2025 marks a significant milestone for SEYOND (02665), a leading player in the LiDAR industry. The company's recently released 2025 performance report strongly supports this view. According to the financial results, SEYOND's annual LiDAR sales exceeded 332,000 units last year. While market performance surged ahead, the company's core financial metrics also stood out: revenue reached RMB 1.102 billion, demonstrating considerable resilience; gross profit turned positive, with the corresponding gross margin rising to 7.9%, achieving a historic breakthrough. From an investment perspective, the greater value of this report may lie beyond the numbers—as revenue and gross profit simultaneously reached a "new level," SEYOND has officially transitioned from a phase of high-intensity strategic investment to a period where scale effects are being realized and profitability is improving.
Consequently, SEYOND's underlying growth logic has evolved from reliance on a single major customer to a multi-dimensional development framework driven by diverse products, supported by multiple clients, and enabled by various application scenarios. The effectiveness of building this diversified structure is accelerating. SEYOND's newly disclosed 2025 annual report fully illustrates how, as a top player in a high-growth sector, the company is effectively delivering on its development expectations.
In 2025, thanks to the continuous release of scale effects, SEYOND achieved a qualitative improvement in profitability. The comprehensive gross margin for the period rose to 7.9%, marking the first time it has turned positive in history. It is worth noting that in the preceding years of 2022–2024, SEYOND's gross margin had already experienced two consecutive jumps. The consecutive improvements in profitability reflect the accelerating benefits of production ramp-up and enhanced manufacturing efficiency. It is understood that SEYOND's Lingque series began mass production in the second half of 2024, while the Falcon series has become increasingly mature. Combined with the company's ongoing localization efforts—including key components, internal mold development, and automation upgrades at its Pinghu and Deqing production facilities—SEYOND has effectively reduced manufacturing costs and strengthened profitability.
While the optimization of financial data is encouraging, an even more significant value signal may lie in the changes within SEYOND's business operations. In 2025, the company's traditional strength—the automotive segment—flourished across multiple fronts. On one hand, its 1550nm LiDAR products continued stable deliveries on NIO models, with cumulative deliveries exceeding 700,000 units to date, making a substantial contribution to SEYOND's foundational business. On the other hand, the Lingque E1X (905nm) model, a key driver for incremental growth, secured design wins from major automakers such as SAIC Volkswagen, GAC Group, and Dongfeng Voyah since August last year. This signifies SEYOND's official entry into the core supply chains of leading joint ventures and domestic automakers in China.
The密集 design wins for the Lingque E1X from heavyweight automotive customers serve as strong evidence of SEYOND's expanding capabilities. A closer look at the financial report reveals that the company's evolution goes even further. For instance, in the commercial vehicle and smart logistics sectors, SEYOND's Lingque W and Falcon products have undergone large-scale, multi-scenario validation. The company not only supports intelligent heavy-duty trucks from industry leaders like Shaanxi Heavy-Duty Truck, Foton Motor, DeepWay, and Inceptio Technology, using precise perception to help reduce costs and improve efficiency in line-haul logistics, but has also successfully deployed solutions in various low-speed scenarios such as unmanned delivery, autonomous mining trucks, driverless buses, and robotic street sweepers.
In the smart transportation sector, SEYOND's LiDAR systems are already deployed and operating on over 15 fully automated subway lines in China. Moreover, the company has taken the lead in entering overseas blue-ocean markets, forming a strategic partnership with Swedish ITS infrastructure provider Aventi Sweden. This collaboration has resulted in an order worth nearly $2.6 million, deploying SEYOND's self-developed smart transportation system management platform at key European traffic intersections.
On the robotics front—an essential battleground for LiDAR firms—SEYOND has already achieved product deployment and scaled application in high-value scenarios such as agricultural robots. Given the numerous vertical applications and vast potential market in robotics, SEYOND is well-positioned to demonstrate stronger growth momentum in non-automotive segments represented by robotics in the future.
From an investment standpoint, the value of SEYOND's 2025 report lies not only in confirming the correctness of the company's existing strategy but also in offering a preview of its substantial future potential. As the only LiDAR company capable of mass-producing both 1550nm and 905nm technology routes simultaneously, SEYOND's dual-line strategy provides a unique competitive advantage, enabling flexible adaptation to market demands. This has been a key factor in the rapid expansion of SEYOND's automotive partnerships in 2025.
Looking ahead, the strategic value of this dual-technology approach is likely to increase further. On one hand, as "autonomous driving for all" gains traction, SEYOND's 905nm LiDAR can continue to penetrate the mainstream market with its cost-effective performance, serving as a sustained source of growth. On the other hand, the 1550nm route, with its superior detection range and safety redundancy, is expected to see broader adoption as high-level autonomous driving becomes more prevalent.
Furthermore, SEYOND's accumulated experience in reliability verification and engineering for automotive-grade LiDAR in complex scenarios can be leveraged across other fields such as robotics and smart transportation. This not only explains the company's rapid progress in smart logistics and intelligent transportation markets but also sets the stage for unlocking a second growth curve.
By this point, it is clear that SEYOND's fundamental growth logic strengthened in 2025, with its multi-dimensional development framework nearly fully established. Interestingly, on the day the financial results were released, SEYOND's stock—which had underperformed this year—experienced a sharp rally during the late trading session. By market close, the share price had surged 28.25% to HK$9.26.
The reason behind this pre-earnings buying activity likely stems from astute investors recognizing a significant expectation gap in the company's fundamentals. Firstly, while the market had viewed SEYOND through a linear lens, it overlooked the qualitative transformation in its product mix. The growth potential of its diversified structure remained underappreciated, and its evolving capabilities in non-automotive segments may still be undervalued. Secondly, although SEYOND's overseas business is already profitable and has established a replicable, scalable model, the commercial value of its global footprint has been systematically underestimated. As the company gains local operational experience through projects like the one in Sweden and expands into broader markets, its global competitive advantages are likely to be reassessed by the market.
With the release of its first annual report since listing, SEYOND's expectation gap may now be fully recognized by investors, potentially triggering a substantial catch-up rally in its share price. After all, this report not only highlights the company's multi-faceted progress and advances but also clearly outlines its long-term strategic direction. If 2025 was a year of "consolidating foundations and achieving breakthroughs on multiple fronts," then the current year is poised to be one of "accelerated growth and comprehensive expansion."
In the first quarter alone, SEYOND delivered approximately 170,000 LiDAR units, a 310% year-on-year increase. According to the company's performance guidance, full-year LiDAR sales are projected to grow by 200% compared to 2025, with cumulative shipments expected to surpass one million units in the near future. As the market gradually recognizes SEYOND's true potential, a reassessment of its long-term investment value appears to be underway.
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