments - Prior to its listing, Hesai announced a partnership with a leading US Robotaxi company, securing a LiDAR order worth over $40 million, to be delivered by the end of 2026 [3]. - The IPO raised a total of 4.16 billion HKD (approximately 533 million USD), making it the largest IPO in the global LiDAR industry to date [15]. Market Sentiment - Following a short-seller report questioning its profitability, domestic institutions have expressed optimism about Hesai's growth potential, citing strong downstream demand and the company's leading market position [13][15]. - Analysts from various securities firms have reiterated positive outlooks on Hesai's future revenue growth, driven by increasing demand for LiDAR in both ADAS and robotics applications [16].

记者丨雷若馨 编辑丨朱益民 港股迎来"激光雷达第一股"。 9月16日，禾赛-W（2525.HK）在港交所主板上市，中金公司、国泰君安国际、招银国际为联席保荐人。 首日开盘，禾赛一度冲高至244港元，涨幅超14%。收盘报234港元/股，上涨9.96%。截至9月17日下午2点40分左右，禾赛跌1.79%，股价报 229.8港元/股。 就在上市前一日，禾赛官宣与一家美国领先的头部Robotaxi公司进一步深化合作，签订了价值超过四千万美元的激光雷达订单。 据了解，禾赛将作为其唯一的激光雷达供应商提供远距和近距激光雷达产品，订单计划将于2026年底前完成交付。 今年二季度，禾赛实现营收7.1亿元人民币，同比增超50%，净利润0.44亿元人民币，转亏为盈。 业务结构上，ADAS（高级驾驶辅助系统）和机器人两大核心业务分别占禾赛收入的62.7%、34.1%。受下游行业爆发影响，其两大业务均实现 了三位数增长。 在ADAS领域，作为智能辅助驾驶的核心硬件，激光雷达市场渗透率加速上行，同时龙头效应进一步强化。根据盖世汽车研究院报告，2024年 国内激光雷达装机量首次突破150万颗，同比激增179.7%；2025年上半年达10 ...

Core Viewpoint - Hesai Technology (禾赛科技) successfully listed on the Hong Kong Stock Exchange, becoming the first dual-listed lidar company in both the US and Hong Kong markets, with a strong market response on its debut [1][2][4]. Company Overview - Hesai primarily provides 3D lidar solutions, including design, development, manufacturing, and sales of advanced lidar products, applicable in commercial and passenger vehicles, robotics, and other non-automotive sectors [3]. Financial Performance - In Q2 2023, Hesai achieved revenue of 7.1 billion RMB, a year-on-year increase of over 50%, and net profit of 0.44 billion RMB, marking a return to profitability [4]. - The revenue structure shows that Advanced Driver Assistance Systems (ADAS) and robotics accounted for 62.7% and 34.1% of total revenue, respectively, both experiencing triple-digit growth due to industry demand [4]. Market Trends - The lidar market penetration in the ADAS sector is accelerating, with a projected installation of over 1.5 million units in China by 2024, a year-on-year increase of 179.7% [4]. - In the robotics sector, Hesai's lidar shipments reached 4.9 million units in Q2 2023, a staggering year-on-year growth of 743.6% [5]. Strategic Partnerships - Hesai signed a lidar order worth over $40 million with a leading US Robotaxi company, becoming its sole lidar supplier, with deliveries expected by the end of 2026 [2][4]. IPO Details - The IPO raised a total of 4.16 billion HKD, with significant oversubscription rates of 168.65 times for public offerings and 14.09 times for international placements [7]. - Approximately 50% of the funds will be allocated to R&D, 35% to production capacity, and the remainder for business development and operational costs [7]. Market Outlook - Domestic investment institutions are optimistic about Hesai's growth prospects, citing strong downstream demand and the company's leading market position [8]. - Analysts predict that the lidar market will continue to expand, driven by the increasing adoption of lidar in smart driving and robotics applications [8][9].

Core Viewpoint - Hesai Technology (禾赛科技) successfully listed on the Hong Kong Stock Exchange on September 16, 2023, becoming the first lidar company to achieve dual listing in both the US and Hong Kong markets [2][9] Company Overview - Hesai primarily provides 3D lidar solutions, including design, development, manufacturing, and sales of advanced lidar products, widely used in commercial and passenger vehicles, robotics, and other non-automotive sectors [3] Financial Performance - In Q2 2023, Hesai achieved revenue of 710 million RMB, a year-on-year increase of over 50%, and net profit of 44 million RMB, marking a return to profitability [4] Business Structure - The company's revenue is primarily derived from two core segments: Advanced Driver Assistance Systems (ADAS) accounting for 62.7% and robotics at 34.1%. Both segments experienced triple-digit growth due to the booming downstream industries [5] Market Trends - The lidar market penetration in the ADAS sector is accelerating, with a projected installation of over 1.5 million units in China by 2024, a year-on-year increase of 179.7% [5] - In Q2 2023, Hesai's ADAS lidar shipments reached 300,000 units, a year-on-year increase of 276%, with significant orders from nine major domestic automakers [5] Robotics Sector - In Q2 2023, Hesai's lidar shipments in the robotics sector reached 49,000 units, a staggering year-on-year increase of 743.6%, with total shipments for the first half of the year at 98,000 units, up 692.9% [6] - Hesai is expected to lead the Chinese robotics lidar market in the first half of 2025 [6] IPO Details - The IPO raised a total of 4.16 billion HKD (approximately 533 million USD), with 50% allocated for R&D, 35% for production capacity, and 10% for working capital [8] Market Sentiment - Following a short-sell report from Blue Orca Capital questioning Hesai's profitability, domestic institutions have expressed optimism about the company's growth potential, citing strong downstream demand and a solid market position [7][9] - Multiple domestic investment institutions have issued reports favoring Hesai's future growth, emphasizing the increasing demand for lidar in both ADAS and robotics applications [9][10]

来源：公司网站 香港发行价格最高为每股228港元（或29.04美元）。公司已与HHLR Advisors、泰康人寿、WT资产管理、Grab、宏达集团及Commando Global Fund签署基 石投资协议。 9月6日，禾赛科技公布消息称，启动1700万股B类股份的全球发行。此次全球发行包括两部分：一是香港公开发行，拟初始发行170万股B类普通股，于9 月8日启动；二是国际发行，拟初始发行1530万股B类普通股，于9月6日启动。 公司的美国存托股份（简称"ADS"）将继续在纳斯达克全球精选市场上市交易，每一股ADS代表一股公司B类普通股。参与全球发行的投资者仅可认购B 类普通股。公司B类普通股在香港联交所上市后，将与在纳斯达克上市的ADS实现完全可互换。 禾赛科技成立于2014年，是一家三维激光雷达（LiDAR）解决方案的供应商，专注于设计、开发、制造及销售先进的激光雷达产品。公司是理想汽车、极 氪、零跑汽车等主机厂的激光雷达供应商。 公司于2023年在纳斯达克上市。今年8月31日，港交所网站发布了禾赛科技聆讯后的资料集。 根据灼识咨询数据，2022年、2023年及2024年按收入计算，禾赛科技均为全球第一 ...