智通财经APP获悉，禾赛-W(02525)首挂上市，公告显示，每股定价212.80港元，共发行1955万股股 份，每手20股，所得款项净额约40.05亿港元。截至发稿，涨7.71%，报229.2港元，成交额2.14亿港元。 近年来，在自动驾驶技术、机器人等相关产业需求持续增长的背景下，激光雷达行业快速发展。根据灼 识咨询的数据显示，全球激光雷达行业的收入由2020年的3亿美元增加至2024年的16亿美元，年复合增 长率为57.8%，并预计2029年将增加至173亿美元，年复合增长率为61.7%。特别是，中国的激光雷达行 业的市场规模及增长率已经大幅超越其他地区。灼识咨询数据显示，按收入计，公司于2022年、2023年 及2024年均为全球第一大激光雷达供货商。截至2024年12月，公司成为全球首家单月出货量突破10万台 的激光雷达公司。 公开资料显示，禾赛科技是于2014年成立，主要研发及生产激光雷达传感器，被广泛应用于支持高级辅 助驾驶系统(ADAS)的乘用车和商用车，以及自动驾驶汽车和配送机器人、移动机器人等各类机器人应 用。禾赛科技2023年2月登陆美股，以每股ADS发行价19美元发售1000万股ADS ...

Company Overview - Hesai Technology, the first global lidar company to go public in Hong Kong, priced its shares at HKD 212.8, raising at least HKD 3.62 billion [1] - The public offering was oversubscribed by 170 times, with total funds involved reaching HKD 66.9 billion [1] - The company aims to raise up to HKD 3.88 billion from the public offering, with a total issuance of 17 million Class B ordinary shares [1] Financial Performance - In Q2 2023, Hesai achieved revenue of RMB 710 million, a year-on-year increase of 53.9%, and net profit exceeding RMB 40 million [2] - The total delivery of Hesai's lidar units reached 352,095, marking a year-on-year growth of 306.9% [2] - The company has secured a new model from a joint venture under Toyota, with plans for mass production by 2026 [2] Market Position - Hesai is recognized as the largest lidar supplier globally by revenue for 2022, 2023, and 2024, and is projected to be the first to exceed 100,000 units shipped in a single month by 2024 [3] - The global lidar market is expected to grow from USD 300 million in 2020 to USD 1.6 billion by 2024, with a compound annual growth rate (CAGR) of 57.8% [3] - The Chinese lidar market is significantly outpacing other regions in terms of market size and growth rate [3] Stock Performance - Since its listing on the US stock market in February 2023, Hesai's stock price has doubled, closing at USD 27.74, with a market capitalization exceeding USD 3.7 billion [3]

智通财经APP获悉，全球激光雷达回港上市第一股禾赛科技-W(02525)已截止认购。据有关媒体引述消 息人士称，禾赛科技以每股212.8港元定价，集资至少36.2亿港元。禾塞科技的公开发售部分录得超额认 购170倍，涉及资金669亿港元。综合券商数据，禾赛科技孖展累计约468亿港元，以公开发售部分集资 3.88亿港元计，孖展超额认购近120倍。 禾赛科技于9月8日至11日招股，初订发行1700万股B类普通股，10%用于公开发售。禾赛科技每手为20 股，发售价将不高于228港元，一手入场费约4606港元。以初订发行股数计，禾赛科技计划集资最多 38.8亿港元。 第二季度，禾赛激光雷达总交付量达352,095台，同比增长306.9%，延续高速增长态势。其中，ADAS 产品交付量为303,564台，同比增长275.8%。机器人领域产品交付量为48,531台，同比大幅增长 743.6%。2025年前六个月，禾赛激光雷达总交付量达547,913台，同比增长276.2%，超越2024全年。 禾赛科技的收入规模和出货量亦让其建立了稳固的行业领导地位。根据灼识咨询的数据显示，按收入 计，公司于2022年、2023年及2024 ...

深圳市豪恩汽车电子装备股份有限公司 关于 2025 年度向特定对象发行 A 股股票的预案 深圳市豪恩汽车电子装备股份有限公司 2025 年度向特定对象发行 A 股股票预案 公司声明 存在虚假记载、误导性陈述或重大遗漏，并对本预案内容的真实性、准确性、完 整性承担个别及连带的法律责任。 市公司证券发行注册管理办法》等法规及规范性文件的要求编制。 深圳市豪恩汽车电子装备股份有限公司 2025 年度向特定对象发行 A 股股票预案 后，公司经营与收益的变化由公司自行负责；因本次向特定对象发行股票引致的 投资风险由投资者自行负责。 致的声明均属不实陈述。 项的实质性判断、确认、批准或核准，本预案所述本次向特定对象发行股票相关 事项尚需公司股东大会的审议通过、深圳证券交易所审核通过并经中国证券监督 管理委员会同意注册后方可实施。 专业顾问。 深圳市豪恩汽车电子装备股份有限公司 2025 年度向特定对象发行 A 股股票预案 特别提示 本部分所述词语或简称与本预案"释义"所述词语或简称具有相同含义。 会议、第三届监事会第十四次会议审议通过，本次向特定对象发行股票的相关事 项尚需获得股东大会审议通过。本次向特定对象发行股票在获 ...

