Core Viewpoint - Hesai Technology, a leading global lidar company, officially listed on the Hong Kong stock market on September 16, achieving a market capitalization exceeding HKD 36 billion with an opening share price of HKD 244.0 [1][3] Group 1: Market Position and Achievements - Hesai Technology is the first lidar company to achieve a dual primary listing in both the US and Hong Kong, marking a significant milestone in the global lidar industry [3] - The company holds the leading position in the global lidar market, with a 33% market share in the automotive lidar sector, ranking first in revenue [4] - In the ADAS lidar market, Hesai has maintained the top market share, and in the L4 autonomous driving lidar sector, it leads with a 61% market share, partnering with eight of the top ten L4 autonomous driving companies [4] Group 2: Financial Performance - For the full year of 2024, Hesai achieved a revenue of RMB 2.08 billion, becoming the only publicly listed lidar company to report a profit, with a positive operating cash flow of RMB 63 million and a net cash flow of RMB 1.3 billion [4] - In Q2 2025, the company reported a revenue of RMB 710 million, a year-on-year increase of 53.9%, and a net profit of RMB 44.1 million, marking a significant turnaround from a net loss of RMB 72.1 million in the same period last year [5] - The total lidar delivery volume in Q2 2025 reached 352,095 units, a year-on-year increase of 306.9%, with a total of 547,913 units delivered in the first half of 2025, up 276.2% year-on-year [5] Group 3: Technological and Production Capabilities - Hesai has a strong focus on R&D, with over 70% of its employees dedicated to this area, holding 1,928 patents in core lidar technology, and being a leader in overseas patent layout [8][12] - The company operates the Maxwell Manufacturing Center, the first integrated R&D and manufacturing center for lidar, with an annual production capacity exceeding 2 million units and a 100% automation rate in core production processes [8][12] - Hesai has established partnerships with seven of the top ten global automotive manufacturers and nine of the top ten automotive companies in China, ensuring a stable order flow [8] Group 4: Growth in Robotics Sector - The robotics sector has emerged as a second growth engine for Hesai, with the company leading in the 3D lidar delivery volume in the Chinese robotics market [9] - As of May 30, 2025, the cumulative delivery of Hesai's JT series robotic lidar surpassed 100,000 units, achieved in less than five months since its launch [9] - Hesai is actively collaborating with leading companies in the robotics field to build a comprehensive lidar ecosystem, covering various applications such as unmanned delivery and logistics automation [10] Group 5: Standardization and Industry Influence - Hesai is the first lidar company to achieve full-stack self-research in digital single-photon platform technology, breaking the reliance on imported chips [11] - The company has played a significant role in establishing international standards for lidar, enhancing China's influence in this field [13] - On April 2025, Hesai led the formulation of the national standard for automotive lidar, filling a gap in domestic technical standards [13]

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].

当全球激光雷达产业的格局从群雄逐鹿走向尘埃落定，一个真正的王者正回到聚光灯下。这场关乎技术路线、成本极限与量产能力的残酷战争，已经有了 清晰的结局。 9月1 6 日， 已是 全球激光雷达 公司 市值第一 的禾赛科技在香港交易所主板挂牌上市，它也是首家在纳斯达克和香港双重主要fang的激光雷达企业。这 创下近四年来融资规模最大的中概股回港 IPO，其绿鞋前融资总额超4 1. 6亿港元。 全行业独一无二的盈利能力， 让禾赛获得全球投资人的青睐。包括全球顶级主权及长线基金、中资意见领袖、多策略基金和知名产业投资者等，都参与到 此次募资当中。 这家已在全球市场夺下多个 "第一"的行业领导者，正以胜利者的姿态登陆香港资本市场，为其王者之路写下新的里程碑。 此次上市，更是禾赛凭借其已验证的全球业务实力，正式开启车载和机器人双领先的 "双线战役"，向未来释放巨大增长潜力的"出征誓师" 。 盈 利能力冠绝全球 当全球还在争议 激光雷达 在哪时， 一家中国公司，率先独自撞线。 上月中旬， 禾赛科技用一份无可辩驳的财务报表，点燃了 投资者的热情。其 2025年第二季度的业绩，便是一篇宣告其王者地位的宣言，它彻底改写了激 光雷达行 ...

