强劲技术实力助力营收快速增长。 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，禾赛科技日前通过港交所聆讯并于8月31日披露通过聆讯后的资料集，或即将在 港完成双重上市。 激光雷达解决方案领军企业 卓越技术实力构建丰富产品矩阵 据了解，禾赛科技作为全球领先的激光雷达研发与制造企业，专注于设计、开发、制造及销售先进的 激光雷达产品。其产品凭借卓越的性能和广泛的应用场景，不仅广泛应用于配备高级驾驶辅助系统的 乘用车和商用车，还在机器人技术及其他非汽车行业大放异彩。例如，在自动驾驶汽车、移动机器 人、配送机器人、智慧农业以及港口自动化等机器人领域，禾赛科技的激光雷达产品为其提供了强大 的感知技术支持，推动了机器人行业持续智能化升级。 在创新和技术方面，禾赛科技具备着卓越的创新能力与行业领先的技术实力。公司自发展初期便专注 于激光雷达关键部件的自主研发。早在2017年，公司便在激光雷达行业率先成立了专门的芯片研发 团队。自2023年起，公司更是实现了业内最高的自研芯片整合率，标志着公司在技术领域的领先地 位。 禾赛科技的第四代自研芯片实现了激光雷达功能和性 ...

在自动驾驶、智能交通以及机器人等前沿科技的强劲驱动之下，激光雷达产业不断突破技术边界，拓展 应用场景，在众多领域绽放出巨大的产业潜力，迎来了蓬勃发展的黄金时期。 智通财经APP获悉，8月31日，全球三维激光雷达(LiDAR)解决方案的领导者——禾赛科技，通过港交所 聆讯，拟赴港上市，正式向国际资本市场迈出了坚实的一步。 激光雷达解决方案领军企业 卓越技术实力构建丰富产品矩阵 据了解，禾赛科技作为全球领先的激光雷达研发与制造企业，专注于设计、开发、制造及销售先进的激 光雷达产品。其产品凭借卓越的性能和广泛的应用场景，不仅广泛应用于配备高级驾驶辅助系统的乘用 车和商用车，还在机器人技术及其他非汽车行业大放异彩。例如，在自动驾驶汽车、移动机器人、配送 机器人、智慧农业以及港口自动化等机器人领域，禾赛科技的激光雷达产品为其提供了强大的感知技术 支持，推动了机器人行业持续智能化升级。 得益于强劲的技术实力及丰富的产品矩阵，于往绩记录期，禾赛科技的出货量及收入均快速增长。于 2022年、2023年、2024年以及2025年一季度，公司分别确认约80,400台、222,100台、501,900台及 禾赛科技开创的自主制造模 ...

（原标题：降本99.5%后，禾赛进入新周期） 作者 | 宋婉心 编辑 | 黄绎达 继去年全年首次盈利后，禾赛科技再次交出了远超预期的二季报。 数据显示，禾赛二季度实现营收7.1亿元，同比增长53.9%，单季营收实现连续5个季度同比增长。盈利方面，公司在该季度实现净利润4410万元， 远超GAAP层面转正目标。 8月14日盘后公布业绩后，第二个交易日禾赛股价大幅上涨9.73%。较去年11月底股价低点，公司股价更是翻了五倍之多。 值得注意的是，禾赛于去年四季度首次实现GAAP口径下盈利，当季盈利0.15亿元，今年一季度转亏后，此次二季度再次扭亏为盈，且提出了今年 全年GAAP盈利的目标。 作为激光雷达头部企业，禾赛实现了全球首家盈利的成绩。这背后，激光雷达和自动驾驶产业链经历了漫长的磨合期，而如今当红的机器人产 业，又为激光雷达添了一把火。 具体来看，2025年第二季度，禾赛激光雷达总交付量为35.21万台，同比暴增306.9%。其中，ADAS产品交付量为303,564台，同比增长275.8%。 上半年，禾赛激光雷达总交付量为54.79万台，同比增长276.2%，而且上半年交付总量已经超过2024全年。其中，AD ...