Market Performance - The main board led the gains with notable increases in stocks such as Daheng Technology (+9.99%), Huasheng Tiancheng (+9.97%), and China Film (+7.31%) [1] - The ChiNext board saw significant growth with Happiness Blue Sea (+20.02%) and Huijin Co. (+15.18%) [1] - The Sci-Tech Innovation board was led by Tonglian Precision (+19.99%) and Sinan Navigation (+8.28%) [1] - Active sub-industries included SW Film and Animation Production (+2.35%) and SW Semiconductor Materials (+2.00%) [1] Domestic News - Zhanxin Electronics held a celebration for the second phase of its cleanroom expansion at its silicon carbide wafer factory in Yiwu, Zhejiang, which will double the cleanroom area and gradually increase monthly production to 10,000 six-inch wafers, with future capacity expandable to 300,000 wafers annually [1] - Turing Quantum, a leading domestic photonic quantum computing company, completed a strategic round of financing worth 100 million yuan, focusing on the R&D and industrialization of photonic chip products [1] - Counterpoint Research reported a 2.4% year-on-year decline in China's smartphone market shipments for Q2 2025, attributed to seasonal factors and a decrease in new product launches due to OEMs rushing to release products to capture market share [1] - TSMC has increased its 2nm process capacity at its Hsinchu Baoshan F20 plant to 30,000 wafers per month, while the Kaohsiung F22 plant has a capacity of 6,000 wafers [1] Company Announcements - Weirgo announced an expected revenue of 700 million to 720 million yuan for H1 2025, representing a year-on-year growth of 55.41% to 59.85%, with a net profit forecast of 43 million to 50 million yuan, up 12.55% to 30.87% year-on-year [2] - Source Technology announced a cash dividend of 1 yuan per 10 shares based on a total of 85,495,577 shares after share buybacks [2] - Huashu Media reported total revenue of 4.435 billion yuan for H1 2025, a year-on-year increase of 2.07%, with a net profit of 254 million yuan, up 4.63% year-on-year [2] - Saiwei Electronics provided an update on a major asset sale, with the transaction counterpart having paid 238.2245 million Swedish Krona, although the company has not yet received the funds due to the lengthy cross-border payment settlement process [2] International News - Gixel, an AR optics solution company, secured 5 million euros in seed funding to develop its innovative AR optical solutions [3] - Amazon's Industrial Innovation Fund and ITHCA Group invested in Lumotive, which aims to power laser radar sensors with its chip technology, reducing production costs and improving hardware reliability [3] - Elon Musk announced that his AI company xAI plans to achieve computing power equivalent to 50 million NVIDIA H100 Tensor Core GPUs within five years, focusing on energy efficiency [3] - LG Display reported a revenue of 11.652 trillion Korean Won (approximately 605.9 billion yuan) for H1 2025, a slight year-on-year decline of 3%, with a loss of 82.6 billion Korean Won (approximately 4.3 billion yuan), narrowing by 85% year-on-year [3]

Core Viewpoint - The unexpected ousting of Luminar's founder and CEO Austin Russell highlights the intense competition and challenges within the lidar industry, reflecting broader issues faced by tech startups in balancing innovation with commercial viability [2][3][9] Group 1: Company Overview - Luminar is a leading lidar technology company in the U.S., known for producing sensors and software for autonomous vehicles, serving major automotive brands like Volvo, Toyota, and Audi [5][7] - Austin Russell, the founder, became a billionaire at a young age, with his company going public on NASDAQ and experiencing a significant stock price increase shortly after [5][6] Group 2: Recent Developments - Russell was forced to resign due to an investigation by the board's audit committee regarding his business conduct, marking a dramatic shift in leadership just after the release of the company's Q1 financial report [3][4] - Paul Ricci, the new CEO, has a strong background in AI and software but faces skepticism about his ability to lead Luminar in the unfamiliar lidar sector [4][9] Group 3: Financial Performance - Luminar reported a loss of $570 million in 2023, a 26.7% increase year-over-year, and faced significant stock price declines, with shares dropping to $1.3 [7][8] - The company announced layoffs of approximately 140 employees to save between $50 million and $65 million, indicating ongoing financial strain [7][8] Group 4: Industry Context - The lidar market is becoming increasingly competitive, with some companies thriving while others, like Velodyne, have merged or disappeared [7][8] - Luminar's challenges reflect structural issues in the tech startup ecosystem, including over-reliance on capital markets and a lack of focus on scalable production capabilities [9]

