超200亿港元！苏州独角兽成功奔赴港交所上市，背后站着千亿车企大佬。 文 | 创客公社 施润 2025年12月10日，Seyond Holdings Ltd.（以下简称"图达通"）正式以"2665.HK"为股票代码在港交所挂牌上市。 作为第三家成功以De-SPAC方式登陆港交所的上市公司，图达通本次合计募集资金约10.27亿港元。截至当天10:40，图达通报于每股16.50港元，市值约 215亿港元。 从2018年蔚来资本领投A轮融资，到连续多轮加注成为最大外部股东；从蔚来NT2.0平台九款车型全面标配，到贡献近九成营收——蔚来不仅是图达通 的"金主"，更是其最大的"粮仓"。上市前夕，蔚来再度掏出2.867亿港元认购股份，李斌用实际行动诠释了什么叫"扶上马、送一程"。 回顾图达通的上市，早已超越单一企业的成长叙事。当蔚来这样的整车巨头主动下场培育核心零部件企业，当苏州的产业土壤孕育出又一个硬科技独角 兽，中国新能源产业链正从"松散配套" 走向 "生态协同" 的新阶段。 但疑问也随之而来：蔚来"奶大"的图达通，能否摆脱单一客户依赖？这种 "整车厂孵化零部件" 的模式，会成为新能源产业的主流范式吗？ 这家注册于苏 ...

图达通(02665)再涨近20%，高见17.85港元继续刷新上市新高。截至发稿，涨15.43%，报17.21港元，成 交额1821.2万港元。 值得注意的是，图达通是全球第一家实现1550nm高性能路线规模化量产的企业，并且同时具备905nm 高性价比路线规模化量产能力，构建了覆盖从高端到大众市场的完整产品矩阵。其中，基于1550nm平 台的"猎鹰"系列，凭借超过60万台的大规模交付成绩，在实际场景中充分验证其高性能与可靠性，为L3 及以上级别高阶智能驾驶的规模化落地奠定了先发优势。 公开资料显示，图达通是设计、开发及生产车规级激光雷达解决方案的企业之一。根据灼识谘询的资 料，公司为全球首家实现量产的车规级高性能激光雷达解决方案供应商。根据同一资料来源，2024年， 公司交付总计约230,000台车规级激光雷达，按ADAS激光雷达解决方案销售收入计全球排名第四，市场 份额为12.8%。 ...

Core Viewpoint - Tudatong (02665) has seen a significant stock price increase, reaching a new high of 17.85 HKD, reflecting strong market interest and performance in the automotive lidar solutions sector [1] Company Overview - Tudatong specializes in the design, development, and production of automotive-grade lidar solutions, being the first globally to achieve mass production of high-performance automotive lidar solutions [1] - The company is projected to deliver approximately 230,000 units of automotive-grade lidar in 2024, ranking fourth globally in sales revenue for ADAS lidar solutions with a market share of 12.8% [1] Product and Market Position - Tudatong is the first company to achieve large-scale production of 1550nm high-performance lidar technology, while also having the capability for 905nm cost-effective lidar production, creating a comprehensive product matrix that spans from high-end to mass-market solutions [1] - 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, thus establishing a competitive advantage for the mass adoption of Level 3 and above advanced intelligent driving technologies [1]

