格隆汇9月28日｜有投资者在互动平台向中润光学提问：戴斯光电有车裁的相关产品吗？ 中润光学回复称，戴斯光电可以为车载激光雷达提供柱面镜、楔形片等全套光学元件，产品具有光洁度 高等特点，公司已经与车载激光雷达头部客户实现对接，并且通过了部分客户的工厂资质审验，分别处 于小批量产、送样测试等阶段。后续戴斯光电将尽快推进现有客户批量采购，并积极开拓新的客户。 ...

Core Viewpoint - Hesai Technology (HSAI.US) shows a positive market response with a 3% increase in stock price, reaching $29.67, supported by a report from CMB International that highlights the company's robust fundamentals and upward adjustments in revenue and profit forecasts [1] Group 1: Financial Performance - CMB International raised the target price for Hesai Technology from $27.52 to $34.66 based on a DCF model [1] - Revenue forecasts for 2026 and 2027 were increased by approximately 2%, projected at $4.434 billion and $5.775 billion respectively [1] - Net profit estimates were raised by about 6%, expected to be $441 million and $624 million for the same periods [1] Group 2: Business Developments - Hesai Technology officially listed on the Hong Kong Stock Exchange on September 16, becoming the first lidar company to achieve a dual listing in both the US and Hong Kong [1] - The company is expanding its focus from solely automotive lidar to new fields such as robotics [1] - In the first half of the year, Hesai Technology's lidar shipments in the robotics sector reached 98,000 units, marking a significant year-on-year growth of 692.9% [1]

目前，禾赛科技在车载激光雷达市场摘得三项全球第一：全球车载激光雷达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激光雷达市占率第一，也成为了行业唯一一个连续四年获"多 项全球第一"殊荣的企业，持续领跑全球市场。 本次IPO绿鞋（超额配售选择权）前募资41.6亿港元（约5.33亿美元），创全球激光雷达行业规模最大 纪录，也是近四年融资额最高的中概股回港项目。 北京商报讯（记者 陶凤 实习记者 王天逸）2025年9月16日，全球激光雷达龙头禾赛科技正式在香港交 易所主板挂牌，成为业内首家"美股+港股"双重主要上市公司。 2024 年公司实现营收 20.8 亿元，年度交付量连续 4 年翻倍，成为全球首家且唯一实现全年盈利的上市 激光雷达企业，也是全球首家全年经营和净现金流为正的上市激光雷达企业。公司 2021 至 2024 年的营 收复合增长率达 42.3%，收入保持高速增长。 ...

Yole Group发布的《2025年全球车载激光雷达市场报告》显示，禾赛科技在2024年全球L4自动驾驶激光雷达市场占有率达61%，连续四 年蝉联榜首，是全球头部自动驾驶企业的核心传感器供应商首选。 截至今年4月，禾赛科技已与22家国内外汽车厂商的120款车型达成量产定点合作关系。据公开数据，2024年中国市值最高的10家汽车制 造商中，有9家已经与禾赛达成了量产定点合作关系。 9月16日，禾赛科技正式登陆港交所，开盘价最高为244港元，截至发稿为229.2港元，较212.8港元发行价涨幅为7.99%，目前公司市值 352.08亿港元。 在本次股份发行中，禾赛科技共发行基础股份数量为1955万股，其中香港地区发售195.5万股，国际发售1759.5万股，同时设有超额配股 权293.25万股。公司通过此次发行总共筹集到41.6亿港元的资金，预计需要支付1.55亿港元的上市费用，最终净额为40.05亿港元。 ...

