● 本报记者 王婧涵 9月16日，禾赛科技正式于港交所挂牌上市，发行价为212.80港元/股，上市首日股价盘中一度冲高至 244港元/股，9月18日收盘报231港元/股。继2023年在纳斯达克上市后，禾赛科技在实现两地上市的同 时也于今年第二季度实现扭亏为盈，发展前景可期。 专家表示，随着各家汽车厂商对智能驾驶功能的宣传口径从强调自主决策能力的"高阶智驾"转向强调安 全保障的"辅助驾驶功能"，作为安全保障的激光雷达又一次成为了汽车品牌着力宣传的"标配产品"。加 之机器人市场为激光雷达行业带来新的增量空间和广阔前景，头部激光雷达厂商在规模、成本和量产节 奏上逐渐形成领先优势，行业正迎来"量价齐升"的黄金时期。 业绩趋势向好 禾赛联合创始人及首席科学家孙恺在上市致辞中表示："过去十年，依托芯片化架构与自动化生产体 系，原本售价10万美元/台、仅限科研机构使用的激光雷达，已经降至200美元/台，成功搭载于百万辆 汽车之上，先进、安全与智能的技术持续惠及大众。" 禾赛科技是激光雷达行业头部企业。灼识咨询数据显示，按收入计算，2022年、2023年、2024年禾赛科 技均为全球第一大激光雷达供应商。2024年12月，禾 ...

● 本报记者 王婧涵 图达通披露的最新财务数据显示，2025年一季度，公司营业收入为2529.6万美元，毛利率达到12.6%， 毛利为319.7万美元，延续了2024年第四季度开始的毛利由负转正态势。 9月16日，禾赛科技正式于港交所挂牌上市，发行价为212.80港元/股，上市首日股价盘中一度冲高至 244港元/股，9月18日收盘报231港元/股。继2023年在纳斯达克上市后，禾赛科技在实现两地上市的同 时也于今年第二季度实现扭亏为盈，发展前景可期。 专家表示，随着各家汽车厂商对智能驾驶功能的宣传口径从强调自主决策能力的"高阶智驾"转向强调安 全保障的"辅助驾驶功能"，作为安全保障的激光雷达又一次成为了汽车品牌着力宣传的"标配产品"。加 之机器人市场为激光雷达行业带来新的增量空间和广阔前景，头部激光雷达厂商在规模、成本和量产节 奏上逐渐形成领先优势，行业正迎来"量价齐升"的黄金时期。 业绩趋势向好 禾赛联合创始人及首席科学家孙恺在上市致辞中表示："过去十年，依托芯片化架构与自动化生产体 系，原本售价10万美元/台、仅限科研机构使用的激光雷达，已经降至200美元/台，成功搭载于百万辆 汽车之上，先进、安全与智能 ...

Core Viewpoint - Hesai Technology, a leading player in the LiDAR industry, has initiated a dual listing plan, aiming to issue up to 51.24 million shares on the Hong Kong Stock Exchange after successfully completing its IPO on NASDAQ in February 2023 [1][2]. Group 1: Company Developments - Hesai Technology received approval from the China Securities Regulatory Commission for its overseas listing, marking a significant step in its global capital strategy [1]. - The company completed its NASDAQ IPO on February 9, 2023, raising $190 million by issuing 10 million ADS at a price of $19 each [1]. - As of Q2 2025, Hesai reported revenues of 710 million yuan, a year-on-year increase of over 50%, and net profits exceeding 40 million yuan, surpassing GAAP profitability targets [2]. Group 2: Market Position and Performance - In the first half of 2025, Hesai achieved the highest installation volume of LiDAR in the ADAS sector and led in 3D LiDAR shipments in the robotics field [2]. - The total delivery of Hesai's LiDAR units reached 352,100 in Q2 2025, representing a year-on-year growth of 306.9%, with ADAS product deliveries at 303,600 units, up 275.8% [2]. - The company secured contracts with nine major automotive manufacturers for 20 vehicle models, set for delivery between 2025 and 2026, including top clients like Geely and Great Wall Motors [2]. Group 3: Industry Standards and Innovations - In April 2025, Hesai led the development of China's first national standard for vehicle-mounted LiDAR, GB/T 45500-2025, in collaboration with over 50 partners, establishing performance and reliability benchmarks for the industry [3]. - The JT series of LiDAR, launched less than five months prior, achieved over 100,000 units delivered, setting a global record and becoming the preferred choice for leading robotic lawn mower manufacturers [3]. - Hesai's CEO emphasized the growing necessity of LiDAR in three key areas: automotive safety, robotics productivity, and digital twin applications, positioning the company to lead in the expanding robotics market [3].

Core Insights - Hesai (HSAI.US) shares rose over 8% to $27.73 following the release of its Q2 2025 unaudited financial data on August 15 [1] - The company reported revenue of 710 million RMB, a year-on-year increase of 53.9%, and net profit exceeding 40 million RMB, surpassing GAAP profitability targets [1] - Hesai secured new model designations from a joint venture brand under Toyota, with plans for mass production in 2026 [1] Financial Performance - In Q2, Hesai's total lidar deliveries reached 352,095 units, marking a year-on-year growth of 306.9% [1] - Deliveries of ADAS products amounted to 303,564 units, up 275.8% year-on-year [1] - The robotics sector saw deliveries of 48,531 units, a significant increase of 743.6% year-on-year [1] - For the first half of 2025, total lidar deliveries reached 547,913 units, reflecting a year-on-year growth of 276.2%, surpassing the total for 2024 [1] Market Position and Clientele - Hesai's lidar has become a standard safety feature for advanced driver-assistance systems (ADAS), contributing to the launch of several popular vehicle models [1] - In Q2 and recently, the company secured designations for 20 models from nine leading automakers, with deliveries planned for 2025-2026 [1] - Key clients include major automotive players such as Geely, Great Wall Motors, and Changan Automobile [1] Robotics Sector - The JT series in the robotics field achieved over 100,000 units delivered in less than five months, setting a global record for speed [1]