我们预计，长期，车载激光雷达 2030 年全球市场规模有望达 500 亿 人民币，机器人激光雷达 2030 年则亦有望达 100 亿人民币。 证券研究报告 | 首次覆盖报告 gszqdatemark 2025 07 10 年 月 日 禾赛（HSAI.O） 赋能机器，感知世界 禾赛：激光雷达领军者。禾赛成立于 2014 年，十年来专注激光雷达的 研发与制造，专利成果遍布全球。禾赛以高清三维感知技术，赋能更安 全更智能的智能驾驶和机器人应用，历经市场验证，出货量全球领先。 禾赛 2022 年-2024 年各出货约 8 万/22 万/50 万颗激光雷达产品，总 收入约 12.0/18.8/20.8 亿人民币，归母净利约-7.5/-4.8/-1.0 亿元，non- GAAP 归母净利约-2.0/-2.4/+0.14 亿元人民币，已经达到盈利拐点。 从智驾到具身智能，激光雷达需求快速增长。我们认为，需求角度：智 驾平权推动了车载激光雷达的需求快速增长、具身智能的发展也推动 各场景机器人激光雷达的需求增加。供给角度：有效的降本创新，使得 激光雷达成为传感器越来越具性价比的选择。 持续降本创新，巩固龙头地位。禾赛在性能突破 ...

商贸零售 商贸零售 2025 年 07 月 01 日 投资评级：看好（维持） 行业走势图 《泡泡玛特跨界珠宝圈，旗下品牌 POPOP 首店开业—行业点评报告》 -2025.6.16 | 医美化妆品 | 5 月月报：美丽田园股东 CPE 退出主要 | | --- | --- | | 股东，618 | 强品牌美妆龙头和新锐功效品牌脱颖而出 | ——行业点评报告 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | 板块行情回顾 医美（选取 13 家上市公司）：5 月个股涨幅靠前为科笛-B（+61.3%）、四环医 药（+36.1%）、华东医药（+15.1%）；化妆品（选取 19 家上市公司）：5 月个 股涨幅靠前为拉芳家化（+28.0%）、水羊股份（+24.5%）、芭薇股份（+19.1%）。 医美：迈诺威医药首款溶脂针获批，美丽田园股东 CPE 退出主要股东 （1）2025 年 6 月，迈诺威医药研发的去氧胆酸注射液"纤 ...

NASDAQ: LUNG February 2025 © 2025 Pulmonx Corporation 1 Forward Looking Statement This presentation and certain statements made during this presentation contain forward-looking statements that involve risks and uncertainties. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business ...

REDWOOD CITY, Calif., May 28, 2025 (GLOBE NEWSWIRE) -- Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a global leader in minimally invasive treatments for lung disease, today announced the company will be presenting at the Goldman Sachs 46th Annual Global Health Care Conference in Miami on Wednesday, June 11, 2025, at 7:00 AM PT / 10:00 AM ET. A live and archived webcast of the presentation will be available on “Investors” section of the Pulmonx website at https://investors.pulmonx.com/. A ...