Core Insights - The article discusses the development of the world's first "dual-modal" LiDAR system by Huazhong University of Science and Technology in collaboration with Tsinghua University and Beijing Information Science and Technology University, which significantly enhances the 3D perception capabilities of autonomous vehicles, robots, and drones [2][3] Group 1: Technology Development - The new LiDAR system addresses the long-standing challenge of balancing detection range, resolution, and scanning speed, which has been a bottleneck in the field [2] - The innovative "hybrid cascading translational metasurface" device allows for dynamic control of laser polarization, enabling high-energy density beams for precise detection of obstacles up to 500 meters away in scanning mode, and a uniform light field for full-field imaging within 200 meters in flash mode [3] - This hardware-level integration of high precision and efficiency marks a significant advancement over traditional software-dependent performance compromises [3] Group 2: Market Growth - The Chinese automotive LiDAR market surpassed 3 billion yuan in 2023, reflecting a year-on-year growth of over 200% [4] - Major domestic players include Hesai Technology, TuTongDa, Huawei Technologies, and Suteng Juchuang, with market shares of 49.4%, 27.5%, 15.4%, and 7.4% respectively, indicating a high market concentration [5] - Chinese manufacturers dominate the global passenger vehicle market, holding over 70% market share, and the industry is experiencing a virtuous cycle of technological iteration, scale effects, and cost reduction [7] Group 3: Future Outlook - With the maturation of FMCW (Frequency Modulated Continuous Wave) technology, LiDAR is expected to become a standard sensor for L3 autonomous driving by 2025, potentially driving the market size to reach hundreds of billions [7] - The Chinese LiDAR industry has established a complete innovation chain from basic research to core components, system integration, and automotive certification, positioning China to lead the formulation of new international standards for next-generation LiDAR [7]

Core Viewpoint - The company, Wanji Technology, is focusing on the development of vehicle-mounted lidar products, primarily targeting automotive-grade applications for external environment perception, while planning to expand product applications based on industry trends and customer needs [2]. Group 1 - The company is recognized as a leading player in the domestic lidar market [2]. - Current research and development efforts are centered on vehicle-mounted lidar products for pre-installed automotive applications [2]. - Future product applications will be expanded in response to industry technological trends and customer demands [2].

Core Insights - Yongxin Optical reported revenue and net profit growth in the first half of 2025, achieving revenue of 441 million yuan, a year-on-year increase of 2.95%, and a net profit of 108 million yuan, up 8.75% [2] Group 1: Financial Performance - The company achieved a total profit of 120 million yuan, reflecting a year-on-year growth of 9.24% [2] - The net profit attributable to shareholders was 108 million yuan, with a non-recurring net profit of approximately 87.69 million yuan, marking a growth of 3.05% [2] Group 2: Business Segments - The "2+2" strategy focuses on four business segments: optical microscopes, barcode machine vision, automotive lidar, and medical optics, with collaborative development [3] - The optical microscope segment generated sales of 165 million yuan, with high-end microscopes accounting for over 40% of sales [3] - The barcode machine vision business showed double-digit growth, responding to the demand for "technology + cost" supply chain solutions from leading overseas companies [3] Group 3: Growth Drivers - The automotive lidar segment emerged as a significant growth driver, with nearly one million optical components shipped in the first half, and continued acceleration expected in the second half [4] - The medical optics segment saw substantial revenue growth, with key components for surgical microscopes collaborating with major enterprises, and a focus on domestic substitution [4] - The semiconductor optics business is progressing well, with ultra-precision optical components being applied in core semiconductor manufacturing equipment [4] Group 4: Future Outlook - The company plans to deepen its strategy of consolidating existing advantages while seizing new opportunities, accelerating domestic substitution in high-end scientific instruments and medical devices [5] - Market analysis suggests that Yongxin Optical is likely to expand its market share amid the domestic substitution wave in the optical industry, leveraging its technological accumulation and customer resources [5]

Group 1 - The core point of the article is that Hesai Technology (HSAI), a leading global lidar manufacturer, plans to raise approximately $300 million through a listing in Hong Kong, targeting to be listed on the Hong Kong Stock Exchange within the year [1] - In February 2023, Hesai Technology successfully went public on NASDAQ under the ticker "HSAI," raising about $190 million by issuing 10 million ADS at a price of $19 each [1] - The China Securities Regulatory Commission has issued a notice regarding Hesai Technology's overseas issuance and listing, with plans to issue no more than 51,236,200 shares of ordinary stock for the Hong Kong listing [5] Group 2 - According to Yole Group's report, Hesai Technology holds three global leadership positions in the automotive lidar market: the highest market share in automotive lidar, ADAS lidar, and L4 autonomous driving lidar [4] - As of April 2023, Hesai Technology has established production partnerships with over 22 domestic and international automakers, covering more than 120 vehicle models, including major brands like BYD, Li Auto, and Xiaomi [4] - In Q2 2025, Hesai Technology reported revenue of 710 million RMB, a year-on-year increase of over 50%, and a net profit exceeding 40 million RMB, surpassing GAAP profitability targets [4]

