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 - Seyond Holdings Ltd. (图达通控股有限公司) has taken a significant step in its capital process by receiving the overseas issuance and listing filing notice from the China Securities Regulatory Commission, which will enhance its global business layout and technology research and development capabilities [2]. Group 1: Company Overview - Founded in 2016, the company focuses on the design, development, and production of automotive-grade LiDAR, providing high-performance solutions for Advanced Driver Assistance Systems (ADAS), Autonomous Driving Systems (ADS), and other automotive and non-automotive applications [2]. - The company plans to deliver approximately 230,000 automotive-grade LiDAR units in 2024, ranking second globally in cumulative sales revenue for ADAS LiDAR solutions from 2022 to 2024, as well as in the first quarter of this year [2]. Group 2: Product Strategy - The company employs a "dual technology route" strategy, featuring the high-performance Falcon series (1550nm) and the platform-based Sparrow series (905nm/940nm), achieving large-scale production of both product lines to meet the performance demands of high-end models and the scalability for models priced around 100,000 yuan [3]. - In the passenger vehicle sector, the company has deepened its collaboration with NIO, delivering over 500,000 units of the 1550nm Falcon series across nine models, and has recently secured orders from three state-owned automotive manufacturers and a mainstream joint venture automaker, expected to convert into sales by the end of 2025 [3]. Group 3: Market Expansion - Beyond passenger vehicles, the company is accelerating its penetration into commercial vehicles, robotics, smart transportation, and industrial automation markets, establishing stable partnerships in the commercial vehicle sector with companies like Deepway, Shaanxi Automobile, and Wincheer Technology [3]. - In the robotics sector, the company has secured large-scale orders from leading firms such as Ninebot, Zhongli, Yushi Technology, and Kusa Technology, covering scenarios like logistics handling and sanitation operations [3]. Group 4: Financial Performance - The rapid advancement in commercialization has led to continuous optimization of the company's operating conditions, with revenue projected to grow from $66 million in 2022 to $160 million in 2024, and achieving a gross margin of 12.6% in the first quarter of 2025, continuing the positive trend from the fourth quarter of 2024 [4]. - The reduction in losses indicates that the company has effectively crossed the commercialization threshold faced by the industry, benefiting from cost reduction through large-scale production and optimized supply chain management [4]. - Both industry and policy factors are actively driving the explosive demand for LiDAR, positioning the company favorably for greater growth opportunities based on its technological accumulation and market positioning [4].

Core Viewpoint - Seyond Holdings Ltd. (referred to as "图达通") is advancing its De-SPAC listing process on the Hong Kong Stock Exchange, having established itself as a leading provider of automotive-grade LiDAR solutions since its inception in 2016 [2]. Group 1: Company Overview - 图达通 is the world's first company to achieve mass production of automotive-grade LiDAR solutions and has deployed over 10,000 units in vehicles [2]. - The company is the only one globally to have mature mass production capabilities for both 1550nm and 905nm LiDAR technologies [2]. - The new generation solid-state LiDAR, the "Hummingbird D1," positions 图达通 as one of the first to introduce solid-state technology into mass production for passenger vehicles [2]. Group 2: Market Position and Customer Base - 图达通 is projected to deliver approximately 230,000 automotive-grade LiDAR units in 2024, ranking second globally in sales revenue for ADAS LiDAR solutions during the historical period from 2022 to 2024, with a market share of 20.7% in China [2]. - The customer base has been continuously optimized, covering various sectors from passenger vehicles to robotics [3]. - In the passenger vehicle sector, 图达通 has deepened its collaboration with NIO, with over 500,000 units delivered across nine models [3]. - The company has established stable partnerships in the commercial vehicle and logistics sectors with firms like Deepway, Shaanxi Heavy Truck, and Pony AI, among others [3]. - Recently, 图达通 secured additional orders from ten OEMs and ADAS/ADS companies, including three state-owned automotive manufacturers and a leading joint venture [3]. Group 3: Financial Performance - 图达通's profitability is improving, with a gross profit of $3.197 million and a gross margin of 12.6% in Q1 of this year, continuing the positive trend from Q4 2024 [3]. - Significant cost improvements were noted, with costs in Q1 2025 dropping by 36.9% year-over-year, from $35.023 million to $22.099 million, driven by product design optimization and increased procurement scale [4]. - The estimated valuation for the De-SPAC transaction is set at HKD 11.7 billion, with PIPE investors contributing approximately HKD 553.1 million [4]. Group 4: Future Plans - The net proceeds from the De-SPAC fundraising will primarily be used for R&D of new LiDAR architectures, hardware and software upgrades, production line enhancements, global expansion, and general corporate purposes [4].