Core Viewpoint - The company achieved significant financial growth in Q3 2025, with a net income of RMB 795 million, a year-on-year increase of 47.5%, and a net profit of RMB 256 million, compared to a loss of RMB 70.4 million in the same period last year [1][2]. Financial Performance - The net income for Q3 2025 reached RMB 795 million (approximately USD 112 million), marking a 47% year-on-year increase [2]. - The net profit for Q3 2025 was RMB 256 million (approximately USD 36 million), with total net profit for the first three quarters reaching RMB 283 million (approximately USD 40 million) [2]. - The gross margin for Q3 2025 remained stable at 42%, while operating expenses decreased by 23% year-on-year, reflecting effective cost control and operational improvements [2]. Market Position and Strategy - The company has maintained its position as the industry leader in the onboard main laser radar sector for seven consecutive months, achieving a market share of 46% in August, which is 1.5 times that of the second-ranked company and 2.4 times that of the third [2]. - The company has secured partnerships with the top two ADAS clients for 2026 model year vehicles, ensuring 100% standardization of laser radar [2]. - The company anticipates that each L3 vehicle will be equipped with 3 to 6 laser radars, with a unit value of approximately USD 500 to 1,000, significantly expanding its potential market size [2]. Future Outlook - The company aims to transform into a full-stack technology infrastructure builder over the next decade, leading a new wave of technological innovation in automotive and robotic perception and interaction [2]. - The successful dual listing in Hong Kong has strengthened the company's financial foundation, with total financing amounting to USD 614 million [2].

Core Viewpoint - Hesai (02525, HSAI.US) has reported impressive financial results, showcasing its position as a rare growth-oriented value stock in the high-demand LiDAR sector, with a 47.5% year-on-year revenue increase to 800 million yuan in Q3, and a net profit of 260 million yuan, achieving its annual profit target ahead of schedule [1][5] Financial Performance - In Q3, Hesai's total LiDAR delivery reached 441,400 units, a year-on-year increase of 228.9%, with ADAS deliveries at 380,800 units (up 193.1%) and robotics deliveries at 60,600 units (up 1311.9%) [2] - The company has raised its full-year profit guidance to 350-450 million yuan due to strong performance [1] Market Position and Product Development - Hesai achieved a milestone of producing over one million units annually, demonstrating its leading position in the LiDAR market [1] - The company secured partnerships with major clients in the ADAS sector, ensuring 100% LiDAR integration in their models, and has also made significant inroads in the Robotaxi market [3][4] - The launch of the ETX LiDAR, designed for L3 and L4 autonomous driving, marks a significant advancement, with all core components being self-developed, breaking reliance on imported chips [3][4] Strategic Growth Drivers - The introduction of the ETX product aligns with industry trends towards high-performance LiDAR, which is expected to become mainstream, particularly in light of new policies supporting L3 vehicle production [5] - The company's robotics business is rapidly expanding, supported by the CEO's background and vision for diverse applications of LiDAR technology in robotics [2][5]

