11月12日，港交所官网显示，图达通（Seyond）已通过港交所聆讯。至此，禾赛、速腾聚创与图达通三家资本市场瞩目的激光雷达"三强"即将齐聚港 股。 根据最新招股书，图达通2025年前9个月，交付了约18.1万台车规级激光雷达，同比增长7.7%。同时，自2024年第四季度至2025年第三季度，图达通连 续四个季度实现了毛利润为正。这一关键指标的改善，印证了其规模化效应与精细化管理已初见成效，盈利路径趋于清晰。 业务层面，图达通凭借车规级主激光雷达"猎鹰"（Falcon）累计交付量超过60万台，证明了其产品的顶尖性能与大规模稳定交付的能力。 另外，在奠定高端市场地位的同时，公司客户多元化战略取得关键突破。招股书显示，图达通在巩固与蔚来深度合作的同时，新增了包括三家中国国有 汽车制造商及一家头部合资车企在内的多家主机厂定点。这些新定点预计将从2025年底开始贡献销售收入，为其增长注入全新动能。 此外，其产品应用已从乘用车领域，拓展至商用车、机器人等更广阔的赛道。图达通已获得深向DeepWay、陕汽重卡、赢彻科技、九识智能等行业企业 的量产订单。这不仅是其技术可靠性的有力背书，更预示着其业务模式已从"赋能智能驾驶" ...

现已累计交付超60万台激光雷达。 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，Seyond Holdings Ltd.（以下简称"图达通"）日前已通过聆讯并于11月12日披 露通过聆讯后的资料集，并计划于12月10日正式以"2665"为股票代码在港交所主板挂牌上市。 成 立 于 2016 年 的 图 达 通 专 注 于 车 规 级 激 光 雷 达 的 设 计 、 开 发 与 生 产 ， 为 高 级 驾 驶 辅 助 系 统 （ADAS）、自动驾驶系统（ADS）以及其他汽车及非汽车应用场景提供高性能激光雷达解决方案。 根据灼识咨询的资料，图达通是全球首家实现量产的车规级激光雷达解决方案供应商；2022年8 月，图达通成为全球首家累计交付10,000套车规级激光雷达解决方案的公司。 据公开资料显示，图达通现已累计交付超60万台激光雷达。其中，今年前三季度图达通交付了约 181,131台车规级激光雷达，同比增长7.7%。 不可否认的是，当激光雷达的竞争进入到下半场后，已经不再是单点技术的比拼，而是产品矩阵的完 整性、量产交付的稳定性和商业模式的成熟度的 ...

Core Insights - TudaTong's plan for a Hong Kong listing has progressed following the successful second listing of Hesai, indicating a new phase of commercialization in the lidar industry with multiple companies meeting listing conditions [1][2] - TudaTong ranks second globally in cumulative sales revenue for ADAS lidar solutions as of Q1 2023, trailing only Hesai [1][6] - The company has historically relied heavily on NIO for revenue, with nearly 90% of its income coming from NIO orders in recent years [2][3] Company Development - TudaTong was founded in 2016 by former Baidu employees and focuses on designing, developing, and producing automotive-grade lidar solutions for ADAS and ADS applications [2] - The company has achieved significant milestones, including being the first to mass-produce automotive-grade high-performance lidar and leading in global passenger car lidar shipments in 2023 [2][4] Financial Performance - TudaTong's revenue grew from $0.66 billion in 2022 to $1.60 billion in 2024, with a gross margin of 12.6% in Q1 2025, indicating improved profitability [6] - The company has delivered over 493,000 automotive-grade lidar solutions, with nearly half of these delivered in 2024 alone, showcasing a rapid commercialization process [6] Market Dynamics - The lidar market is experiencing price declines and increased competition, with TudaTong's negotiation power being affected by NIO's market pressures [3][7] - The global penetration rate of new energy vehicles is expected to exceed 45% by 2025, shifting the focus of competition towards "intelligentization" and making lidar a standard safety feature in new vehicles [3] Technological Advancements - TudaTong employs a dual-technology strategy with its Falcon series (1550nm) and Sparrow series (905nm/940nm), catering to both high-end and mass-market vehicles [4][5] - The introduction of the new solid-state lidar, Hummingbird D1, enhances TudaTong's technological edge, with a product matrix covering various distance and solid-state solutions [5] Client Diversification - To reduce reliance on NIO, TudaTong is actively expanding its client base, securing exclusive supply agreements with major automotive groups and multiple orders from state-owned and joint venture manufacturers [5][6] - The company is also penetrating new markets such as commercial vehicles and robotics, establishing partnerships with leading firms in these sectors [8][9]