Group 1: IPO Updates - Seyond Holdings Ltd. (图达通) officially listed on the Hong Kong Stock Exchange on December 10, 2025, under the stock code "2665" [3] - The company, founded in 2016, is a leading provider of high-performance lidar solutions, ranking second globally in cumulative sales revenue for ADAS lidar solutions from 2022 to 2024 [3] - In the first three quarters of this year, 图达通 delivered approximately 181,131 units of automotive-grade lidar, representing a year-on-year growth of 7.7% [5] Group 2: Financial Performance and Market Position - 图达通 achieved a gross margin of 12.9% in the first five months of this year, indicating a positive shift towards profit-driven growth [5] - The company has established a complete product matrix covering both high-end and mass-market segments, with significant delivery achievements validating its high performance and reliability [4] - 图达通's CEO emphasized the importance of lidar technology in the development of AI in the physical world, suggesting a vast market potential for the company [5] Group 3:希迪智驾 (Xidi Zhijia) IPO Plans - 希迪智驾 plans to officially list on the Hong Kong Stock Exchange on December 19, 2025, under the stock code "3881," with an IPO market value exceeding 11.5 billion HKD [6] - The company has secured cornerstone investors, including major financial institutions, with total subscriptions exceeding 546 million HKD [6] - As of June 30, 2025, 希迪智驾 had a backlog of orders valued at approximately 584 million RMB and had delivered 304 autonomous mining trucks [7] Group 4: Financial Growth and Market Ranking - From 2022 to 2024, 希迪智驾's revenue grew from 31 million RMB to 410 million RMB, with a compound annual growth rate of 263.1% [8] - The company's gross margin improved from -19.3% in 2022 to 24.7% in 2024, indicating a positive trend in profitability [8] - By 2025, 希迪智驾 ranked third in the autonomous mining truck solutions market in China, with a market share of approximately 5.2% [8] Group 5: 鸣鸣很忙 (Mingming Hen Mang) Listing Notification - 鸣鸣很忙 received a notification for its overseas listing on the Hong Kong Stock Exchange, planning to issue up to 76,666,400 shares [10] - The company reported a retail sales volume of 41.1 billion RMB in the first half of this year, with revenue of 28.12 billion RMB and an adjusted net profit of 1.034 billion RMB [11] - As of June 30, 2025, 鸣鸣很忙 had a cash balance exceeding 2.394 billion RMB, reflecting strong financial health and efficient asset management [11]

Core Viewpoint - The successful listing of TuDatong Intelligent Technology (Suzhou) Co., Ltd. on the Hong Kong Stock Exchange marks a new phase in the global automotive-grade LiDAR industry, with the company raising approximately HKD 1.027 billion [1][3]. Company Overview - TuDatong was founded in 2016 by Dr. Bao Junwei and Dr. Li Yimin, initially operating in the United States before establishing a strong presence in China with R&D and manufacturing bases in Suzhou, Deqing, and Pinghu [5]. - The company has achieved significant milestones in technology and production, including mass production capabilities for both 1550nm high-performance and 905nm cost-effective LiDAR solutions, creating a comprehensive product matrix [6]. Financial Performance - TuDatong's revenue has shown steady growth, with a 7.7% year-on-year increase in the delivery of automotive-grade LiDAR units, totaling approximately 181,000 units in the first nine months of 2025 [9]. - The company's total revenue is projected to grow from USD 66.3 million in 2022 to USD 159 million in 2024, reflecting a compound annual growth rate (CAGR) of 55.1% [9]. Market Dynamics - The global automotive-grade LiDAR market is experiencing rapid growth, with projections estimating the market size to reach USD 3.5 billion by 2025 and USD 41.3 billion by 2030, representing a CAGR of 63.7% [12]. - The ADAS application market is expected to grow from USD 1.9 billion in 2025 to USD 19.7 billion by 2030, with a CAGR of 59.8% [12]. Product and Application Expansion - TuDatong's product applications have expanded beyond passenger vehicles to include commercial vehicles and robotics, securing large-scale orders from leading industry players [14]. - The company aims to leverage its three-dimensional perception technology to connect digital and physical worlds, contributing to the development of AI in the physical world [14].

Core Viewpoint - The successful listing of Tuyatong on the Hong Kong Stock Exchange represents a victory for Hexuan Capital's investment methodology, which emphasizes a global perspective on technology trends while reshaping industrial value through Chinese logic [4][13]. Group 1: Company Overview - Tuyatong, officially listed on December 10 with stock code "2665", has attracted investments from several prominent institutions, including Hexuan Capital, which led its Series C financing with an investment of $30 million [4][5]. - The company has achieved significant milestones, including mass production of its laser radar products and securing contracts with major automotive manufacturers, including NIO [10]. Group 2: Investment Rationale - Hexuan Capital's confidence in Tuyatong stemmed from three irreversible industry truths: the deep belief in the leadership team, the understanding of the U.S.-China hard tech industry dynamics, and the certainty of scale effects in production [8]. - The average price of laser radar was approximately $1,000 in 2022, but it is projected to drop to around $500 by 2023, with potential costs falling below $100 as L3 automation matures [9]. Group 3: Market Trends and Future Growth - The automotive industry is moving towards L3 automation, with laser radar becoming a standard feature in high-end models, indicating a growing demand for cost-effective and high-performance solutions [7]. - Future growth for Tuyatong is expected to come from three main areas: overseas markets, smart transportation, and robotics, with significant opportunities in each sector [11]. - The company is addressing challenges in the robotics sector by developing tailored solutions for various environments, ensuring adaptability and efficiency in its products [12].

