Todatong Updates Prospectus: Adds Three State-Owned OEMs and Multiple New Clients, Gross Interest Rate Turns Positive and Rises to 12.6%

According to the latest announcement from the Hong Kong Stock Exchange, Seyond Tudatong updated its prospectus on August 26, disclosing its financial data as of March 31, 2025.2025 Q1 gross profit marginAfter turning positive from negative starting in the fourth quarter of 2024,Continued to maintain positive growth to 12.6%, recording a gross profit of USD 3.197 million, extending the trend of profitability improvement.Become the core highlight of this update.

As a global provider of image-level LiDAR solutions, TuDATong delivered approximately 230,000 automotive-grade LiDAR units in 2024. During the track record period, its cumulative sales revenue of ADAS LiDAR ranked second globally, with a 20.7% market share in China. Its financial performance and business progress directly reflect industry technology iteration and commercialization processes. These figures not only demonstrate a critical transition 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 noteworthy that since announcing its SPAC listing application just six months ago, TUC Technology has leveraged its technological strength and mass production experience to achieve breakthrough expansion in multiple fields, including passenger vehicles, commercial vehicles, robotics, Robotaxi, and intelligent transportation.Three additional state-owned OEMs have been awarded designated contracts.Constructed successfully"Multiple products, multiple customers, multiple scenarios"A three-dimensional growth pattern injects strong momentum into long-term development.

Gross profit margin Positive growth with a clear path to profitability emerging

As a core highlight of the updated prospectus, TuDatong achieved a gross profit of $3.197 million in the first quarter of 2025, with a gross margin of 12.6%, continuing the positive gross margin trend from the fourth quarter of 2024, with profitability steadily improving. Reviewing the data, the scale of losses from 2022 to 2024 has been continuously narrowing, reflecting the company's significant achievements in cost control and operational efficiency improvement. The business situation has been steadily improving, laying a solid foundation for long-term profitability.

Significant improvements on the cost side have become an important driver for the breakthrough in profitability: In the first quarter of 2025, costs decreased sharply by 36.9% compared to the same period in 2024, falling from USD 35.023 million to USD 22.099 million.This achievement stems from unit cost reductions brought about by product design optimization, enhanced bargaining power due to expanded procurement scale, and the continued manifestation of production scale effects, with multiple measures driving the continuous optimization of the cost structure.

Although the performance in the first quarter of 2025 experienced short-term fluctuations compared to the entire year of 2024, industry analysis indicates that this is mainly due to the traditional sales off-season in the automotive industry. As a core sensor for intelligent driving and intelligent robots, the long-term demand for LiDAR remains unshaken. Notably, the revenue growth brought by the mass production of the Lingque (Robin) series has partially offset the short-term fluctuations. The breakthrough progress of turning the gross profit margin positive fully demonstrates the company's maturity in technology transformation and cost management, laying a solid foundation for long-term profitability.

From in-vehicle systems to robots, the customer structure continues to optimize.

In the past six months, TUDATONG has adopted the strategy of "technology penetrating scenarios," achieving breakthroughs from isolated cases to broader applications in several key areas. This has enabled comprehensive expansion from in-vehicle to robotics domains and further optimized the customer structure.

In the field of passenger carsTuSimple has further deepened its cooperation with NIO, with their products being used in nine NIO models. The Falcon series has achieved over 500,000 units delivered, showcasing impressive commercialization results. Automotive and logistics sector.Tudatong has established stable cooperation with Deepway, Shaanxi Heavy Duty Automobile, Wincheer Technology, Pony AI, and others, continuously expanding application scenarios.

It is noteworthy that as of the latest practicable date, Tudatong has secured designated orders from ten other OEMs and ADAS/ADS companies. In addition to the existing Chinese companies Hongjing Zhijia, ZhiTu Technology, and Pony AI, which focus on commercial vehicles, passenger electric vehicles, and ride-hailing services, respectively.And addedThree Chinese state-owned automobile manufacturers and a leading joint venture automaker。The prospectus reveals that the latest secured designated orders are expected to be converted into actual sales by the end of 2025.

Robotics TrackAs a blue ocean market for LiDAR applications, Tudaton has also entered core scenarios, securing large-scale orders from leading companies such as Jiushi Intelligent, Zhongli Shares, Kusa Technology, and Yushi Technology, covering logistics, sanitation, handling, and other fields. This not only validates the product's outstanding performance in reliability and stability but also highlights the company's deep insight into the needs of robotic scenarios, injecting new momentum into growth.

Technological Moat: Diversified Product Matrix Supports Scenario Breakthroughs

The business breakthrough over the past six months stems from Tudatong's forward-looking deployment of the "dual technology path in parallel."

As the world's only one possessing both 1550nm and 905nmMature mass production of dual-line lidarEnterpriseThe company can meet the extreme performance demands of the high-end market while also adapting to large-scale applications for vehicles in the 100,000 yuan range, becoming a core advantage in breaking through diverse scenarios.

The technological breakthroughs of the new generation all-solid-state LiDAR Hummingbird D1.Become one of the first companies in the world to introduce solid-state technology into the mass production of passenger vehicles.The industry's position has been further consolidated—the product combines high performance with low cost advantages. This time, being designated by a leading OEM marks an acceleration in the mass production of all-solid-state technology for passenger vehicle original equipment.

Under the wave of intelligent transformation sweeping across new energy vehicles and various industries, the value of LiDAR is increasingly prominent. TuDatong, through forward-looking product deployment, has deeply penetrated high-growth sectors. The breakthrough in multi-customer adoption for passenger vehicles and the large-scale implementation of robots not only optimize the revenue structure but also build a moat of "technology + scenarios + ecosystem." With the mass production of new products and order fulfillment in the second half of the year, its growth momentum is expected to accelerate.