Core Viewpoint - Tuda Technology Holdings Limited has received approval from the China Securities Regulatory Commission for its overseas listing plan, indicating a new phase of commercialization in the LiDAR industry as multiple leading companies prepare to list [2] Group 1: Company Overview - Tuda Technology was founded in 2016 by former Baidu employees and focuses on the design, development, and production of automotive-grade LiDAR solutions for advanced driver-assistance systems (ADAS) and autonomous driving [3] - The company has achieved significant milestones, including being the first to mass-produce high-performance automotive-grade LiDAR and leading in global passenger vehicle LiDAR shipments in 2023 [3][4] Group 2: Revenue Dependency - Tuda Technology's revenue has heavily relied on NIO, with nearly 90% of its income coming from NIO orders in recent years, highlighting a potential risk due to over-dependence on a single client [4][5] - Revenue from NIO accounted for 88.7%, 90.6%, 91.6%, and 85.6% of total revenue in 2022, 2023, 2024, and the first three months of 2025, respectively [4] Group 3: Market Dynamics - The LiDAR market is experiencing a decline in product pricing due to increased supply, which is compressing profit margins, but demand is expected to grow significantly, with global electric vehicle penetration projected to exceed 45% by 2025 [5][6] - Tuda Technology is adapting to market changes by diversifying its client base and expanding into new applications beyond passenger vehicles, including commercial vehicles and robotics [7][11] Group 4: Financial Performance - Tuda Technology's revenue grew from $0.66 billion in 2022 to $1.60 billion in 2024, with a gross margin of 12.6% in Q1 2025, indicating improved profitability and operational efficiency [8] - The company has delivered over 493,000 automotive-grade LiDAR solutions, with nearly half of these deliveries occurring in 2024, showcasing its accelerating commercialization process [8] Group 5: Future Prospects - Despite positive business developments, Tuda Technology's potential market valuation post-listing may be challenged by the overall market sentiment in the LiDAR sector, which remains subdued [9][10] - The company is also exploring opportunities in the robotics sector, which is seen as a significant growth area, with established partnerships and orders from leading firms in various applications [11][12][13]

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and A-shares, highlighting key companies and their developments in the biotechnology and technology sectors [1]. Group 1: Tianchen Biopharmaceuticals - Tianchen Biopharmaceuticals submitted its prospectus to the Hong Kong Stock Exchange on August 21, 2025, aiming for a main board listing, with Guojin Securities (Hong Kong) as the sole sponsor [3]. - Founded in 2020, Tianchen focuses on innovative drug development, particularly in biopharmaceuticals for allergic and autoimmune diseases, with a comprehensive product pipeline targeting various medical fields [3][5]. - The core product, LP-003, is a next-generation anti-IgE antibody with superior clinical efficacy compared to Omalizumab, showing 860 times higher binding affinity to IgE and 30 times greater blocking activity [4]. - Tianchen's key product, LP-005, is a dual-function antibody fusion protein targeting complement C5 and C3b, aimed at treating several serious conditions, including PNH and lupus nephritis [4]. - The company has raised over 2 billion RMB in its last financing round before the IPO, achieving a valuation exceeding 20 billion RMB [6]. Group 2: Tuda Technology - Tuda Technology updated its prospectus on August 26, 2025, continuing its De-SPAC listing process on the Hong Kong Stock Exchange [8]. - Established in 2016, Tuda is the first company to mass-produce automotive-grade LiDAR solutions, having deployed over 10,000 units [8]. - The company has a significant market share of 20.7% in China for ADAS LiDAR solutions and ranks second globally in cumulative sales revenue from 2022 to 2024 [8]. - Tuda has optimized its customer structure, expanding partnerships across various sectors, including passenger vehicles and robotics, with notable collaborations with NIO and several major logistics companies [9]. - The company's gross profit for Q1 this year was $319.7 million, with a gross margin of 12.6%, indicating improving profitability [9]. Group 3: Hesai Technology - Hesai Technology received approval for its overseas listing on August 19, 2025, from the China Securities Regulatory Commission [11]. - In Q2, Hesai reported revenue of 710 million RMB, a year-on-year increase of over 50%, with net profit exceeding 40 million RMB [11]. - The total delivery of Hesai's LiDAR units reached 352,095 in Q2, marking a 306.9% increase year-on-year, with significant growth in both ADAS and robotics sectors [11]. - Hesai has secured contracts with nine major automotive manufacturers for 20 vehicle models, further solidifying its position in the ADAS market [12]. - The company is also leading in the domestic robotics sector, with its JT series LiDAR achieving over 100,000 units delivered, setting a record for rapid mass production [13].

