New Stock News | Hesai Technology passes hearing: The first global lidar company to list in Hong Kong

Driven by strong advancements in cutting-edge technologies such as autonomous driving, intelligent transportation, and robotics, the LiDAR industry continues to break through technological boundaries and expand application scenarios, showcasing immense industrial potential across various fields and entering a golden period of vigorous development.

According to the Zhitong Finance APP, on August 31, Hesai Technology, a global leader in 3D LiDAR solutions, passed the hearing at the Hong Kong Stock Exchange and is set to go public in Hong Kong, marking a solid step towards the international capital market.

Leading Company in LiDAR Solutions: Outstanding Technical Strength Builds a Rich Product Matrix

Hesai Technology, as a global leader in LiDAR research and manufacturing, focuses on the design, development, manufacturing, and sales of advanced LiDAR products. Its products, known for their excellent performance and wide range of applications, are not only widely used in passenger and commercial vehicles equipped with advanced driver assistance systems but also shine in robotics and other non-automotive industries. For instance, in the fields of autonomous vehicles, mobile robots, delivery robots, smart agriculture, and port automation, Hesai Technology's LiDAR products provide strong perception technology support, driving continuous intelligent upgrades in the robotics industry.

In terms of innovation and technology, Hesai Technology possesses outstanding innovative capabilities and industry-leading technical strength. Since its early development, the company has focused on the independent research and development of key components of LiDAR. As early as 2017, the company established a dedicated chip R&D team, becoming a pioneer in the LiDAR industry. Since 2023, the company has achieved the highest integration rate of self-developed chips in the industry, marking its leading position in the technology field.

Hesai Technology's fourth-generation self-developed chip has achieved comprehensive optimization of LiDAR functions and performance, integrating all seven key components, including lasers, detectors, laser drivers, TIA chips, ADC chips, digital signal processors, and controllers. According to data from Zhiyan Consulting, the company is the only LiDAR enterprise in the industry that has independently developed all seven key components and is the first to successfully achieve ASIC chip integration for both the transmission and reception modules. The company's ASIC path significantly enhances performance, quality, and cost-effectiveness by simplifying product architecture and optimizing design, giving the company a significant advantage in fierce market competition.

Since launching its first-generation self-developed chip in October 2020, Hesai Technology has successfully released four generations of self-developed chips, each empowering the company to develop LiDAR products with better performance and higher quality while significantly reducing production costs. This series of innovative achievements not only promotes the development of LiDAR technology but also lays a solid foundation for the company's commercial success in the global market.

With the support of its self-developed chip path, Hesai Technology has successfully developed a series of industry-leading products. In July 2021, the company launched its flagship product, the AT128, and achieved SOP in July 2022. According to data from Zhiyan Consulting, the AT128 is the first automotive-grade long-range LiDAR product that utilizes a self-developed chip to integrate VCSEL laser modules. Additionally, the company successfully migrated its self-developed chip architecture to the mechanical LiDAR product OT128 to support the commercial operation of Robotaxi With its self-developed chip path, Hesai has developed a strong product line, including the AT, ET series, and JT series, which have quickly gained market recognition, winning mass production designations both domestically and internationally shortly after their launch or even before. This has driven the company's continuous growth.

Innovative Platform Architecture Reduces Operating Costs, Rapid Growth in Shipments and Revenue

The innovative platform architecture is one of Hesai's core competitive advantages and a key factor in its ability to stand out in fierce market competition. The company introduced platform-level thinking in 2017. Its platformization not only achieves architectural sharing within each series but also between different product series. For example, 70% of the components in the AT and ET product series can be shared, significantly shortening product development cycles, reducing supply chain costs and R&D costs, and enhancing customer satisfaction and loyalty through design consistency. The company has accumulated extensive expertise in lidar technology, which can be effectively utilized at the system level to support the development of diverse products and promote continuous innovation in the company's next-generation lidar.

Hesai's self-manufacturing model has become another significant advantage, helping the company build a strong competitive barrier for long-term development—significantly improving cost efficiency, strengthening quality control, accelerating innovation, and enhancing supply chain resilience. With deep professional accumulation, the company's self-manufacturing capabilities continue to improve, forming a virtuous cycle that further consolidates its leading position in the industry. According to data from ZhiShi Consulting, the company is the first to adopt self-built production lines and is the only lidar company in the market that has consistently used this method since its establishment.

Thanks to strong technical strength and a rich product matrix, Hesai's shipments and revenue have rapidly grown during the historical performance period. In the first quarter of 2022, 2023, 2024, and 2025, the company confirmed revenues from shipments of approximately 80,400 units, 222,100 units, 501,900 units, and 195,800 units of lidar, respectively.

In 2022, 2023, and 2024, Hesai's net revenues were RMB 1,202.7 million, RMB 1,877.0 million, and RMB 2,077.2 million, respectively. In the first quarter of 2025, the company achieved net revenue of RMB 525.3 million, a year-on-year increase of 46.3%.

Hesai's revenue scale and shipment volume have also established it as a solid industry leader. According to data from ZhiShi Consulting, the company was the world's largest lidar supplier by revenue in 2022, 2023, and 2024. By December 2024, the company became the world's first lidar company to exceed 100,000 units in monthly shipments.

From an industry perspective, in recent years, the lidar industry has rapidly developed against the backdrop of sustained growth in demand for autonomous driving technology, robotics, and related industries. According to data from ZhiShi Consulting, global lidar industry revenue increased from USD 300 million in 2020 to USD 1.6 billion in 2024, with a compound annual growth rate of 57.8%, and is expected to reach USD 17.3 billion by 2029, with a compound annual growth rate of 61.7% In particular, the market size and growth rate of China's LiDAR industry have significantly surpassed other regions.

Hesai, with its leading technological innovation, outstanding product performance, and industry-leading position, is expected to seize the rapidly growing LiDAR market opportunities. In the future, the company will fully leverage its technical and manufacturing expertise to consolidate its leading position in the global LiDAR market while further expanding its footprint in the robotics market to serve more industries and application scenarios, injecting stronger momentum into the intelligent development of related fields