Core Insights - The core highlight of the updated prospectus is that the company achieved a gross profit of $319.7 million with a gross margin of 12.6% in Q1 2025, continuing the positive trend from Q4 2024, indicating sustained profitability improvement [1][3] - The company has delivered approximately 230,000 automotive-grade LiDAR units in 2024 and ranks second globally in cumulative sales revenue for ADAS LiDAR, with a market share of 20.7% in China [1][3] - The company has made significant breakthroughs in various fields, including passenger vehicles, commercial vehicles, robotics, Robotaxi, and smart transportation, establishing a multi-dimensional growth pattern with diverse products, customers, and scenarios [1][4] Financial Performance - The company reported a significant reduction in costs, with Q1 2025 costs dropping by 36.9% year-on-year, from $35.02 million to $22.09 million, driven by product design optimization, enhanced bargaining power from increased procurement scale, and ongoing production scale effects [3] - The company has shown a continuous narrowing of losses from 2022 to 2024, reflecting significant improvements in cost control and operational efficiency, laying a solid foundation for long-term profitability [3] Market Expansion - The company has deepened its collaboration with NIO, with its Falcon series being used in over 500,000 vehicles, and has established stable partnerships in the commercial vehicle and logistics sectors with companies like Deepway, Shaanxi Heavy Duty Truck, and Pony AI [6] - The company has secured additional orders from ten OEMs and ADAS/ADS companies, including three state-owned automotive manufacturers and a leading joint venture, indicating strong market demand and growth potential [6][7] Technological Advancements - The company is the only global player with mature mass production capabilities for both 1550nm and 905nm LiDAR technologies, allowing it to meet high-end market demands while also catering to cost-sensitive applications [7] - The introduction of the new generation solid-state LiDAR, the Hummingbird D1, marks a significant technological breakthrough, reinforcing the company's industry position and accelerating the adoption of solid-state technology in mass production for passenger vehicles [7] Industry Outlook - The value of LiDAR technology is increasingly recognized amid the rise of new energy vehicles and the intelligentization wave across various industries, positioning the company favorably in high-growth markets [7] - The company's strategic focus on product innovation and market penetration is expected to enhance its revenue structure and create a robust competitive advantage through a "technology + scenario + ecosystem" approach [7]

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].

Group 1 - NIO officially launched the new ES6 and EC6 models on May 16, 2025, with reservations now open, and plans to release the new ET5 and ET5T models by the 25th [2] - The 2025 NIO "5566" series models have significant improvements in cabin experience and intelligent driving chip technology, with over 60% of NIO's total sales in 2024 coming from this series [2] - The new models are equipped with the TUTDONG Falcon series LiDAR, utilizing 1550nm wavelength technology, which offers a detection range of 500 meters and high-precision point cloud imaging, enhancing the luxury and accessibility of NIO's intelligent driving experience [2] Group 2 - TUTDONG has achieved a breakthrough in market expansion by securing a targeted order from another domestic new energy vehicle company, which focuses on the economic market segment priced between 100,000 to 200,000 yuan [2] - The order will utilize TUTDONG's Robin series products based on the 905nm technology platform, which has already been mass-produced in NIO's flagship ET9 model [3] - TUTDONG has established a clear "dual-track" strategic layout, with 1550nm technology targeting the high-end market and 905nm technology entering the broader economic vehicle sector, allowing for a competitive advantage in both segments [3]