来源：新浪证券 高单价却常年负毛利 深陷亏损泥潭 出品：新浪财经上市公司研究院 作者：喜乐 中国汽车激光雷达企业图达通（Seyond）与特殊目的收购公司（SPAC）TechStar Acquisition Corporation 的业务合并上市事宜，已顺利通过香港联交所上市聆讯，议定估值锁定117亿港元，预计将于2025年12 月10日正式登陆港股。这一进展使其成为继狮腾控股、找钢集团后香港第三宗完成De-SPAC并购的案 例，也将与禾赛、速腾聚创共同构成港股激光雷达"三强格局"。然而，即便达成上市聆讯的关键进展， 图达通的业务布局局限、财务造血能力缺失与估值合理性争议仍未解决，再加上一波三折的上市历程， 这些尚未化解的经营风险，更需市场保持清醒认知。 收入为市场第四但销量却远远落后 高单价制约新客户及新业务拓展 图达通的上市进程并非一帆风顺，反而充满波折。公司曾在2023年筹划美股上市，后因市场环境变化与 自身发展考量转向香港市场，于2025年2月正式递交上市申请，最终选择以De-SPAC合并这一特殊方式 推进上市计划。而在此期间禾赛已于2023年初完成美股上市，2025年9月完成回港上市；速腾聚创于 20 ...

放眼全球资本市场，今年来各路资本对于"硬科技"的投资热情都到了近乎无以复加的程度。就拿这其中颇具代表性的激光雷达来 说，目前整个产业正持续受益于"智驾平权"趋势和技术进步带来的成本大幅下降，行业已经在事实层面进入了放量兑现期。在此背 景下，产业链上相关标的的市场关注度也达到了空前的高度。 激光雷达概念股的投资热度持续攀升，与此同时，智通财经注意到还有一家激光雷达领域里的全球龙头即将登陆港股。10月14日， 图达通境外发行上市备案正式获得中国证监会批准。紧接着的11月12日，图达通顺利通过了港交所聆讯。这一系列关键进展既标志 着图达通自身的资本化进程将按下"加速键"；同时也预示着继速腾聚创与禾赛相继上市后，不日图达通也将登陆港股，届时香港股 市将集齐全球"激光雷达三强"。 考虑到现阶段全球投资者正对激光雷达企业进行系统性价值重估，图达通上市亦料将受到海外内资金的热捧。毕竟不论是从激光雷 达行业发展的趋势以及市场的竞争格局来说，抑或是就图达通自身的竞争优势而言，图达通未来的成长确定性及增长弹性均较高， 该公司算得上是十分符合资本市场审美的标的。后续完成上市后，图达通的表现自然分外值得期待。 全面进化的全球"激光雷 ...

激光雷达概念股的投资热度持续攀升，与此同时，智通财经注意到还有一家激光雷达领域里的全球龙头即将登陆港股。10月14日， 图达通境外发行上市备案正式获得中国证监会批准。紧接着的11月12日，图达通顺利通过了港交所聆讯。这一系列关键进展既标志 着图达通自身的资本化进程将按下"加速键"；同时也预示着继速腾聚创与禾赛相继上市后，不日图达通也将登陆港股，届时香港股 市将集齐全球"激光雷达三强"。 考虑到现阶段全球投资者正对激光雷达企业进行系统性价值重估，图达通上市亦料将受到海外内资金的热捧。毕竟不论是从激光雷 达行业发展的趋势以及市场的竞争格局来说，抑或是就图达通自身的竞争优势而言，图达通未来的成长确定性及增长弹性均较高， 该公司算得上是十分符合资本市场审美的标的。后续完成上市后，图达通的表现自然分外值得期待。 放眼全球资本市场，今年来各路资本对于"硬科技"的投资热情都到了近乎无以复加的程度。就拿这其中颇具代表性的激光雷达来 说，目前整个产业正持续受益于"智驾平权"趋势和技术进步带来的成本大幅下降，行业已经在事实层面进入了放量兑现期。在此背 景下，产业链上相关标的的市场关注度也达到了空前的高度。 全面进化的全球"激光雷 ...

