研究早观点 2025 年 11 月 17 日 星期一 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,990.49 | -0.97 | | 深证成指 | 13,216.03 | -1.93 | | 沪深 300 | 4,628.14 | -1.57 | | 中小板指 | 8,022.26 | -1.77 | | 创业板指 | 3,111.51 | -2.82 | | 科创 50 | 1,361.23 | -2.72 | 资料来源：最闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】非银行金融：行业周报（20251103-20251109）：-资本市 场双向开放全面深化，券商基本面持续向好 【山证纺服】裕元集团 2025Q3 季度业绩点评 【山证通信】华测导航（300627.SZ）-海外业务拓展良好，业绩保持稳 健增长 【行业评论】脑机接口更新：十五五规划下，上海阶梯医疗脑机接口 产品首次进入 NMPA 创新医疗器械绿色通道 2 ...

Core Viewpoint - The company has confirmed that its laser radar products are a key technology and product, utilized in various applications such as terrain surveying, power inspection, power line surveying, and riverbed morphology measurement [1] Summary by Categories Product Performance - The company has received inquiries regarding the sales performance of its laser radar products and whether its production capacity is sufficient [1] Applications - Laser radar technology is applied in multiple business areas including terrain surveying, power inspection, power line surveying, and riverbed morphology measurement [1] Communication with Investors - The company encourages investors to refer to its periodic reports for detailed information regarding its technology products [1]

Core Insights - Yuwei Optics has successfully won the bid for the first "Leading Technology" project from China Coal Technology and Engineering Group, focusing on the "Mine Anti-Seismic Radar and Sensor Integration" technology [1] - The company specializes in the research and industrialization of LiDAR and optical sensing technologies, holding over 200 core intellectual property rights and achieving industry-leading levels in key metrics such as distance measurement, precision, and speed [1] - Yuwei Optics has established stable partnerships with major state-owned enterprises, including China National Railway Group, State Power Investment Corporation, and Sinopec, indicating strong market presence [1] Company Overview - Yuwei Optics has eight core technology platforms covering high-speed hardware, precision optics, and spatial algorithms, enabling customized LiDAR products for various industries [1] - The company's products are widely used in smart highways, industrial automation, electric power, and smart cities, showcasing its diverse application range [1] Industry Context - The Nanshan Zhiyuan Chongwen Park, where Yuwei Optics is located, is a key high-tech industrial cluster in Nanshan District, focusing on cutting-edge industries such as integrated circuits and artificial intelligence, providing a significant development platform for innovative companies [1] - The successful bid reinforces Yuwei Optics' market position in the high-end sensing field and supports the goal of achieving "transparent mining" [1]

Core Viewpoint - Hesai Technology (02525) announced a global offering of approximately 19.55 million shares, with a share price of HKD 212.80, raising about HKD 4.005 billion [1] Group 1: Offering Details - The offering consists of 10% for public sale in Hong Kong and 90% for international sale [1] - The public offering in Hong Kong was oversubscribed by 168.65 times, while the international offering was oversubscribed by 14.09 times [1] Group 2: Trading Information - Trading on the Hong Kong Stock Exchange is expected to commence on September 16, 2025, at 9:00 AM [1] - Class B ordinary shares will be traded in lots of 20 shares, with the stock code 2525 [1]

Core Viewpoint - Hesai Technology (HSAI.US) shares rose over 5%, reaching $29.2, following the announcement of its Hong Kong IPO pricing at HK$212.8 per share, aiming to raise at least HK$36.2 billion [1] Summary by Categories IPO Details - Hesai Technology's Hong Kong IPO is priced at HK$212.8 per share [1] - The company aims to raise a minimum of HK$36.2 billion through this IPO [1] Subscription and Demand - The total margin financing for Hesai Technology reached approximately HK$468 billion [1] - The public offering portion is expected to raise HK$3.88 billion, with the overall subscription being oversubscribed nearly 120 times [1]

Core Viewpoint - Hesai Group is preparing for a potential listing on the Hong Kong Stock Exchange after its initial public offering (IPO) on NASDAQ in February 2023, where it achieved a market capitalization of approximately $3.414 billion as of August 29, 2025 [2]. Business Overview - Founded in 2014, Hesai Group is a global leader in three-dimensional LiDAR solutions, designing, developing, manufacturing, and selling advanced LiDAR products widely used in Advanced Driver Assistance Systems (ADAS) and robotics [4]. Market Position - In the ADAS sector, Hesai Group ranks third globally by revenue as of 2024, having secured mass production contracts with 22 major automotive manufacturers for 120 vehicle models by March 31, 2025 [5]. - The company has established itself as the first Chinese LiDAR supplier for global automotive platforms and has a long-term exclusive mass production agreement with a top European automaker [5]. - In the robotics market, Hesai Group holds a leading position, being the top supplier of LiDAR solutions for autonomous taxis, with a market share exceeding 55% from 2022 to 2024 [12]. Financial Performance - Hesai Group reported revenues of RMB 1.202 billion, RMB 1.877 billion, RMB 2.077 billion, and RMB 525 million for the years 2022, 2023, 2024, and the first three months of 2025, respectively [15]. - The company achieved the highest gross margin and gross profit among global LiDAR companies in 2022, 2023, and 2024, and became the first to report annual net profit (non-GAAP) in 2024 [7]. Revenue Breakdown - Revenue is derived from product sales, primarily LiDAR products, and service income, which includes engineering design, development, and validation services [8][12]. Shareholder Structure - The company has a dual-class share structure, with A shares carrying ten votes each and B shares one vote each. The co-founders collectively hold approximately 20.42% of the shares but control about 71.84% of the voting rights [11]. Management Team - The board consists of seven directors, including four executive directors and three independent non-executive directors, with key positions held by the co-founders [14].

