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Hesai Group (HSAI) investor relations material
Hesai Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved record Q3 net revenue of RMB795.4 million, up 47.5% year-over-year, and produced over 1 million LiDAR units in 2023, a global first.
Maintained profitability with Q3 GAAP net income of RMB256.2 million, reaching the full-year net income target a quarter early.
Secured new design wins for 2026 ADAS models, ensuring 100% LiDAR adoption and expanding partnerships with major OEMs.
Completed a dual primary listing on the Hong Kong Stock Exchange, raising RMB614 million (US$614 million) and enhancing financial strength.
Maintained leadership in long-range automotive LiDAR with a 46% market share in August.
Financial highlights
Q3 shipments reached 441,398 units, up 229% year-over-year; net revenue surged 47.5% to RMB795.4 million.
Gross margin was 42.1% in Q3, supported by economies of scale and manufacturing productivity.
Q3 net income included RMB148 million in equity investment gains; excluding these, net income was RMB108 million.
Non-GAAP net income was RMB287.7 million, versus a non-GAAP net loss of RMB44.0 million a year earlier.
Cash and equivalents stood at RMB7,368.8 million as of September 30, 2025.
Outlook and guidance
Q4 2025 net revenues projected at RMB1.0-1.2 billion, up 39%-67% year-over-year.
Full-year 2025 GAAP net income guidance raised to RMB350-450 million.
2026 expected to be an inflection point, with anticipated ADAS LiDAR shipments of at least 2-3 million units and double-digit revenue growth.
Gross margins expected to remain stable in 2026, with multi-LiDAR adoption offsetting ASP pressure.
Reason for raised full-year net income guidance
Impact of multi-lidar setups on market size
Robotics lidar growth drivers and new deals
Next-gen ADAS LiDAR strategy vs. competition?
Robotics TAM growth impact on product mix?
Elaborate on 'full spectrum tech infrastructure builder'.
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Next Hesai Group earnings date
Q4 20259 Mar, 2026
Next Hesai Group earnings date
Q4 20259 Mar, 2026
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Frequently asked questions
Hesai Group (Hesai Technology) offers three-dimensional light detection and ranging (LiDAR) solutions. The Company’s LiDAR products enable a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems (ADAS) and autonomous vehicle fleets (autonomous mobility). Hesai's also provides robotics applications technology such as last-mile delivery robots and logistics robots in restricted areas. The Company’s commercially validated solutions are backed by research and development capabilities across optics, mechanics, electronics, and software. Hesai integrates LiDAR designs with an in-house manufacturing process, facilitating rapid product development while ensuring high performance, consistent quality and affordability.
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