Hesai(US:HSAI) IPO早知道·2025-11-11 09:48Core Viewpoint - Hesai Technology is actively transforming into a full-stack infrastructure builder, aiming to lead a new wave of technological innovation in the automotive and robotics sectors over the next decade [13]. Financial Performance - In Q3 2025, Hesai achieved revenue of 800 million RMB (approximately 110 million USD), representing a year-on-year growth of 47.5%, marking six consecutive quarters of revenue growth [11][15]. - The company reported a GAAP profit of 260 million RMB (approximately 36 million USD), achieving its annual profit target one quarter ahead of schedule, and has raised its full-year profit guidance to between 350 million and 450 million RMB (approximately 49 million to 63 million USD) [11][15]. Product Delivery and Market Position - In Q3, Hesai's total lidar delivery reached 441,398 units, a year-on-year increase of 228.9%. The delivery of ADAS units was 380,759, up 193.1%, while deliveries in the robotics sector surged by 1311.9% to 60,639 units [5][11]. - By the end of September, Hesai became the first lidar company globally to produce over one million units in a year [5][15]. Business Developments - In the ADAS sector, Hesai secured partnerships with the top two ADAS customers for 2026 model year vehicles, achieving 100% standardization of lidar [9][12]. - The company has made significant strides in the Robotaxi market, securing lidar orders from leading autonomous driving companies globally, including Motional, and establishing partnerships with domestic companies like Pony.ai and JD Logistics [11][12]. Strategic Outlook - The successful dual listing in Hong Kong has strengthened Hesai's financial foundation, raising a total of 614 million USD post-green shoe [16]. - The company is well-positioned for high-quality growth through innovation, leveraging its strong financial performance and solid balance sheet [16].