The latest announcement from the Hong Kong Stock Exchange shows that Seyond Tuda Tong updated its prospectus on August 26, disclosing financial data as of March 31, 2025. Among them, the gross profit margin in the first quarter of 2025 continued to grow positively to 12.6% after turning from negative to positive in the fourth quarter of 2024, recording a gross profit of 3.197 million US dollars, continuing the trend of profit improvement and becoming the core highlight of this update.

As a global provider of image grade LiDAR solutions, Tudatong will deliver approximately 230000 vehicles of standard grade LiDAR in 2024. During the track record period, ADAS LiDAR ranked second in the world in terms of cumulative sales revenue, with a market share of 20.7% in China. Its financial performance and business progress directly reflect the industry's technological iteration and commercialization process. These data not only demonstrate the key turning point from "scale expansion" to "profit realization", but also highlight business resilience and growth potential through changes in revenue structure, cost control, and other dimensions.

It is worth noting that in just six months since the announcement of SPAC listing application, Tudatong has achieved breakthrough expansion in multiple fields such as passenger cars, commercial vehicles, robots, Robotaxi, and smart transportation with its technological strength and mass production experience. It has added three state-owned host factories and successfully built a three-dimensional growth pattern of "diversified products, diversified customers, and diversified scenarios", injecting strong momentum into long-term development.

TuDa Tong updates its prospectus: adding three state-owned host factories and multiple designated locations, with gross profit margin turning positive and increasing to 12.6%

Stable and positive growth in gross profit margin, with a clear profit path emerging

As the core highlight of this prospectus update, TuDa Tong achieved a gross profit of 3.197 million US dollars in the first quarter of 2025, with a gross profit margin of 12.6%, continuing the positive gross profit trend of the fourth quarter of 2024, and its profitability continues to be released. Looking back at the data, the scale of losses continued to narrow from 2022 to 2024, reflecting the significant achievements of the company in cost control and operational efficiency improvement. The operating conditions have steadily improved, laying a solid foundation for long-term profitability.

The significant improvement on the cost side has become an important support for profit breakthroughs: in the first quarter of 2025, costs decreased significantly by 36.9% compared to the same period in 2024, from $35.023 million to $22.099 million. This achievement stems from the unit cost reduction brought about by product design optimization, the increased bargaining power due to the expansion of procurement scale, and the continuous manifestation of production scale effects. Multiple measures have been taken to promote the continuous optimization of cost structure.

Despite short-term fluctuations in performance in the first quarter of 2025 compared to the full year of 2024, industry analysis suggests that this is mainly due to the traditional off-season sales in the automotive industry. Lidar, as the core sensor for intelligent driving and intelligent robots, has not been shaken in long-term demand. It is worth noting that the revenue growth brought by the mass production of the Robin series has partially offset short-term fluctuations. The breakthrough progress in the normalization of gross profit margin this time fully demonstrates the maturity of the company in technology transformation and cost management, laying a solid foundation for long-term profitability.

From car to robot, customer structure continues to optimize

TuDa Tong updates its prospectus: adding three state-owned host factories and multiple designated locations, with gross profit margin turning positive and increasing to 12.6%

In the past six months, TuDa Tong has adopted the strategy of "technology penetrating scenarios" to achieve breakthroughs from "points" to "surfaces" in multiple core areas, and to comprehensively expand from the automotive to robotics fields, further optimizing its customer structure.

In the field of passenger cars, Tudatong has further deepened its cooperation with NIO and has been used in nine NIO models. Its Falcon series has delivered over 500000 units, and the commercialization results are impressive. In the field of commercial vehicles and logistics, Tudatong has established stable cooperation with Deepway, Shaanxi Automobile Heavy Truck, Winch Technology, Pony AI, etc., and continues to expand its application scenarios.

It is worth noting that as of the latest feasible date, Tudatong has secured designated orders from ten other host manufacturers and ADAS/ADS companies. In addition to the existing Hongjing Intelligent Driving and Zhitu Technology Pony AI， Three Chinese companies focusing on commercial vehicles, passenger electric vehicles, and ride hailing services have also added three Chinese state-owned automobile manufacturers and one leading joint venture car company. The prospectus reveals that the latest designated orders are expected to be converted into actual sales by the end of 2025.

As a blue ocean market for laser radar applications, the robot race track has also entered the core scene, obtaining large-scale orders from leading enterprises such as Jiushi Intelligence, Zhongli Shares, Kusa Technology, and Yushi Technology, covering logistics, sanitation, and handling fields. This not only validates the excellent performance of the product in terms of reliability and stability, but also highlights the company's profound insight into the demand for robot scenarios, injecting new momentum into growth.

Technological moat: Breakthrough in scenarios supported by diverse product matrices

The business breakthrough in the past six months stems from Tuda Tong's forward-looking layout of "dual technology routes parallel".

As the only laser radar enterprise in the world with mature production of 1550nm and 905nm dual routes, the company can not only meet the ultimate performance requirements of the high-end market, but also adapt to the large-scale application of 100000 yuan level vehicles, becoming the core advantage in breaking through diverse scenarios.

The technological breakthrough of the new generation pure solid state LiDAR Hummingbird D1 has made it one of the first companies in the world to introduce pure solid state technology into the mass production field of passenger car front-end assembly. Further consolidating its industry position - this product combines high performance and low cost advantages, and has been designated by a leading host manufacturer, marking the acceleration of pure solid-state technology towards mass production of passenger car front-end assemblies.

Under the wave of new energy vehicles and intelligent industries, the value of LiDAR is becoming increasingly prominent. Tudatong has deeply entered the high growth track through a forward-looking product layout. The breakthrough of multiple passenger car customers and the large-scale implementation of robots not only optimizes the revenue structure, but also builds a moat of "technology+scenario+ecology". With the mass production of new products and the release of orders in the second half of the year, we believe that its growth potential will accelerate.