Core Insights - Seyound Tuda Technology successfully listed on the Hong Kong Stock Exchange via De-SPAC, raising approximately HKD 1.027 billion and achieving a market capitalization of HKD 13.962 billion, marking a new development phase in the global automotive-grade LiDAR sector [1][3] Company Overview - Founded in 2016 by CEO Dr. Bao Junwei and CTO Dr. Li Yimin, Seyound initially operated in the U.S. before establishing a strong presence in China, with R&D and manufacturing bases in Silicon Valley, Suzhou, and Shanghai [3] - The company is recognized as the first global supplier to achieve mass production of automotive-grade high-performance LiDAR solutions, ranking second globally in cumulative sales revenue for ADAS LiDAR solutions from 2022 to 2024 [3][4] Product Development - Seyound is the first company to achieve large-scale production of 1550nm high-performance LiDAR and also has the capability for 905nm high-cost performance LiDAR, creating a comprehensive product matrix that spans from high-end to mainstream markets [4] - 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 [4] Financial Performance - The company reported steady revenue growth and improving profitability, with approximately 181,000 automotive-grade LiDAR units delivered in the first nine months of 2025, a year-on-year increase of 7.7% [5] - For the first five months of 2025, Seyound achieved a gross margin of 12.9%, indicating a positive cycle in product profitability [5] - Total revenue grew from USD 66.3 million in 2022 to USD 159 million in 2024, with a compound annual growth rate of 55.1% [5] Market Outlook - The global automotive-grade LiDAR market is experiencing rapid growth, with the market size projected 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 expected 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% [6] - Seyound's experience in 1550nm LiDAR production and semi-solid-state scanning architecture positions it well for maintaining a competitive edge in long-range scenarios, while the "Lynx" series addresses mid-range needs, creating a product combination advantage [6] Expansion and Future Growth - Seyound has expanded its product applications beyond passenger vehicles to commercial vehicles and robotics, securing large orders from leading industry players [8] - The company aims to leverage its three-dimensional perception technology to connect digital and physical worlds, contributing to the development of physical world AI and enhancing market opportunities [8]

Core Viewpoint - The business merger of Chinese automotive lidar company TuDatong (Seyond) with SPAC TechStar Acquisition Corporation has successfully passed the Hong Kong Stock Exchange listing hearing, with a valuation set at HKD 11.7 billion, expected to officially list on December 10, 2025. This marks TuDatong as the third completed De-SPAC merger in Hong Kong, alongside Lion Group and Zhaogang Group, forming a competitive landscape with Hesai and RoboSense in the lidar sector. However, concerns remain regarding TuDatong's limited business layout, lack of financial self-sustainability, and valuation rationality, alongside a tumultuous listing history, necessitating market awareness of these operational risks [1][2]. Group 1: Market Position and Sales Performance - TuDatong ranks fourth in the global market share for ADAS lidar solutions with 12.8% as of 2024, but this ranking is misleading as it is primarily supported by high product pricing rather than sales volume. The average price of TuDatong's lidar is RMB 4,607 per unit, significantly higher than Hesai's RMB 2,022 and RoboSense's RMB 2,702, leading to much lower sales volumes [3][6]. - In the first five months of 2025, TuDatong sold only 81,214 units of lidar, while Hesai and RoboSense achieved sales of 989,311 and 266,800 units respectively, highlighting TuDatong's struggle to compete in terms of volume despite its high pricing [3][6]. Group 2: Customer Dependency and Financial Performance - TuDatong's revenue is heavily reliant on a single customer, NIO, with revenue contributions from NIO accounting for 88.7% to 91.6% from 2022 to early 2025. This dependency ties TuDatong's performance closely to NIO's financial health, which has been underperforming compared to competitors like Li Auto and Xpeng [4][5]. - TuDatong has faced persistent financial losses, with losses increasing from USD 188 million in 2022 to USD 398 million in 2024, and a loss of USD 21.49 million in the first five months of 2025. In contrast, Hesai achieved profitability in 2024, and RoboSense has been narrowing its losses [7][8]. Group 3: Competitive Landscape and Valuation Concerns - TuDatong's high product pricing has hindered its ability to attract new customers and expand into new business areas, unlike Hesai and RoboSense, which are actively pursuing international clients and diversifying their applications in robotics and smart driving [5][9]. - The PIPE financing raised HKD 551 million from three investors, but the limited amount may not be sufficient to overcome TuDatong's operational and profitability challenges. The company's valuation of HKD 11.7 billion corresponds to a TTM price-to-sales ratio of 11.1, which is higher than Hesai's 10.5 and RoboSense's 10.3, indicating a significant valuation mismatch given TuDatong's lack of profitability and limited customer base [9][10][11].