Financial Performance - For Q3 2025, the company reported a net revenue of RMB 795.4 million (USD 111.7 million), representing a year-over-year increase of 47%[8] - The company achieved a quarterly net profit of RMB 256.2 million (USD 36.0 million), with total net profit for the first three quarters reaching RMB 283 million (USD 40 million)[10] - The company raised its full-year net profit guidance to between RMB 350 million (USD 49 million) and RMB 450 million (USD 63 million) based on strong performance[10] - The company expects Q4 2025 net revenue to be between RMB 1,000 million (USD 140 million) and RMB 1,200 million (USD 169 million), indicating a year-over-year growth of approximately 39% to 67%[17] - The net profit for Q3 2025 was RMB 256.2 million (USD 36.0 million), a significant turnaround from a net loss of RMB 70.4 million in Q3 2024[19] - For the nine months ended September 30, 2024, the net revenue was RMB 1,357,399 thousand, which increased to RMB 2,027,085 thousand in 2025, representing a growth of approximately 49.4%[32] Production and Shipments - The company shipped 441,398 units of LiDAR in Q3 2025, marking a significant increase in production capacity[8] - The total LiDAR shipments in Q3 2025 amounted to 441,398 units, representing a growth of 228.9% from 134,208 units in Q3 2024[15] - The total shipments of ADAS LiDAR in Q3 2025 reached 380,759 units, a 193.1% increase from 129,913 units in Q3 2024[15] - The company has become the first in the world to produce over one million LiDAR units annually as of September 2025[10] Market Position and Partnerships - The company has secured partnerships with major ADAS clients for 100% LiDAR integration across their 2026 vehicle models, indicating strong market demand[9] - The company signed new supply agreements with leading autonomous driving firms across North America, Asia, and Europe, representing multi-million dollar strategic collaborations[10] - The company’s market share in the automotive LiDAR sector reached 46% in August 2025, significantly outpacing competitors[9] - The company secured partnerships with major domestic autonomous vehicle companies, including new agreements for multiple vehicle models to be equipped with its LiDAR technology[11] Financial Health and Assets - Cash and cash equivalents as of September 30, 2025, were RMB 7,368.8 million (USD 1,035.1 million), up from RMB 2,848.9 million as of June 30, 2025[19] - Hesai Technology reported total assets of RMB 10,912,702 thousand as of September 30, 2025, up from RMB 5,989,611 thousand as of December 31, 2024, indicating a significant growth of approximately 82%[28] - The company's cash and cash equivalents decreased to RMB 2,563,508 thousand from RMB 2,838,966 thousand, reflecting a decline of about 10%[28] - Short-term investments surged to RMB 4,801,274 thousand, a substantial increase from RMB 362,195 thousand, representing a growth of over 1,200%[28] - Net accounts receivable rose to RMB 1,125,889 thousand from RMB 765,027 thousand, marking an increase of approximately 47%[28] - Total current assets reached RMB 9,525,014 thousand, up from RMB 4,682,656 thousand, which is an increase of about 103%[28] Research and Development - The company is focused on rapid product iteration while ensuring high performance, reliability, and low cost in its LiDAR solutions[21] - The firm has established offices in key locations such as Shanghai, Silicon Valley, and Stuttgart, enhancing its R&D capabilities[21] - The company plans to continue leveraging its strong R&D capabilities in optics, mechanics, and electronics to drive future growth and innovation[21] - R&D expenses in Q3 2025 were RMB 198.9 million (USD 27.9 million), a decrease of 9.7% from RMB 220.2 million in Q3 2024[16] Earnings and Share Performance - Basic earnings per share improved from a loss of RMB 0.54 in 2024 to earnings of RMB 1.88 in 2025, indicating a substantial recovery in profitability[31] - Basic earnings per share (EPS) for 2024 was (1.94), while it improved to 2.12 in 2025[37] - Diluted EPS for 2024 was (1.94), improving to 2.01 in 2025[37] - Non-GAAP basic EPS for 2024 was (1.22), while it increased to 2.77 in 2025[37] - Non-GAAP diluted EPS for 2024 was (1.22), improving to 2.63 in 2025[37] Operational Efficiency - The company maintained a gross margin of 42% in Q3 2025, while operating expenses decreased by 23% year-over-year[10] - The gross margin for Q3 2025 was 42.1%, down from 47.7% in Q3 2024, primarily due to a decrease in high-margin non-recurring engineering service revenue[16] - Operating expenses totaled RMB 334,730 thousand for the three months ended September 30, 2024, which decreased to RMB 257,533 thousand in 2025, reflecting a reduction of approximately 23%[30] - The operating profit for Q3 2025 was RMB 77.4 million (USD 10.9 million), compared to an operating loss of RMB 77.2 million in Q3 2024[16] - The company reported an operating profit of RMB 77,366 thousand for the three months ended September 30, 2025, compared to an operating loss of RMB 77,226 thousand in the same period of 2024[30] Non-GAAP Financial Measures - The company emphasized the importance of non-GAAP financial measures, excluding stock-based compensation expenses, to provide a clearer view of operational performance[22][23] - The non-GAAP operating loss for the same period was RMB 218,800 thousand in 2024, improving to a profit of RMB 153,703 thousand in 2025[37] - The net loss for the nine months ended September 30, 2024, was RMB 249,339 thousand, while in 2025, it turned into a profit of RMB 282,710 thousand[37] - The non-GAAP net loss was RMB 156,682 thousand in 2024, significantly improving to a profit of RMB 369,643 thousand in 2025[37] - The company incurred share-based compensation expenses of RMB 92,657 thousand in 2024, slightly decreasing to RMB 86,933 thousand in 2025[37]

Core Viewpoint - Hesai Technology (禾赛-W, 02525.HK) experienced a significant increase in stock price, rising over 5% to reach 185.8 HKD with a trading volume of 15.21 million HKD [1] Group 1 - The stock price of Hesai Technology rose by 5.87% [1] - The current trading price is reported at 185.8 HKD [1] - The total trading volume reached 15.21 million HKD [1]

Core Viewpoint - Hesai Technology (禾赛-W, 02525) has seen its stock price increase by over 5%, currently trading at 185.8 HKD, with a trading volume of 15.21 million HKD. The company is set to hold a board meeting on November 11 to consider and approve its unaudited quarterly results for the three and nine months ending September 30, 2025. [1] Company Performance - Hesai has maintained its position as the industry leader in the installation of automotive lidar systems, achieving the highest market share for seven consecutive months, with a current market share of 46%. [1] - The company has contributed to the launch of several popular vehicle models this year, including Li Auto's i6, Xiaomi's YU7, and Leap Motor's B10. [1] - Hesai has secured mass production contracts with over 24 OEMs for more than 120 vehicle models, with plans for deliveries scheduled between 2025 and 2027. [1] Industry Trends - According to a report from Goldman Sachs, the adoption of lidar technology in the Chinese market is accelerating, with expectations for large-scale production among global automakers starting in 2026-2027. [1] - It is projected that by 2030, the overseas ADAS lidar shipment volume will reach 3 million units, which is equivalent to the scale of the Chinese market in 2025. [1]

第 1 頁 共 11 頁 v 1.1.1 | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02525 | 說明 | B類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 900,000,000 | USD | | 0.0001 | USD | | 90,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 900,000,000 | USD | | 0.0001 | USD | | 90,000 | | I. 法定/註冊股本變動 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份 ...

