（原标题：不止是进阶，更是底气！星途让中国豪华被世界看见） 曾几何时，我们在谈及豪华品牌时，思绪总会不由自主的飘荡到BBA、劳斯莱斯、林肯这些海外品 牌，而在想到中国汽车时，似乎只与"性价比""规模制造"挂钩，故而在谈及"中国豪华"时，心中总是少 了些底气。然而，不久前的一场发布会，却让笔者在北京的寒夜中，感受到了一丝暖意。 这场发布会，正是以「新进阶 新星途」为主题的星途品牌之夜。而那份暖意则源自与品牌之夜上所传 递出的中国品牌冲击全球豪华市场的坚定雄心。 当晚，星途品牌不仅正式宣告迈入3.0时代，更通过新技术突破、新设计语言、新旗舰产品、新全球征 程四大维度，清晰勾勒出了中国汽车品牌迈向全球豪华的进阶之路。 全面进阶，定义新星途 作为奇瑞集团品牌金字塔的"塔尖"，星途之于奇瑞，正如雷克萨斯之于丰田、奥迪之于大众，它不仅承 载着奇瑞集团28年全球积淀，更承载着中国汽车人的"豪华品牌梦"。 故而，正如奇瑞控股集团董事长尹同跃所言，在新能源与智能化汽车全面到来的时代，奇瑞希望成为全 球新能源智能化豪华品牌的定义者。它立志"成为第一个星途，而非"下一个谁"。这是奇瑞的目标，也 星途的使命，奇瑞要创造的，是一个"我 ...

当新能源与智能化浪潮重塑全球汽车产业格局，中国豪华品牌的向上突围迎来关键节点。12月22日，北 京星途品牌之夜以"新进阶 新星途"为号角，正式拉开3.0时代的帷幕。这场承载着中国汽车智造梦想的 盛典，不仅宣告星途将从新技术、新设计、新产品、新征程四大维度全面跃升，更以七年深耕的硬核积 淀，向世界传递中国品牌定义全球豪华新范式的决心。 新产品的布局，让豪华突破"场景边界"的限制。星途明确了ES与ET两大产品系列，构建起覆盖不同需 求的强大产品矩阵。ES系列以性能为核心，ES7 GT凭借大师级运动底盘调校与3秒级零百加速，成为释 放驾驶激情的"星动性能GT"；ES8作为ONE-BOX星际新猎装，以颠覆性设计搭配猎装大平层与百万级 底盘，重新定义猎装车型的体验边界。ET系列以豪华为核心，ET8作为星际豪华动感SUV，从驾乘舒 适、听觉享受到用料选材，全方位诠释移动舒享空间；ET9作为奢享星舰大六座SUV，以"绝对权威"的 设计哲学，搭配对开门、天地尾门与超大空间，树立旗舰SUV的全新标准。据悉，未来10-20个月内，3 款以上新车将陆续上市，持续为全球用户带来中国豪华的全新体验。 新征程的启航，让豪华注入"永不言弃 ...

Core Viewpoint - Hesai Technology has officially listed on the Hong Kong Stock Exchange on September 16, 2023, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong markets [1][12]. Group 1: IPO Details - The IPO is the largest in the global lidar industry to date and the largest financing scale for a Chinese company returning to Hong Kong in nearly four years, with a total financing amount exceeding HKD 41.6 billion (USD 5.33 billion) [7]. - The company received enthusiastic subscriptions from global investors, including top sovereign and long-term funds, showcasing the capital market's strategic consensus on the lidar sector and recognition of Hesai's commercialization capabilities and technological value [7]. - Upon opening, the stock reached HKD 244.0 per share, giving the company a market capitalization exceeding HKD 36 billion [7]. Group 2: Company Achievements - Over the past decade, Hesai has reduced the cost of lidar from USD 100,000 to USD 200, making advanced safety and intelligent technology accessible to the public, with plans to deliver lidar for over 1 million vehicles [9]. - The company has achieved the number one global market share in three categories: vehicle-mounted lidar, ADAS lidar, and L4 autonomous driving lidar, maintaining its leadership in the global market for four consecutive years [9]. - In 2024, the company is projected to achieve revenue of CNY 2.08 billion, with annual delivery volumes doubling for four consecutive years, making it the first and only publicly listed lidar company to achieve full-year profitability and positive operating and net cash flow [10]. Group 3: Market Position and Future Plans - Hesai's lidar has become a standard safety feature for many popular models in the ADAS sector, with over 120 models from 24 major manufacturers set for mass production between 2025 and 2027 [10]. - The company has established itself as the preferred lidar supplier for nine of the top ten Robotaxi companies globally, with significant clients including Motional, Baidu, and Didi [10]. - Since 2017, Hesai has focused on developing lidar-specific chips (ASIC), significantly enhancing performance, quality, and cost-effectiveness, creating a strong technological barrier [11]. - The listing on the Hong Kong Stock Exchange marks a new milestone for Hesai, reflecting international capital market recognition of Chinese lidar technology and initiating a new chapter in the company's global strategic layout [11].