Core Viewpoint - The global investment enthusiasm for "hard technology," particularly in the lidar sector, has reached unprecedented levels, driven by the trend of "intelligent driving equality" and significant cost reductions in technology [1] Industry Overview - The lidar industry is entering a phase of substantial growth, with increasing market attention on related stocks as the sector benefits from technological advancements and a shift in market dynamics [1] - The upcoming listing of global lidar leader, Tudatong, on the Hong Kong Stock Exchange is expected to attract significant investment interest, following the successful listings of other lidar companies [1][2] Company Performance - Tudatong is projected to deliver approximately 230,000 automotive-grade lidar units in 2024, capturing a global market share of 12.8% in the automotive lidar solutions segment [2] - In the first nine months of this year, Tudatong delivered around 181,100 automotive-grade lidar units, marking a year-on-year increase of 7.7% [2] - Tudatong's revenue surged from $66.3 million in 2022 to $160 million in 2024, with the company reporting $5.2 million in revenue for the first five months of this year [2] Growth Potential - The company is expanding its partnerships in the passenger vehicle sector, with NIO adopting its lidar solutions across nine models, and stable collaborations in commercial vehicles and logistics [2][3] - Tudatong is strategically entering the robotics market, securing large-scale orders from leading companies, indicating a broadening application of its lidar technology [3][7] Financial Metrics - Tudatong's gross margin improved significantly, with a gross loss of $13.9 million and a gross margin of 8.7% reported for the first five months of 2024, compared to a gross loss of $42.4 million and a gross margin of 35% in 2023 [4] - The Falcon series achieved a gross margin of 16.3% in the first five months of this year, indicating a clear upward trend in profitability [4][6] Competitive Advantages - Tudatong's dual-technology strategy allows it to produce both high-performance and cost-effective lidar solutions, enhancing its competitive edge in the market [6] - The company is the only manufacturer capable of mass-producing both 1550nm and 905nm lidar technologies, positioning it uniquely in the industry [6] Market Outlook - The lidar market is expected to see significant growth in non-automotive applications, particularly in robotics, with Tudatong well-positioned to capitalize on these emerging opportunities [7][8] - The company's successful domestic market strategies are anticipated to be replicated in international markets, enhancing its global competitiveness [7][8]

Core Viewpoint - The global investment enthusiasm for "hard technology," particularly in the lidar sector, has reached unprecedented levels, driven by the trend of "intelligent driving equality" and significant cost reductions in technology [1] Group 1: Company Developments - TuDatong has received approval from the China Securities Regulatory Commission for its overseas listing, with a successful hearing at the Hong Kong Stock Exchange, marking a significant step in its capital process [1] - The company is expected to be well-received by both domestic and international investors, given the current systematic value reassessment of lidar companies [1] - TuDatong's revenue has increased from $66.3 million in 2022 to $160 million in 2024, with a 7.7% year-on-year increase in deliveries of automotive-grade lidar [2][3] Group 2: Market Position and Growth Potential - TuDatong holds a 12.8% global market share in automotive-grade lidar solutions, with significant partnerships in both passenger and commercial vehicle sectors [2][7] - The company has strategically entered the robotics market, securing large orders from leading firms, indicating a strong growth trajectory in this new application area [3][7] - The gross margin for TuDatong has improved significantly, reaching 12.9% in the first five months of the year, reflecting its potential for profitability [3][4] Group 3: Competitive Advantages - TuDatong employs a dual-technology strategy, producing both high-performance and platform-based lidar solutions, which enhances its competitive edge [6] - The company is the only manufacturer capable of mass-producing both 1550nm and 905nm lidar, allowing it to cater to a wide range of vehicle models [6] - TuDatong's diverse customer base includes major automotive and ADAS companies, which is expected to translate into actual sales within a year, indicating strong short-term growth certainty [7] Group 4: Future Outlook - The company is well-positioned to capitalize on the expanding market for lidar in both automotive and non-automotive applications, particularly in robotics and smart transportation [5][8] - With its unique advantages, TuDatong is expected to benefit from the trends of intelligent driving equality and the rapid expansion of lidar applications [8] - The upcoming listing is anticipated to solidify TuDatong's long-term growth momentum and enhance its global development perspective [8]