New Stock News | Tudatong Updates IPO Prospectus: Adding Three State-Owned Mainframe Factories, Gross Margin Increases to 12.6%

The latest announcement from the Hong Kong Stock Exchange shows that Seyond Tudatong updated its prospectus on August 26, disclosing financial data as of March 31, 2025. In the first quarter of 2025, the gross profit margin continued to increase positively to 12.6%, recording a gross profit of $3.197 million, following a positive trend since the fourth quarter of 2024, continuing the trend of profit improvement and becoming the core highlight of this update. As a global provider of image-level LiDAR solutions, Tudatong delivered approximately 230,000 vehicle-grade LiDARs in 2024, and during the previous period, its ADAS LiDAR accumulated sales revenue ranked second globally, with a market share in China of 20.7%. Its financial performance and business progress directly reflect industry technological iteration and commercialization processes, showcasing not only a key turning point from "scale expansion" to "profit realization," but also highlighting business resilience and growth potential through changes in revenue structure, cost control, and other dimensions. It is worth noting that since the announcement of the SPAC listing application, in just six months, Tudatong has achieved breakthrough expansions in various areas such as passenger vehicles, commercial vehicles, Siasun Robot & Automation, Robotaxi, and smart transportation, adding three state-owned automakers as designated partners and successfully building a three-dimensional growth pattern of "diverse products, diverse customers, and diverse scenarios," injecting strong momentum for long-term development. Stable positive growth in gross profit margin, clear path to profit As a core highlight of this updated prospectus, Tudatong achieved a gross profit of $3.197 million in the first quarter of 2025, with a gross profit margin of 12.6%, continuing the positive trend of gross profit since the fourth quarter of 2024, with profit-making capacity continuing to be released. Looking back at the data, the scale of losses from 2022 to 2024 continued to narrow, reflecting the significant effects of cost control and operational efficiency improvement by the company, with steady improvement in operating conditions laying a solid foundation for long-term profitability. Significant improvement on the cost side has become an important support for the breakthrough in profitability: costs in the first quarter of 2025 decreased significantly by 36.9% compared to the same period in 2024, decreasing from $35.023 million to $22.099 million. This achievement is attributed to the decrease in unit costs brought about by product design optimization, enhanced bargaining power from increased procurement scale, and the continuous manifestation of production scale effects, with multiple measures driving continuous optimization of cost structure. Although there has been a short-term fluctuation in performance in the first quarter of 2025 compared to the full year of 2024, industry analysis points out that this is mainly due to the traditional sales off-season in the automotive industry, with LiDAR as a core sensor for intelligent driving and intelligent Siasun Robot & Automation, there is no shake in long-term demand. It is worth noting that the revenue growth from the production of the Robin series has partially offset the short-term fluctuations. The breakthrough progress of the gross profit margin turning positive this time fully demonstrates the company's maturity in technology transformation and cost management, laying a solid foundation for long-term profitability. From vehicular to Siasun Robot & Automation, continuous optimization of customer structure In the past six months, Tudatong has achieved breakthroughs in multiple core areas with the strategy of "penetrating scenes with technology," realizing a comprehensive expansion from vehicles to the field of Siasun Robot & Automation, further optimizing the customer structure. In the passenger vehicle sector, Tudatong has deepened cooperation with NIO, which has been used in nine NIO models, with its Falcon series delivering over 500,000 units, achieving remarkable commercialization results. In the commercial vehicle and logistics sectors, Tudatong has stable cooperation with Deepway, Shanqi Heavy Truck, Winch Technology, Pony AI, continuously expanding application scenarios. It is worth noting that, as of the latest feasible date, Tudatong has secured additional designated orders from ten other automakers and ADAS/ADS companies. In addition to existing companies such as Hangsheng Intelligent Driving, Zhivto Technology, and Pony AI, focusing on commercial vehicles, passenger electric vehicles, and ride-hailing services in China, three additional Chinese state-owned automakers and a leading joint venture have been added. The prospectus reveals that the newly secured designated orders are expected to be converted into actual sales by the end of 2025. In the Siasun Robot & Automation track as a blue ocean market for LiDAR applications, Tudatong has already entered core scenarios, obtaining large-scale orders from leading companies such as Jiushi Intelligent, Neutral Share, Kusotech, and Yushixiaotech, covering logistics, environmental sanitation, and handling fields. This not only verifies the outstanding performance of the product in terms of reliability and stability but also highlights the company's profound insight into the demand for Siasun Robot & Automation scenarios, injecting new momentum for growth. Technological moat: Diverse product matrix supports breakthrough in scenarios The business breakthroughs in the past six months are derived from Tudatong's forward-looking layout of "parallel dual technology paths." As the only company in the world to simultaneously produce LiDARs with 1550nm and 905nm dual routes, the company can meet the extreme performance requirements of the high-end market and adapt to the scale application of vehicles priced at around 100,000 yuan, becoming the core advantage for breaking through diverse scenarios. The technological breakthrough of the new generation pure solid-state LiDAR Hummingbird D1 has become the first company globally to introduce pure solid-state technology into the front-end mass production field of passenger vehicles. This further consolidates its industry position the product combines high performance with low cost advantages, and being designated by top automakers this time, marks the acceleration of the landing of pure solid-state technology in the front-end mass production of passenger vehicles. In the era of new energy vehicles and the wave of intelligent transformation in various industries, the value of LiDARs is becoming increasingly clear. Through forward-looking product layout, Tudatong has deeply penetrated high-growth tracks. Breakthroughs in multiple customers for passenger vehicles and the scale application of Siasun Robot & Automation not only optimize the revenue structure but also establish a technological, scenario, and ecological moat. With the production of new products and the release of orders in the second half of the year, its growth momentum is expected to accelerate.