Group 1: Market Movements - Wanda Hotel Development (00169) saw a significant increase, rising over 20% during trading, attributed to an agreement with Sony's CPE for a 49% stake in Vampire Squid Productions, which operates the "Octonauts" IP [1] - Cat's Eye Entertainment (01896) rose over 5.3% following the announcement of the film "Demon Slayer: Infinity Castle Chapter One" set to release on November 14, with over 142,000 new views recorded on the platform [1] - Baidu Group-SW (09888) increased by 6.6% after its subsidiary reported over 250,000 orders completed by fully autonomous vehicles, marking a significant step in the commercialization of autonomous driving [1] - Semiconductor stocks experienced gains, with Huahong Semiconductor (01347) up 2.14%, Shanghai Fudan (01385) nearly 1%, and SMIC (00981) up 1.37%, driven by a continued demand for memory chips and price increases planned by several manufacturers [1] Group 2: Gold and Oil Stocks - Gold stocks continued to decline, with Lingbao Gold (03330) down 4.46% and China Gold International (02099) down 2.41%, as spot gold prices fell below $3,980 per ounce, a drop of over 9% from the high on October 20 [2] - Oil stocks rose, with PetroChina (00857) up 3.14% and Sinopec (00386) up 1.66%, following OPEC+'s announcement to pause production increases in Q1 2024, leading Morgan Stanley to raise its short-term oil price forecast [3] Group 3: Automotive and Technology Developments - Li Auto-W (02015) fell 3.3%, with a reported 38% year-on-year decline in new car deliveries for October, alongside a recall announcement for the MEGA 2024 model due to coolant issues [3] - Hesai Technology (02525) rose over 2% after announcing a strategic partnership with Guanghetong to develop a multi-modal perception and control solution based on lidar technology [3] Group 4: US Market Highlights - Atour (ATAT.US) increased by over 5.8%, supported by China's 14th Five-Year Plan aimed at boosting consumption [5] - NIO (NIO.US) rose over 2.3% with a 92.6% year-on-year increase in new car deliveries for October [5] - Micron Technology (MU.US) gained over 4.8% as Samsung paused DDR5 DRAM contract quotes, impacting the supply chain [5] - Nokia (NOK.US) rose over 3.4% following a $1 billion investment from Nvidia to accelerate AI-RAN innovations [6]

Group 1 - Heisai-W (02525.HK) experienced a nearly 3% increase in stock price, currently up 2.29% at HKD 183.4 [1] - The trading volume reached HKD 9.4988 million [1]

Core Viewpoint - Hesai Technology (禾赛科技) has entered a strategic partnership with Guanghetong (广和通) to jointly launch a multi-modal perception and control solution for robots based on LiDAR technology, aiming to enhance the capabilities of intelligent robots in various applications [1] Group 1: Partnership Details - The collaboration focuses on integrating 3D LiDAR technology and AI visual algorithms to improve key functionalities such as precise positioning, environmental perception, obstacle avoidance, and path planning for robots [1] - The solution has already been successfully applied to a leading domestic embodiment intelligence company, enhancing its next-generation benchmark robotic products [1] Group 2: Future Prospects - The partnership is expected to drive breakthroughs in smart home, intelligent manufacturing, and smart logistics sectors, promoting the deep integration of LiDAR and AI algorithms [1] - This collaboration aims to accelerate the industrialization process of intelligent robots, injecting new momentum into the industry's technological upgrade [1]

Core Viewpoint - Hesai Technology has announced a strategic partnership with Guanghe Tong to develop a multi-modal perception and control solution for robots, leveraging 3D LiDAR technology and AI visual algorithms, aiming to enhance the capabilities of robots in various applications [1] Group 1: Partnership and Technology - The collaboration focuses on key areas such as embodied intelligence, quadruped robotic dogs, and lawn-mowing robots, aiming to improve precise positioning, environmental perception, obstacle avoidance, path planning, and navigation [1] - The solution has already been successfully applied to a leading domestic embodied intelligence company, empowering its next-generation benchmark robotic products [1] Group 2: Future Prospects - The partnership is expected to integrate Hesai's sensing hardware advantages with Guanghe Tong's AI technology, leading to breakthroughs in smart home, intelligent manufacturing, and smart logistics scenarios [1] - This collaboration aims to promote the deep integration of LiDAR and AI algorithms, accelerating the industrialization process of intelligent robots [1]