2025年12月10日，全球图像级激光雷达解决方案提供商图达通正式登陆香港交易所主板。作为港交所第 三家以De-SPAC模式成功上市的企业，图达通与已上市的禾赛科技、速腾聚创齐聚资本市场，标志着国 产激光雷达"三强"格局在资本层面正式成型。 上市首日，图达通开盘股价上涨超10%，市值升至150亿港元以上。这一积极的市场反应，为其作为上 市公司的全新发展阶段揭开了序幕。 市场对其的看好并不奇怪，作为目前激光雷达领域的头部玩家之一，图达通不仅成长性凸显，而且已经 具备出众的自我造血能力，这也是其能够在激烈的竞争中率先突围的关键。 放眼更长远的未来，图达通上市之后值得期待吗？ 01 双线破局：构筑量产时代的核心壁垒 上市其实是一次严选，是对企业战略路径、商业模式、财务健康性、市场竞争优势、所处赛道前景的一 次全方位检阅。 公开资料显示，图达通是全球首家实现车规级高性能激光雷达解决方案量产的供应商。业绩表现上， 2022年至2024年，其ADAS激光雷达解决方案累计销售收入全球排名第二；2024年全年交付约23万台车 规级激光雷达，凭借硬核产品实力与规模化交付能力，与华为、禾赛科技、速腾聚创共同跻身ADAS激 光雷达 ...

（原标题：图达通通过聆讯：毛利率连续转正引领盈利跨越，国产激光雷达三强竞逐千亿市场） 在全球智能驾驶浪潮奔涌、资本市场持续关注硬科技赛道的当下，激光雷达作为自动驾驶的"眼睛"，正迎来前所未有的发展机遇。 近日，激光雷达赛道迎来又一位重磅玩家。11月12日，图达通通过港交所聆讯，即将通过SPAC方式于香港联合交易所主板上市。 这标志着图达通成为继禾赛科技、速腾聚创之后，第三家冲击港股市场的中国激光雷达企业。自此，三家头部企业即将在港股市场集结，开启资 本市场的新征程。 图达通此次上市不仅是中国激光雷达产业成熟度的重要标志，更成为观察智能驾驶供应链领域投资价值的一扇窗口。 如果说行业景气度为图达通提供了广阔的舞台，那么其自身的技术实力和客户拓展能力，则决定了它能否在这个舞台上脱颖而出。 作为全球少数同时掌握1550nm和905nm两条技术路线并实现量产的企业，图达通展现出卓越的产品定义和产业化能力。 其招股书显示，公司2025年前五个月毛利率已达12.9%。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， 展现出从技术突破到商业兑现的关键跨越。在全球激光雷达行业仍普遍处于投入期 ...

Core Insights - The article discusses the partnership between Tudatong and a leading Chinese automotive group, marking a significant milestone in Tudatong's commercialization process, with the company becoming the exclusive supplier of 905nm Lingque E1X laser radar products for multiple vehicle models [2]. Group 1: Partnership and Product Details - Tudatong has secured a partnership with a top automotive group in China, which ranks high in overall vehicle sales for 2024, covering various brands including domestic, global, and new energy vehicles, with production expected to start in 2026 [2]. - The models involved in this partnership are projected to achieve sales of several hundred thousand units over the next three years, indicating a strong market demand [2]. Group 2: Technology and Market Trends - The Lingque E1X product has already been recognized by another leading new energy vehicle manufacturer and has begun mass production this year, showcasing its advantages such as high resolution, long detection range, compact size, and low energy consumption [3]. - Some models in this partnership will feature laser radar as standard equipment, while others will include it for the first time, indicating a shift towards broader market adoption of laser radar technology [4]. Group 3: Regulatory and Market Dynamics - Recent regulatory developments, such as the draft for mandatory installation of Automatic Emergency Braking (AEB) systems, are expected to drive the demand for laser radar, which plays a crucial role in enhancing AEB functionality and reducing accident rates [4]. - The combination of technological maturity, surging demand, and regulatory support is seen as a catalyst for the explosive growth of laser radar in the automotive industry, with Tudatong positioned as a leader in high-performance automotive laser radar solutions [4].