随着"上半场比拼电动化，下半场比拼智能化"这一论断凝聚越来越多的共识，汽车业正加速驶向智能驾驶全面普及时代。置身于这一热潮之中，激光雷达也 在质疑声中完成了价值自证，逐步从技术路线之争中脱颖而出，确立了其在辅助驾驶感知架构中的不可或缺地位。 激光雷达渐成辅助驾驶标配，而在这一过程里一批过去曾隐于聚光灯之外的激光雷达公司也加速走向舞台中央。就拿上周才登陆港交所主板的图达通 （02665）来说，凭借自身在多元产品、多元客户、多元应用场景的拓展等多个维度的优势，其在激光雷达行业里稳居第一梯队；更值得称道的是，图达通 还是目前全球激光雷达行业唯一一个同时拥有面向L3+高级别自动驾驶的高性能1550nm产品、以及高性价比的905nm产品量产落地经验的公司。考虑到 1550nm路线在探测距离与安全冗余维度具有显著优势，未来伴随激光雷达行业的竞争重心从性价比转向性能，1550nm方案有望扮演更加重要的角色，届时 在该领域拥有先发优势与规模化量产能力的图达通料将深度受益。 （图注：905nm激光雷达对不同反射率物体探测距离小于1550nm激光雷达） 然而，如今伴随安全从隐性期望转变为消费者的显性核心诉求，能够提供更远探测距离 ...

Core Viewpoint - The stock of Tudatong (02665) has surged nearly 20%, reaching a new high of 17.85 HKD, reflecting strong market interest in the company as a leading provider of automotive-grade LiDAR solutions [1] Company Overview - Tudatong is recognized as one of the companies that design, develop, and produce automotive-grade LiDAR solutions [1] - The company is the first globally to achieve mass production of high-performance automotive-grade LiDAR solutions [1] Market Position - In 2024, Tudatong is expected to deliver approximately 230,000 units of automotive-grade LiDAR, ranking fourth globally in sales revenue for ADAS LiDAR solutions with a market share of 12.8% [1] - Tudatong is the first company to achieve large-scale production of 1550nm high-performance LiDAR technology and also has the capability for 905nm cost-effective solutions, creating a comprehensive product matrix from high-end to mass-market [1] Product Performance - The "Falcon" series based on the 1550nm platform has achieved over 600,000 units in large-scale deliveries, validating its high performance and reliability in real-world scenarios [1] - This strong performance establishes a first-mover advantage for the company in the large-scale deployment of Level 3 and above advanced intelligent driving solutions [1]

上市第四个交易日，全球图像级激光雷达解决方案提供商图达通(2665.HK)再度拉升大涨近20%，报 17.85港元，再创上市新高，市值升至超230亿港元。 图达通成立于2016年，由前百度美国自动驾驶部门的核心成员鲍君威(CEO)和李义民(CTO)联合创立， 专注于车规级激光雷达的研发与生产。公司产品覆盖高级辅助驾驶、自动驾驶等汽车及非汽车应用场 景。成立至今，公司已获得高榕创投、蔚来资本、华创资本、斯道资本、淡马锡、BAI资本、愉悦资 本、大钲资本、顺为资本、国泰君安、和暄资本等知名机构的投资。 在技术布局上，公司走出了差异化路线，是全球唯一同时具备1550nm与905nm双技术路线量产能力的 激光雷达企业。其中，猎鹰系列采用1550nm技术，主打超远距离探测，适配高端车型需求；灵雀系列 则搭载905nm系统，多用于城市中低速前视及侧视等场景，2025年10月量产的灵雀E1X便是该系列的重 要产品。 在生产与全球化布局方面，图达通已在苏州、德清及平湖建立量产设施，同时在美国硅谷设有研发中 心。截至上市前，公司累计向客户交付超53.3万套车规级激光雷达解决方案，且拿下了十四家主机厂及 ADAS/ADS公司的设 ...

