Hesai Group (HSAI) investor relations material

Executive summary

• Q3 revenue rose 34.3% YoY to RMB1,068.3 million; lidar shipments increased 65.3% to 729,673 units, and non-automotive lidar businesses contributed over 50% of revenue.

• Core lidar remained profitable as SGI traction accelerated; nine-month SGI revenue of RMB135 million exceeded its original RMB100 million full-year target.

• Strategy combines lidar, Kosmo spatial data and robotic actuation into an infrastructure platform for robotics and physical AI.

Financial highlights

• Net revenue was RMB1,068.3 million, up 34.3% YoY; product revenue was RMB1,051.5 million and service revenue RMB16.8 million. Gross profit was RMB438.2 million, with a 41.0% gross margin versus 42.1% a year earlier.

• GAAP net income was RMB80.8 million versus RMB256.2 million a year earlier; non-GAAP net income was RMB119.0 million. Excluding RMB185.1 million of prior-year one-time gains, GAAP net income grew 14% YoY.

• Total operating expenses rose 46% YoY, driven by SGI investment; excluding SGI, lidar operating expenses declined YoY. R&D expense was RMB254.0 million, up 27.8%.

Outlook and guidance

• Q4 2026 revenue guidance is RMB1,100 million–RMB1,150 million, reflecting more moderate downstream demand and current market conditions.

• FY2026 SGI revenue guidance remains RMB200 million–RMB300 million; full-year group gross margin is targeted close to 40%.

• 2027 SGI revenue target remains RMB700 million (~$100 million), with potential segment breakeven and revenue exceeding 10% of total revenue.

• Robotic actuation and JT128 shipments could each reach six digits in 2027; ATX pricing and margins are expected to stabilize further, with group gross margin relatively stable.