Source: Brokerage China Author: Qu Hongyan Recently, China Yangtze Power hit a historical high and once again showed the slow bull stock trend of "tripling in ten years". The slow bull market has left behind many passers-by and brought good returns to the steadfast investors. It is "rare for those who triple in one year to be like carp jumping over the dragon gate, while those who double in three years are few and far between." On the other end of the investment world, however, violent collapses are also deafening, with many financial products suspected of "Ponzi schemes" ceasing payments, leaving investors with no hope of recovering their investments. Both positive and negative cases illustrate the importance of forming a suitable mentality towards money in one's lifetime; otherwise, sooner or later, you will divorce yourself from your money. "I call this the money mind, a person's IQ can reach 120, 140, or even higher levels, and perhaps some people's minds are good at doing one thing, while others are good at doing another. They can do things that most ordinary people can't do. But I know some very smart people who make very foolish decisions because they lack the money mind." Buffett once said so. The so-called money mind refers to believing in common sense, believing in compound interest, being cautious and rational, thinking independently, prioritizing security over return, not dealing with people with questionable character, not easily guaranteeing for others, not believing in windfall profits, and not trying to cross legal norms for extra benefits. In today's world of ubiquitous information, everyone's wealth may become the "prey" of those with ulterior motives. Only with the money mind, can one form good behavior habits and shield oneself from separating from one's wealth. Do not entrust your wealth easily. Wealth is easy to lose but hard to accumulate, and trust is a vital reason leading to the rapid loss of wealth. "Do not allow anyone else to manage your business unless you can watch their every move closely and understand their behavior; or you have strong reasons to believe in their character and ability. For investors, this criterion determines when you can let someone else make investment decisions for you." Graham's criterion written eighty years ago is so clear. Almost all the investors who lost their wealth in the financial products have violated the above two criteria. They did not have the ability to closely supervise the whereabouts of their funds, nor did they have sufficient reasons to believe in the character of the product issuers. They easily invested their own wealth solely based on others' glib tongue and a piece of commitment paper. They did not act as gatekeepers of their own wealth and ended up with nothing left even if the government punished the wrongdoers. "An ounce of prevention is worth a pound of cure." This is a phrase Munger often says. Destiny must be in one's own hands, and investors with a suitable money mind will try their best to find suspicious points in their investments to protect the safety of their principal. For example, whether the manager is trustworthy, whether the underlying assets are profitable, whether oneself can timely monitor the risks in the investment process, and whether the sales staff is obtaining large commissions. As long as any unreliable signs are found, these investors firmly will not invest their money. Do not desire to get rich quick. As in the capital market and anywhere else, making money is not easy, and desiring to get rich quick will lead to quick loss of wealth. In the capital market, the desire to get rich quickly often leads to investors over-allocating specific stocks, industries, or assets at the worst time. For example, buying high-risk stocks that can gain huge returns once an adventure succeeds, but the chance of success is very small, also known as "whispering stocks" by legendary fund manager Peter Lynch. "They often tell investors a story with explosive effects. These 'whispering stocks' have a hypnotic effect on people, and it is easy for you to believe that the story the company tells has an emotional appeal that can easily confuse you." This is like hearing a very tempting "sizzling" sound, making you salivate, but you did not notice that there is no steak on the grill. In the eyes of investors who lack the money mind, stable yield provided by blue chips such as China Yangtze Power cannot meet their demands. However, historical experience clearly shows that buying stocks lacking in safety solely based on imagined high yields is unwise. The long-term average investment return of general stocks is 9%-10%, which is also the average investment return of stock indexes in history, a benchmark to measure one's investment performance and the benchmark to measure fund investment performance.