禾賽科技＊ Hesai Group （於開曼群島註冊成立以不同投票權控制的有限責任公司） 股份代號 : 2525 全球發售 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 ＊ 僅供識別 重要提示 重要提示：倘 閣下對本文件的任何內容有疑問， 閣下應徵詢獨立專業意見。 Hesai Group 禾賽科技 * （於開曼群島註冊成立以不同投票權控制的有限責任公司） 全球發售 全球發售的發售股份數目 : 17,000,000股發售股份（視乎發售量調整權 及超額配股權行使與否而定） 香港發售股份數目 : 1,700,000股發售股份（可予以調整及視乎 發售量調整權行使與否而定） 國際發售股份數目 : 15,300,000股發售股份（可予以調整及視乎 發售量調整權及超額配股權行使與 否而定） 最高公開發售價 : 每股發售股份228.00港元，另加1.0%經紀佣 金、0.0027%證監會交易徵費、0.00015% 會財局交易徵費及0.00565%聯交所交易 費（須於申請時以港元繳足，多繳股款可 予退還） 面值 : 每股發售股份0.00 ...

Core Viewpoint - The LiDAR industry is experiencing significant growth driven by advancements in autonomous driving, smart transportation, and robotics, with Hesai Technology poised to capitalize on this opportunity through its upcoming IPO in Hong Kong [1]. Group 1: Company Overview - Hesai Technology is a leading global provider of 3D LiDAR solutions, focusing on the design, development, manufacturing, and sales of advanced LiDAR products [2]. - The company has established a strong product matrix that includes applications in passenger and commercial vehicles, robotics, smart agriculture, and port automation [2][4]. - Since its inception, the company has prioritized independent research and development of key LiDAR components, achieving the highest integration rate of self-developed chips in the industry starting from 2023 [2][3]. Group 2: Technological Advancements - Hesai's fourth-generation self-developed chip optimizes LiDAR functionality and performance by integrating all seven key components, making it the only company in the industry to independently develop all these components [3]. - The company has successfully launched four generations of self-developed chips since October 2020, each enhancing product performance and significantly reducing production costs [3][4]. Group 3: Market Performance - The company has experienced rapid growth in shipment volume and revenue, with approximately 80,400 units shipped in 2022, 222,100 units in 2023, and projected shipments of 501,900 units in 2024 [6]. - Hesai's net revenue reached RMB 1,202.7 million in 2022, RMB 1,877.0 million in 2023, and RMB 2,077.2 million in 2024, with a 46.3% year-on-year increase in Q1 2025 [7]. - The company is recognized as the largest global LiDAR supplier by revenue for 2022, 2023, and 2024, and became the first to exceed 100,000 units shipped in a single month by December 2024 [7]. Group 4: Industry Growth - The global LiDAR market is projected to grow from USD 300 million in 2020 to USD 1.6 billion in 2024, with a compound annual growth rate (CAGR) of 57.8%, and is expected to reach USD 17.3 billion by 2029, with a CAGR of 61.7% [7]. - The Chinese LiDAR market is significantly outpacing other regions in terms of market size and growth rate [7]. Group 5: Future Outlook - Hesai Technology aims to leverage its technological and manufacturing expertise to strengthen its leading position in the global LiDAR market and expand its footprint in the robotics sector [8].