8月26日，全球激光雷达龙头禾赛科技赴港上市完成中国证券监督管理委员会备案。 中国证监会发布《关于Hesai Group（禾赛科技）境外发行上市备案通知书》显示，禾赛科技拟发行不 超过5123.62万股境外上市普通股，并在香港联合交易所上市。 其中，禾赛科技、速腾聚创、华为等牢牢占据市场主导。盖世汽车研究院报告显示，目前，禾赛ATX已 获得比亚迪、奇瑞、长城、长安等12家国内头部车企的几十款车型定点合作，并于2025年第一季度启动 大规模量产，成为众多主机厂2025年量产车型的标配安全件。今年第二季度，禾赛激光雷达总交付量为 35.2万台，同比增长306.9%。其中，二季度ADAS产品交付量为30.4万台，同比增长275.8%。2025上半 年，禾赛激光雷达总交付量为54.8万台，同比增长276.2%，已超2024全年。 目前，禾赛已与24家国内外汽车厂商达成量产定点合作关系。第二季度及近期，新增9家头部车企的20 款车型定点，量产周期覆盖至2026年，核心客户包括禾赛Top2客户之一、吉利、长城汽车、长安汽车 等头部车企。 在此背景下，公司发布2025年第二季度未经审计的财务数据显示，今年二季度实现营收7. ...

8月26日，全球激光雷达龙头禾赛科技赴港上市完成中国证券监督管理委员会备案。 目前，禾赛已与24家国内外汽车厂商达成量产定点合作关系。第二季度及近期，新增9家头部车企的20 款车型定点，量产周期覆盖至2026年，核心客户包括禾赛Top2客户之一、吉利、长城汽车、长安汽车 等头部车企。 在此背景下，公司发布2025年第二季度未经审计的财务数据显示，今年二季度实现营收7.06亿元，同比 增长53.9%；净利润为4410万元，同比实现扭亏为盈。 开源证券研究指出，激光雷达正逐步成为智驾标配，公司与头部客户的深度合作及在手订单有望较好支 撑2026年营收增长表现。此外，技术外溢带动Robotics激光雷达成本下降，割草机器人等领域激光雷达 渗透率有望提升，除现有战略客户外仍有较多潜在客户可拓展，继续看好下游行业增长红利带动公司出 货高增。 天风证券表示，公司有望持续受益于自动驾驶行业发展下L2+/L3渗透率提升，中国市场激光雷达已渗 透至12万元左右的车型，海外市场OEM定点逐步落地。机器人业务有望成为公司第二增长曲线，激光 雷达产品适用于广泛的机器人应用场景，JT系列产品交付量今年有望快速增长，看好禾赛领先的技术能 ...

Core Insights - The Chinese automotive lidar market is experiencing a significant turning point in the first half of 2025, with an installed capacity of 1.002 million units, representing a year-on-year increase of 71%, and an annual target of 2.5 million units [2] - Hesai Technology leads the market with a 33.0% share, followed by Huawei at 30.2%, while Suoteng Juchuang has dropped to third place with a 27.4% share [2][9] Market Dynamics - The competition among leading companies is increasingly defined by technological routes and customer binding [4] - Hesai's success is attributed to its high-performance and reliable ATX lidar, which has penetrated the 100,000 RMB vehicle segment, contributing to a significant increase in sales of lidar-equipped models priced between 100,000 and 200,000 RMB [4] - The penetration rate of lidar in new energy passenger vehicles has surpassed 17% monthly, indicating a strong market demand for affordable safety configurations [4] Technological Advancements - Hesai continues to invest in R&D, launching the "Qianliyan" lidar perception solution for L2 to L4 autonomous driving and introducing three new generation automotive-grade lidar products [7] - Huawei's strength lies in its robust R&D capabilities and industry chain integration, with significant presence in both domestic and international markets [9] Competitive Challenges - Suoteng Juchuang's decline is attributed to intensified market competition and strategic shifts from major clients, leading to a 9.2% revenue drop and a 9.8% decrease in lidar sales [10][13] - The shift from exclusive supply agreements to AB supply models poses additional challenges for Suoteng, as it may lose clients if it cannot optimize costs [13] Strategic Responses - In response to market challenges, Suoteng's CEO announced a focus on high-performance and high-line lidar technology, aiming to break the price war cycle [15] - Suoteng is also actively exploring the robotics market as a second growth curve, with a 183.3% increase in sales for its robotics product line in Q1 2025 [15] Market Consolidation - The lidar market is witnessing accelerated consolidation, with the top three companies—Hesai, Huawei, and Suoteng—holding over 90% of the market share, while other suppliers account for only 0.01% [15][16] - The competitive landscape is becoming more intense, with leading companies needing to enhance their market positions while addressing challenges such as maintaining installation volume and improving profit margins [16]

Core Viewpoint - Hesai Technology (NASDAQ: HSAI) reported significant growth in Q1 2025, with revenue reaching 530 million RMB, a year-on-year increase of 46.3%, and a GAAP net loss reduced by 84% to 17.5 million RMB [1] Financial Performance - The total delivery of LiDAR units in Q1 2025 was 195,000, representing a year-on-year growth of 231.3% - ADAS product deliveries reached 146,000 units, up 178.5% year-on-year, while deliveries in the robotics sector surged to 49,000 units, marking a 649.1% increase [1] Market Trends - The demand for LiDAR in the robotics sector is becoming a significant growth driver, supported by government policies focusing on "embodied intelligence" and "smart robotics" [1] - The average price of Hesai's products dropped from 35,869 RMB per unit in Q2 2022 to 3,242 RMB in Q4 2024, a decline of nearly 90% [2] Industry Insights - The robotics market is characterized by a focus on performance and reliability, allowing for differentiated high-end product development [2] - The market for robotics is expected to grow significantly, with predictions indicating that the shipment volume in this sector could exceed 100,000 units by 2025 [3] Future Projections - The LiDAR market for robotics is projected to reach 28 billion RMB by 2030, with a compound annual growth rate of 67.9% [3] - Concerns exist regarding the sustainability of profits in the LiDAR sector as advanced models from robotics companies may increase price sensitivity [3]