Group 1 - Hesai Technology has passed the hearing for listing on the Hong Kong Stock Exchange, planning to issue up to 51.2362 million shares [1][2] - The company reported net revenues of 1,202.7 million yuan, 1,877.0 million yuan, and 2,077.2 million yuan for 2022, 2023, and 2024 respectively, with a 46.3% year-on-year growth in Q1 2025 [2] - As of August 29, 2023, Hesai's stock price on NASDAQ was $25.77 per share, with a total market capitalization of approximately $3.414 billion (about 24.3 billion yuan) [2] Group 2 - In Q2 2023, Hesai achieved a revenue growth of 54% to 706 million yuan, with a net profit of 44 million yuan, marking a turnaround from a loss of 72 million yuan in the same period of 2024 [3] - The total delivery of Hesai's LiDAR units reached 547,900 in the first half of 2025, a year-on-year increase of 276.2%, surpassing the total for 2024 [3] - The company’s ADAS product deliveries in Q2 2023 were 303,600 units, up 275.8% year-on-year, while robot LiDAR product deliveries reached 48,500 units, a significant increase of 743.6% [3] Group 3 - The return of Chinese concept stocks to Hong Kong has been slow, with the last financing project occurring in November 2022, indicating a dormant period of over two years [5] - Hesai Technology's listing could signal the reopening of the channel for other Chinese companies planning to return to Hong Kong [5] - The introduction of the "Special Technology Line" by the Hong Kong Stock Exchange aims to facilitate the listing process for technology and biotech companies, allowing them to submit applications confidentially [6][7]

Core Viewpoint - The successful hearing of Hesai Technology for its Hong Kong listing signals the potential reopening of the channel for Chinese concept stocks to return to Hong Kong after a two-year hiatus [2][11]. Company Overview - Hesai Technology, founded in 2014, is a global leader in the research and manufacturing of LiDAR technology, initially focusing on gas sensors before expanding into autonomous driving LiDAR products in 2016 [8]. - The company went public on NASDAQ in February 2023, raising $190 million, and as of August 29, 2023, its stock price was $25.77, with a year-to-date increase of 86.47%, giving it a market capitalization of approximately $3.414 billion (around 24.3 billion RMB) [8]. Financial Performance - In 2022, 2023, and 2024, Hesai Technology's net revenues were 1,202.7 million RMB, 1,877.0 million RMB, and 2,077.2 million RMB, respectively. In Q1 2025, the company reported a net revenue of 525.3 million RMB, marking a 46.3% year-on-year growth [4]. - For Q2 2023, the company achieved a revenue of 706 million RMB, a 54% increase year-on-year, and a net profit of 44 million RMB, reversing a loss of 72 million RMB in the same quarter of 2024 [8]. Product Delivery and Market Trends - In the first half of 2025, Hesai Technology's total LiDAR deliveries reached 547,900 units, a 276.2% increase year-on-year, surpassing the total deliveries for 2024 [8]. - In Q2 2023, the total LiDAR deliveries were 352,100 units, reflecting a 306.9% year-on-year growth, with ADAS product deliveries reaching 303,600 units, up 275.8% [8]. - The company’s robot LiDAR product deliveries in Q2 2023 were 48,500 units, a significant increase of 743.6%, with total deliveries in the robotics sector for the first half of the year reaching 98,300 units, up 692.9% [8]. Industry Outlook - The increasing penetration of new energy vehicles and the shift towards "smart" automotive technology are driving demand for LiDAR as a safety standard in intelligent vehicles. Reports indicate that the domestic LiDAR installation volume is expected to exceed 1.5 million units in 2024, a year-on-year increase of 179.7%, and reach 2.5 million units in 2025 [8]. - Hesai Technology is positioned to benefit from the growth of the autonomous driving sector, with L2+/L3 penetration rates increasing. The company’s robot business is anticipated to become a second growth driver, with significant potential for OEM collaborations and new model releases [9]. Market Development - The Hong Kong Stock Exchange has seen a slowdown in Chinese concept stocks returning, with only 33 companies listed since the reform in 2018. The last financing project was in November 2022, indicating a two-year lull in this market [11]. - The introduction of the "Special Technology Line" by the Hong Kong Stock Exchange aims to facilitate the listing process for tech and biotech companies, allowing them to submit applications confidentially, which may encourage more companies like Hesai Technology to pursue listings [12].

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].

