Group 1 - The company is conducting a global offering consisting of two parts: a public offering in Hong Kong of 1.7 million Class B ordinary shares starting on September 8, and an international offering of 15.3 million Class B ordinary shares starting today [2] - The Class B ordinary shares will be dual-listed on the Hong Kong Stock Exchange with the stock code "2525", while the American Depositary Shares (ADS) will continue to be traded on the NASDAQ Global Select Market [2] - The maximum offering price for the Hong Kong shares is set at HKD 228.00 or USD 29.04 per share [3] Group 2 - The company has signed cornerstone investment agreements with several institutions, including HHLR Advisors, Taikang Life, WT Asset Management, Grab, Hongda Group, and Commando Global Fund, with plans to use the proceeds for R&D investment, business development, and working capital [4] - Founded in 2014 and listed on NASDAQ in 2023, the company specializes in the research and manufacturing of LiDAR technology, with a focus on high-definition 3D perception technology for safer and smarter applications in autonomous driving and robotics [4] - The report from the Automotive Research Institute indicates that the domestic LiDAR installation volume is expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7%, and reach 2.5 million units by the end of 2025 [4] Group 3 - The company, along with competitors like RoboSense and Huawei, holds a dominant position in the market, with significant partnerships established with major domestic automakers such as BYD, Chery, Great Wall, and Changan [5] - In Q2, the company delivered 352,000 LiDAR units, a year-on-year increase of 306.9%, with ADAS product deliveries reaching 304,000 units, up 275.8% [5] - The company reported Q2 revenue of CNY 706 million, a year-on-year increase of 53.9%, and a net profit of CNY 44.1 million, marking a turnaround from previous losses [5]

Core Viewpoint - The company is launching a global offering of B-class ordinary shares, with a dual primary listing on the Hong Kong Stock Exchange and continued trading of American Depositary Shares (ADS) on NASDAQ, aiming to raise funds for R&D, business development, and working capital [2][4]. Group 1: Global Offering Details - The global offering consists of two parts: a Hong Kong public offering of 1.7 million B-class ordinary shares starting on September 8, and an international offering of 15.3 million B-class ordinary shares [2]. - The maximum offering price for the Hong Kong shares is set at HKD 228.00 or USD 29.04 per share [3]. Group 2: Company Background and Market Position - The company, established in 2014, focuses on the research and manufacturing of LiDAR technology, with a strong global patent portfolio [4]. - As the penetration of electric vehicles increases, LiDAR technology is becoming a standard safety feature in smart vehicles, with a projected installation of over 1.5 million units in China by 2024, marking a year-on-year increase of 179.7% [4]. Group 3: Financial Performance and Partnerships - The company has secured partnerships with major automotive manufacturers, including BYD, Chery, and Great Wall, and plans to start mass production in Q1 2025 [5]. - In Q2 2023, the company reported revenue of CNY 706 million, a year-on-year increase of 53.9%, and a net profit of CNY 44.1 million, marking a turnaround from previous losses [5].

8月26日，全球激光雷达龙头禾赛科技赴港上市完成中国证券监督管理委员会备案。 中国证监会发布《关于Hesai Group（禾赛科技）境外发行上市备案通知书》显示，禾赛科技拟发行不 超过5123.62万股境外上市普通股，并在香港联合交易所上市。 其中，禾赛科技、速腾聚创、华为等牢牢占据市场主导。盖世汽车研究院报告显示，目前，禾赛ATX已 获得比亚迪、奇瑞、长城、长安等12家国内头部车企的几十款车型定点合作，并于2025年第一季度启动 大规模量产，成为众多主机厂2025年量产车型的标配安全件。今年第二季度，禾赛激光雷达总交付量为 35.2万台，同比增长306.9%。其中，二季度ADAS产品交付量为30.4万台，同比增长275.8%。2025上半 年，禾赛激光雷达总交付量为54.8万台，同比增长276.2%，已超2024全年。 目前，禾赛已与24家国内外汽车厂商达成量产定点合作关系。第二季度及近期，新增9家头部车企的20 款车型定点，量产周期覆盖至2026年，核心客户包括禾赛Top2客户之一、吉利、长城汽车、长安汽车 等头部车企。 在此背景下，公司发布2025年第二季度未经审计的财务数据显示，今年二季度实现营收7. ...