Group 1 - The company reported a revenue of approximately 783 million yuan for the first half of 2025, representing a year-on-year increase of 7.72% [1] - Gross profit reached about 203 million yuan, with a significant year-on-year growth of 106.12%, and the gross margin improved from 13.6% in the same period of 2024 to 25.9% [1] - The reduction in net loss attributable to shareholders was approximately 151 million yuan, narrowing by 43.91% year-on-year [1] Group 2 - The increase in revenue was primarily driven by higher product sales in the first half of 2025 [1] - The sales volume of laser radar products for ADAS applications, as well as for robotics and other uses, showed varied performance, with total sales of approximately 266,800 units for laser radar products, 220,500 units for ADAS applications, and 46,300 units for robotics, reflecting increases of 9.6%, decreases of 6.0%, and increases of 420.2% respectively compared to the same period in 2024 [1] - As of June 30, 2025, the company secured mass production orders from 30 automotive manufacturers for 133 models, with 8 orders coming from overseas manufacturers covering markets in Japan, North America, and Europe [2]

Core Insights - The company reported a revenue of approximately 783 million yuan for the first half of 2025, representing a year-on-year increase of 7.72% [1] - Gross profit reached about 203 million yuan, with a significant year-on-year growth of 106.12%, leading to an improved gross margin of 25.9% compared to 13.6% in the same period of 2024 [1] - The loss attributable to shareholders narrowed to approximately 151 million yuan, a reduction of 43.91% year-on-year [1] Revenue and Profitability - The increase in revenue was primarily driven by higher product sales in the first half of 2025 [1] - The overall growth in gross margin was mainly due to a substantial increase in the gross margins of lidar products used for ADAS applications and other robotic lidar products [1] Sales Performance - In the first half of 2025, the sales volumes of the company's lidar products were approximately 266,800 units for general lidar, 220,500 units for ADAS applications, and 46,300 units for robotic and other lidar products, reflecting a year-on-year increase of 9.6%, a decrease of 6.0%, and an increase of 420.2% respectively [1] - In the second quarter, the sales volumes for lidar products were approximately 158,200 units for general lidar, 123,800 units for ADAS applications, and 34,400 units for robotic and other lidar products, showing year-on-year increases of 28.6%, 4.6%, and 631.9% respectively [1] Market Position and Orders - As of June 30, 2025, the company successfully secured mass production orders from 30 automotive manufacturers for 119 models, with the number of mass production designated models increasing to 133 [2] - Among these, 8 orders came from overseas manufacturers covering markets in Japan, North America, and Europe [2] - Since the launch of the EM digital lidar platform in April 2025, the company has obtained mass production orders for EM lidar products from 8 automotive manufacturers for a total of 45 models, including a leading global electric vehicle manufacturer that awarded mass production orders for 32 models [2]

Group 1 - The stock price of Aobo Zhongguang-UW closed at 79.24 yuan on August 14, 2025, down 1.50% from the previous trading day, with a trading volume of 966 million yuan [1] - Aobo Zhongguang-UW operates in the electronic components industry, focusing on the research and application of 3D vision perception technology, with products covering consumer electronics, smart home, and robotics sectors [1] - The company responded to investor inquiries on its interactive platform, stating that its products are not yet applied in the automotive autonomous driving field, and its existing lidar products mainly serve mobile robot obstacle avoidance scenarios [1] Group 2 - On August 14, the net outflow of main funds was 124 million yuan, with a cumulative net outflow of 359 million yuan over the past five days [1]

Core Viewpoint - The company is focusing on three strategic directions: data centers, access networks, and emerging markets for lidar and sensors, with significant progress in product delivery and certification [1] Group 1: Product Development and Delivery - The company has achieved stable mass supply of chips in the access network sector, supporting the construction of gigabit and 10-gigabit networks [1] - The silicon photonic light sources for data centers have reached small batch delivery [1] - Laser radar products have passed automotive certification and have been integrated into the automotive supply chain for small batch shipments [1] - Gas sensing chips are being mass-produced for power and environmental monitoring [1] - EML lasers have completed sample development and are now in the customer validation phase [1] Group 2: Future Plans - The company plans to deepen its process advantages and accelerate the industrialization of related products [1]