WS Investor
11 Nov 2025, 15:54
Hesai Group reported record third-quarter 2025 results, achieving its full-year net income target one quarter early and maintaining global leadership in long-range automotive lidar. Net revenue surged 47.5% year-over-year to RMB795 million (US$112 million), while net income reached RMB256 million (US$36 million), compared with a RMB70 million loss a year earlier. Non-GAAP net income was RMB288 million (US$40 million), and gross margin remained healthy at 42%.
ADAS lidar shipments rose 193% to 380,759 units, and robotics lidar shipments jumped more than 13-fold to 60,639 units, bringing total shipments to 441,398 units, up 229% year-over-year. Hesai became the first lidar company worldwide to exceed one million units in annual production. Operating expenses fell 23% thanks to AI-driven cost and efficiency improvements.
The company secured design wins from both top ADAS customers across all 2026 models, achieving 100% lidar adoption, and signed new supply agreements with global autonomous vehicle players, including Pony-ai, Hello Inc., JD Logistics, and Motional. Its high-end ETX lidar also won a contract with a top-3 domestic NEV automaker, expanding Hesai’s role in multi-lidar Level 3 vehicle systems.
Following its dual-primary listing in Hong Kong, Hesai raised US$614 million, boosting cash and short-term investments to RMB7.37 billion (US$1.0 billion). For Q4 2025, it expects revenue between RMB1.0–1.2 billion (US$140–169 million), implying 39–67% growth year-on-year. The company raised full-year GAAP net income guidance to RMB350–450 million (US$49–63 million).
ADAS lidar shipments rose 193% to 380,759 units, and robotics lidar shipments jumped more than 13-fold to 60,639 units, bringing total shipments to 441,398 units, up 229% year-over-year. Hesai became the first lidar company worldwide to exceed one million units in annual production. Operating expenses fell 23% thanks to AI-driven cost and efficiency improvements.
The company secured design wins from both top ADAS customers across all 2026 models, achieving 100% lidar adoption, and signed new supply agreements with global autonomous vehicle players, including Pony-ai, Hello Inc., JD Logistics, and Motional. Its high-end ETX lidar also won a contract with a top-3 domestic NEV automaker, expanding Hesai’s role in multi-lidar Level 3 vehicle systems.
Following its dual-primary listing in Hong Kong, Hesai raised US$614 million, boosting cash and short-term investments to RMB7.37 billion (US$1.0 billion). For Q4 2025, it expects revenue between RMB1.0–1.2 billion (US$140–169 million), implying 39–67% growth year-on-year. The company raised full-year GAAP net income guidance to RMB350–450 million (US$49–63 million).