12月10日，高性能激光雷达提供商Seyond Holdings Ltd.（股票代码02665.HK，下称"图达通"）通过De-SPAC（即 特殊目的收购公司并购交易）方式，正式登陆港交所，保荐人为清科资本、中信证券及中信建投。 这也是继禾赛科技、速腾聚创之后，国内第三家成功冲刺资本市场的激光雷达企业，并且是首家通过De-SPAC上 市的硬科技企业。《星岛》了解到，图达通获准许股权融资股份数目为3708.16万股，上市后已发行股份总数为 12.99亿股（含原SPAC公司的存续股份），每股价格10港元，所得款项净额3.605亿港元。 在正式挂牌当天，图达通股价上演"过山车"行情。在高开10%报11港元后，走势先抑后扬，上午11点左右一度暴 涨73.10%至17.31港元，随后快速回落，截至收盘，涨幅收窄至39.60%，报13.96港元，总市值189.89亿港元。 | | | う. 7 ○ ↓ 港元 +3.960 +39.60% | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | ○ 12-10 16:00:00 北京时间 | | | | ...

Core Insights - Seyond, a global provider of image-grade LiDAR solutions, successfully listed on the Hong Kong Stock Exchange via a De-SPAC process, raising approximately HKD 1.027 billion [1] - The listing marks a new development phase in the global automotive-grade LiDAR sector, with Seyond's CEO emphasizing the necessity of LiDAR technology for future advancements [3] Company Overview - Founded in 2016, Seyond has achieved several industry-leading milestones through technological breakthroughs and mass production capabilities [3] - Seyond is the first company globally to achieve large-scale production of high-performance 1550nm LiDAR and also has mass production capabilities for cost-effective 905nm LiDAR, creating a comprehensive product matrix [3] - The "Falcon" series, based on the 1550nm platform, has delivered over 600,000 units, validating its high performance and reliability for L3 and above autonomous driving applications [3] Financial Performance - In the first nine months of 2025, Seyond delivered approximately 181,000 automotive-grade LiDAR units, representing a year-on-year growth of 7.7% [3] Market Dynamics - The global automotive-grade LiDAR market is experiencing rapid growth, with the market size expected to increase from USD 3.5 billion in 2025 to USD 41.3 billion by 2030, reflecting a compound annual growth rate (CAGR) of 63.7% [5] - The ADAS application market is projected to grow from USD 1.9 billion in 2025 to USD 19.7 billion by 2030, with a CAGR of 59.8%, driven by the rapid penetration of L2+ and higher-level ADAS [5] - China, as the largest automotive market, is expected to see a significant increase in LiDAR penetration rates, outpacing the global average growth [5] Product Strategy - Seyond leverages its mass production experience in the 1550nm LiDAR field and semi-solid-state scanning architecture to maintain a competitive edge in long-range scenarios [5] - The "Lingque" series addresses mid-range applications, creating a product combination advantage with both long-range and mid-range capabilities [5] - Seyond's product applications have expanded from passenger vehicles to commercial vehicles and robotics, securing large-scale orders from companies like Deepway, Shaanxi Heavy Duty Truck, and others [5] Vision and Future Goals - The CEO of Seyond stated the company's commitment to connecting the digital space and the real world through ubiquitous 3D perception technology, aiming to create a smarter, more convenient, and safer world [6]

