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 ...

公开资料显示，图达通成立于2016年，由CEO鲍君威博士与CTO李义民博士联合创建。作为激光雷达的 头部企业，图达通凭借技术突破与量产能力，取得了多项行业领先成就。据灼识咨询数据，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，2022年至2024年期间ADAS激光雷达解决方 案累计销售收入全球排名第二。 全球图像级激光雷达解决方案提供商Seyond图达通(2665.HK)今日以De-SPAC方式正式在港交所上市。 作为第三家成功以SPAC方式登陆港交所的上市公司，图达通合计募集资金约10.27亿港元。该股盘初一 度涨13%报11.3港元，市值超146亿港元。 图达通成功登陆港股，标志着全球车规级激光雷达领域迎来了新的发展阶段。图达通创始人、董事长兼 CEO鲍君威在上市致辞中表示："创造未来，激光雷达不是'可选项'，而是'必选项'，它的重要性和增长 指数将超越所有人的想象。" ...

Core Viewpoint - The business merger of Chinese automotive lidar company TuDatong (Seyond) with SPAC TechStar Acquisition Corporation has successfully passed the Hong Kong Stock Exchange listing hearing, with a valuation set at HKD 11.7 billion, expected to officially list on December 10, 2025. This marks TuDatong as the third completed De-SPAC merger in Hong Kong, alongside Lion Group and Zhaogang Group, forming a competitive landscape with Hesai and RoboSense in the lidar sector. However, concerns remain regarding TuDatong's limited business layout, lack of financial self-sustainability, and valuation rationality, alongside a tumultuous listing history, necessitating market awareness of these operational risks [1][2]. Group 1: Market Position and Sales Performance - TuDatong ranks fourth in the global market share for ADAS lidar solutions with 12.8% as of 2024, but this ranking is misleading as it is primarily supported by high product pricing rather than sales volume. The average price of TuDatong's lidar is RMB 4,607 per unit, significantly higher than Hesai's RMB 2,022 and RoboSense's RMB 2,702, leading to much lower sales volumes [3][6]. - In the first five months of 2025, TuDatong sold only 81,214 units of lidar, while Hesai and RoboSense achieved sales of 989,311 and 266,800 units respectively, highlighting TuDatong's struggle to compete in terms of volume despite its high pricing [3][6]. Group 2: Customer Dependency and Financial Performance - TuDatong's revenue is heavily reliant on a single customer, NIO, with revenue contributions from NIO accounting for 88.7% to 91.6% from 2022 to early 2025. This dependency ties TuDatong's performance closely to NIO's financial health, which has been underperforming compared to competitors like Li Auto and Xpeng [4][5]. - TuDatong has faced persistent financial losses, with losses increasing from USD 188 million in 2022 to USD 398 million in 2024, and a loss of USD 21.49 million in the first five months of 2025. In contrast, Hesai achieved profitability in 2024, and RoboSense has been narrowing its losses [7][8]. Group 3: Competitive Landscape and Valuation Concerns - TuDatong's high product pricing has hindered its ability to attract new customers and expand into new business areas, unlike Hesai and RoboSense, which are actively pursuing international clients and diversifying their applications in robotics and smart driving [5][9]. - The PIPE financing raised HKD 551 million from three investors, but the limited amount may not be sufficient to overcome TuDatong's operational and profitability challenges. The company's valuation of HKD 11.7 billion corresponds to a TTM price-to-sales ratio of 11.1, which is higher than Hesai's 10.5 and RoboSense's 10.3, indicating a significant valuation mismatch given TuDatong's lack of profitability and limited customer base [9][10][11].

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]