Author: Yang Yucheng On July 5th, the stock price of the company known as the "first stock of Hong Kong stocks LIDAR" suddenly plummeted in volume, with the lowest price touching 15.28 Hong Kong dollars during the day, with a maximum drop of 70%, and a market value as low as 6.9 billion Hong Kong dollars. On June 11th, the stock price of Hesai Robot fell sharply, reaching a historical high of 137.5 Hong Kong dollars per share, and the highest market value reached 62 billion Hong Kong dollars. That is to say, in just over 20 days, the market value of Hesai Robot evaporated by 55.1 billion Hong Kong dollars, a decrease of more than 88%. So, what is the reason for the sharp drop in Hesai Robot this time? Suddenly plummeted. In the morning of July 5th, Hesai Robot's Hong Kong stocks suddenly fell sharply in volume. As of noon closing, Hesai Robot's decline still reached 67.73%, with a turnover of more than 0.19 billion Hong Kong dollars and a total market value of 7.4 billion Hong Kong dollars. Hesai Robot's decline is related to the lifting of restricted stocks. Hesai Robot was listed on the Hong Kong Stock Exchange on January 5th this year. Today happens to be the day when the six-month ban on sales ends, that is, the restricted shares with huge trading volume can be listed and circulated. Among them, 18.166 million shares of restricted shares held by the cornerstone investor Shenzhen Nanshan Xinxing Venture Investment Co., Ltd. are included. Previously, some analysts believed that Hesai Robot's competitor Hesai had a larger scale than Hesai Robot, but a lower market value, which means that Hesai Robot's estimated value faces a significant risk of decline after the lifting of the ban. Recently, the market consulting firm Yole Group released the "2024 Automotive LIDAR Market Report", which shows that Chinese manufacturers have an absolute advantage in the global automotive LIDAR market in 2023, taking five of the top ten seats. Specifically, the five Chinese manufacturers of Hesai Technology, Hesai Robot, Tudato, Huawei and Landtech jointly won 84% of the global automotive LIDAR market share, further increasing from a total of 73% market share in the previous year. Hesai Technology's market share is still the first in the world, but its market share of 37% has decreased compared to 46% in 2022. Hesai Robot, ranked second in the world, accounted for 21% of the market share last year, a significant increase of 12 percentage points from the previous year. It is the LIDAR company with the fastest market growth in 2023. As of May 2024, Hesai Robot has obtained mass production orders for 71 models of 22 mainframe manufacturers. The first stock of Hong Kong's LIDAR. Hesai Robot is a leading company in the LIDAR industry. In January of this year, the company landed on the Hong Kong Stock Exchange and was known as the "first stock of Hong Kong's LIDAR". At that time, it also became the LIDAR listed company with the highest market value in the world. The issue price of Hesai Robot was HKD 43/share, and it closed at a flat price on the first day of listing, with a market value of about 19.3 billion Hong Kong dollars. This is another entrepreneurial company that has completed listing in the domestic LIDAR track. Earlier, Hesai Technology, the "first stock of Chinese LIDAR", went public on NASDAQ in the United States in February 2023. After more than four months of listing, Hesai Robot's stock price has been tepid, until mid-May, the company's stock price began to fluctuate significantly. On May 17th, the Hang Seng Index Company announced the latest quarterly review results, and Hesai Robot was included in the Hang Seng Composite Index, and the change will take effect from June 11th. Afterwards, on May 20th, Hesai Robot's stock price rose sharply by 90% during the session, and closed at 60.75 Hong Kong dollars, up 45.86%, with a current total market value of about 27.4 billion Hong Kong dollars. On the evening of May 20th, Hesai Robot disclosed its first-quarter financial report for 2024. In the first quarter, Hesai Robot's revenue was 0.361 billion yuan, an increase of 149.1% year-on-year, mainly due to the increase in product sales. During this period, the sales of the company's LIDAR products, LIDAR products for ADAS applications, and LIDAR products for robots and others were approximately 1.204 million units, 1.162 million units, and 4200 units respectively, an increase of 457.4%, 542.0%, and 20.0% respectively. In the first quarter, the company's net loss was 0.132 billion yuan, a decrease of 61.9% compared to the same period last year's net loss of 0.343 billion yuan. As of March 31, the company holds 2.5 billion yuan in cash and cash equivalents and restricted cash and time deposits, compared to 1.8 billion yuan as of December 31, 2023. In addition, data shows that as of the end of the first quarter of 2024, Hesai Robot's cumulative total sales of LIDAR had exceeded 460,000 units. As of May 17, 2024, Hesai Robot has obtained mass production orders for more than 70 models of 22 automakers and first-tier suppliers, and helped 25 models achieve SOP.