Group 1 - The core viewpoint of the article highlights the significant recovery and growth of Hesai Technology's stock price following its impressive financial performance in Q3 2024, marking it as a leading player in the LiDAR industry [2][26]. - Hesai Technology has successfully transitioned from a niche gas monitoring equipment company to a prominent player in the LiDAR market, launching several key products since its establishment in 2014 [5][6]. - The company has strategically focused on the growing demand for LiDAR in autonomous driving and robotics, launching various product series tailored to these applications [10][19]. Group 2 - The explosive growth in Hesai's market value post-Q3 2024 is attributed to the rapid increase in ADAS LiDAR shipments and the anticipated growth in the robotics sector with the introduction of the JT series [26][27]. - Hesai's AT series has significantly boosted ADAS LiDAR shipments by meeting the dual demands of high performance and low cost, which are critical in a highly competitive automotive market [27][28]. - The company has achieved a competitive edge in the ADAS LiDAR market by adopting a superior technology route with its AT series, outperforming competitors in terms of performance metrics [28][31]. Group 3 - Hesai's product lineup is well-diversified across three major sectors: ADAS for passenger vehicles, robotics, and Robotaxi applications, with a strong focus on meeting customer needs [19][24]. - The ADAS sector is currently the primary revenue driver for Hesai, with significant contributions from major clients such as Li Auto, Xiaomi, and Leap Motor, which collectively account for 93% of ADAS shipments [21][24]. - In the robotics sector, the JT series is expected to drive substantial growth, with a projected shipment of 200,000 units in 2025, reflecting a 340% year-on-year increase [16][19]. Group 4 - The LiDAR market is characterized by high concentration, with Hesai competing primarily against a few key players, including RoboSense and Huawei, in the ADAS segment [28][31]. - Hesai's market share in the domestic ADAS LiDAR sector has been increasing, surpassing competitors like RoboSense in mid-2024, driven by the performance of its ATX product line [31][32]. - The company has successfully reduced the average price of its LiDAR products through chip integration and increased efficiency, making its offerings more competitive in terms of both cost and performance [42][44].

Core Viewpoint - Hesai Technology has experienced significant fluctuations in its market value, initially facing challenges due to high costs of LiDAR technology and low willingness from automakers to adopt it. However, the company has recently achieved a remarkable recovery in stock price, driven by unexpected profitability and strong demand in the automotive ADAS sector [2][3][30]. Group 1: Company Overview - Hesai Technology was founded in 2014, initially focusing on gas monitoring equipment due to severe air pollution issues in China. The company later pivoted to the LiDAR sector in 2016, recognizing the potential in smart driving and robotics [6][7]. - The company has launched several key products over the years, including the Pandar series for Robotaxi applications and the AT series for passenger vehicle ADAS, achieving significant milestones in production and delivery [6][7][21]. Group 2: Market Dynamics - The market for LiDAR technology is currently experiencing a shift, with increasing competition among automakers for smart driving capabilities. This has led to a heightened focus on LiDAR as a critical component for safety and performance in autonomous vehicles [3][14][15]. - As of 2024, the demand for ADAS LiDAR has surged, with projections indicating that ADAS radar will account for 91% of total LiDAR shipments by 2024, driven by the AT series products [16][17][30]. Group 3: Product Development and Strategy - Hesai's AT series has significantly reduced costs while enhancing performance, making it a competitive choice in the ADAS market. The company has achieved a 74% price reduction for its ATX model compared to previous models, while maintaining comparable performance metrics [46][47]. - The introduction of the JT series for robotics applications is expected to further diversify Hesai's product offerings and revenue streams, with a projected shipment of 200,000 units in 2025, reflecting a 340% year-on-year growth [19][21][30]. Group 4: Competitive Positioning - Hesai has successfully increased its market share in the domestic ADAS LiDAR sector, surpassing competitors like RoboSense. The company's strategic focus on high-performance, cost-effective solutions has positioned it as a leader in the market [34][36]. - The competitive landscape remains dynamic, with ongoing technological advancements and shifts in customer preferences. Hesai's commitment to innovation and cost reduction through chip integration and high assembly efficiency is crucial for maintaining its competitive edge [48][49][42].