Core Viewpoint - Hamamatsu Photonics has successfully established a deep localization strategy in China, focusing on technological innovation and customer trust to contribute to the development of the Chinese medical industry [2][4][19]. Group 1: Company Background and Market Entry - Hamamatsu's journey in China began in the 1980s, with the establishment of Beijing Hamamatsu Photon Technology Co., Ltd. in 1988, marking its first step into the Chinese market [4][6]. - The establishment of Hamamatsu Photonics Trading (China) Co., Ltd. in 2011 represented a new phase in the company's strategy in China [4]. Group 2: Localization Strategy - The company has adopted a "In China, For China" localization strategy, which includes establishing branches in major cities and setting up laboratories to meet local demands [6]. - Hamamatsu employs a localized management model, with Chinese nationals in leadership roles, allowing for better understanding and responsiveness to local market needs [6][19]. Group 3: Product Development and Quality Management - The company has developed a production line capable of producing 400,000 photomultiplier tubes annually, with sales growing from 180 million yuan to approaching 2 billion yuan [6]. - Hamamatsu emphasizes quality management through a comprehensive ISO quality management system and a culture that prioritizes product quality as a life-critical aspect [13][15]. Group 4: Key Collaborations and Innovations - A significant milestone was the collaboration with Neusoft in 1997 to develop the first domestically produced CT scanner, the CT-C2000, ending China's reliance on imported CT technology [7][10]. - The company has continuously innovated, such as using new ceramic scintillator technology to meet advanced performance requirements while addressing environmental concerns [10]. Group 5: Future Outlook - The company sees significant growth potential in the medical diagnostics market, driven by increasing health awareness among the Chinese population [16]. - Hamamatsu is also exploring opportunities in intelligent transportation, particularly in the fields of autonomous driving and electric vehicles, leveraging its sensor technology [17][18].

Domestic News - The People's Bank of China announced a reduction in the reserve requirement ratio for financial institutions by 0.5 percentage points starting May 15, 2025, and a 5 percentage point reduction for auto finance and leasing companies [2] - Guangdong Province encourages Guangzhou and Shenzhen to further relax vehicle purchase restrictions, including issuing more purchase quotas and allowing direct applications for regular vehicle quotas for individuals who have been unsuccessful in obtaining them [3] - Guangdong's plan to expand automotive consumption scenarios includes support for local standards for vehicle modifications, promoting international automotive events, and enhancing the second-hand car market through transparency measures [4] - Geely announced plans to acquire all issued shares of Zeekr, aiming for a complete merger to enhance resource integration and operational efficiency [5] - The Tank 400 model from Great Wall Motors offers a limited-time purchase incentive of up to 32,000 yuan, including various subsidies [7] - Lantu's Dreamer model has fully rolled out the Huawei QianKun intelligent driving system, enhancing safety and convenience features [8] - Li Auto has launched 119 new supercharging stations in one week, bringing the total to over 2,200 stations nationwide, with plans for extensive coverage of national highways and major urban areas [9] - A new automotive industry development company with a registered capital of 5 billion yuan has been established in Shenyang, focusing on automotive parts and new energy vehicle production [10] International News - The European Parliament approved relaxed carbon emission rules for car manufacturers, allowing more time for compliance and reducing potential fines [11] - New car sales in the UK fell by 10.4% year-on-year in April 2025, marking the sixth decline in seven months, although electric vehicle sales increased by 8.1% [12] - Mercedes-Benz has partnered with Luminar to develop next-generation lidar sensors, marking a shift from purchasing existing products to collaborative development [13] - Mitsubishi Motors has signed a memorandum of understanding with Foxconn to develop an electric vehicle for the Australian and New Zealand markets, expected to launch in the second half of 2026 [14] Commercial Vehicles - CATL's Tianxing series batteries have become the first commercial power batteries to pass the new national standard for electric vehicle batteries in China [15] - The Remote Super VAN was showcased at the Birmingham Commercial Vehicle Show, marking its entry into the UK market and attracting significant media attention [16] - Dongfeng Liuzhou, West Science City Intelligent Connected Vehicle Innovation Center, and Zhiyu Weike signed a strategic cooperation agreement to collaborate on the development of new energy intelligent connected commercial vehicles [17] - A differentiated periodic emission inspection system for trucks will be trialed, allowing certain vehicles to bypass inspections if they meet remote monitoring requirements [19]