On July 5th, the company known as the "first stock of Hong Kong stocks LIDAR" experienced a sudden surge in volume, causing the price of the stock to drop sharply, with the lowest intraday falling to 15.28 Hong Kong dollars, a maximum drop of 70%, and the lowest market value reaching 6.9 billion Hong Kong dollars.$ROBOSENSE (02498.HK)$Hesai Robot, known as the "first stock of Hong Kong stocks LIDAR", experienced a sudden surge in volume on July 5th and the stock price plummeted. The lowest intraday price was 15.28 Hong Kong dollars, with a maximum drop of 70%, and the market value dropped to as low as 6.9 billion Hong Kong dollars.

In June 11, the stock price of Hesai Robot reached a historical high of 137.5 Hong Kong dollars per share, and the highest market value reached 62 billion Hong Kong dollars. However, in just over 20 days, the market value of Hesai Robot evaporated by 55.1 billion Hong Kong dollars, a decrease of more than 88%. The cause of Hesai Robot's sudden drop this time is related to the lifting of restricted stocks. On the day when the six-month ban on sales ends, huge volumes of restricted stocks were listed and circulated. As a result, the market value of Hesai Robot dropped sharply.

What is the reason for Hesai Robot's sharp drop this time?

Suddenly plummeted.

In the morning of July 5th, Hesai Robot's Hong Kong stocks suddenly fell sharply in volume. As of noon closing, Hesai Robot's decline still reached 67.73%, with a turnover of more than 0.19 billion Hong Kong dollars and a total market value of 7.4 billion Hong Kong dollars.

Hesai Robot's decline is related to the lifting of restricted stocks. Hesai Robot was listed on the Hong Kong Stock Exchange on January 5th this year. Today happens to be the day when the six-month ban on sales ends, that is, the restricted shares with huge trading volume can be listed and circulated. Hesai Robot is affected by the news of the lift of restricted shares, resulting in a sharp drop in the market value.

Previously, some analysts believed that Hesai Robot's competitor Hesai had a larger scale than Hesai Robot, but a lower market value, which means that Hesai Robot's estimated value faces a significant risk of decline after the lifting of the ban. $Hesai (HSAI.US)$Hesai has a larger scale than Hesai Robot, but its market value is lower than that of Hesai Robot, which means that Hesai Robot's estimated value faces a significant risk of decline after the lifting of the ban.

Recently, the market consulting firm Yole Group released the "2024 Automotive LIDAR Market Report", which shows that Chinese manufacturers have an absolute advantage in the global automotive LIDAR market in 2023, taking five of the top ten seats. Specifically, the five Chinese manufacturers of Hesai Technology, Hesai Robot, Tudato, Huawei and Landtech jointly won 84% of the global automotive LIDAR market share. Hesai Robot has become one of the Chinese manufacturers to have won market share.

Hesai Robot ranked second in the global market in 2023 with 21% market share and has since become the LIDAR company with the highest market growth rate in 2023. As of May 2024, Hesai Robot has obtained mass production orders for 71 models of 22 mainframe manufacturers.

Hesai Robot, the first stock of Hong Kong's LIDAR, has been one of the leading companies in the LIDAR industry since its establishment.

Hesai Robot is known as the "first stock of Hong Kong stocks LIDAR" and is a leading enterprise in the LIDAR industry. This year in January, the company landed on the Hong Kong Stock Exchange, becoming the "first stock of Hong Kong stocks LIDAR", and with the highest market value of LIDAR companies listed globally; thereby becoming another entrepreneurial company in the domestic LIDAR track. Earlier, Hesai Technology, the "first stock of Chinese LIDAR", went public on NASDAQ in the United States in February 2023. The listed company's issue price per share was HKD 43. Hesai Robot's stock price has been easily affected by news that had driven its surge and fall.