Core Viewpoint - Hesai Technology, a leading global lidar company, has completed its listing process in Hong Kong, aiming to issue up to 51.2362 million shares [2] Group 1: Company Overview - Founded in 2014, Hesai Technology focuses on the research and manufacturing of lidar technology, with a strong global patent portfolio [2] - The company has established itself as a leader in the lidar market, with significant market validation and leading global shipment volumes [2] Group 2: Market Trends - The penetration of electric vehicles is increasing, and lidar is becoming a standard safety feature in smart cars [2] - According to a report by the Automotive Research Institute, the domestic lidar installation volume is expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7% [2] Group 3: Business Performance - In Q2 2023, Hesai delivered 352,000 lidar units, a year-on-year increase of 306.9%, with ADAS product deliveries reaching 304,000 units, up 275.8% [3] - The company reported Q2 revenue of 706 million yuan, a year-on-year growth of 53.9%, and a net profit of 44.1 million yuan, marking a return to profitability [3] Group 4: Strategic Partnerships - Hesai has secured partnerships with 12 major domestic automakers, including BYD and Chery, for multiple vehicle models, with mass production set to begin in Q1 2025 [3] - The company has established production partnerships with 24 domestic and international automotive manufacturers, with recent additions of 9 major automakers [3] Group 5: Future Outlook - Analysts believe that lidar will become a standard feature in intelligent driving, with strong support for revenue growth from deep collaborations with key customers [4] - The robotics sector is expected to become a second growth curve for the company, with increasing lidar penetration in various robotic applications [4]

Core Insights - Hesai Technology, a leading global lidar company, has completed its listing process in Hong Kong, with plans to issue up to 51.2362 million shares [1] - The company focuses on the research and manufacturing of lidar technology, which is increasingly becoming a standard safety feature in smart vehicles [1][2] - The domestic lidar installation volume is expected to exceed 1.5 million units in 2024, marking a year-on-year increase of 179.7% [1] Company Performance - In Q2 2023, Hesai Technology achieved a revenue of 706 million yuan, representing a year-on-year growth of 53.9%, and a net profit of 44.1 million yuan, marking a turnaround from losses [2] - The total delivery volume of Hesai's lidar products in Q2 reached 352,000 units, a year-on-year increase of 306.9% [2] - By the first half of 2025, the total delivery volume is projected to reach 548,000 units, a year-on-year increase of 276.2%, surpassing the total for 2024 [2] Market Position and Collaborations - Hesai has established partnerships with 24 domestic and international automotive manufacturers, with significant collaborations with major players like BYD, Chery, Great Wall, and Changan [2] - The company is set to start large-scale production in Q1 2025, with its lidar products becoming standard safety components for numerous models [2] - The penetration of lidar technology in the automotive sector is expected to continue growing, supported by deep collaborations with key clients and a robust order book [3]

Core Viewpoint - Hesai Technology, a leading global lidar company, has completed its listing in Hong Kong, aiming to issue up to 51.2362 million shares, following its Nasdaq debut in 2023. The company focuses on lidar research and manufacturing, with a strong emphasis on high-definition 3D perception technology for smart driving and robotics applications [1][2]. Group 1 - The penetration of lidar in the smart automotive sector is increasing, with a report indicating that the domestic lidar installation volume is expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7%. By the first half of 2025, it is projected to reach 1.002 million units, with an annual target of 2.5 million units [1]. - Hesai Technology has secured partnerships with 12 major domestic automakers, including BYD and Chery, for multiple models, with mass production set to begin in Q1 2025. The company delivered 352,000 lidar units in Q2 2023, a year-on-year growth of 306.9% [2]. - The company reported Q2 2023 revenues of 706 million yuan, a year-on-year increase of 53.9%, and a net profit of 44.1 million yuan, marking a return to profitability [2]. Group 2 - Industry analysts suggest that lidar is becoming a standard feature in intelligent driving, with deep collaborations with major clients expected to support revenue growth through 2026. The cost reduction in robotics lidar is anticipated to enhance market penetration in various applications [3]. - The company is expected to benefit from the growth of the autonomous driving sector, with lidar penetration reaching around 120,000 yuan in the Chinese market. The robotics business is projected to become a second growth curve for the company, with significant delivery growth anticipated for its JT series products [3].

