Core Insights - Seyond Holdings Ltd. (图达通) has delivered over 600,000 units of automotive-grade LiDAR and plans to list on the Hong Kong Stock Exchange on December 10, 2023, under the stock code "2665" [2] - The company focuses on the design, development, and production of high-performance LiDAR solutions for advanced driver-assistance systems (ADAS) and autonomous driving systems (ADS) [2] - The competitive landscape for LiDAR has shifted from single technology to a comprehensive evaluation of product matrix integrity, stable mass production, and mature business models [2] Company Performance - In the first three quarters of 2023, the company delivered approximately 181,131 units of automotive-grade LiDAR, representing a year-on-year growth of 7.7% [2] - The company has established a dual-technology strategy with its high-performance Falcon series (1550nm) and platform-based Sparrow series (905nm/940nm), catering to both high-end and mass-market vehicles [2] - The company expects to achieve positive gross margins for four consecutive quarters from Q4 2024 to Q3 2025, indicating a shift from scale-driven to profit-driven growth [3] Market Expansion - The company has deepened cooperation with NIO and received new orders from three state-owned automotive manufacturers and a mainstream joint venture, which are expected to convert into sales by the end of 2025 [3] - The global market for non-automotive LiDAR solutions is projected to grow from $1.274 billion in 2025 to $9.158 billion by 2030, with a compound annual growth rate of 48.4% [4] - The company has established its LiDAR solutions in over 20 provinces and cities in China, with expectations for this sector to drive overall sales and operational performance [5] Investment and Funding - The company has attracted investments from notable institutions including NIO Capital, Temasek, and Fidelity, and raised approximately HKD 553.1 million in its De-SPAC listing [5] - Approximately 60% of the IPO proceeds will be allocated to R&D for new LiDAR architectures and upgrades, 20% for existing production line upgrades, and 10% for global expansion and general corporate purposes [5]

Core Viewpoint - The article discusses the upcoming IPO of Seyond Holdings Ltd. (referred to as "图达通"), a leading provider of automotive-grade LiDAR solutions, highlighting its achievements, market position, and future growth prospects [2][3][4]. Group 1: Company Overview - Founded in 2016, 图达通 specializes in the design, development, and production of automotive-grade LiDAR, providing high-performance solutions for Advanced Driver Assistance Systems (ADAS) and autonomous driving systems (ADS) [3]. - 图达通 is the world's first supplier to achieve mass production of automotive-grade LiDAR solutions, having delivered over 600,000 units to date [4][5]. Group 2: Market Position and Performance - In the first three quarters of this year, 图达通 delivered approximately 181,131 automotive-grade LiDAR units, representing a year-on-year growth of 7.7% [5]. - The company has established a diverse revenue structure, with its high-performance "Eagle" series (1550nm) and platform-based "Sparrow" series (905nm/940nm) catering to both high-end and mid-range vehicles [6]. Group 3: Strategic Partnerships and Collaborations - 图达通 has deepened its collaboration with NIO, delivering over 600,000 units of the 1550nm Eagle series across nine models, and has secured orders from three state-owned automotive manufacturers and a mainstream joint venture [7]. - The company is also exploring partnerships with various companies in the US, Europe, and Asia for testing and potential adoption of its LiDAR solutions [7]. Group 4: Financial Performance and Growth - From Q4 2024 to Q3 2025, 图达通 is expected to achieve positive gross margins for four consecutive quarters, indicating a shift from scale-driven growth to profit-driven growth [8]. - The gross margin for the first five months of this year was reported at 12.9% [8]. Group 5: Market Expansion and Future Prospects - The global market for non-automotive LiDAR solutions is projected to grow from $1.274 billion in 2025 to $9.158 billion by 2030, with a compound annual growth rate of 48.4% [10]. - 图达通's LiDAR solutions have been implemented in over 20 provinces and cities in China, with expectations for this sector to drive overall sales and operational performance [10]. Group 6: Investment and Funding - 图达通 has attracted investments from notable institutions, including NIO Capital and Temasek, and has raised approximately HKD 553.1 million in its upcoming De-SPAC listing [11]. - The IPO proceeds will be allocated as follows: approximately 60% for R&D, 20% for upgrading existing production lines, and 20% for global expansion and general corporate purposes [12].

Core Insights - Seyond Holdings Ltd. (Tudatong) has updated its IPO prospectus, indicating a strong position in the laser radar market with plans to deliver approximately 230,000 automotive-grade laser radars in 2024 and a global sales revenue ranking of second in ADAS laser radar, capturing a 20.7% market share in China [1][2] - The company achieved a gross profit of $3.197 million in Q1 2023, with a gross margin of 12.6%, marking a significant turnaround in profitability and demonstrating effective cost control and operational efficiency [1][2] - The IPO proceeds will primarily be used to enhance R&D, improve product lines, upgrade production lines, optimize supply chains, and expand global market capabilities [2] Group 1: Product and Technology Development - Tudatong employs a dual-technology strategy with high-performance Falcon series (1550nm) and platform-based Robin series (905nm/940nm), continuously enriching its product matrix to provide comprehensive solutions for L2/L3 level assisted driving [3][4] - The company launched three breakthrough laser radar products in Q2 2023: Falcon K3, Robin E2, and Hummingbird D1, which together create a full-scene perception matrix [3] - The Falcon K3 offers ultra-long-range perception of 250-300 meters, while the Hummingbird D1 features a leading solid-state electronic scanning solution with a large field of view [3][4] Group 2: Market Position and Client Base - Tudatong's products cater to a range of market needs, from budget to luxury vehicles, supporting the acceleration of "smart driving equality" [4] - The company has established strong commercial capabilities, evidenced by its collaboration with NIO, where its laser radars are used across multiple vehicle models, showcasing its technical strength and market adaptability [5][6] - Tudatong has expanded its client base beyond NIO, securing projects with ten additional automotive manufacturers and ADAS companies, indicating robust demand for its products across various market segments [7] Group 3: Market Opportunities and Future Growth - The rise of robotics as a new application market for laser radars presents significant growth opportunities, with the market for robotic laser radar solutions projected to grow from 8.2 billion yuan in 2022 to 216.2 billion yuan by 2030, at a CAGR of 50.6% [8][9] - Tudatong has successfully entered this market, collaborating with leading players in logistics and industrial robotics, which underscores its understanding of the specific needs in these applications [8][9] - The company's strategy of leveraging diverse partnerships and technological advancements positions it to capitalize on the growing demand for laser radars across various industries, contributing to its long-term growth trajectory [9]