Core Viewpoint - The company TuDatong is attempting to go public through a SPAC merger after facing challenges in its previous IPO attempts, aiming for a valuation of HKD 11.7 billion in a highly competitive lidar market [1][9]. Financial Performance - TuDatong's gross margin turned positive for the first time in Q4 2022 at 5%, further increasing to 12.6% in Q1 2023, with a gross profit of USD 319.7 million [2][3]. - The company reported revenues of USD 66.3 million in 2022, projected to grow to USD 121.1 million in 2023 and USD 159.6 million in 2024, but it continues to incur significant losses, with total losses expected to reach USD 398.2 million in 2024 [3][4]. Market Position and Competition - TuDatong's market share in the global passenger car lidar market has declined to 12.8%, significantly lower than competitors like Hesai (20.3%), Huawei (19.1%), and RoboSense (16.7%) [9][12]. - The company relies heavily on a single major client, NIO, which accounted for 88.7% to 91.6% of its revenue from 2022 to 2024, leading to reduced bargaining power [4][6]. Technology and Cost Structure - TuDatong's 1550nm lidar technology is more expensive to produce, costing 2-3 times more than the 905nm technology used by competitors, which poses challenges in a price-sensitive market [4][12]. - The average selling price of TuDatong's products has been declining, with the Falcon series dropping from USD 879 per unit in 2022 to USD 704 in 2024 [5][6]. Cash Flow and Financial Health - As of March 2025, TuDatong had cash and equivalents of USD 24.27 million against current liabilities of USD 97.75 million, indicating a tight cash flow situation [7]. - The company's total assets decreased from USD 218.43 million in 2022 to USD 152.75 million by March 2025, reflecting financial strain [7]. Industry Outlook - The global lidar market is expected to grow significantly, with projections indicating a rise from USD 3 billion in 2023 to USD 10 billion by 2025, driven by increasing adoption in smart vehicles [13]. - Despite the growth potential, the industry faces intense price competition, with lidar prices expected to drop from 20,000-30,000 RMB in 2022 to around 1,000 RMB by 2025 [13][15]. Strategic Initiatives - To reduce dependency on NIO, TuDatong is expanding its customer base and has secured partnerships with companies like Hongjing Zhijia and Zhitong Technology, although revenue contributions from these new clients have not been disclosed [6][9]. - The company is also exploring opportunities in the robotics sector, which is experiencing rapid growth, but its current output in this area remains significantly lower than competitors [15].

招股书显示，图达通是设计、开发及生产车规级激光雷达解决方案的全球领导者。作为全球图像级激光雷达解决方案提供商，图达通2024年交付约23万台车 规级激光雷达，并且于往绩记录期间，ADAS激光雷达累计销售收入全球排名第二，中国市场份额20.7%。 10月14日，中国证监会国际合作司发布《关于Seyond Holdings Ltd.(图达通控股有限公司)境外发行上市备案通知书》。公司通过与境外特殊目的收购公司 TechStar Acquisition Corporation合并实现在香港联合交易所上市，拟同步发行不超过190,240,000股境外上市普通股。 从车载到机器人，公司持续优化客户结构。在乘用车领域，图达通进一步深化与蔚来的合作，已在蔚来九款车型上使用，其猎鹰系列累计交付超50万台，商 业化落地成果亮眼；在商用车与物流领域，图达通与Deepway深向、陕汽重卡、赢彻科技、Pony AI等达成稳定合作，持续拓展应用场景；机器人赛道作为 激光雷达应用的蓝海市场，图达通也已切入核心场景，获得九识智能、中立股份、库萨科技、驭势科技等头部企业的大规模订单，覆盖物流、环卫、搬运等 领域。 ...

智通财经APP获悉，10月14日，中国证监会国际合作司发布《关于Seyond Holdings Ltd.(图达通控股有限 公司)境外发行上市备案通知书》。公司通过与境外特殊目的收购公司TechStar Acquisition Corporation合 并实现在香港联合交易所上市，拟同步发行不超过190,240,000股境外上市普通股。 招股书显示，图达通是设计、开发及生产车规级激光雷达解决方案的全球领导者。作为全球图像级激光 雷达解决方案提供商，图达通2024年交付约23万台车规级激光雷达，并且于往绩记录期间，ADAS激光 雷达累计销售收入全球排名第二，中国市场份额20.7%。 从车载到机器人，公司持续优化客户结构。在乘用车领域，图达通进一步深化与蔚来的合作，已在蔚来 九款车型上使用，其猎鹰系列累计交付超50万台，商业化落地成果亮眼；在商用车与物流领域，图达通 与Deepway深向、陕汽重卡、赢彻科技、Pony AI等达成稳定合作，持续拓展应用场景；机器人赛道作 为激光雷达应用的蓝海市场，图达通也已切入核心场景，获得九识智能、中立股份、库萨科技、驭势科 技等头部企业的大规模订单，覆盖物流、环卫、搬运等领域。 ...

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]