Core Viewpoint - Hesai Technology, a leading Chinese LiDAR manufacturer, has secretly submitted an application for a Hong Kong IPO, aiming to capitalize on its recent success and growing market demand for LiDAR technology [1][6][13] Company Overview - Founded by Li Yifan and his team, Hesai Technology specializes in LiDAR for autonomous driving, robotics, and industrial automation [2][4] - The company initially focused on laser gas measurement systems before pivoting to the LiDAR market in 2016, competing against established players like Velodyne [4][6] Recent Developments - Hesai Technology went public on NASDAQ in February 2023, raising $190 million and achieving a market valuation of approximately $2.4 billion (around 16 billion RMB) [6][10] - The company has secured significant contracts with major automotive manufacturers, including Baidu and BYD, and has established partnerships with 22 domestic and international automakers for 120 vehicle models [7][10] Financial Performance - For 2024, Hesai Technology projects revenue of 2.08 billion RMB, a year-on-year increase of 10.7%, and has achieved its first annual profit with a net profit of approximately 137 million RMB [10][11] - The company anticipates revenue growth to reach between 3 billion to 3.5 billion RMB by 2025, with a gross margin of around 40% [11] Market Outlook - The global automotive LiDAR market is expected to grow significantly, with a projected market size of $6.92 billion in 2024, driven by increasing demand for autonomous driving technologies [11][13] - Chinese brands are expected to capture 92% of the market share, with Hesai aiming for a long-term market share of over 40% domestically and nearly 50% internationally [13]

Core Viewpoint - The article highlights the significant upgrade of the Li Auto L6789 model, particularly the standard inclusion of Hesai's ATL LiDAR across all variants, emphasizing its advanced features compared to the previous ATX model [1]. Group 1: Technical Specifications - The ATL LiDAR features a fourth-generation chip architecture with a dual-core MCU [2]. - Compared to the Hesai AT128, the ATL's size and weight have been reduced by 60% [2]. - The minimum exposed window height is 25 mm, consistent with the public version of ATX [2]. Group 2: Performance Enhancements - The ATL achieves a best angular resolution of 0.08° (H) × 0.1° (V), an improvement over the ATX's 0.1° × 0.1° [3]. - The higher horizontal resolution and increased point cloud density at the same operating frequency enhance performance [4]. - The ATL can activate optical zoom while driving at high speeds, allowing for a 30° field of view with a maximum range of 200 meters, effectively doubling the resolution [4]. Group 3: Safety Features - Li Auto has customized the ATL with intelligent zoom functionality, focusing on enhancing the active safety capabilities of the AD Pro and AD Max systems [4]. - The latest capabilities include AEB (Automatic Emergency Braking) that can stop at 120 km/h in rainy night conditions and AES (Active Emergency Steering) that can navigate around two accident vehicles at 130 km/h in the dark [4]. - This upgrade aligns the active safety capabilities across the entire Li Auto lineup, from L6 Pro to MEGA Home [5].

预计2025年预计盈利飙升35倍。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，禾赛科技（NASDAQ：HSAI）于3月11日公布了2024年第四季度以及全年未经 审计的财务数据。 交付量 501,889 ª 连续 4 年交付量翻倍 综合毛利率 42.6% 全年净利润 (Non-GAAP 人民币) 1,369万元 全球首家目唯一全年盈利 现金储备 (人民币) 32.0亿元 打破多个激光雷达全球行业记录: 0 全球首个单日交付量招过 10 万会 ○ 全球激光雷达行业营收第一 ○ 全球首家目唯一全年盈利 ○ 全球首家全年经营和净现金流为正 2024 年， 禾赛收入创历史新高，年度交付量连续4年翻倍 ——具体来讲：禾赛在2024年第四季度 实现营收7.2亿元，全年实现营收20.8亿元，突破行业记录；第四季度的激光雷达总交付量为 222,054台，同比增长153.1%，这一数字已超过2023年全年。2024全年，激光雷达总交付量为 501,889 台 ， 同 比 增 长 126.0% 。 其 中 ， 第 四 季 度 ADAS 激 光 雷 达 交 付 量 ...