造车的不赚钱，卖激光雷达的赚钱了

Core Viewpoint - The article discusses the financial performance and market dynamics of two leading Chinese lidar companies, Hesai Technology and RoboSense, highlighting their differing strategies in the competitive landscape of the lidar industry, particularly in the context of autonomous driving and robotics [6][8]. Financial Performance - Hesai achieved a total revenue of 3.03 billion RMB and a net profit of 440 million RMB in 2025, becoming the first company in the global lidar industry to achieve annual GAAP profitability [6][10]. - RoboSense reported a revenue of 1.94 billion RMB with a net loss of 150 million RMB for the year, but turned a profit of 100 million RMB in Q4 [6][10]. - Both companies experienced a decline in average selling prices for their products, with Hesai's average price dropping from approximately 3900 RMB in 2024 to around 1800 RMB in 2025, and RoboSense's average price falling from about 2600 RMB to 1800 RMB [16][12]. Market Dynamics - The lidar industry is characterized by rapid growth in shipment volumes but thin profit margins, as both companies face pressure to lower prices due to increased competition and market saturation [6][18]. - Hesai shipped 1.62 million units in 2025, while RoboSense shipped 912,000 units, indicating Hesai's lead in scale [10][12]. - The average selling price decline is attributed to the increasing penetration of lidar in mainstream vehicles, leading to price wars among manufacturers [18][19]. Customer and Product Strategy - Hesai maintains a focus on high-end clients, such as Li Auto and Xiaomi, which allows for better pricing power, while RoboSense has shifted its focus to mass-market brands like BYD and Geely, resulting in greater price pressure [20][19]. - RoboSense has begun to penetrate the Robotaxi market, establishing partnerships with major players like Didi and Baidu, while Hesai has a stronghold in this segment with a 61% market share in global L4 autonomous driving lidar [22][23]. Business Segments - Both companies are diversifying their revenue streams beyond ADAS (Advanced Driver Assistance Systems) into robotics and other applications, with RoboSense's robot business showing significant growth [27][28]. - RoboSense's robot business achieved a shipment volume of 303,000 units in 2025, while Hesai's robot shipments reached approximately 239,000 units, indicating a strategic focus on high-margin opportunities [30][31]. Future Outlook - Hesai aims to increase its annual shipments to between 3 million and 3.5 million units in 2026, focusing on scaling its ADAS business while maintaining profitability through high-value segments [34]. - RoboSense emphasizes its transition from a lidar company to a comprehensive intelligent sensor provider, actively pursuing market share in the Robotaxi and robotics sectors [34].