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- **Revenue Surge**: Q3 net revenue up 47% YoY to RMB 795 million, with 1 million units shipped in 2025.
- **Profit Milestone**: Full-year net income target of RMB 200-350 million achieved 1Q early, with Q3 GAAP net income RMB 256 million.
- **L3 Growth**: 2026 outlook includes 2-3 million ADAS shipments, targeting multi-LiDAR setups (USD 500-1,000/system) for L3 vehicles.
- **Robotics Expansion**: Robotics shipments to double in 2026, with deals in China and North America.
- **Global Ambitions**: USD 614 million Hong Kong IPO funds innovation and overseas expansion, with design wins in Europe and North America.

**【CEO Summary Section】**
- **Revenue and Unit Milestone**: Q3 net revenue surged 47% YoY to RMB 795 million, with cumulative shipments exceeding 1 million units in 2025, the first globally. Market leadership in long-range LiDAR with 46% share in August.
- **Profitability**: Record Q3 GAAP net income of RMB 256 million, achieving full-year target of RMB 200-350 million ahead of schedule. Gross margin maintained at 42%.
- **ADAS Growth**: 100% LiDAR adoption across top two ADAS customers' 2026 models. Design win with a top 3 NEV automaker for ETX and FTX units, mass production Q4 2026/Q1 2027.
- **L3 Adoption**: China's L3 vehicle production approval and L2 safety standards drive multi-LiDAR setups (3-6 units/car), targeting USD 500-1,000 system value.
- **Robotics Expansion**: New deals with Pony.ai, JD Logistics, and Motional, with Robotics shipments doubling in 2026. Flagship ADAS LiDARs used in robotaxis for scalability.
- **Hong Kong IPO**: Raised USD 614 million, strengthening financial foundation for innovation and global expansion.

**【CFO Financial Commentary】**
- **Q3 Financials**: Net revenue up 47% YoY to RMB 795 million. GAAP net income RMB 256 million, Non-GAAP EPS exceeded expectations. Operating expenses declined YoY, on track for RMB 100 million OpEx savings in 2025.
- **Guidance**: Q4 revenue RMB 1.0-1.2 billion (39-67% YoY growth). Full-year 2025 net income raised to RMB 350-450 million. 2026 outlook: 2-3 million ADAS shipments, potential higher with L3 adoption. Gross margin stable at ~40%.
- **Cost Optimization**: AI adoption cuts costs by tens of millions RMB annually. Blended ASP decline due to ATX volume growth, offset by multi-LiDAR setups.

**【Q&A Highlights】**
- **Pricing & Volume**: 2026 ASP decline expected due to ATX mix, but multi-LiDAR setups (L3 vehicles) offset. Q4 shipments ~600,000 units, ATX 80% of volume.
- **Competition**: ATX outperforms competitors with higher volume and reliability. SPAD-based LiDAR in R&D, but safety prioritized over cost.
- **L3 Legislation**: China's L3 deployment driving multi-LiDAR vehicles (e.g., Huawei AITO M9 with 4 units). 2026 flagship L3 program with a top automaker.
- **Overseas Expansion**: Design wins with European OEMs, including exclusive deal with a top European automaker. Global ADAS LiDAR mass production starting in 2026.
- **New Businesses**: Exploring AI-driven sensing, perception software, and infrastructure technologies beyond LiDAR.

Hesai Group (HSAI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HSAI

HSAI fundamentals

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