Innovusion Passes HKEX Hearing, with Dual Strategies Driving Continuous Profit Improvement

On November 12, the official website of the Hong Kong Stock Exchange showed that Seyond, a global provider of image-level lidar solutions, has passed the hearing of the Hong Kong Stock Exchange. So far, the three leading lidar companies in the capital market, Hesai, RoboSense, and Seyond, are about to gather on the Hong Kong stock market.

According to the latest prospectus, Seyond delivered approximately 181,000 automotive-grade lidars in the first nine months of 2025, a year-on-year increase of 7.7%. Meanwhile, from the fourth quarter of 2024 to the third quarter of 2025, Seyond achieved positive gross profit for four consecutive quarters. The improvement of this key indicator confirms that its scale effect and refined management have begun to yield results, and the profit path is becoming clearer.

Diversified breakthrough in customer structure, winning orders from multiple mainstream automakers

At the business level, Seyond has delivered over 600,000 units in total of its automotive-grade main lidar "Falcon", proving that it can achieve both top-notch performance and large-scale stable delivery capabilities. While establishing its position in the high-end market, the company has made a key breakthrough in its customer diversification strategy.

The prospectus shows that while consolidating its in-depth cooperation with NIO, Seyond has won new orders from multiple automakers, including three Chinese state-owned automobile manufacturers and a leading joint-venture automobile company. These new orders are expected to contribute to sales revenue starting from the end of 2025, injecting new impetus into its growth.

In addition, its product applications have expanded from the passenger car field to broader sectors such as commercial vehicles and robots. Seyond has obtained mass production orders from industry-leading enterprises such as DeepWay, Shaanxi Automobile Group, Inceptio Technology, and Jiushi Intelligence. This is not only a strong endorsement of its technology reliability but also indicates that its business model has extended from "empowering intelligent driving" to "empowering intelligent machines", opening up a broader market space.

Parallel implementation of mature dual technology routes, with the 1550nm Falcon taking the lead in the L3 market

Industry analysis points out that the competition among lidar companies has evolved from a single performance parameter comparison to a comprehensive competition in product portfolio integrity, mass production delivery stability, and product maturity.

As one of the few companies in the industry that has achieved large-scale mass production of both the 1550nm high-performance route and the 905nm cost-effective route, Seyond has built a complete product portfolio covering the high-end to mainstream markets. Among them, the "Falcon" series based on the 1550nm platform, as a mature high-performance ultra-long-range lidar product in the industry, has fully verified its excellent reliability and perception ability in real scenarios with its large-scale delivery record of over 600,000 units, laying a first-mover advantage for the large-scale implementation of L3 and higher-level intelligent driving.

It is worth noting that Seyond is also at the forefront of the industry in the research and development of all-solid-state lidar. The prospectus shows that the new generation of all-solid-state lidar, Hummingbird D1, has obtained pre-installed mass production orders from leading automakers, enabling it to maintain a leading position in technological expansion.

As the global automotive industry competition deepens from "electrification" to "intelligence", with the implementation of mandatory L2 standards and the gradual implementation of L3-level intelligent driving access policies, the market demand for lidar as a core sensor is experiencing explosive growth. According to the latest research report from QYResearch, the global lidar market size was $2.565 billion in 2024 and is expected to grow to $18.9 billion by 2031, with a compound annual growth rate (CAGR) of 29.3% from 2025 to 2031. Seyond has laid the foundation for seizing market opportunities with its technological foresight, stable mass production delivery capabilities, and mature market experience.