We are a global leader in three-dimensional light detection and ranging (LiDAR) solutions. We design, develop, manufacture, and sell advanced LiDAR products. Our LiDAR products enable a broad spectrum of applications across (i) passenger or commercial vehicles with advanced driver assistance systems, and (ii) autonomous vehicle fleets providing passenger and freight mobility services, robotics and other non-automotive industries, such as automated guided vehicles/autonomous mobile robots, delivery robots, agricultural vehicles, wide industrial applications such as port and yard automation, and stationary applications. Leveraging advanced ASIC and other LiDAR technologies, proprietary in-house design and manufacturing capacities and platform level-shared architecture, we deliver LiDAR products balancing Performance, Quality and Cost to the expanding ADAS and Robotics markets.
We are a leading LiDAR company globally in terms of commercialization and financial performance, according to CIC. We have paved the way for LiDARs from technology innovation to mass production and widespread application, driving the evolution of intelligent vehicles.
‧ Our revenue scale and shipment volume demonstrate our industry position. We were the No. 1 LiDAR supplier globally in each of 2022, 2023 and 2024 in terms of revenue, according to CIC. By September 2022, we became the first LiDAR company globally to achieve 10,000 units shipment volume in a single month; by December 2024, we became the first LiDAR company globally to achieve 100,000 units shipment in a single month, according to CIC.
‧ We have achieved solid financial performance in the global LiDAR industry. We achieved the highest gross margin and gross profit among LiDAR companies worldwide in 2022, 2023, and 2024, according to CIC. Notably, we were the first LiDAR company in the world to achieve a full-year non-GAAP net profit (non-GAAP measure) in 2024. Additionally, we recorded full-year positive operating cash flow in both 2023 and 2024, making us the first publicly-listed LiDAR company to generate positive operating cash flow, according to CIC.
For each of our sub-markets:
‧ We ranked third in terms of revenue scale in the global ADAS market in 2024, according to CIC. We secured the highest number of design wins in the ADAS market as of March 31, 2025, from 22 OEMs globally across 120 vehicle models. We are the LiDAR provider for leading OEMs such as Li Auto (HKSE: 2015; NASDAQ: LI), Zeekr (NYSE: ZK), and Leapmotor (HKSE: 9863). Notably, we secured an exclusive design win with a top European OEM, launching a multi-year program that will extend into the next decade across both ICE and EV platforms, making us the first Chinese LiDAR provider for global vehicle platforms, according to CIC. From July 2022, when we began volume shipment, to December 31, 2024, we ranked the second in terms of accumulated shipment volume in the global ADAS market, according to CIC.
‧ We ranked No. 1 in terms of revenue scale in the global Robotics market in each of 2022, 2023 and 2024, according to CIC. We built our leadership in the Robotics market early on with a wide range of mechanical LiDAR products. By December 2024, we became the first LiDAR company globally to achieve 20,000 units shipment in a single month for Robotics applications, according to CIC. We were also a global leader in the global Robotaxi sector, a sub-sector of Robotics market, with a market share of over 55% in each of 2022, 2023 and 2024 in terms of revenue. During the Track Record Period, we were the primary LiDAR solution provider for nine out of the top ten autonomous driving companies in the world, according to CIC.
We believe there are three attributes critical to the further improvement of penetration rate of LiDARs: Performance, Quality, and Cost. Our current market position reflects our ability to address these key factors effectively. Depending on the scenario or the application, our customers have varying needs. Our ADAS customers generally have strict requirements on all three aspects, especially on Cost. For the Robotics market, our customers demonstrate varying levels of cost sensitivity depending on the application, including Robotaxi, lawn mowing robots, delivery robots, autonomous mobile robots, and humanoid robots. For example, our Robotaxi customers are less Cost-sensitive as they prioritize higher Performance and Quality, which are critical to the successful development and safe operation of full autonomous driving solutions. We design and manufacture LiDARs to enhance each of the three elements, while striking what we believe is the optimal balance for different applications and industries, which has led to our continued success in each of our submarkets.
Industry Trends and Opportunities
We believe our growth trajectory will continue as we offer highly competitive products and pricing to capture the fast-growing LiDAR market opportunity. The global LiDAR industry, in terms of revenues, increased from US$0.3 billion in 2020 to US$1.6 billion in 2024, with a CAGR of 57.8%, and is expected to increase to US$17.3 billion in 2029, representing a CAGR of 61.7%, according to CIC. In particular, the market size and growth rate of the LiDAR industry in China has significantly surpassed other regions.
ADAS Market
According to CIC, revenues of LiDAR for the ADAS market increased from US$0.1 billion in 2020 to US$1.0 billion in 2024, at a CAGR of 104.1%, and are expected to reach US$12.0 billion in 2029, representing a CAGR of 63.6%.
Robotics Market
As the Robotics market flourishes, it is poised to significantly drive the demand for LiDAR solutions, further propelling the growth of the overall industry. According to CIC, revenues of LiDAR for the Robotics market increased from US$0.2 billion in 2020 to US$0.6 billion in 2024, at a CAGR of 29.4%, and are expected to reach US$5.1 billion in 2029, representing a CAGR of 56.3%.
Source: Hesai-W (02525) Prospectus (IPO Date : 2025/09/08) |