Core Insights - Seyond Holdings Ltd. (Tudatong) has updated its IPO prospectus, indicating a strong position in the laser radar market with plans to deliver approximately 230,000 automotive-grade laser radars in 2024 and a global sales revenue ranking of second in ADAS laser radar, capturing a 20.7% market share in China [1][2] - The company achieved a gross profit of $3.197 million in Q1 2023, with a gross margin of 12.6%, marking a significant turnaround in profitability and demonstrating effective cost control and operational efficiency [1][2] - The IPO proceeds will primarily be used to enhance R&D, improve product lines, upgrade production lines, optimize supply chains, and expand global market capabilities [2] Group 1: Product and Technology Development - Tudatong employs a dual-technology strategy with high-performance Falcon series (1550nm) and platform-based Robin series (905nm/940nm), continuously enriching its product matrix to provide comprehensive solutions for L2/L3 level assisted driving [3][4] - The company launched three breakthrough laser radar products in Q2 2023: Falcon K3, Robin E2, and Hummingbird D1, which together create a full-scene perception matrix [3] - The Falcon K3 offers ultra-long-range perception of 250-300 meters, while the Hummingbird D1 features a leading solid-state electronic scanning solution with a large field of view [3][4] Group 2: Market Position and Client Base - Tudatong's products cater to a range of market needs, from budget to luxury vehicles, supporting the acceleration of "smart driving equality" [4] - The company has established strong commercial capabilities, evidenced by its collaboration with NIO, where its laser radars are used across multiple vehicle models, showcasing its technical strength and market adaptability [5][6] - Tudatong has expanded its client base beyond NIO, securing projects with ten additional automotive manufacturers and ADAS companies, indicating robust demand for its products across various market segments [7] Group 3: Market Opportunities and Future Growth - The rise of robotics as a new application market for laser radars presents significant growth opportunities, with the market for robotic laser radar solutions projected to grow from 8.2 billion yuan in 2022 to 216.2 billion yuan by 2030, at a CAGR of 50.6% [8][9] - Tudatong has successfully entered this market, collaborating with leading players in logistics and industrial robotics, which underscores its understanding of the specific needs in these applications [8][9] - The company's strategy of leveraging diverse partnerships and technological advancements positions it to capitalize on the growing demand for laser radars across various industries, contributing to its long-term growth trajectory [9]

