contentEN: "On December 10, 2025, Seyond (02665.HK), a global provider of image-grade LiDAR solutions, officially listed on the HKEX via a De-SPAC transaction. Seyond raised approximately HK$1.027 billion in total funds, with a market capitalization exceeding HK$14.6 billion as of 09:40 on the listing day.\n\nSeyond’s successful listing not only reflects the capital market’s firm confidence in the growth potential of the LiDAR sector, but also validates Seyond’s leading technical standards, mature commercialization capabilities, and robust ecosystem integration strength. In his listing ceremony address, Seyond founder, Chairman and CEO Dr. Junwei Bao stated: “In creating the future, LiDAR is not an ‘option’ but a ‘necessity.’ Its importance and growth trajectory will exceed everyone’s expectations.”\n\n\n\nFounded in 2016, Seyond was co-established by CEO Dr. Junwei Bao and CTO Dr. Yimin Li. Gaorong Ventures led the company's angel round in 2016 and participated in the subsequent Series A financing. Seyond marks the seventh portfolio company of Gaorong Ventures to successfully list on the HKEX\_in 2025.\n\nReflecting on the early investment, Gaorong Ventures Founding Partner Bin Yue noted: “Seyond’s founder, Junwei\_Bao, is an entrepreneur with deep expertise in both autonomous driving and precision optics. Earlier in his career, he founded an optical measurement equipment company whose technology became a gold standard in the chip industry, and later joined Baidu’s autonomous driving division. Gaorong became acquainted with him very early on and chose to invest immediately upon his decision to start this new venture.”\n\n\n\n**LiDAR Leader with Pioneering Dual-Route Mass Production**\n\nIn recent years, Seyond has established a comprehensive R&D, production, and supply-chain system in China. To date, the company has set up R&D centers in Silicon Valley, Suzhou, and Shanghai, and constructed highly industrialized automotive-grade LiDAR manufacturing bases in Suzhou, Deqing, and Pinghu, laying a solid foundation for large-scale product delivery.\n\nThrough technological breakthroughs and mass production capabilities, Seyond has achieved multiple industry-leading milestones. According to China Insights Consultancy, Seyond was the world's first supplier to achieve mass production of automotive-grade high-performance LiDAR solutions. From 2022 to 2024, the company ranked second globally in cumulative sales revenue for ADAS\_LiDAR solutions.\n\nSeyond is also the first company worldwide to achieve large-scale mass production of 1550-nm high-performance LiDAR, while simultaneously scaling its 905-nm cost-efficient product line.This has enabled the company to form a full portfolio that covers both premium and mainstream markets.Among these, the 1550-nm “Falcon” series has exceeded 600,000 units in cumulative deliveries, demonstrating high performance and reliability in real-world deployment and securing an early-mover advantage for L3-plus intelligent driving.\n\n\n\n**Profitability enters a positive cycle; Steadfast in Diversified Layout**\n\nFinancially, Seyond has maintained steady revenue growth alongside improving profitability. From 2022 to 2024, total revenue grew from USD 66.3 million to USD 159 million, representing a CAGR of 55.1%. In the first five months of 2025, the company achieved a gross margin of 12.9%, marking a transition into a positive profitability cycle.\n\nIts growth is underpinned by a diversified product strategy. According to the latest prospectus, Seyond delivered approximately 181,000 automotive-grade LiDAR units in the first nine months of 2025, up 7.7% year-on-year. While the \"Falcon\" series continued to scale, the “Robin” series also ramped up rapidly, with 11,228 units delivered in the first five months of 2025, nearly matching the 11,589 units delivered in all of 2024, demonstrating the effectiveness of the expanding product portfolio.\n\nSeyond’s Diversified Product Layout: Falcon, Robin, and Hummingbird Series\n\nIn addition to deepening its collaboration with NIO, the company has achieved a key breakthrough in customer diversification. The prospectus shows that Seyond has secured design wins from 14 OEMs and ADAS/ADS companies, with revenue contribution expected to begin in late 2025 and provide new momentum for growth.\n\n**Automotive-Grade Market Continues to Thrive; Expanding the Second Growth Curve**\n\nAccording to China Insights Consultancy, the global LiDAR solutions market is expected to grow from USD 3.5 billion in 2025 to USD 41.3 billion in 2030, with a CAGR of 63.7%. The ADAS application segment is projected to grow from USD 1.9 billion to USD 19.7 billion during the same period (CAGR 59.8%). Industry observers attribute this growth mainly to the rapid penetration of L2+ and higher-level ADAS. As the world’s largest automotive market, China is expected to see even faster growth in automotive-grade LiDAR penetration.\n\nIn the automotive sector, Seyond’s mass-production experience with 1550-nm LiDAR and its semi-solid-state scanning architecture support its leadership in long-range perception. Meanwhile, the \"Robin\" series targets mid-range scenarios, enabling a “long-range + mid-range” dual-product advantage to meet broader customer needs.\n\nBeyond passenger vehicles, Seyond is expanding into commercial trucks, robotics, unmanned delivery, smart cities, smart highways, and smart rail systems. The company has secured large-scale orders from industry leaders such as Deepway, Shaanxi Heavy Duty Truck, Inceptio Technology, and Zelos, demonstrating readiness for its second growth curve.\n\n**Ultimate 3D Perception Technology Powering Physical World AI**\n\nIn his listing speech, Dr. Junwei Bao stated that ubiquitous and ever-present spatial information will be the fundamental element constituting AI in the physical world. The implementation of Physical AI applications, such as embodied intelligence, smart transportation, and industrial automation, will open up broader market spaces for Seyond.\n\nGaorong began exploring AI applications including autonomous driving as early as 2014, believing the technology would profoundly reshape daily life.\_In this direction, Gaorong Ventures has invested in outstanding enterprises such as Seyond (02665.HK), Nuro, Momenta, Neolix, and Innoviz (NASDAQ: INVZ).\n\n\n\nBin Yue commented: \"Congratulations to Seyond on its successful Hong Kong listing! When Gaorong first invested in Seyond in 2016, the autonomous driving industry was still in its very early stages. Today, intelligent driving has become fully integrated into our daily lives, and LiDAR has become an essential sensor for advanced autonomous driving. We are delighted to have accompanied the Seyond team in overcoming numerous challenges to turn their initial technological vision into reality. Today, Seyond has made remarkable progress in its product portfolio, mass production expertise, and commercial scenario expansion. We wish the company continued success from this new starting point, leveraging its cutting-edge 3D perception technology to efficiently connect the digital world with intelligent and convenient living.\""