中国证监会在昨天披露，已于 8 月 19 日确认禾赛科技提交的境外发行上市备案材料，文件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。 | 索 引 号 | bm56000001/2025-00010157 | से | 崇 | 结果公示备 | | --- | --- | --- | --- | --- | | 发布机构 | | 发文日期 | | 2025年081 | | 名 称 | 关于Hesai Group（禾赛科技）境外发行上市备案通知书 | | | | | 文 특 | 国合函〔2025〕 1424 号 | 主题词 | | | IT之家 8 月 27 日消息，据彭博社今天报道，全球最大的车载激光雷达制造商禾赛科技正准备赴港上市。 知情人士透露，禾赛科技正准备最早于下个月在香港上市，这家公司计划通过此次赴港上市筹集大约 3 亿美元（IT之家注：现汇率约合 21.47 亿元人民币） 资金，相关讨论仍在进行中，交易的规模和时间安排随时可能发生变动。 值得注意的是，禾赛科技已在美国纳斯达克证券交易所上市，截至IT之家发稿，其股价为 26.67 美元（现汇率约合 190.9 ...

Group 1 - Intelligent driving has evolved from a technological highlight to a core differentiator for automakers and a key driver for the commercialization of mobility services [1] - The depth of technology, iteration speed, and scale of implementation will significantly impact the future competitive landscape and the construction of sustainable competitive advantages in the "software-defined vehicle" arena [1] - Understanding the real situation and evolution path of intelligent driving capabilities is crucial for predicting future competition and commercialization trends [1] Group 2 - The competition landscape is being reshaped by large models, with the cloud-vehicle collaborative computing race intensifying [2] - VLA models are achieving breakthroughs in decision-making interpretability and long-tail scenario generalization through multimodal integration and reasoning [2] - The deployment of large models is pushing the cloud-vehicle collaborative computing competition into a heated phase, requiring upgrades in vehicle-side chip computing power and millisecond-level data interaction between cloud and vehicle [2] Group 3 - Tesla maintains its leading position in the intelligent driving industry through a full-stack multimodal end-to-end architecture, efficient data loops, and Dojo supercomputing capabilities [3] - Domestic automakers are accelerating their technological catch-up, but there remains a generational gap in data loop capabilities, algorithm integration depth, and engineering efficiency [3] - Major Chinese automakers like Huawei, Xpeng, and NIO have established supercomputing centers with approximately 10 EFLOPS to support scenario data training and model upgrades [3] Group 4 - The commercialization process of L3 intelligent driving is accelerating, driven by regional pilot programs and favorable policies [4] - In 2024, only 5% of vehicles priced between 100,000 to 200,000 yuan will be equipped with high-speed NOA and urban NOA, indicating a significant opportunity for "intelligent driving democratization" [4] - The Robotaxi market is expected to reach several hundred billion yuan by 2030, with commercial operations potentially scaling up in 2026 [4] Group 5 - Desay SV is a leader in the intelligent cockpit domain with a market share of 38%, achieving over 8 billion yuan in revenue from intelligent driving business in 2023 [5] - Wanji Technology, a leader in the vehicle-mounted lidar sector, achieved a 300% year-on-year increase in shipment volume in Q1 2024 [6] - Lichuang Electronics, a core supplier for Tesla's pure vision solution, expects Tesla's business to account for over 30% of its revenue [7] - BYD sold over 1.5 million L2 vehicles in 2023 and plans to launch L3 models by 2025 [8]