After more than four months of listing, Hesai Robot's stock price has fluctuated greatly, until mid-May, the company's stock price began to fluctuate significantly. The stock was included in the Hang Seng Composite Index and quickly rose by 90% during the next trading session to close at 60.75 Hong Kong dollars, up 45.86%, with a current total market value of about 27.4 billion Hong Kong dollars.

On May 20th, Hesai Robot disclosed its first-quarter financial report for 2024. The first quarter's revenue obtained a YoY increase of 149.1%, mainly from the increase in product sales; product sales of the company's LIDAR products, LIDAR products for ADAS applications, and LIDAR products for robots and others ramped up by 457.4%, 542.0%, and 20.0% respectively. Hesai's net loss in the first quarter was 0.132 billion yuan, a decrease of 61.9% compared to the same period last year's net loss of 0.343 billion yuan.

As of the end of the first quarter of 2024, Hesai Robot's cumulative total sales of LIDAR had exceeded 460,000 units. As of May 17, 2024, Hesai Robot has obtained mass production orders for more than 70 models of 22 automakers and first-tier suppliers, and helped 25 models achieve SOP.

After the financial report was released, on May 17th, Suteng Juchuang's stock price rose nearly 17%, and it remained at a high level for more than ten days. Starting on June 6, Suteng Juchuang regained its upward trend. On June 6th and 7th, it rose by 16% and 10.73% respectively. On June 11th, Suteng Juchuang was included in the list of stocks eligible for trading through the Stock Connect, stimulated by this news, and its stock price rose more than 60% that day, reaching a historical high of HK$137.5 per share, but the closing price narrowed to 13.57% with market cap of HK$40.9 billion. Since then, Suteng Juchuang's stock price has continued to fall, and as of July 4th, the company's stock price has fallen back to HK$50.95 per share.

Suteng Juchuang was established in October 2014 and is headquartered in Shenzhen. Its main business is development and sales of lidar and solutions. Through the three core technologies of lidar hardware, perception software, and chips, it provides intelligent lidar systems with information understanding capabilities to the market. As of the end of March 2024, Suteng Juchuang has more than 1,300 employees.

According to the prospectus, since its establishment, Suteng Juchuang has received multiple financings. In 2019, Suteng Juchuang completed the Series C financing with a total scale of 0.25 billion yuan. In December 2020, it completed the Series D financing with a total amount of 0.123 billion yuan, and in March 2021, it completed the 0.23 billion yuan Series D+ financing. In February 2022, it completed the Series E 0.34 billion yuan preferred stock financing, with a unit cost of 20 yuan per share. In November 2021, It completed the 0.964 billion yuan Series F preferred stock financing, and in October 2022, it completed the 0.46 billion yuan Series F preferred stock financing. In April 2023, Suteng Juchuang completed the G-1 series financing of 0.4 billion yuan, with a cost of 35.17 yuan per share, and at the same time completed the G-2 series financing of 0.79 billion yuan, with a cost of 36.42 yuan per share.

From 2020 to 2023, Suteng Juchuang's lidar delivery volume was 0.0072 million, 0.0163 million, 0.057 million, and 0.256 million respectively, and the total revenue was 0.171 billion yuan, 0.331 billion yuan, 0.53 billion yuan, and 1.12 billion yuan respectively. However, the company has not achieved profitability yet. From 2020 to 2023, the company's net income after deducting non-recurring gains and losses was a loss of 69.05 million yuan, 0.189 billion yuan, 0.632 billion yuan and 0.861 billion yuan respectively.

In April 2024, Suteng Juchuang launched the new generation of medium and long-range lidar MX on the M platform in Shenzhen, leading the industry into the era of "thousand-yuan machine" and announcing the "MARS Intelligent Manufacturing Headquarters" project for the first time. The project has now been confirmed to settle in the Nanshan Intelligent Manufacturing Shenzhen-Shanwei High-Tech Industrial Park in Shenshan Special Cooperation Zone, and is expected to start production in the third quarter of this year.

Editor / Feynman