Financial Data and Key Metrics Changes - Total revenues increased by 46% year over year, reaching RMB 525.3 million or USD 72.4 million [22] - Shipments more than tripled year over year to nearly 200,000 LiDAR units in Q1 [6][22] - Net loss narrowed by 84% year over year to RMB 70.5 million or USD 2.4 million, while remaining non-GAAP profitable for the quarter [7][24] - Gross margins stood at 42% in Q1, with operating expenses reduced by 9% year over year [23][24] Business Line Data and Key Metrics Changes - ADAS and robotics segments showed outstanding momentum, with ATX LiDAR shipments driving significant growth [6][23] - Robotics LiDAR shipments reached nearly 50,000 units in Q1, reflecting over 600% year over year growth [23] - ATX LiDAR entered mass production in Q1, with close to 40,000 units shipped in its first quarter [10] Market Data and Key Metrics Changes - The company ranked number one in global automotive LiDAR market share with a 33% share [7] - The global autonomous mobility market in China is projected to grow from USD 54 million in 2025 to USD 47 billion by 2035 [16] - The company is the largest LiDAR supplier for robotaxis, holding a 61% share of the global robotaxi market [7] Company Strategy and Development Direction - The company aims to democratize intelligent driving with affordable, ultra-compact LiDAR solutions [8] - Strategic relationships with leading OEMs are being expanded, with significant design wins secured [9][10] - The launch of the Infinity Eye LiDAR solution and next-generation sensors is expected to enhance product offerings [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining full-year revenue guidance of RMB 3 billion to RMB 3.5 billion despite tariff challenges [30][70] - The company anticipates reaching GAAP breakeven in Q2 and is on track for full-year profitability targets [25][33] - Management highlighted the importance of operational efficiency and cost control in navigating external challenges [69] Other Important Information - The US District Court dismissed a patent infringement case against the company, reaffirming the integrity of its technology [20] - The company signed a lease for a new factory in Southeast Asia to mitigate geopolitical risks [26][43] Q&A Session Summary Question: Full year guidance and LiDAR take rate - Management maintains 2025 revenue guidance at RMB 3 billion to RMB 3.5 billion, with total shipments expected to remain at 1.2 million to 1.5 million units [30][31] Question: ADAS LiDAR ASP trends - ASP for ATP LiDAR is expected to decline moderately, while ATX LiDAR is projected to achieve high shipment volumes, potentially reaching up to 1 million units in 2025 [38][39] Question: Capacity expansion and CapEx - The company is on track to expand production capacity to 2 million units by the end of the year, with CapEx expected to be around USD 30 million to USD 50 million [42][44] Question: Competition and market dynamics - Management emphasized the competitive nature of the LiDAR industry and the importance of maintaining quality partnerships with top-tier OEMs [52][53] Question: New product launches and Infinity Eye - The Infinity Eye solution has received positive feedback, with mass production expected to start soon, and the company aims to maintain stable gross margins despite new product introductions [60][63] Question: Impact of tariffs - The company has limited exposure to US tariffs, with only 10% of total revenue projected from the US market, and expects the impact on gross margins to be immaterial [68][70] Question: Dual listing rumors - Management did not comment on rumors regarding a dual listing in Hong Kong but stated that they evaluate all options to protect investor interests [92][93] Question: LiDAR industry development and AEB impact - Management noted that the adoption of AEB technology is accelerating the penetration of LiDAR in vehicles, making it a critical component for future automotive safety [101][102]