Core Viewpoint - TuDatong Holdings Limited has successfully listed on the Hong Kong Stock Exchange via a De-SPAC process, raising approximately HKD 1.027 billion, with a market capitalization reaching HKD 17.4 billion, indicating strong investor confidence in the company's growth potential in the lidar market [1][4]. Group 1: Company Overview - TuDatong was founded in 2016 by CEO Bao Junwei and CTO Li Yimin, initially operating in the U.S. before expanding into the Chinese market, establishing R&D and manufacturing bases in Suzhou, Deqing, and Pinghu [4]. - The company is the first globally to achieve mass production of automotive-grade high-performance lidar solutions, ranking second in cumulative sales revenue for ADAS lidar solutions from 2022 to 2024 [4]. Group 2: Product and Performance - TuDatong has successfully mass-produced both 1550nm high-performance and 905nm cost-effective lidar solutions, creating a comprehensive product matrix that covers both high-end and mainstream markets [4]. - The company delivered approximately 181,000 automotive-grade lidar units in the first three quarters of 2025, a year-on-year increase of 7.7%, with significant sales contributions from both the Falcon and Sparrow series [5]. - Revenue has grown from USD 66.3 million in 2022 to USD 159 million in 2024, with a compound annual growth rate of 55.1%, and a gross margin of 12.9% achieved in the first five months of 2025 [5]. Group 3: Market Potential - The global automotive-grade lidar market is experiencing rapid growth, with the market size expected to increase from USD 3.5 billion in 2025 to USD 41.3 billion by 2030, reflecting a compound annual growth rate of 63.7% [6]. - The ADAS application market is projected to grow from USD 1.9 billion in 2025 to USD 19.7 billion by 2030, with a compound annual growth rate of 59.8%, driven by the increasing penetration of L2+ and higher-level ADAS [6]. Group 4: Strategic Expansion - TuDatong's product applications have expanded beyond passenger vehicles to commercial vehicles and robotics, securing large-scale orders from leading industry players, indicating readiness for a second growth curve [7]. - The successful listing enhances TuDatong's capital market recognition, providing financial support for R&D and capacity expansion, and underscores the international competitiveness of Chinese core components in intelligent driving [7].

Core Viewpoint - The importance and growth potential of LiDAR technology will exceed expectations, becoming essential for the development of AI in the physical world [4][6]. Company Overview - Seyond Holdings Ltd. (Tudatong) is set to be listed on the Hong Kong Stock Exchange on December 10, 2025, under the stock code "2665," raising approximately HKD 1.027 billion [2]. - Founded in 2016 by Dr. Bao Junwei and Dr. Li Yimin, Tudatong has become a leading company in the LiDAR industry, being the first to achieve mass production of automotive-grade high-performance LiDAR solutions [4][6]. Market Position and Performance - Tudatong is the first company globally to achieve large-scale production of 1550nm high-performance LiDAR and also has capabilities for 905nm cost-effective solutions, covering a complete product matrix from high-end to mass-market [6]. - In the first three quarters of this year, Tudatong delivered approximately 181,131 automotive-grade LiDAR units, marking a year-on-year growth of 7.7% [7]. - The company's revenue is projected to grow from USD 66.3 million in 2022 to USD 159 million in 2024, with a compound annual growth rate (CAGR) of 55.1% [7]. Strategic Initiatives - Tudatong has diversified its customer base, securing design points with 14 major automotive and ADAS companies, which are expected to contribute to revenue starting from the end of 2025 [9]. - The company is expanding into new markets such as robotics, smart transportation, and industrial automation, establishing partnerships with leading firms in these sectors [13][14]. Industry Growth Potential - The global automotive-grade LiDAR market is experiencing rapid growth, with the market size expected to increase from USD 3.5 billion in 2025 to USD 41.3 billion by 2030, at a CAGR of 63.7% [11]. - The non-automotive LiDAR solutions market is also projected to grow from USD 1.274 billion in 2025 to USD 9.158 billion by 2030, at a CAGR of 48.4% [13]. Investment and Support - Tudatong has received investments from notable firms including Gao Rong Capital, NIO Capital, and others, which have provided both financial support and strategic industry resources [16][18]. - The company has established a strong relationship with NIO Capital, which has been a significant institutional investor since 2018, aiding in the development and commercialization of LiDAR technology [19].

Core Viewpoint - The lawsuit filed by Hesai Technology against TuSimple alleges that TuSimple's E1X series of remote LiDAR products closely resembles Hesai's AT series in design and system architecture [1] Group 1: Legal Issues - Hesai Technology has accused TuSimple of patent infringement regarding its LiDAR technology, with the lawsuit being accepted by the Ningbo Intermediate People's Court [1] - The E1X sensor showcased by TuSimple at CES is claimed to have significant similarities to Hesai's AT series, which has been in mass production since 2022 [1] - TuSimple has shifted its product line from a 1550 nm wavelength architecture to a 905 nm wavelength architecture, aligning more closely with Hesai's technology [1] Group 2: Company Background and Financials - TuSimple is in the process of going public through a merger with TechStar Acquisition Corporation, which has recently received approval from the China Securities Regulatory Commission [3] - In Q1 2025, TuSimple reported revenue of $25.3 million, a year-over-year decline of 3.4%, with 92% of revenue coming from its Falcon series [4] - The company has narrowed its losses to $14.8 million in Q1 2025, compared to a loss of $40.4 million in the same period last year [4] - TuSimple is set to launch its new E1X product line, which has a maximum detection range of 250 meters, aimed at urban low-speed applications [3]