Market Overview - US stock market experienced a significant decline, with the Dow Jones Industrial Average dropping nearly 1000 points and all three major indices falling over 2% [1] - Major tech stocks saw substantial losses, with Tesla down over 5% and Nvidia down over 4%, leading to a combined market value loss of $404.6 billion (approximately 2.95 trillion RMB) among the "Big Seven" tech companies [1] - In contrast, Chinese concept stocks rose, with the Nasdaq China Golden Dragon Index increasing by 0.20% [1] - The US dollar index fell by 0.88%, while non-US currencies appreciated across the board [1] - Spot gold prices reached a historic high, surpassing $3430 per ounce [1] Company Developments - ZW Software reported a significant decline in net profit for Q1, with a loss of approximately 47.97 million RMB, a year-on-year decrease of 87.30%, attributed to reduced government subsidies and fluctuations in investment income [4] - Future Intelligence announced the completion of a Pre A+ round financing of several million RMB, aimed at expanding overseas markets and innovating product development [5] - Shenzhen University established an Artificial Intelligence College, collaborating with Tencent Cloud to build a research center and computing power platform, supported by a team of approximately 80 researchers [6] - CATL launched its second-generation supercharging battery, capable of providing over 520 kilometers of range after just 5 minutes of charging, and introduced its first sodium-ion battery product, set for mass production in June [7] - Korean researchers discovered a breakthrough solution that can extend lithium-ion battery life by over 19 times, providing a simple strategy to enhance battery longevity [8] Industry Insights - Huawei is set to unveil its latest high-level intelligent driving assistance system at the upcoming conference, with participation from 11 automotive brands [9] - Hesai Technology plans to launch a new generation of lidar for L3 autonomous vehicles by 2026, with a detection range expected to reach approximately 420 meters [10] - Bilibili and CTR released a white paper indicating that the average age of first-time car buyers has dropped to 30.5 years, with a significant portion of younger consumers targeting mid-to-high-end vehicles [11]

撰文 / 钱亚光 设计 / 师 超 3月29日的夜晚，一辆小米SU7标准版在高速公路行驶过程中遭遇严重交通事故。车辆燃烧起火，三个年轻人葬身高速公路。 这一事故暴露出智能辅助驾驶技术的不成熟，例如摄像头视觉感知的灵敏度在夜间和恶劣天气时会显著下降，用户盲目信赖智驾功能而导致的车祸也时 有发生，这都为市场敲响了安全警钟。 根据小米官方披露，事故发生前车辆检测到障碍物后发出预警并减速，但未触发AEB紧急制动系统。辅助驾驶退出，驾驶员接手仅2秒，碰撞就发生 了。 小米SU7标准版没有配备激光雷达，纯视觉模式在夜间识别效果相对欠佳，可能存在障碍物识别不够及时到位问题。而激光雷达可通过主动发射激光束 获取高精度三维环境数据，对环境感知精度高、可直接获取目标的距离、角度、反射强度、速度等信息且抗干扰能力较强。 这起夺命事故引发了市场对纯视觉智驾方案可靠性的质疑。长远来看，小米SU7事故或将成为智能驾驶技术路线的分水岭，有望将激光雷达从"成本选 项"跃升为"安全刚需"。 4月2日，激光雷达两家龙头企业暴涨，港股速腾聚创高开，一度涨超7%，隔夜美股禾赛大涨逾17%。而A股市场激光雷达概念股也集体走强，其中，美 湖股份涨超7% ...