Financial Data and Key Metrics Changes - Total revenues increased by 46% year over year, reaching RMB 525.3 million or USD 72.4 million [20] - Shipments more than tripled year over year to nearly 200,000 LiDAR units in Q1 [5][21] - Net loss narrowed by 84% year over year to RMB 70.5 million or USD 2.4 million, while remaining non-GAAP profitable for the quarter [22] - Gross margins stood at 42% in Q1, with operating expenses reduced by 9% year over year [21][22] Business Line Data and Key Metrics Changes - ADAS and robotics segments showed outstanding momentum, with ATX LiDAR shipments driving significant growth [5][21] - JT LiDAR shipments reached 45,000 units in Q1, contributing to nearly 50,000 units shipped in the robotics LiDAR segment, reflecting over 600% year over year growth [21] - ATX entered mass production in Q1, with close to 40,000 units shipped in its first quarter [9] Market Data and Key Metrics Changes - The company holds a 33% share of the global automotive LiDAR market and a 61% share of the global robotaxi market [6] - The autonomous mobility market in China is projected to grow from USD 54 million in 2025 to USD 47 billion by 2035 [14] - The company is the largest LiDAR supplier for robotaxis, powering fleets from major players like Baidu and Didi [14][84] Company Strategy and Development Direction - The company aims to maintain its leadership in the automotive LiDAR market through innovation and strategic partnerships with leading OEMs [6][8] - Expansion into overseas manufacturing is prioritized to mitigate geopolitical risks and better serve global customers [24][42] - The launch of the Infinity Eye LiDAR solution aims to cater to various levels of autonomous driving, enhancing the product portfolio [11][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining full-year revenue guidance of RMB 3 billion to RMB 3.5 billion despite tariff challenges [28][72] - The company anticipates reaching GAAP breakeven in Q2 and is on track for full-year profitability targets [22][31] - Management highlighted the importance of operational efficiency and cost control in navigating external challenges [71] Other Important Information - The US District Court dismissed a patent infringement case against the company, reaffirming the integrity of its technology [18] - The company is actively driving five proof of concept programs with top global OEMs and Tier one suppliers across Europe and Japan [10][89] Q&A Session Summary Question: Full year guidance and ADAS LiDAR portion impact on gross margin - The company maintains its 2025 revenue guidance at RMB 3 billion to RMB 3.5 billion, with gross margin expected to remain around 40% [28][30] Question: Capacity expansion and CapEx for Southeast Asia - The company is on track to expand production capacity to 2 million units by the end of the year, with CapEx expected to be around USD 30 million to USD 50 million [41][44] Question: Competition and potential reshuffles in client orders - Management emphasized the competitive nature of the LiDAR industry and the importance of maintaining quality partnerships to ensure reasonable pricing [52][53] Question: New product launches and mass production timelines - The Infinity Eye LiDAR solution has secured design wins and is expected to support various autonomous driving capabilities [62][63] Question: Impact of tariffs on pricing and supply chain - The company has limited direct exposure to tariffs, with only 10% of total revenue projected from the US market [70][72] Question: Differences between ATL and ATX products - ATL is a customized version of ATX for specific client needs, while ATX remains the mainstream solution for OEM customers [78][79] Question: Future of ADAS LiDAR in robotaxi applications - The company expects to see larger LiDAR orders for robotaxis as the market shifts from mechanical LiDAR to more cost-effective ADAS solutions [83][84] Question: Dual listing plans and regulatory compliance - The company is evaluating options for potential dual listings but remains compliant with all regulatory requirements for its current NASDAQ listing [94][95]

Core Insights - Hesai Group reported strong financial results for Q1 2025, with net revenues of RMB525.3 million (US$72.4 million), a 46.3% increase year-over-year [17][31] - The company shipped 195,818 lidar units in Q1 2025, representing a 231.3% increase from the same period in 2024 [16][15] - Hesai was ranked as the world's No.1 automotive lidar company by revenue market share for the fourth consecutive year in 2024 [3] Financial Performance - Net revenues for Q1 2025 were RMB525.3 million, up from RMB359.1 million in Q1 2024, driven by increased sales of ADAS lidar products [17][31] - Gross margin improved to 41.7% in Q1 2025 from 38.8% in Q1 2024, attributed to effective cost and scale optimization [17][31] - The net loss narrowed significantly by 83.6% year-over-year to RMB17.5 million (US$2.4 million) [22][31] Operational Highlights - ADAS lidar shipments reached 146,087 units in Q1 2025, a 178.5% increase from 52,462 units in Q1 2024 [16][15] - The company secured new design wins with 23 OEMs globally across over 120 vehicle models, including partnerships with Chery, Great Wall Motor, Zeekr, and Geely [5][15] - Hesai is the main lidar supplier for next-generation Robotaxi fleets from Baidu Apollo Go, DiDi, Pony.ai, and WeRide [14][15] Product Development - New products include the AT1440 lidar, which delivers ultra-high-definition point clouds, and the FTX solid-state lidar for blind spot detection [14] - The company announced the successful resolution of all IP-related litigation against it, reinforcing its commitment to innovation and R&D [8][10] Business Outlook - For Q2 2025, Hesai expects net revenues to be between RMB680 million (US$93.7 million) and RMB720 million (US$99.2 million), indicating a year-over-year increase of approximately 48% to 57% [19]