Core Viewpoint - The debate over the optimal approach for intelligent driving technology has concluded, with a consensus on the necessity of a multi-sensor fusion strategy that includes cameras, millimeter-wave radar, and LiDAR [1][3]. Group 1: Technical Insights - The integration of LiDAR is essential for L3 autonomous driving due to its ability to compensate for the limitations of visual perception in extreme lighting conditions [1]. - LiDAR serves as a critical safety component in intelligent driving systems, providing necessary redundancy in perception capabilities [1][4]. - The commercial rollout of L3 autonomous driving will initially focus on highways and urban expressways, where the complexity of scenarios is relatively lower [5][22]. Group 2: Market Dynamics - The transition from L2 to L3 driving systems necessitates a shift in responsibility from human drivers to the system, requiring enhanced reliability and redundancy in perception systems [4][8]. - The demand for high-performance LiDAR has transformed it from an optional component to a prerequisite for L3 autonomous driving [3][19]. - Companies like TuSimple are leading the market with their advanced LiDAR solutions, having achieved significant milestones in mass production and technology validation [18][28]. Group 3: Competitive Landscape - The L3 LiDAR market features three main player categories: leading manufacturers like Hesai and TuSimple, cross-industry players like Huawei, and international firms like Luminar and Innoviz [19][21]. - The competition is shifting from purely technical specifications to a comprehensive evaluation of performance, cost, and mass production capabilities [21][29]. - TuSimple has established a unique position by developing both 1550nm and 905nm LiDAR technologies, creating a complete product matrix for various driving scenarios [26][28].

Core Viewpoint - Tuda Technology Holdings Limited has received approval from the China Securities Regulatory Commission for its overseas listing plan, indicating a new phase of commercialization in the LiDAR industry as multiple leading companies prepare to list [2] Group 1: Company Overview - Tuda Technology was founded in 2016 by former Baidu employees and focuses on the design, development, and production of automotive-grade LiDAR solutions for advanced driver-assistance systems (ADAS) and autonomous driving [3] - The company has achieved significant milestones, including being the first to mass-produce high-performance automotive-grade LiDAR and leading in global passenger vehicle LiDAR shipments in 2023 [3][4] Group 2: Revenue Dependency - Tuda Technology's revenue has heavily relied on NIO, with nearly 90% of its income coming from NIO orders in recent years, highlighting a potential risk due to over-dependence on a single client [4][5] - Revenue from NIO accounted for 88.7%, 90.6%, 91.6%, and 85.6% of total revenue in 2022, 2023, 2024, and the first three months of 2025, respectively [4] Group 3: Market Dynamics - The LiDAR market is experiencing a decline in product pricing due to increased supply, which is compressing profit margins, but demand is expected to grow significantly, with global electric vehicle penetration projected to exceed 45% by 2025 [5][6] - Tuda Technology is adapting to market changes by diversifying its client base and expanding into new applications beyond passenger vehicles, including commercial vehicles and robotics [7][11] Group 4: Financial Performance - Tuda Technology's revenue grew from $0.66 billion in 2022 to $1.60 billion in 2024, with a gross margin of 12.6% in Q1 2025, indicating improved profitability and operational efficiency [8] - The company has delivered over 493,000 automotive-grade LiDAR solutions, with nearly half of these deliveries occurring in 2024, showcasing its accelerating commercialization process [8] Group 5: Future Prospects - Despite positive business developments, Tuda Technology's potential market valuation post-listing may be challenged by the overall market sentiment in the LiDAR sector, which remains subdued [9][10] - The company is also exploring opportunities in the robotics sector, which is seen as a significant growth area, with established partnerships and orders from leading firms in various applications [11][12][13]