Core Viewpoint - Hesai Technology reported significant growth in revenue and net profit for the third quarter of 2025, achieving a record high in net profit and marking a strong position in the lidar market [1][2]. Financial Performance - For the first nine months of 2025, the company generated revenue of 2.027 billion RMB, up from 1.357 billion RMB in the same period last year, representing a year-on-year increase of 49.3% [1]. - The net profit for the same period was 310 million RMB, a turnaround from a net loss of 249 million RMB in the previous year [1]. - In Q3 2025, revenue reached 800 million RMB, reflecting a year-on-year growth of 47.5%, marking the sixth consecutive quarter of revenue growth [1]. - The net profit for Q3 was 260 million RMB, achieving a historical high and reaching the annual profit target one quarter ahead of schedule [2]. Product and Market Developments - The total lidar delivery volume reached 441,398 units, a year-on-year increase of 228.9%, with ADAS deliveries at 380,759 units, up 193.1%, and deliveries in the robotics sector at 60,639 units, up 1311.9% [1]. - The company became the first in the world to produce over one million lidar units annually as of September 2025 [1]. - Hesai secured contracts for the full range of models from its top two ADAS clients for 2026, achieving 100% standardization [2]. - The ETX+FTX product combination was selected for its first passenger vehicle mass production, set to launch by the end of 2026 or early 2027 [2]. Strategic Partnerships and Market Position - The company has established partnerships with leading autonomous driving firms globally, including Motional, enhancing its market presence and securing multi-million dollar contracts [2]. - In the domestic market, Hesai collaborated with major players in the autonomous taxi and logistics sectors, with some models expected to feature up to eight Hesai lidar units [3]. - The company successfully listed on the Hong Kong Stock Exchange, raising a total of 614 million USD, marking the largest IPO in the lidar industry to date [3]. - The CEO expressed a commitment to transforming the company into a full-stack infrastructure builder, aiming to lead a new wave of technological innovation in automotive and robotics perception [3].

Core Insights - Hesai Technology reported a revenue of 800 million RMB for Q3 2025, marking a year-on-year growth of 47.5%, achieving six consecutive quarters of growth [2][20] - The net profit reached a record high of 260 million RMB, exceeding the annual profit target one quarter ahead of schedule, with the full-year guidance raised to 350 million to 450 million RMB [4][22] - Total lidar deliveries amounted to 441,398 units, with ADAS product deliveries increasing by 193.1% and robot sector deliveries soaring by 1311.9% [6][22] Revenue and Growth - The company maintained industry-leading revenue with a Q3 revenue of 800 million RMB, reflecting a 47.5% year-on-year increase and consistent growth over six quarters [2][20] - The gross margin for Q3 remained stable at 42%, while operating expenses decreased by 23%, showcasing effective cost control and operational efficiency [22] Delivery and Market Position - Total lidar deliveries in Q3 reached 441,398 units, a significant year-on-year increase of 228.9%, with ADAS deliveries at 380,759 units and robot deliveries at 60,639 units [6][22] - In the ADAS sector, the company achieved a market share of 46% in August, 1.5 times that of the second competitor and 2.4 times that of the third [9][20] Strategic Partnerships and Product Development - The company secured partnerships with the top two ADAS clients for 2026 model year vehicles, achieving 100% standardization of lidar [9][21] - The ETX+FTX product combination was selected for the first mass production of passenger vehicles, expected to start production by late 2026 or early 2027 [11][22] Milestones and Future Outlook - The company became the first lidar manufacturer to achieve an annual production milestone of over one million units by September 2025 [14] - Successful listing on the Hong Kong Stock Exchange marked a significant milestone, enhancing the company's financial foundation and global strategic positioning [17][22]

第三季度，禾赛实现营收 8.0 亿元（人民币，下同），同比增长 47.5%，单季营收实现连续 6 个 季度同比增长；值得注意的是， 禾赛第三季度 GAAP 盈利2.6 亿元，提前一个季度完成全年盈利目 标，并将指引将上调至 3.5 亿至 4.5 亿元。 第三季度，禾赛激光雷达总交付量为 441,398 台，同比增长 228.9%。其中，ADAS 交付量为 380,759 台，同比增长 193.1%；机器人领域交付量为 60,639 台，同比大幅度增长 1311.9%。 同时，禾赛在9 月底，已正式下线 2025 年度第 100 万台激光雷达，成为全球首个年产量突破百万 台的激光雷达企业。 展望未来十年，禾赛将积极转型为全栈式基础设施建设者。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，禾赛科技（NASDAQ: HSAI; HKEX: 2525）于11月11日公布了 2025 年第三 季度未经审计的财务数据。 具体来看业务进展： 在 ADAS 领域，禾赛在第三季度斩获前两大 ADAS 客户 2026 年全系车型定点合作，并实现 100% 标配。同 ...