Core Viewpoint - The laser radar industry, a key upstream sector for electric and intelligent connected vehicles, is undergoing significant changes due to cost reductions and price declines driven by economies of scale [1] Group 1: Market Dynamics - Hesai Technology (NASDAQ: HSAI) and RoboSense (2498.HK) dominate the global automotive laser radar market, holding over 60% market share combined [2] - In the first half of this year, Hesai regained the top position with a 33% market share, while RoboSense held 26% last year [2] - The competition in the automotive market is intensifying, leading both companies to explore robotics as a new growth avenue [2][10] Group 2: Financial Performance - Hesai reported a revenue of 706 million yuan in Q2 2025, a 53.9% year-on-year increase, and a net profit of 44.1 million yuan, recovering from a loss of 72.1 million yuan in the same period last year [4] - RoboSense achieved a total revenue of 780 million yuan in the first half of 2025, a 7.7% increase year-on-year, but reported a net loss of 149 million yuan, although this was an improvement from a loss of 268 million yuan the previous year [5] Group 3: Product Strategy - Hesai's strategy focused on low-cost products, successfully penetrating the 100,000 yuan vehicle platform, leading to a 276.2% increase in total deliveries to 547,900 units in the first half of the year [6][7] - RoboSense's ADAS revenue declined by 17.9%, with a 6% drop in ADAS laser radar sales, attributed to reduced purchases from major automotive clients [8][10] Group 4: Robotics Business - RoboSense's robotics business saw explosive growth, with sales reaching 46,300 units, a 420.2% increase year-on-year, contributing approximately 150 million yuan in revenue [10] - Both companies are launching new products targeting the robotics sector, with RoboSense's average price for robotics laser radar dropping by 44.8% to 4,800 yuan [11] - Hesai also reported significant growth in its robotics sector, delivering 48,500 units, a 743.6% increase year-on-year [13]

Core Viewpoint - Hesai (HSAI.US) reported significant growth in Q2 2025, with revenue reaching 710 million RMB, a year-on-year increase of 53.9%, and net profit exceeding 40 million RMB, surpassing GAAP profitability targets [1] Financial Performance - In Q2 2025, Hesai achieved revenue of 710 million RMB, marking a 53.9% increase year-on-year [1] - The net profit for the quarter surpassed 40 million RMB, indicating a successful transition to profitability [1] Product Delivery and Growth - Total lidar deliveries reached 352,095 units in Q2, representing a year-on-year growth of 306.9% [1] - Deliveries of ADAS products amounted to 303,564 units, up 275.8% year-on-year [1] - In the robotics sector, product deliveries reached 48,531 units, showing a substantial increase of 743.6% [1] - For the first half of 2025, total lidar deliveries were 547,913 units, a 276.2% increase compared to the same period in 2024 [1] Market Position and Partnerships - Hesai's lidar has become a standard safety feature for advanced driver-assistance systems (ADAS), contributing to the launch of several popular vehicle models [1] - The company secured contracts with nine leading automakers for 20 vehicle models, scheduled for delivery between 2025 and 2026, including major clients like Geely, Great Wall Motors, and Changan Automobile [1] - In the robotics sector, the JT series achieved over 100,000 units delivered within five months, setting a global record for the fastest delivery [1]

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% ...

Core Viewpoint - The article highlights the significant growth and achievements of Hesai Technology in the lidar industry, marking a turning point in commercialization and profitability, particularly in the context of the booming smart driving and robotics sectors in 2025 [1][3]. Financial Performance - Hesai reported a record annual revenue of 2.08 billion yuan and a Non-GAAP net profit of 14 million yuan for 2024, becoming the first publicly listed lidar company to achieve annual Non-GAAP profitability [1][4]. - The company's stock surged by 50.41% following the earnings announcement, reflecting strong market confidence [1]. Delivery and Market Demand - In 2024, Hesai's total lidar delivery reached approximately 502,000 units, a year-on-year increase of 126%, achieving a doubling of delivery volume for four consecutive years [4]. - The fourth quarter alone saw deliveries of 222,000 units, surpassing the total for 2023, indicating a robust demand from automotive and robotics sectors [4][5]. Industry Position and Growth - The lidar industry is transitioning from a niche market to a standard feature in smart vehicles, with a projected increase in lidar penetration from 6% in 2023 to 13% in 2024, and potentially reaching 60% by 2030 [4]. - Hesai has established partnerships with 22 domestic and international automotive manufacturers, covering 120 vehicle models, including nine of China's top ten automakers by market value in 2024 [4]. Product Development and Innovation - At CES 2025, Hesai showcased advanced lidar products, including the AT1440 and the second-generation solid-state lidar FT, indicating a broadening product ecosystem [8][9]. - The introduction of the ATX lidar, which offers high performance at a competitive price, is expected to penetrate the market for vehicles priced below 100,000 yuan, supporting the democratization of advanced driving technologies [11]. Future Outlook - The company anticipates a significant increase in Non-GAAP profit to between 350 million and 500 million yuan in 2025, representing a 25 to 35-fold increase from the previous year [14]. - Lidar delivery volumes are projected to rise to between 1.2 million and 1.5 million units in 2025, reflecting the growing demand across various applications [14]. Global Expansion and Competitive Landscape - Hesai has secured a landmark multi-year exclusive partnership with a top European automaker, marking a significant milestone in its international market strategy [19]. - The competitive landscape shows a concentration of market power among Chinese lidar manufacturers, with domestic firms leading in innovation and market share [18]. Investment Sentiment - Major international banks have expressed bullish sentiments towards Chinese assets, with projections of significant growth in Hesai's Non-GAAP net profit and market share in the coming years [21].