Core Viewpoint - Seyond Tuda's financial data update indicates a significant shift for the company, as it reports a gross profit of $3.197 million with a gross margin of 12.6% for Q1 2025, marking a transition from previous losses to profitability, reflecting a maturation in the lidar supply chain and increased acceptance of lidar technology by OEMs [1][3]. Financial Performance - For Q1 2025, Seyond Tuda recorded a gross profit of $3.197 million, achieving a gross margin of 12.6%, continuing the positive trend established in Q4 of the previous year [1]. - The company's costs decreased by 36.9% year-on-year, from $35.023 million to $22.099 million, attributed to product design optimization and economies of scale [1]. Market Position and Product Development - Seyond Tuda is the second-largest lidar supplier globally, with a 20.7% market share in China, and plans to deliver approximately 230,000 automotive-grade products in 2024 [1]. - The company has established a diverse customer base, including partnerships with NIO and several state-owned enterprises, which are expected to convert into actual sales by the end of 2025 [2]. - The introduction of the Hummingbird D1, a solid-state lidar product, marks a significant step towards the industrialization of solid-state lidar technology, with orders from leading OEMs [2]. Industry Implications - The positive gross margin for Seyond Tuda is indicative of a broader trend in the lidar industry, suggesting that lidar technology is moving from being a high-cost option to a more scalable solution for various automotive applications [3]. - The company's strategy of diversifying into multiple application scenarios, including commercial vehicles and robotics, helps mitigate the cyclical volatility of any single industry [2].

Core Insights - The core highlight of the updated prospectus is that Seyond achieved a gross profit of $3.197 million with a gross margin of 12.6% in Q1 2025, continuing the positive trend from Q4 2024 [1][2] - 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][2] - Seyond has made significant breakthroughs in various fields, including passenger vehicles, commercial vehicles, robotics, Robotaxi, and smart transportation, establishing a diversified growth pattern [1][3] Financial Performance - In Q1 2025, Seyond's costs decreased significantly by 36.9% year-on-year, from $35.023 million to $22.099 million, driven by product design optimization and increased procurement scale [2] - The company has shown a consistent reduction in losses from 2022 to 2024, indicating improvements in cost control and operational efficiency [2] Customer Base Optimization - Seyond has deepened its collaboration with NIO, with its Falcon series being used in over 500,000 units across nine models [3] - The company has secured additional orders from ten OEMs and ADAS/ADS companies, including three state-owned manufacturers and a leading joint venture [3] Technological Advancements - Seyond is the only global company with mature mass production capabilities for both 1550nm and 905nm LiDAR technologies, allowing it to cater to both high-end and mass-market segments [4] - The introduction of the new generation solid-state LiDAR, the Hummingbird D1, marks a significant technological breakthrough, reinforcing the company's industry position [5] Market Positioning - The increasing value of LiDAR technology in the context of the intelligentization wave across various industries positions Seyond favorably for future growth [5] - The company's strategic product layout and successful penetration into high-growth markets, such as passenger vehicles and robotics, enhance its revenue structure and create a robust competitive moat [5]

Core Insights - The core highlight of the updated prospectus is that Seyond 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 [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 financial performance and business progress reflect the industry's technological iteration and commercialization process, showcasing a critical shift from "scale expansion" to "profit realization" [1][3] Financial Performance - In Q1 2025, the cost decreased significantly by 36.9% compared to the same period in 2024, dropping from $35.02 million to $22.09 million, driven by product design optimization and enhanced bargaining power due to increased procurement scale [3][6] - The company has shown a consistent reduction in losses from 2022 to 2024, indicating significant improvements in cost control and operational efficiency [3][6] - Despite short-term fluctuations in Q1 2025 performance due to seasonal factors in the automotive industry, the long-term demand for LiDAR remains strong [3][6] Customer Structure Optimization - The company has expanded its customer base across multiple sectors, including passenger vehicles and robotics, optimizing its customer structure [4][6] - Collaborations with major players like NIO have led to the use of its products in nine models, with over 500,000 units delivered [6][7] - The company has secured additional orders from ten OEMs and ADAS/ADS companies, including three state-owned manufacturers, indicating a robust growth trajectory [6][7] Technological Advancements - The company is the only global player with mature mass production capabilities for both 1550nm and 905nm LiDAR technologies, catering to both high-end and mass-market 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 [7] - The increasing value of LiDAR technology in the context of new energy vehicles and the intelligentization wave across various industries highlights the company's strategic positioning in high-growth markets [7]