在2023年2月，成立9年的禾赛科技登陆了纳斯达克，成为中国激光雷达第一股。以当时发行价计算，禾赛科技市值约24亿美元（约合人民 币160亿元）。 两年后，禾赛科技欲再登录港交所，成功几率如何？ 登录资本市场，几乎是每位创业者的渴望。 5月16日，由山西孝义人李一帆创办的禾赛科技被爆已秘密提交香港上市申请。 知情人士表示，中国激光雷达制造商禾赛科技(Hesai Technology，HSAI.NASDAQ)将秘密申请来港上市。知情人士指出，禾赛科技正与银行 研究潜在香港上市交易，可能会在今年内进行，但具体详情包括上市规模及时间表仍未落实。受此影响，禾赛科技美股盘前直线拉升，最 高涨超7%，开盘后最终收涨1.84%。 1、孝义走出"80后天才"李一帆 禾赛科技是全球领先的激光雷达（LiDAR）制造商，专注于自动驾驶、机器人和工业自动化领域。公司创始人李一帆、向少卿、孙恺是三 位学霸级人物。 李一帆 1986年出生的李一帆，来自山西孝义市。其初中高中从未参加过升学考试，一路保送进清华大学精密仪器与机械学系。2007年，读大三的 李一帆就收到了一家美国硅谷公司的邀请，愿意资助他去美国进一步深造，包括研究生与博士期间 ...

（文/万肇生 编辑/张广凯） 近日，彭博社援引知情人士的消息称，全球最大的辅助驾驶激光雷达制造商、中国禾赛科技（Hesai Technology）将以保密形式申请香港上市。 而按照彭博社援引上述知情人士的说法称，目前，禾赛正与银行研究潜在香港上市交易，可能会在今年 内进行，但具体详情包括上市规模及时间表仍未落实。 禾赛科技成立于2014年，是一家以激光雷达技术闻名的公司，其产品主要应用于自动驾驶汽车和先进的 无人驾驶技术，用作探测车辆前方及附近障碍物，属自驾系统关键部件。禾赛是理想、小米、零跑、长 城等国内头部车企的激光雷达供应商。而除了汽车外，该传感器技术也应用于机器人之上。 2023年2月9日，禾赛已在美国纳斯达克挂牌上市 禾赛科技秘密提交香港上市申请 今年5月初，香港证监会与联交所成立"科企专线"，允许部分敏感技术的创新科技公司选择以保密形式 提交上市申请。 港交所当时指出，特专科技公司及生物科技公司一般处于早期发展阶段或产品尚未商业化的阶段，与其 他行业相比，过早或长期披露公司的营运策略、专有技术或上市计划，可能会为这些公司带来过高的风 险。为帮助这些公司减少有关风险，联交所将允许以18C章及18A章 ...

智驾平权浪潮下，越来越多的智驾功能搭载在更便宜的车型上，安全也成为绕不开的话题。而为了让车 辆更安全，让车多一双"眼睛"，看到摄像头看不到的障碍物，则成为了当下大部分车企的选择。目前， 被认为是智驾安全件的"激光雷达"已经下放到12万元级别的车型上，零跑B10就是例子，而这款车型上 搭载的就是禾赛的ATX。 在国内激光雷达行业里，禾赛是当之无愧的龙头。除了零跑，当前国内头部车企如理想汽车、小米汽 车、比亚迪（002594）汽车等，都是禾赛的客户，理想汽车今年更是将包括纯电、增程在内的所有车型 都标配了禾赛的激光雷达。 不止国内，禾赛的海外业务也在同步开花。3月11日，禾赛宣布与一家欧洲顶级主机厂达成多年独家定 点合作，这是至今为止海外前装量产激光雷达领域规模最大的订单。 除了发布"千厘眼"，禾赛还同时发布了一系列车规级激光雷达新产品，包括ETX车规级超远距激光雷 达、AT1440车规级超高清激光雷达和FTX车规级纯固态补盲激光雷达。 基于此，21世纪经济报道和禾赛科技CEO李一帆聊了聊成立11年里对公司最重要的时间节点、发展历 程，目前的研发进展以及对未来的规划展望。 上海车展前夕，禾赛科技发布了激光雷达感知 ...